Costello calls for stamp duty to be abolished

Federal treasurer Peter Costello has called for the abolishment of stamp duty on commercial real estate transactions.

It's a call that has been welcomed by Real Estate Institute of New South Wales president Cristine Castle

"Part of the original agreement with the States back when the GST was introduced was that they drop stamp duty by 2005," Castle said.

"We urge both sides of politics in New South Wales to back this proposal as it will stimulate the property market and help reinvigorate the State's economy."

NSW earns around $800 million annually from stamp duty imposts on non-residential real estate such as factories, shops, offices and land.

"This move is long overdue," said Castle. "These taxes have represented windfall gains to the State Government and should have been abolished in 2005 as agreed."

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