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NEW NSW Premier Morris Iemma has abolished the controversial property vendor tax as of today.
Mr Iemma made the announcement after being formally elected as the state's 40th premier at a Labor caucus meeting today.
Mr Iemma also said he will become NSW's next treasurer when he is sworn in to both jobs tomorrow. He said the new law would not be retrospective.
"I announce today that the vendor duty will be abolished," Mr Iemma told reporters.
"(It will be) effective for all contracts exchanged on or after today."
"It's not a decision that I have taken lightly and it will have an impact on revenues."
Senior Labor figures had said Mr Iemma would roll back controversial property and poker machine taxes as part of his pitch for the state's top job.
Mr Iemma said the vendor duty was introduced in a very different property market and times had changed.
"A market that was stronger, but times have changed," he said.
"In the current market conditions, vendor duty is a brake on economic activity.
"The Property Council and Access Economics have identified that the removal of the vendor duty will stimulate economic activity, it will have a positive psychological effect on business.
"Thousands of NSW residents have an investment property as part of their nest egg.
"I want NSW to be the state where investment is rewarded, not just the multi-million dollar investors, but the investors in my own electorate of Punchbowl, Lakemba and Wiley Park or investors in Kiama, Hornsby, Parkes and Penrith, Sutherland, Dorrigo and Deniliquin."
The 2.25 per cent vendor duty, introduced last year by then treasurer Michael Egan on the sale of investment properties, has been criticised by investors, unions and the real estate and building industries, among others.
Earlier today, Mr Iemma was elected unopposed as leader of the NSW Parliamentary Labor Party today.
"There was only one nomination for premier - that nomination was Morris Iemma," Labor's caucus returning officer Matt Brown told reporters.
"I was very pleased to announce him as leader of our caucus and the 40th premier of New South Wales."
The vote came just hours after state Treasurer and Deputy Premier Andrew Refshauge announced he was to quit parliament next week.
Dr Refshauge said it was time to move on, but Mr Carr's retirement was a factor.
"You might ask why didn't I make this decision earlier," Dr Refshauge said.
"I think it is fair enough to say that when Bob decided that he would leave I responded as I suppose any medical practitioner would, I took an analytical approach to it."
Dr Refshauge, who also held the state development and Aboriginal affairs portfolios, was Bob Carr's loyal deputy for 17 years.
He was appointed treasurer in January following the retirement of Michael Egan.
Before entering parliament as the member for Marrickville in 1983, Dr Refshauge, 56, worked as a doctor in Aboriginal health and co-founded the Doctors Reform Society.
Dr Refshauge, a member of Labor's Left faction, said: "Since (Mr Carr's resignation), I have been able to see what my feelings are, my thoughts and you might have noticed it was a very sunny weekend as well.
"I think the time is right," he said.
"Bob and I got in (to parliament) on the same day. Maybe our replacement should come in on the same day too."
Dr Refshauge told reporters he made the decision last night and then informed Mr Iemma.
He wished Mr Iemma the best of luck.
News Source
Cheers
Marc
NEW NSW Premier Morris Iemma has abolished the controversial property vendor tax as of today.
Mr Iemma made the announcement after being formally elected as the state's 40th premier at a Labor caucus meeting today.
Mr Iemma also said he will become NSW's next treasurer when he is sworn in to both jobs tomorrow. He said the new law would not be retrospective.
"I announce today that the vendor duty will be abolished," Mr Iemma told reporters.
"(It will be) effective for all contracts exchanged on or after today."
"It's not a decision that I have taken lightly and it will have an impact on revenues."
Senior Labor figures had said Mr Iemma would roll back controversial property and poker machine taxes as part of his pitch for the state's top job.
Mr Iemma said the vendor duty was introduced in a very different property market and times had changed.
"A market that was stronger, but times have changed," he said.
"In the current market conditions, vendor duty is a brake on economic activity.
"The Property Council and Access Economics have identified that the removal of the vendor duty will stimulate economic activity, it will have a positive psychological effect on business.
"Thousands of NSW residents have an investment property as part of their nest egg.
"I want NSW to be the state where investment is rewarded, not just the multi-million dollar investors, but the investors in my own electorate of Punchbowl, Lakemba and Wiley Park or investors in Kiama, Hornsby, Parkes and Penrith, Sutherland, Dorrigo and Deniliquin."
The 2.25 per cent vendor duty, introduced last year by then treasurer Michael Egan on the sale of investment properties, has been criticised by investors, unions and the real estate and building industries, among others.
Earlier today, Mr Iemma was elected unopposed as leader of the NSW Parliamentary Labor Party today.
"There was only one nomination for premier - that nomination was Morris Iemma," Labor's caucus returning officer Matt Brown told reporters.
"I was very pleased to announce him as leader of our caucus and the 40th premier of New South Wales."
The vote came just hours after state Treasurer and Deputy Premier Andrew Refshauge announced he was to quit parliament next week.
Dr Refshauge said it was time to move on, but Mr Carr's retirement was a factor.
"You might ask why didn't I make this decision earlier," Dr Refshauge said.
"I think it is fair enough to say that when Bob decided that he would leave I responded as I suppose any medical practitioner would, I took an analytical approach to it."
Dr Refshauge, who also held the state development and Aboriginal affairs portfolios, was Bob Carr's loyal deputy for 17 years.
He was appointed treasurer in January following the retirement of Michael Egan.
Before entering parliament as the member for Marrickville in 1983, Dr Refshauge, 56, worked as a doctor in Aboriginal health and co-founded the Doctors Reform Society.
Dr Refshauge, a member of Labor's Left faction, said: "Since (Mr Carr's resignation), I have been able to see what my feelings are, my thoughts and you might have noticed it was a very sunny weekend as well.
"I think the time is right," he said.
"Bob and I got in (to parliament) on the same day. Maybe our replacement should come in on the same day too."
Dr Refshauge told reporters he made the decision last night and then informed Mr Iemma.
He wished Mr Iemma the best of luck.
News Source
Cheers
Marc
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