A key industry group has given evidence to a Parliamentary committee that some investors were not investing in South Australia due, in part, to the high level of property taxes in SA, Shadow Treasurer Rob Lucas said today.
The Property Council gave evidence to the Legislative Council Select Committee on property taxes and stated:
“As one of the state’s biggest employers, the property sector’s ability to create job opportunities and investment in SA is continually hindered by excessive taxes levied on property. As a result, the state’s ability to remain competitive is continually curtailed.”
“The Property Council also stated that the major contributors to SA’s inequitable tax system were stamp duties and land tax,” Mr. Lucas said.
“The Rann Government is the highest taxing government in SA’s history and stamp duty and land tax rates are amongst the highest in Australia.
“Property tax collections in this budget have again gone over $1 billion and land taxes in the private sector are predicted to increase by another 22 per cent this year.
“The Rann Government must start listening to warnings from industry groups like the Property Council when they confirm that investors are being deterred from investing in SA because of high property taxes.
“Given the fact that our state economic growth and job growth have been lagging national growth rates, the Rann Government must use the GST bonus and also cut its waste to provide relief from the high property tax rates in SA,” he said.