WA stamp duty deters investment, Property Council says

Federal Treasurer Peter Costello wants the tax cut but his counterparts refused to do so during a meeting yesterday.

WA Treasurer Eric Ripper accused Mr Costello of taking an arrogant approach to the meeting and said it was not right to abolish stamp duty for business because householders would be left to bear the burden.

WAPC spokesman Joe Lenzo says his group wants stamp duty to be cut across the board.

"We have put a submission into the tax review to do exactly that, to cut stamp duty on all property transactions," he said.

"Because at the moment the State Government is reaping over 50 per cent of their total revenue from the property industry."

Mr Lenzo says the tax should have been cut when the GST was introduced.

He says stamp duty deters investment in commerical properties.

"I mean the purchase of a major office tower recently in Perth had a stamp duty bill of over $20 million so obviously that impacts on the economic viability of that particular purchase," he said.