1 00:00:01,200 --> 00:00:03,520 Speaker 1: My name is Lily Madden and I'm a proud Arunda 2 00:00:03,760 --> 00:00:08,520 Speaker 1: Bungelung Calcottin woman from Gadighl Country. The Daily oz acknowledges 3 00:00:08,600 --> 00:00:10,760 Speaker 1: that this podcast is recorded on the lands of the 4 00:00:10,800 --> 00:00:14,360 Speaker 1: Gadighl people and pays respect to all Aboriginal and Torres 5 00:00:14,400 --> 00:00:17,279 Speaker 1: Strait Island and nations. We pay our respects to the 6 00:00:17,320 --> 00:00:20,079 Speaker 1: first peoples of these countries, both past and present. 7 00:00:25,320 --> 00:00:27,880 Speaker 2: Good morning and welcome to the Daily os. It's Thursday, 8 00:00:27,920 --> 00:00:28,840 Speaker 2: the twenty fifth of May. 9 00:00:29,000 --> 00:00:30,640 Speaker 3: I'm Zara, I'm Sam. 10 00:00:30,880 --> 00:00:33,720 Speaker 2: In case you hadn't heard, the property market is not 11 00:00:33,840 --> 00:00:35,440 Speaker 2: quite a fun place to be at the moment. 12 00:00:35,560 --> 00:00:35,720 Speaker 3: Well. 13 00:00:35,720 --> 00:00:39,159 Speaker 4: Housing affordability is now at its worst level since the 14 00:00:39,159 --> 00:00:42,800 Speaker 4: global financial crisis more than a decade ago. Affordability is 15 00:00:42,840 --> 00:00:45,280 Speaker 4: at its worst in more than three decades. 16 00:00:45,440 --> 00:00:48,000 Speaker 2: The new South Wales government is now changing the rules 17 00:00:48,040 --> 00:00:50,360 Speaker 2: for first home buyers. So we're going to tell you 18 00:00:50,400 --> 00:00:52,879 Speaker 2: what those new rules are, who it might help, and 19 00:00:53,360 --> 00:00:56,000 Speaker 2: what's on offer in all the other states. The first 20 00:00:56,000 --> 00:00:57,040 Speaker 2: Sam the headlines. 21 00:01:03,880 --> 00:01:08,000 Speaker 3: Prime Minister Anthony Albernizi met with his Indian counterpartner Rendrm 22 00:01:08,000 --> 00:01:12,000 Speaker 3: Mody in Sydney yesterday. Modi's here on a three day visit, 23 00:01:12,160 --> 00:01:15,120 Speaker 3: making it the leader's sixth meeting in the past twelve months. 24 00:01:15,280 --> 00:01:17,800 Speaker 3: Albenizi will return the visit when he travels to India 25 00:01:17,840 --> 00:01:19,759 Speaker 3: for the G twenty summit in September. 26 00:01:21,680 --> 00:01:25,960 Speaker 2: The Australian Federal Police have discovered over three hundred kilograms 27 00:01:25,959 --> 00:01:29,720 Speaker 2: of methamphetamine. The substance was hidden inside a piece of 28 00:01:29,760 --> 00:01:33,399 Speaker 2: steel machinery which was shipped to New South Wales last month. 29 00:01:33,920 --> 00:01:37,240 Speaker 2: Police said the drugs were elaborately concealed in the machinery 30 00:01:37,600 --> 00:01:40,440 Speaker 2: and are yet to find out who is responsible. It 31 00:01:40,520 --> 00:01:43,640 Speaker 2: has an estimated street value of two hundred and seventy 32 00:01:43,680 --> 00:01:47,160 Speaker 2: three million dollars. That is so much money. 33 00:01:48,600 --> 00:01:52,240 Speaker 3: And I hope everyone enjoyed their non US presidential headlines 34 00:01:52,280 --> 00:01:54,920 Speaker 3: because they're starting to come thick and fast now. Florida 35 00:01:54,960 --> 00:01:58,640 Speaker 3: Governor Ron DeSantis is expected to formally launch his campaign 36 00:01:58,720 --> 00:02:01,800 Speaker 3: to be the Republican nominee in the US presidential race 37 00:02:02,120 --> 00:02:05,520 Speaker 3: in an interview on Twitter today. DeSantis is a Republican 38 00:02:05,600 --> 00:02:08,640 Speaker 3: and has gained significant popularity in recent years for his 39 00:02:08,720 --> 00:02:14,280 Speaker 3: conservative policies in Florida. 