The Great Stamp Duty Ripoff

VICTORIAN Treasurer John Lenders has promised to consider tax relief and housing affordability for the May budget after booming stamp duty, GST and payroll revenues plumped up the expected budget surplus by more than half a billion dollars.

State Treasury now believes the budget will be in surplus by $842 million this financial year — a hefty $518 million more than its budget prediction seven months ago.

Tax revenue is likely to jump to $12.56 billion, almost $1 billion more than the $11.59 billion predicted at budget time. Stamp duty collections are expected to leap to a record $3.55 billion in 2007-08, compared to $2.85 billion tipped in the budget, while payroll tax predictions have been revised from $3.60 billion to $3.75 billion.

Source the age