❓ The Leader of the Opposition questions the Premier about whether stamp duty rebates include foreign investors and if the foreign investor tax has failed. The Premier defends the policy, stating it's similar to other states and ensures foreign investors contribute to WA's infrastructure.
AnsweredQoN 929Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
STAMP DUTY REBATE
929. Mrs L.M. HARVEY to the Premier:
I have a supplementary question. Can
the Premier confirm that the $50 000 stamp duty changes includes rebates to
foreign investors, and that this highlights that the government's
foreign investor tax was a complete failure and did substantial damage to the
housing sector?
STAMP DUTY REBATE
929. Mrs L.M. HARVEY to the Premier:
I have a supplementary question. Can
the Premier confirm that the $50 000 stamp duty changes includes rebates to
foreign investors, and that this highlights that the government's
foreign investor tax was a complete failure and did substantial damage to the
housing sector?
AnswerView source ↗
I
do not think the Leader of the Opposition understands what we have announced. I
think that is very clear from her question, Mr Speaker. It is a 75 per
cent reduction in transfer duty, which will apply to both stamp duty and the
foreign housing surcharge. That is what it is. It is capped at $50 000. It does
not matter how many properties a person
purchases or the value of the property—a person is eligible. However,
it is capped at $50 000. Clearly, the Leader
of the Opposition does not understand it. I urge the Leader of the Opposition
to speak to the shadow Treasurer sitting next to her; he may understand
it a bit more. The foreign buyers surcharge is common in Australian states. We
brought in something that is the same as in Queensland, New South Wales and
Victoria.
Mr B.S. Wyatt interjected.
Mr M. McGOWAN : That is right;
it has been put up in other states. It is designed to ensure that a contribution
is made to Western Australia by foreign property purchasers for all the train
lines, water and infrastructure that Western Australians have provided, and
because Western Australia is a low sovereign risk investment destination. A
contribution is made. Liberal and Labor governments in other states have done
it, because we are low sovereign risk and a contribution
should be made towards all those services and all that infrastructure provided
by the taxpayers of Western Australia over all those years. That is what
it is designed to do. If the Leader of the Opposition wants to roll that back,
she should take that policy to the election. I today heard the shadow Treasurer
announce that it was his policy to roll that back. I think foreign property
speculators should make a contribution to the state. That is our policy! As the
Treasurer said today, the receipts from the foreign property surcharge are
tracking as expected. I am sure the Treasurer will outline more about that
later today.
We
face a difficult national relationship with one of the major investors in
Australia, which is China. That influences a range of things. I was
advised the other day about some of the influences that that is having on a whole
range of areas of economic activity across Australia. It influences investment.
All I would say, particularly in the light of Mr Hastie's dash off to
China —
A government member interjected.
Mr
M. McGOWAN : Yes, it is odd. In
any event, I urge our federal government to get relations with China back on an even keel. I urge the Prime Minister to do that; I think he should get
relations back on an even keel. That will help with all these relationships,
and particularly these investment relationships.
do not think the Leader of the Opposition understands what we have announced. I
think that is very clear from her question, Mr Speaker. It is a 75 per
cent reduction in transfer duty, which will apply to both stamp duty and the
foreign housing surcharge. That is what it is. It is capped at $50 000. It does
not matter how many properties a person
purchases or the value of the property—a person is eligible. However,
it is capped at $50 000. Clearly, the Leader
of the Opposition does not understand it. I urge the Leader of the Opposition
to speak to the shadow Treasurer sitting next to her; he may understand
it a bit more. The foreign buyers surcharge is common in Australian states. We
brought in something that is the same as in Queensland, New South Wales and
Victoria.
Mr B.S. Wyatt interjected.
Mr M. McGOWAN : That is right;
it has been put up in other states. It is designed to ensure that a contribution
is made to Western Australia by foreign property purchasers for all the train
lines, water and infrastructure that Western Australians have provided, and
because Western Australia is a low sovereign risk investment destination. A
contribution is made. Liberal and Labor governments in other states have done
it, because we are low sovereign risk and a contribution
should be made towards all those services and all that infrastructure provided
by the taxpayers of Western Australia over all those years. That is what
it is designed to do. If the Leader of the Opposition wants to roll that back,
she should take that policy to the election. I today heard the shadow Treasurer
announce that it was his policy to roll that back. I think foreign property
speculators should make a contribution to the state. That is our policy! As the
Treasurer said today, the receipts from the foreign property surcharge are
tracking as expected. I am sure the Treasurer will outline more about that
later today.
We
face a difficult national relationship with one of the major investors in
Australia, which is China. That influences a range of things. I was
advised the other day about some of the influences that that is having on a whole
range of areas of economic activity across Australia. It influences investment.
All I would say, particularly in the light of Mr Hastie's dash off to
China —
A government member interjected.
Mr
M. McGOWAN : Yes, it is odd. In
any event, I urge our federal government to get relations with China back on an even keel. I urge the Prime Minister to do that; I think he should get
relations back on an even keel. That will help with all these relationships,
and particularly these investment relationships.
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