Many Australians aspire to own land as the foundation for home. Conflicting with the moderate aspirations of everyday Australians are economic forces enabling a small number of ultra-wealthy individuals to accumulate ever-more wealth. 

This report proposes delivering cheaper housing for homebuyers through the creation of a Commonwealth-administered Extreme Land Wealth Levy that applies only to the largest land portfolios in Australia, assessed on a national basis, using existing state valuation systems. A levy on unproductive land worth over $20m could deliver a 10% stamp duty cut for all new houses, enhancing supply and fairness.

Key proposal features

• Tax extreme land wealth through a nationally aggregated land tax database.
• Generates an estimated $3 billion in annual revenue.
• 100% of revenue returned to states and territories on a per capita basis.
• The principal place of residence is exempt unless the land value exceeds $20 million.
• Supports supply through exempting land held as part of a genuine development project.
• Land genuinely used for agricultural production is exempt.