Budget ends state taxes

Australia's "safe" budget will provide the confidence required by property investors across the Tasman to see beyond a turbulent 2000, according to CB Richard Ellis.

The biggest bonus for the industry was the treasurers' indication this was the beginning of the end for state-based taxes, including those on real estate.

Starting with the abolition of the Sydney bed tax, there is real potential to remove long-standing state taxes which discourage property investment and trading.

Bill Chillington, chief operating officer for CB Richard Ellis Australia New Zealand, said the underlying fundamentals of the Australian market were sound as office rents were still heading up, vacancy was either low and stable or declining, and outside Sydney there was little forecast construction activity to upset this trend.

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