Territory Stories

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009



Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

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Tabled paper 1293


Tabled papers for 10th Assembly 2005 - 2008; Tabled Papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT; Tabled Papers




Tabled By Delia Lawrie


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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2008-09 Budget 64 Territory Own-Source Revenue Note: Current as at 30 April 2008. Source: Real Estate Institute of Australia Growth in the median house price in Darwin slowed during 2007. For the December 2007 quarter, Darwins median house price was the fourth lowest of Australias capital cities and only slightly higher than Brisbanes. Chart 6.3 shows that the median house price in Darwin is below the average median house price of all capital cities. In response to rising house prices in recent years, the Government has provided significant incentives to promote home ownership in the Territory, including the first home owner stamp duty concession and the principal place of residence stamp duty rebate. In addition, the HomeNorth scheme, the Territorys shared equity scheme, has been significantly remodelled to make it easier for low and middle income earners to own a home. From 6 May 2008, the Government has provided further stamp duty assistance to home buyers and has also extended assistance to property investors and business property purchasers by reducing conveyance duty rates. The Territorys conveyance stamp duty is calculated by a formula that determines a rate applicable to the value of dutiable property conveyed. The rates were determined on a linear scale between a minimum rate of 2.1 per cent and a maximum rate of 5.4 per cent that applied to dutiable property with a value of $500 000 or more. From 6 May 2008, the minimum conveyance stamp duty rate reduces to 1.5 per cent from 2.1 per cent and the maximum rate reduces to 4.95 per cent from 5.4 per cent. The property value at which the maximum conveyance stamp duty rate applies has also been increased from $500 000 to $525 000. This means that all rates that would apply to values between the minimum and maximum rate have also decreased. The stamp duty savings that home buyers, property investors and business property purchasers can expect from the rate reductions at various property values are provided in Table 6.5. 0 100 200 300 400 500 600 $000 NSW Vic Qld WA SA Tas ACT NT State average $433 000 Chart 6.3: Median House Prices for Australian Capital Cities for the December 2007 Quarter