The premier says changes to negative gearing are not the answer to the state's housing woes. Chris Minns says it's a matter for Canberra, but he thinks any policy change should be taken to an election. The state government says its recent stamp duty concessions are already helping first home buyers - but with prices still rising - fewer buyers will be able to qualify.
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TVTranscript
00:00 It's the year of the dragon, said to symbolise good luck.
00:10 Red envelopes traditionally contained cash, but the Premier's offerings were very fiscally
00:15 responsible.
00:16 A chocolate and a business card.
00:18 What do you think?
00:20 But there has been some good fortune, the government says, for first home buyers.
00:24 18,700 people are paying either less stamp duty or no stamp duty and none of them are
00:30 paying a land tax because of the changes this government introduced.
00:34 In July, the government raised the price threshold at which first home buyers have to pay stamp
00:39 duty to $800,000 and it allowed buyers who pay up to a million dollars to qualify for
00:45 a discounted rate.
00:47 Thomas Pantle used the scheme to avoid stamp duty on his $720,000 home in Collison in Sydney's
00:53 West.
00:54 I calculated that I'd be able to save upwards of $30,000, which is massive.
01:00 But buyers of properties up to $1.5 million no longer have the chance to avoid lump sum
01:06 stamp duty by paying a yearly land tax.
01:09 That coalition policy was scrapped by Labor.
01:12 In fact to be gloating in circumstances that they are introducing more opportunities is
01:18 in fact an embarrassment.
01:19 Since Labor first promised the changes, property prices in Sydney have risen by about 11%.
01:23 That means there's even fewer buyers who'll fit under that $800,000 threshold where they
01:29 don't have to pay stamp duty.
01:31 The Premier says he'll consider raising the thresholds but don't expect any immediate
01:36 relief.
01:37 No, I don't have an announcement about that today.
01:39 Chris Minns says he won't be blaming immigration for the state's housing shortage nor is he
01:44 seeking a federal government review of negative gearing.
01:47 Look, I wouldn't call for that.
01:48 I think a reasonable person would say give them time to work out their tax policies and
01:53 take them to the next election.
01:55 A federal political headache the Premier's happy not to share.
01:59 [BLANK_AUDIO]