The Liberals are promising to abolish stamp duty for first-time homebuyers as an election sweetener for young Tasmanians.
With eligible buyers able to save up to $29,000, Liberal leader Jeremy Rockliff says eligible individuals won’t have to pay a cent of stamp duty for any home valued up to $750,000.
“This is a massive doubling of the existing stamp duty discount of 50% and also a significant increase in the current property value cap of $600,000 to $750,000,” he said.
“This will help around an extra 1,500 Tasmanian households into the housing market a year, with huge savings up to $28,935.”
“That kind of money can literally make the difference between being able to buy a first home, or not – particularly given the need for a large upfront cash deposit when buying a house.”
The plan involves introducing a new 5% short-stay accommodation levy on providers like Airbnb and Stayz to help finance the abolition of stamp duty.
“[This] will be paid overwhelmingly by interstate and overseas travellers. Every cent of that levy will go directly to Tasmanian first home buyers,” he said.
Rockiff said the policy would apply to existing houses, units and apartments and it will begin from today until 30 June, 2026.
The Short Stay Levy is estimated to generate $11 million annually, totalling around $44 million over four years, while eliminating stamp duty is estimated to cost $64.3 million over two years.
Master Builders Tasmania CEO David Clerk welcomed the announcement, saying the more Tasmanians that are able to own their own home the better.
“The Liberals’ policy hits the right notes. It will provide more support, it will help more Tasmanians to own their own home and importantly, it will help the building and construction sector and the 25,000 Tasmanians it employs,” he said.
“This policy delivers bang for buck without unduly burdening the majority of Tasmanians.”
“Master Builders Tasmania, through initiatives like the High Vis Army, is helping to increase the building and construction workforce from 25,000 people now to 40,000 within ten years and initiatives like this will underpin growth in our sector.”
But Tasmanian Chamber of Commerce and Industry CEO Michael Bailey said they want to see all parties and candidates “commit to no new taxes and levies and no increases to existing taxes, levies and charges”.
“While we welcome a discussion about how to boost housing supply and home-ownership, we are concerned that the Liberals are effectively proposing a new tax,” Bailey said.
“Instead, we would encourage parties and candidates to try and find savings by ensuring the public sector is efficient and effective. We know that the size of the public sector has grown by nearly 30% in recent years.”
“Public sector spending is out of control and needs to be reined in before new taxes are added.”
