Stamp duty cuts a welcome boost

The extension of stamp duty concessions for off-the-plan apartments for another 12 months – and beyond city limits – will provide a vital kickstart for South Australia’s building and construction industry.

The measures, announced by the State Government today in the lead-up to the July 7 State Budget, are a much-needed boost, Master Builders SA Chief Executive Officer Ian Markos said.

“There is no doubt that the concessions have helped trigger new activity for South Australia’s building and construction industry, so extending that same concession throughout Adelaide is a welcome development,” he said.

“Cutting stamp duty also provides a significant boost to affordability – buyers aren’t borrowing to pay a tax, and then paying interest on those borrowings.

“Master Builders SA called for such an extension in our Budget Submission and in previous years, so we fully support this welcome news for the support it will provide over the next 12 months for our members and the skilled people they employ. It shores up one of South Australia’s most fundamental industries at a time when it is needed.”

 

Master Builders SA’s Budget submission is available here. This release can be downloaded here.

The State Government’s announcement can be viewed here.