Mr Bracks, slow down Mr Brumby! February 2006 RETURN
In a year when a massive G.S.T. income from the Federal coffers have left our state with the best budget surpluses in memory, we could have expected many state government charges to be reduced or even abolished. Instead, our state Treasurer Brumby continues his sole handed slaughter of the property sector. In only a one year period : The 1st home buyers grant has been reduced by $2000; A levy of $800 has been placed on privately owned CBD car parks; An $8000 levy has been put on new house blocks subdivided mainly for 1st homes and low income earners, land prices have to rise, some buyers will miss out; and Land Tax assessments have risen to levels that are so far out of control, many long term owners have had to sell up. It was already tough for the 1st home buyer, the $8000 on new land is quite often a 40-60% share of already limited profits, the car park levy is around 10% of the gross rental, while Land Tax for many is now a huge proportion of gross rentals on larger holdings, or even worse, charged on empty buildings. This is all after developers and owners already pay rates, supply utility services, contribute funds for recreation areas and infrastructure development. The State Opposition should be screaming from the roof tops about this rape and pillage approach and the Federal Government should be getting tough on state charge reductions if GST funds continue flood into state coffers. Enough is enough guys! Editors Note. NSW voter backlash was so severe on new property charges that in his very 1st day of office, the new Premier Mr Iemma, removed Stamp Duty for the seller of investment property. Come on Mr Bracks, take a note of this and provide some real relief, your voters deserve it and they are very aware!
In a year when a massive G.S.T. income from the Federal coffers have left our state with the best budget surpluses in memory, we could have expected many state government charges to be reduced or even abolished. Instead, our state Treasurer Brumby continues his sole handed slaughter of the property sector. In only a one year period : The 1st home buyers grant has been reduced by $2000; A levy of $800 has been placed on privately owned CBD car parks; An $8000 levy has been put on new house blocks subdivided mainly for 1st homes and low income earners, land prices have to rise, some buyers will miss out; and Land Tax assessments have risen to levels that are so far out of control, many long term owners have had to sell up. It was already tough for the 1st home buyer, the $8000 on new land is quite often a 40-60% share of already limited profits, the car park levy is around 10% of the gross rental, while Land Tax for many is now a huge proportion of gross rentals on larger holdings, or even worse, charged on empty buildings. This is all after developers and owners already pay rates, supply utility services, contribute funds for recreation areas and infrastructure development. The State Opposition should be screaming from the roof tops about this rape and pillage approach and the Federal Government should be getting tough on state charge reductions if GST funds continue flood into state coffers. Enough is enough guys! Editors Note. NSW voter backlash was so severe on new property charges that in his very 1st day of office, the new Premier Mr Iemma, removed Stamp Duty for the seller of investment property. Come on Mr Bracks, take a note of this and provide some real relief, your voters deserve it and they are very aware!