The Malinauskas Government is banking on the housing crisis getting worse to prop up their rampant spending - raking in record stamp duty revenue, while failing to provide relief for first-home buyers on existing homes.
The latest figures, detailed yesterday’s State Budget, revealed that Labor is expecting to collect a whopping $845 million extra in stamp duty revenue for the four years to the 2027-28 financial year. They are using stamp duty as a cash cow, while South Australians struggle to find housing.
Leader of the Opposition, Vincent Tarzia said it’s shocking that revenue from stamp duty will reach $1.8 billion by the 2028-29 financial year.
“Not only does the State Budget do nothing to ease the housing crisis right now, it also shows that the Government is profiting significantly from record stamp duty caused by rising house prices,” Mr Tarzia said.
“The Government is selling a dream of new homes on greenfield sites as their solution to the housing crisis, when in reality, not a single slab has been laid on their new releases nor will be for years.
“We are in a housing crisis now yet all we’ve seen is the can kicked down the road and aspiring homeowners pushed even further away from entering the market here in South Australia.”
The Opposition has long been calling on the Government to extend stamp duty relief to first home buyers wanting to purchase an existing property – a common-sense measure that could have been introduced in yesterday’s budget.
“A reduction on stamp duty for established homes for eligible first home buyers is a sensible initiative that the Premier and Minister Champion have stubbornly refused to adopt,” Shadow Minister for Housing, Michelle Lensink said.
“This is a common-sense lever that the Government could pull that would take some pressure off first home buyers, helping them get their foot in the door.
“Introducing this initiative would also bring South Australia in line with every other state that already offers some form of stamp duty relief for first home buyers purchasing existing properties.”
Shadow Treasurer, Sam Telfer added that the Government’s reliance on stamp duty revenue means there will be little relief from the housing crisis anytime soon.
“Rather than using this windfall to help young people purchase established homes, they are using stamp duty to prop up the bottom line,” Mr Telfer said.
“There is little in this budget that will bring any relief to South Australians during a cost-of-living crisis which is extremely disappointing given it’s the number one issue raised by our constituents.”
