The Liberal Party has today confirmed it would send a wrecking ball through the State’s economy, by scrapping key McGowan Government policies that will grow the economy and create jobs.
In Parliament today, the Liberals confirmed they would scrap the McGowan Government’s 75 per cent rebate on stamp duty for new multi dwelling developments.
The stamp duty relief was a targeted measure designed to drive investment in Western Australia’s local residential construction industry, and was universally welcomed across the property sector.
The Liberal Party also criticised the Government’s cut to pay roll tax, which has been welcomed by WA’s business community, including the WA Chamber of Commerce and Industry.
Under the McGowan Government, up to 12,000 WA businesses will receive payroll tax relief, encouraging them to hire more staff, expand their business and support the State’s economy.
The payroll tax exemption threshold will increase by $150,000 over the next two years, meaning around 1,000 businesses in WA will no longer being liable for any payroll tax.
The Liberal Party has also confirmed it will remove the McGowan Government’s surcharge on foreign buyers of residential property in WA, which will raise around $70 million for WA taxpayers.
Treasurer Ben Wyatt said the Liberal Party must explain how it would fill the $70 million budget black hole it will create by scrapping the surcharge.
Mr Wyatt called on the Liberal Party to support the Government’s pay roll tax legislation and commitment to lifting the threshold, to support thousands of WA businesses and create jobs.
As stated by Treasurer Ben Wyatt:
“I am perplexed by the position of the WA Liberal Party. In Government, they increased land tax dramatically that has had a long term impact on the WA property sector and yet now want to scrap key policy initiatives that have been fundamental to the recovery we are beginning to see in the property sector.
“Today’s performance shows they have learned nothing from the dark days of the previous government, which saw record unemployment and the State’s economy grind to a halt.
“Under the McGowan Government, our economy has turned the corner and tens of thousands of new jobs have been created. This is due to our disciplined financial management and targeted investment in programs that stimulate the economy.
“We’ve been working hard to stimulate the housing sector through our changes to Keystart and stamp duty rebates, to support the housing sector, grow our economy and create jobs.
“Businesses had been crying out for payroll tax relief, which we were able to deliver as a direct result of our strong financial management.
“I am stunned that the WA Liberals are now attacking me for this important policy initiative and I call on them to support the legislation to increase the payroll tax threshold and not stand in the way of, or delay, payroll tax relief for thousands of WA businesses.