Ultra-wealthy land tax could generate $3 billion annually to reduce stamp duty

An “Extreme Land Wealth Levy” proposed by the McKell Institute aims to tax 4,630 ultra-wealthy Australians with land portfolios over $20 million, generating approximately $3 billion annually. The levy would charge 0.75% on land valued between $20-$50 million and 1.25% on land above $50 million, with funds intended to reduce stamp duty for new homebuyers. This initiative seeks to address wealth inequality by taxing unearned gains from land ownership while exempting primary residences and certain agricultural lands.

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