by Marshall Cobb - Head of New Projects
The big boys have come out swinging this week, all with their own ideas on how to boost our flagging economy.
Firstly the NAB Chairman Ken Henry roasted all sides of our government saying that "Politicians fail while Australia burns". Full story...
Then the RBA all but ruled out rate cuts, and said that "Australians should focus on more important things than a 0.25% rate cut".Full story...
One politician who did make a stand was the West Australian Premier Colin Barnett who has promised a $15,000 stamp duty discount for seniors who want to downsize — the nation’s most substantial concession of its type.
Stamp duty is certainly a hot topic at the moment, with most commentators arguing that it needs to be abolished to encourage people to buy and sell. In particular to make it more attractive for people to downsize and free up larger properties for sale to young families. But we all know that what they give with one hand, they take back with the other, so if stamp duty is abolished, then almost certainly there will be some additional land tax (or similar) imposed.
Exciting times for the economy and looks like another big (wet?) weekend for Sydney property!