As Australia’s housing crisis continues, Mike is joined by property expert Garth Davis, who says state governments should be looking at stamp duty.

Stamp duty, a burden on all property buyers, inhibits mobility in the market. Critics argue it’s a state-level revenue tool, and some states consider replacing it with an annual property tax.

“The only winners of stamp duty are the state governments and banks,” says Mr Garth. “As mortgages become higher to finance stamp duty, banks make more interest on larger mortgages.

State governments collect approximately $60 billion in stamp duty annually, while at the same time, griping about housing affordability and failing to build enough houses.

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