❓ Mr. Buswell questions the Treasurer about the impact of stamp duty on home purchases and its contribution to state debt repayment, suggesting it burdens families. The Treasurer deflects, accusing the opposition of wanting to inflate house prices and blaming the federal government for rising interest rates.
AnsweredQoN 714Legislative Assembly
QuestionView source ↗
STAMP DUTY ON HOME PURCHASES
I refer to the Treasurer’s comment that he has used his record $2.3 billion surplus to pay off state debt, which will save Western Australians the pain of interest costs. (1) Can the Premier confirm that at the median house price, Western Australians are paying around $16 700 in stamp duty, most of which has to be borrowed on top of the purchase price? (2) Is it not the case that because of the Treasurer’s refusal to reduce the rate of stamp duty, Western Australians are now being forced to borrow a record amount to cover the cost of purchasing a home? (3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER
I refer to the Treasurer’s comment that he has used his record $2.3 billion surplus to pay off state debt, which will save Western Australians the pain of interest costs. (1) Can the Premier confirm that at the median house price, Western Australians are paying around $16 700 in stamp duty, most of which has to be borrowed on top of the purchase price? (2) Is it not the case that because of the Treasurer’s refusal to reduce the rate of stamp duty, Western Australians are now being forced to borrow a record amount to cover the cost of purchasing a home? (3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER
AnswerView source ↗
(1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(1) Can the Premier confirm that at the median house price, Western Australians are paying around $16 700 in stamp duty, most of which has to be borrowed on top of the purchase price? (2) Is it not the case that because of the Treasurer’s refusal to reduce the rate of stamp duty, Western Australians are now being forced to borrow a record amount to cover the cost of purchasing a home? (3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(2) Is it not the case that because of the Treasurer’s refusal to reduce the rate of stamp duty, Western Australians are now being forced to borrow a record amount to cover the cost of purchasing a home? (3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(1) Can the Premier confirm that at the median house price, Western Australians are paying around $16 700 in stamp duty, most of which has to be borrowed on top of the purchase price? (2) Is it not the case that because of the Treasurer’s refusal to reduce the rate of stamp duty, Western Australians are now being forced to borrow a record amount to cover the cost of purchasing a home? (3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(2) Is it not the case that because of the Treasurer’s refusal to reduce the rate of stamp duty, Western Australians are now being forced to borrow a record amount to cover the cost of purchasing a home? (3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(3) Given that most of the money that the Treasurer has used to repay state debt has come from the record $2 billion in stamp duty, is it not the case that the Treasurer has funded his debt retirement program by pushing Western Australian families into greater personal debt? Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
Mr E.S. RIPPER replied: (1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
(1)-(3) Can the Deputy Leader of the Opposition confirm that he wants to put up house prices and force people to borrow more? What the Deputy Leader of the Opposition wants to do, at the peak of the boom, is change tax arrangements in a way that would simply benefit house sellers and his mates in the real estate industry who are on percentage-based commissions. Can the Deputy Leader of the Opposition confirm that he is a supporter of John Howard, and that John Howard has broken his promise to the electorate on interest rates? Interest rates have already risen, and they threaten to rise again. The biggest threat to family living standards, and the biggest threat to people’s housing costs, is John Howard’s broken promise on interest rates. When it comes to state taxation, it is worth noting that this state’s taxes as a share of our economy were 4.45 per cent in 2005-06. That is the third lowest of all of the states, and lower than the state average of 4.61 per cent. In other words, we have met the formal financial management target of tax competitiveness that we gave to this Parliament at the beginning of this parliamentary term. The Deputy Leader of the Opposition does not appear to like that measure. However, it is exactly the same measure that his mate Peter Costello - the one who puts up interest rates; the one who puts up our airfares - uses when he makes a judgment about the commonwealth’s share of the Australian economy in taxation. When Peter Costello compares Australia’s taxation levels with the taxation levels in other countries, he uses exactly the same percentage share measure that we use in this state. It is worth looking at that percentage. There is an amazing focus on state taxation. Our state taxes are 4.55 per cent of the economy. That is below the average of all the other states. However, commonwealth taxation revenue is 21.1 per cent of the economy. I can remember when the member for Cottesloe was the new Leader of the Opposition, and he made an amazing series of speeches in which he said that under a Labor government there would be doom, gloom, unemployment and rising debt. He prophesied economic disaster. Our debt is significantly below the debt we inherited; it is at a record low, and that is a great gift to future generations of Western Australia.
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