I voted against the amendment to the PTBR to look at replacing document duty with increases in TRP. Whilst I had some sympathy with the arguments I was concerned that this would substantially hit the commercial sector where TRP rates are already signficantly higher than domestic rates and mentioned this in the debate. The other problem associated with this proposal is that, whilst document duty is not the best form of tax in that it works against property sales, it is administratively simple and by placing more focus on TRP, it will mean the opposite of diversifying our tax base.
What I do believe should be looked at is a reduction in document duty for first time buyers.