The Housing industry Association (HIA), representing Australia’s residential building industry, has welcomed the release of the Tax Discussion Paper by the Federal Treasurer, the Hon Joe Hockey.

HIA Managing Director, Shane Goodwin observes that the Tax Discussion Paper kick-starts the important process of reforming Australia’s taxation system. He explains that successful taxation reform is vital to ensuring future economic and productivity growth commensurate with a rising standard of living for Australia’s future generations.

According to Mr Goodwin, housing will form an integral part of any successful future taxation reform. Pointing out that new housing is one of the most heavily taxed sectors of the Australian economy with stamp duty on property conveyances being Australia’s most inefficient tax, he commented that housing taxation reform can unlock substantial productivity gains and boost economic growth in the Australian economy.

Mr Goodwin adds that HIA looks forward to working with the Treasurer and the government in advancing a program of taxation reform for Australia’s current and future generations.