40 00:02:12,320 --> 00:02:16,320 Speaker 2: And the good news. Scientists have discovered three critically endangered 41 00:02:16,360 --> 00:02:19,600 Speaker 2: turtle species in a Queensland Creek for the very first time. 42 00:02:20,280 --> 00:02:23,480 Speaker 2: The discovery has sparked hopes of a self sustaining population 43 00:02:23,680 --> 00:02:27,240 Speaker 2: of white throated snapping turtles in the area. White throated 44 00:02:27,280 --> 00:02:30,880 Speaker 2: snapping turtles they are Australia's largest freshwater turtles and can 45 00:02:30,919 --> 00:02:35,120 Speaker 2: live up to one hundred years. The rules for first 46 00:02:35,160 --> 00:02:38,400 Speaker 2: home buyers are changing in New South Wales and you 47 00:02:38,440 --> 00:02:41,160 Speaker 2: will be forgiven for having a bit of whiplash because 48 00:02:41,240 --> 00:02:43,840 Speaker 2: it was only six months ago that there was a 49 00:02:43,880 --> 00:02:46,919 Speaker 2: new law introduce under the previous government, and that was 50 00:02:47,000 --> 00:02:51,959 Speaker 2: under Dominique Perrete. That policy introduced by the Coalition gave 51 00:02:52,080 --> 00:02:55,280 Speaker 2: first home buyers the option between stamp duty or annual 52 00:02:55,360 --> 00:02:58,200 Speaker 2: land tax. And six months later we have a new 53 00:02:58,240 --> 00:03:00,960 Speaker 2: government and we have a new premier and now that 54 00:03:01,080 --> 00:03:02,640 Speaker 2: option is going to be abolished. 55 00:03:03,280 --> 00:03:06,079 Speaker 3: Zarah, I'm not a homeowner. Can you explain stamp duty? 56 00:03:06,160 --> 00:03:09,120 Speaker 2: So stamp duty's are one off tax that is handed 57 00:03:09,160 --> 00:03:11,960 Speaker 2: over at the point of sale for certain purchases. We 58 00:03:12,000 --> 00:03:14,440 Speaker 2: often think about it in regards to a home, but 59 00:03:14,480 --> 00:03:17,320 Speaker 2: it can also be a block of land. Stamp duty, 60 00:03:17,520 --> 00:03:19,800 Speaker 2: like any other tax, is of course a source of 61 00:03:19,800 --> 00:03:22,800 Speaker 2: revenue for the government, but it's seen as one of 62 00:03:22,919 --> 00:03:26,720 Speaker 2: the many, many barriers to buying a property because it's 63 00:03:26,720 --> 00:03:29,160 Speaker 2: basically another lump sum of money that you need to 64 00:03:29,200 --> 00:03:31,800 Speaker 2: think about on top of your deposit. To give you 65 00:03:31,800 --> 00:03:33,680 Speaker 2: an idea of how much stamp duty can be in 66 00:03:33,720 --> 00:03:36,280 Speaker 2: New South Wales, because that's where the policy we're talking 67 00:03:36,280 --> 00:03:39,680 Speaker 2: about today is, if you bought a seven hundred thousand 68 00:03:39,720 --> 00:03:43,600 Speaker 2: dollar property today, you're looking at around twenty seven thousand 69 00:03:43,680 --> 00:03:46,680 Speaker 2: dollars in stamp duty which has to be paid upfront. 70 00:03:47,160 --> 00:03:49,840 Speaker 2: So what the previous government was doing was trying to 71 00:03:49,880 --> 00:03:53,040 Speaker 2: find another way to do that that was ultimately lowering 72 00:03:53,120 --> 00:03:56,400 Speaker 2: the barriers to entering the housing market. So the previous 73 00:03:56,440 --> 00:03:59,640 Speaker 2: government's plan here was instead of paying one large lump 74 00:03:59,680 --> 00:04:02,400 Speaker 2: sum of money when you buy that land or that house, 75 00:04:02,800 --> 00:04:05,200 Speaker 2: you can instead make payments over time in the form 76 00:04:05,320 --> 00:04:08,640 Speaker 2: of an annual land tax. And the annual land tax 77 00:04:08,680 --> 00:04:10,760 Speaker 2: would work out to be about four hundred dollars a 78 00:04:10,840 --> 00:04:13,680 Speaker 2: year plus zero point three percent of the land value 79 00:04:13,840 --> 00:04:14,760 Speaker 2: each year, so. 80 00:04:14,680 --> 00:04:16,680 Speaker 3: It's making it more of a long term payment off 81 00:04:16,760 --> 00:04:18,960 Speaker 3: rather than that lump sum at the beginning exactly. 