Mind & Potential

Australia news live: SA Labor pledges $100k stamp duty waiver for ‘empty nesters’; Burke says Hanson’s Lakemba comments a national security risk | Australia news

Australia news live: SA Labor pledges $100k stamp duty waiver for ‘empty nesters’; Burke says Hanson’s Lakemba comments a national security risk | Australia news

South Australian ‘empty nesters’ to get stamp duty windfall in $70m pledge

The South Australian Labor party is proposing to give “empty nesters” a massive stamp duty saving of more than $100,000 to encourage them to trade their large family homes for smaller dwellings, AAP reports.

The move aims to free up crucial housing stock for growing families.

The total stamp duty abolition would apply to people aged 60 or over buying a smaller, newly built home or off-the-plan apartment worth up to $2m, saving eligible South Australians up to $103,830.

The exemption can only be accessed once.

SA’s premier, Peter Malinauskas, and opposition leader, Ashton Hurn, at a leaders debate on Friday. Photograph: Matt Turner/AAP

The state’s premier, Peter Malinauskas, announced the election pledge this morning, saying if his party was re-elected, the plan would stimulate housing growth and help free up larger homes for families.

Under the scheme, people purchasing a $1m home after selling their larger home would receive a full stamp duty concession worth $48,830. That would increase to $76,330 for a $1.5m home, while a maximum concession of $103,830 would apply to a $2m home.

The announcement comes a day after the government officially entered caretaker mode, with Malinauskas and his deputy, Kyam Maher, visiting Government House on Saturday morning to formally start the state election campaign.

Malinauskas said:

double quotation markOur plan to abolish stamp duty for downsizers is specifically calibrated to increase housing supply, while also freeing up larger homes for families.

By abolishing stamp duty, we are offering a real incentive to older South Australians to downsize … Under our plan, seniors can save more than $100,000, compared with $15,000 under the Liberals.

Under Labor’s proposed policy, applicants for the stamp duty discount would have to be 60 or older; be buying a new or off-the-plan home to live in that is smaller than their existing home; and selling their existing principal place of residence.

The state’s Liberal leader, Ashton Hurn, used her party’s election campaign launch to announce a policy for over-55 “downsizers” to receive the one-off stamp duty concession of $15,000.

Under the plan, older South Australians moving out of their home would pay less stamp duty when moving into a lesser-value home, with a cap on the concession on properties priced above $1.2m.

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Key events

‘Humid and unstable airmass’ to bring rain, flooding and thunderstorms across Australia’s east coast

Heavy rain and floods are expected to sweep central and southern Australia, with thunderstorms forecast for parts of every state and territory on Sunday.

Much of South Australia, the Northern Territory and Victoria are facing a drenching, while storms could also hit Sydney, Melbourne, Canberra and Hobart, the Bureau of Meteorology (BoM) has warned.

Queensland, SA and the NT have already endured a rainy weekend, with one remote community facing its biggest downpour in a decade, thanks to a strengthening tropical low.

The BoM warned that parts of those states could face flooding, blocked roads and rising rivers from Sunday until at least Wednesday, as the weather system connects to a cold front pulling moisture south. Its warning reads:

double quotation mark[This] will combine with a very humid and unstable airmass to produce widespread heavy rainfall and thunderstorms over the north of [SA].

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