Page 2073 - Week 07 - Thursday, 4 June 2015

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$750,000 property, your stamp duty reduction is 22 per cent, or nearly $8,000. And if you are purchasing a $2 million property—if you happen to be that wealthy—you too are saving stamp duty, around 11 per cent or down $13,350.

Purchases of commercial property in this city have also experienced significant reductions in conveyance duty. Since the start of tax reform, someone purchasing a $5 million commercial property is now saving nearly $61,000 in stamp duty or 19per cent. Someone purchasing a $10 million property in this city is saving 21 per cent, or nearly $140,000 in stamp duty. If you are purchasing a $20 million property in this city, it is a 22 per cent stamp duty cut, saving you $455,750.

Purchasers of higher value properties benefit from the reduction in the flat rate of transactions above $1.455 million. The rate for properties over this value has again been cut in this budget from 5.25 per cent to 5.17 per cent, making the ACT a very competitive destination for significant investment in commercial property in the territory.

MADAM SPEAKER: A supplementary question, Dr Bourke.

DR BOURKE: Treasurer, how are red tape reductions with those reforms helping to support local businesses?

MR BARR: We have been working with business to develop our reform agenda. The Regulatory Reform Panel provides an important consultation platform for the business community and for government. In consultation with the panel, the government has committed to a regular series of red tape reduction bills—I introduced another one just this morning—to remove unnecessary, redundant and duplicative regulation.

The latest bill, introduced today, includes reforms that reduce reporting requirements for employers in the territory by changing wage declarations for workers compensation insurance purposes from a six-monthly to a 12-monthly reporting requirement; modernise requirements for public notices in the ACT legislation to enable notification of public notices on an ACT government website; extend permits under the Public Unleased Land Act from two to three years; and support the work of Access Canberra by enabling the head of Access Canberra to exercise a range of functions and delegate a range of functions under acts for areas of operational responsibility.

We are committed to an ongoing program of reforms. I will continue to bring red tape reduction bills to this place and seek the Assembly’s support for our agenda. We will continue to engage with stakeholders on opportunities to reduce the regulatory burden in the territory. It is a very clear commitment of the government that we are delivering on in this place on a regular basis.

Environment—Cotter catchment

MS LAWDER: My question is to the Minister for the Environment. I refer to the Auditor-General’s recent report on management of the lower Cotter catchment. The Auditor-General found that the lower Cotter catchment faced a number of significant

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