82 00:04:19,000 --> 00:04:22,520 Speaker 2: But that previous policy wasn't extended to everybody. It was 83 00:04:22,600 --> 00:04:26,320 Speaker 2: only available for first home buyers purchasing a property of 84 00:04:26,400 --> 00:04:28,760 Speaker 2: up to one point five million dollars or a block 85 00:04:28,760 --> 00:04:30,720 Speaker 2: of land worth up to eight hundred k. 86 00:04:31,040 --> 00:04:34,080 Speaker 3: So that was the policy introduced by the Perreite former 87 00:04:34,160 --> 00:04:38,240 Speaker 3: coalition government. What's the new New South Wales government proposing now? 88 00:04:38,600 --> 00:04:41,640 Speaker 2: So Chrismins has been in power just a few short months, 89 00:04:41,680 --> 00:04:44,760 Speaker 2: but in his new role he plans to abolish the 90 00:04:44,839 --> 00:04:47,760 Speaker 2: choice between land tax and stamp duty and pretty soon 91 00:04:47,880 --> 00:04:50,720 Speaker 2: from the start of July. Instead, the new New South 92 00:04:50,720 --> 00:04:54,200 Speaker 2: Wales government will allow first home buyers of properties up 93 00:04:54,240 --> 00:04:57,600 Speaker 2: to eight hundred k in value to not pay any 94 00:04:57,640 --> 00:05:00,960 Speaker 2: stamp duty. Just to be clear, first home buyers were 95 00:05:01,000 --> 00:05:03,640 Speaker 2: already exempt from paying stamp duty on properties up to 96 00:05:03,680 --> 00:05:06,359 Speaker 2: six hundred and fifty k, but the government's going to 97 00:05:06,360 --> 00:05:10,039 Speaker 2: increase that price limit to eight hundred k. The government 98 00:05:10,200 --> 00:05:12,520 Speaker 2: is also going to reduce the cost of stamp duty 99 00:05:12,520 --> 00:05:15,760 Speaker 2: for properties between eight hundred thousand and one million dollars. 100 00:05:16,040 --> 00:05:18,680 Speaker 2: In a press conference, Minn said that the new scheme 101 00:05:18,720 --> 00:05:21,440 Speaker 2: would apply to more people than the old one did, 102 00:05:21,600 --> 00:05:24,800 Speaker 2: and that it would focus on those buying less expensive properties. 103 00:05:25,120 --> 00:05:28,239 Speaker 4: The current arrangements that were introduced by the previous government 104 00:05:28,279 --> 00:05:30,920 Speaker 4: in the second half of last year, had been in 105 00:05:30,960 --> 00:05:34,559 Speaker 4: operation for around six months and for many in many 106 00:05:34,600 --> 00:05:38,080 Speaker 4: cases the verdicts in. We now know that fifty two 107 00:05:38,120 --> 00:05:41,680 Speaker 4: percent of the tax concessions are going to just thirteen 108 00:05:41,760 --> 00:05:45,599 Speaker 4: percent of first home buyers those purchasing a property above 109 00:05:45,680 --> 00:05:48,120 Speaker 4: a million dollars. Now that's a lot of subsidy for 110 00:05:48,160 --> 00:05:51,159 Speaker 4: people who are purchasing a property above one million dollars 111 00:05:51,160 --> 00:05:52,080 Speaker 4: for their first home. 112 00:05:52,560 --> 00:05:55,080 Speaker 3: So that's what the Men's government is saying about the 113 00:05:55,080 --> 00:05:58,920 Speaker 3: coalition's policy and advocating a new policy that they've put forward. 114 00:05:59,320 --> 00:06:02,000 Speaker 3: Talk to me about how the Coalition have responded to 115 00:06:02,200 --> 00:06:03,760 Speaker 3: their policy now being scrapped. 