The Victorian Liberals and Nationals will scrap stamp duty for first home buyers on all properties up to $1 million - established or off-the-plan - in a bold and visionary policy to restore the dream of home ownership for a new generation.
This announcement will form a centrepiece of Shadow Treasurer James Newbury's Budget Reply Speech today.
Stamp duty is one of the most punitive taxes in the country, with Victorians paying an average of $40,000 on a $750,000 home in upfront tax.
Under Labor, young Victorians are being taxed out of a future. Decades of reckless economic mismanagement have seen home ownership collapse and affordability spiral out of reach.
Under this plan, that tax bill for first homebuyers will be zero.
The Parliamentary Budget Office estimates the policy will deliver more than 17,000 exemptions in its first full year, helping young Victorians into a home while injecting confidence back into the property sector.
The Liberals and Nationals are building a better future for Victoria - with lower taxes, real reform, and a government that rewards hard work.
Leader of the Opposition, Brad Battin, said the policy would help thousands of Victorians and deliver a significant boost to the state's stalled economy.
"This is a bold, common-sense reform that backs aspiration, rewards hard work, and helps young Victorians break into the housing market," Mr Battin said.
"Labor's war on property and addiction to tax has destroyed confidence in the economy. We need a plan to grow, not just tax and spend.
"After a decade of economic vandalism under Labor, this is the circuit-breaker Victoria desperately needs."
Shadow Treasurer, James Newbury, said the new policy would cut one of the biggest barriers to getting into the market.
"This policy is about rewarding aspiration. It's about giving young Victorians a fair go," Mr Newbury said.
"Labor has introduced 61 new or increased taxes in 10 years - 30 of them on property. We say enough is enough.
"For too many young Victorians, the first home dream has become a nightmare.
"This policy is about giving aspirational first home buyers the final leg up they need.
"This policy is about backing in renters that have been stuck in the rental market not by their own choice, but by a tax system that is stacked against them.
"Under this policy, we're not just cutting a tax - we're restoring hope."
