A consultation findings report released by the NSW Federal Financial Relations Review panel has revealed that reform of property stamp duty is seen as a high priority for many in the community looking to build a stronger economy.
Chairman of the Review Panel, David Thodey released the consultation findings report, Working Together for a Better Future.
“The paper examined how NSW and the Commonwealth could work together to build a stronger economy, encourage state-led reform and, ultimately, deliver better outcomes for all Australians,” Mr Thodey said
“The core of what we as an independent Panel have been tasked with is to find options for a fairer, more efficient and more reliable system of funding,” he said.
“It is clear that the current funding mix that pays for our state services and infrastructure will not provide the productivity growth or the revenue necessary to sustain our standard of living.”
Mr Thodey said key messages from the consultations included: calls for stamp and transfer duties to be replaced by a fairer, more predictable tax; making insurance-based taxes and state payroll taxes simpler and fairer; and reform of funding agreements between the Commonwealth and the States to make them less prescriptive and more focused on outcomes.
He said submissions had been received from individual members of the public, think tanks, service providers, community groups and peak sector bodies, and had been complemented by consultation sessions that included representatives of the Commonwealth Government and every State and Territory Government.
He said the interim report would be delivered in the first half of 2020, to allow further opportunity for input prior to the panel’s delivery of its final report.
The 8-page consultation findings report can be accessed at this PS News link.