116 00:06:03,880 --> 00:06:06,920 Speaker 2: New South Wales Shadow Treasurer Damien chewed Hope accused the 117 00:06:06,960 --> 00:06:10,120 Speaker 2: government of quote breaking the heart of first home buyers. 118 00:06:10,160 --> 00:06:13,159 Speaker 2: This week. He said that nearly eight thousand first home 119 00:06:13,200 --> 00:06:16,040 Speaker 2: buyers had chosen to pay the property tax over stamp 120 00:06:16,120 --> 00:06:19,840 Speaker 2: duty since the coalition scheme had begun in November last year. 121 00:06:20,600 --> 00:06:22,920 Speaker 3: When we put this story up on Instagram, it got 122 00:06:23,160 --> 00:06:25,120 Speaker 3: a lot of interest in the comments and I think 123 00:06:25,160 --> 00:06:27,320 Speaker 3: this idea of how easy it is for first home 124 00:06:27,360 --> 00:06:30,680 Speaker 3: buyers to break into a property market or difficult or difficult, 125 00:06:30,760 --> 00:06:35,000 Speaker 3: is really really grabbing everyone's attention at the moment. Talk 126 00:06:35,040 --> 00:06:37,520 Speaker 3: me through the rules in other states and territories. 127 00:06:38,360 --> 00:06:41,080 Speaker 2: There are lots of different first home buyer schemes in 128 00:06:41,120 --> 00:06:43,960 Speaker 2: the different states and territories. This is by no means 129 00:06:44,120 --> 00:06:47,520 Speaker 2: a uniform approach across the country. But seeing as this 130 00:06:47,600 --> 00:06:51,200 Speaker 2: new South Wales policy was specifically about stamp duty, I 131 00:06:51,400 --> 00:06:53,120 Speaker 2: did think it would be good to do a bit 132 00:06:53,160 --> 00:06:56,720 Speaker 2: of compare and contrasts from other jurisdictions in the country. 133 00:06:57,240 --> 00:06:59,520 Speaker 2: And before I go through this list, I think that 134 00:06:59,560 --> 00:07:01,680 Speaker 2: you need to get keep in mind that obviously there 135 00:07:01,680 --> 00:07:04,240 Speaker 2: are lots of different conditions that apply when you are 136 00:07:04,360 --> 00:07:06,240 Speaker 2: looking to buy a house, and we're not going to 137 00:07:06,320 --> 00:07:08,480 Speaker 2: list all of them, so you will need to do 138 00:07:08,520 --> 00:07:11,120 Speaker 2: more research if you are in one of these jurisdictions, 139 00:07:11,160 --> 00:07:14,200 Speaker 2: but let's go through it noted. So, if you are 140 00:07:14,200 --> 00:07:16,840 Speaker 2: in Wasam and you are looking to buy your first home, 141 00:07:17,360 --> 00:07:20,440 Speaker 2: stamp duty is waived on properties up to four hundred 142 00:07:20,480 --> 00:07:24,480 Speaker 2: and thirty thousand dollars. Victoria waves stamp duty if you're 143 00:07:24,480 --> 00:07:27,120 Speaker 2: buying a home for six hundred thousand dollars or less 144 00:07:27,200 --> 00:07:30,360 Speaker 2: and reduces stamp duty, so it doesn't make it exempt 145 00:07:30,400 --> 00:07:33,480 Speaker 2: ale together, but reduces that for properties priced up to 146 00:07:33,520 --> 00:07:37,840 Speaker 2: seven hundred and fifty thousand dollars. Onto Queensland now where 147 00:07:37,960 --> 00:07:41,239 Speaker 2: stamp duty is waived to properties up to five hundred 148 00:07:41,280 --> 00:07:45,840 Speaker 2: thousand dollars and it's reduced similar to Victoria for properties 149 00:07:45,960 --> 00:07:49,800 Speaker 2: to five hundred and fifty thousand dollars. In Tazzi there 150 00:07:49,920 --> 00:07:52,800 Speaker 2: is a fifty percent discount on stamp duty for properties 151 00:07:52,880 --> 00:07:56,120 Speaker 2: six hundred thousand dollars and less. In the act it 152 00:07:56,200 --> 00:07:58,960 Speaker 2: works a bit differently. If you earn less than one 153 00:07:59,000 --> 00:08:01,560 Speaker 2: hundred and seventy thousand dollars per year, we're able to 154 00:08:01,560 --> 00:08:04,960 Speaker 2: save up to thirty four thousand, seven hundred and ninety dollars. 