The Property Council of Australia has noted ASIC's decision to retain distortive and unproductive RG 97 stamp duty requirements in place while a full review of RG 97 is brought forward to the 2026-27 financial year.
RG 97 forces super funds to disclose stamp duty on property investments as a transaction cost instead of the unavoidable tax on a project that it actually is.
This mischaracterisation makes domestic property investments appear less competitive than they really are.
ASIC acknowledged feedback it heard during the Investor Roundtable in August that RG 97 was stifling domestic property investment and national productivity, and announced a targeted review.
ASIC has decided to retain the current RG 97 framework and conduct a full review in the 2026-27 financial year. A further consultation on a proposal to require stamp duty to be disclosed as an average amount over seven years will also take place, with submissions due in February 2026.
Property Council Chief Executive Mike Zorbas said this is a supremely modest outcome from a targeted transparency and productivity review process.
"This review could have created greater transparency and unlocked billions in investment in the productive homes, sheds and commercial assets that will underpin national prosperity.
"Instead, superannuation funds will continue to be penalised for investing Australian money into what could have been 35,000 homes over the next five years.
"We will now continue to see Australian super funds investing in homes overseas, instead of in our suburbs.
"While we welcome ASIC's commitment to conduct a full review of RG 97 in the future, the minor improvement potential of disclosing stamp duty over seven years will not fix the problem.
"We will work with ASIC on future reviews and continue to push hard for the extra transparency needed to unlock the industrial, commercial and residential projects our growing cities need."
