Published:28 Jul 2014Added by:National OfficeAuthor:Nick WestenbergType:Media Release
Abolishing stamp duty is the key to creating a more flexible and mobile workforce according to Australia’s leading property industry association.
The Building Australia’s Comparative Advantages report released today by the Business Council of Australia highlights the need to empower workers to relocate to centres of higher employment, including removing barriers such as stamp duty.
Property Council of Australia Chief Executive, Ken Morrison, said “Today’s report by the BCA reinforces what we have been saying for years – stamp duty is a ball and chain that deters many Australians from relocating for work.”
"Workforce mobility is essential as the national economy transitions from the mining investment boom to a new phase of growth.
“As new areas become employment hubs, we need to make sure we have the right people in the right places and that means assisting Australians to relocate to where the jobs are.
“Unfortunately, there are many impediments to relocating, which makes an already daunting decision harder.
“Stamp duty in particular not only increases house prices but means a significant loss of capital for many families seeking to move.
"For people already feeling the pinch, particularly those looking for work, the additional hit to savings of stamp duty costs makes the decision to relocate a last resort.
“The Property Council has consistently argued that stamp duty is a handbrake on workforce participation and locks many Australians into housing and locations that do not suit their needs.
“Abolishing stamp duty is essential to encouraging greater productivity in our changing economy and must be considered as part of the Federal Government’s tax reform agenda” Mr Morrison concluded.
Media contact: Nick Westenberg, Manager, Government and External Affairs – 0400 279 661
Official website link: http://www.propertyoz.com.au/Article/Resource.aspx?p=21&media=2437
Three more lenders have cut their fixed rates – joining the four previous lenders that announced fixed-rate reductions in the past week.Commonwealth Bank made the first move when it reduced its five-year rate to 4.99 per cent. This was then matched almost immediately by Westpac and NAB, before Homeloans cut its two-year and three-year rates.
Citibank, AMP Bank and CUA have also announced interest rate reductions.
Citibank has matched Commonwealth Bank, Westpac and NAB with its five-year rates, which have fallen from 5.39 per cent to 4.99 per cent.
It also reduced its three-year rate from 4.87 per cent to 4.74 per cent and its two-year rate from 4.79 per cent to 4.74 per cent.
Citibank’s head of retail distribution, Vibha Coburn, said the bank’s fixed-home loans “offer excellent value to customers seeking interest rate certainty”.
AMP Bank has also dropped its fixed rates. The three-year rate has been cut from 5.09 per cent to 4.85 per cent, while the two-year rate has fallen from 4.99 per cent to 4.85 per cent.
There has also been movement on the Essential Home Loan variable rate product, which has dropped from 4.90 per cent to 4.74 per cent.
Chief operating officer Rob Slocombe said AMP’s new fixed-rate terms are “some of the most competitive in the market”.
Meanwhile, CUA has lowered its five-year fixed rate from 5.50 per cent to 5.10 per cent and its three-year rate from 4.89 per cent to 4.69 per cent.
The credit union has also made cuts to its Premium product, with the five-year rate falling from 5.70 per cent to 5.30 per cent and the three-year rate from 4.99 per cent to 4.84 per cent.
CUA said it was “responding to recent fixed-rate movements within the market to ensure we remain relevant and visible as a genuine alternative to the big four”.
The new rates from AMP took effect on July 27, followed by Citibank on July 28 and CUA on July 29.
2 Year Fixed Rate
Comparison 5.13% p.a.
"Ask us now how this could save you money"
At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.
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