How a ‘dumb tax’ is costing Victoria billions in lost economic activity

New modelling has revealed Victoria is losing almost $5 billion a year in lost economic activity as Victorians pay more in stamp duty than any other state.

Independent economist, Chris Richardson, says Australians pay “stupid prices” for housing which impacts stamp duty.

“Pushing people up through those brackets and meaning we now pay a fortune in stamp duty – a really dumb tax,” he told 3AW Breakfast.

Press PLAY to hear how stamp duty negatively impacts the economy

Image: iStock.