MELBOURNE; Tax discounts to ultrawwealthy
“The Victorian Labor Government is giving huge tax discounts – handouts – to the ultrawealthy to buy luxury penthouse apartments,” said Melbourne MLA Ellen Sandell.
“About a year ago the property development lobby came to Labor and said, ‘We’re having a bit of a hard time selling our off-the-plan new apartments, so could you cut us a break by giving people stamp duty concessions when they buy new apartments?’
“Labor said yes, but they made it uncapped. They sold it to the public as a way for affordable housing to be built, for young people to get into the market. But the thing is, the evidence is now in, and actually, most – the majority – of these tax discounts and
handouts are going to the ultrawealthy to buy very, very expensive multimillion-dollar apartments,” Ms Sandell said.