155 00:08:05,560 --> 00:08:07,560 Speaker 2: So all take a break after reading all those numbers 156 00:08:07,560 --> 00:08:11,280 Speaker 2: that hurt my brain. But neither the NT or South 157 00:08:11,280 --> 00:08:14,520 Speaker 2: Australia have stamp duty concessions for first home buyers. 158 00:08:14,560 --> 00:08:16,640 Speaker 3: So it's clearly a tool that state and territory governments 159 00:08:16,680 --> 00:08:19,600 Speaker 3: have at their disposal to try and make things easier 160 00:08:19,600 --> 00:08:22,360 Speaker 3: for first home buyers. But it's not the only way 161 00:08:22,520 --> 00:08:25,480 Speaker 3: that they can help first home buyers get into the market. 162 00:08:26,200 --> 00:08:29,800 Speaker 3: What else is on offer for governments to deploy to 163 00:08:29,800 --> 00:08:31,760 Speaker 3: make it easier for you and me? To enter the market. 164 00:08:31,960 --> 00:08:34,360 Speaker 2: I won't get into all of them, but lots of 165 00:08:34,400 --> 00:08:37,520 Speaker 2: the states and territories do have grants available when you 166 00:08:37,559 --> 00:08:40,800 Speaker 2: either construct a new home or buy a recently constructed 167 00:08:40,840 --> 00:08:44,200 Speaker 2: home to live in. The federal government has also recently 168 00:08:44,240 --> 00:08:48,640 Speaker 2: announced an expansion of an existing scheme which allows eligible 169 00:08:48,679 --> 00:08:51,640 Speaker 2: first home buyers to buy a home with a five 170 00:08:51,720 --> 00:08:55,280 Speaker 2: percent deposit. The government is expanding that now to allow 171 00:08:55,559 --> 00:08:58,440 Speaker 2: friends and family members to apply for the scheme together, 172 00:08:58,920 --> 00:09:01,880 Speaker 2: whereas in the past just for single people or those 173 00:09:02,000 --> 00:09:05,040 Speaker 2: in a married or de facto relationship. So Sam, you 174 00:09:05,120 --> 00:09:08,920 Speaker 2: and I as best friends can possibly with all the 175 00:09:08,920 --> 00:09:12,000 Speaker 2: conditions met buy a house with a five percent deposit. 176 00:09:12,040 --> 00:09:14,640 Speaker 3: Maybe we should make a TDA clubhouse. No, thank you, 177 00:09:16,080 --> 00:09:19,800 Speaker 3: So there are so there are a lot of schemes 178 00:09:19,880 --> 00:09:22,920 Speaker 3: out there, Zara, and I think though I would be 179 00:09:22,960 --> 00:09:26,200 Speaker 3: speaking for a lot of people here if I voiced 180 00:09:26,320 --> 00:09:29,120 Speaker 3: the concern that the market is still damn hard to crack. 181 00:09:29,480 --> 00:09:32,080 Speaker 2: It is, and I think that's probably a good note 182 00:09:32,080 --> 00:09:36,160 Speaker 2: to end on, is that trying to remove these very 183 00:09:36,559 --> 00:09:40,880 Speaker 2: significant barriers in some way or another doesn't actually deal 184 00:09:40,920 --> 00:09:43,040 Speaker 2: with the root of the problem, which we know to 185 00:09:43,120 --> 00:09:43,880 Speaker 2: be supplied. 186 00:09:49,280 --> 00:09:51,679 Speaker 3: Thank you, so much for joining us on the Daily OS. 187 00:09:52,160 --> 00:09:54,760 Speaker 3: If you learn something from today's episode, don't forget to 188 00:09:54,800 --> 00:09:58,080 Speaker 3: send it to a friend. That is how TDA grows 189 00:09:58,120 --> 00:09:59,720 Speaker 3: and how we can keep rocking up to work and 190 00:09:59,760 --> 00:10:03,160 Speaker 3: make new episode for you every weekday morning. We'll be 191 00:10:03,200 --> 00:10:13,280 Speaker 3: back again tomorrow. Until then, have a great day.