The conventional case for swapping stamp duty for land tax will boost the economy has weak underpinnings.
The light rail project pushed up property values within 800 metres of the stations by over 30% from 1996 to 2016. Gains on this scale offer a potential source of finance for public transport.
Land value gains following the opening of stage one of the Gold Coast light rail project were worth around 25% of its cost.
Not only is council tax on the rise, it’s completely out of touch with reality.
It’s not a new idea, but one that warrants a fresh look given the property bubbles in Australia and New Zealand.