From The Summary Podcast - Blood Stocks at 10-Year Low

Australia's property slump is now threatening state budgets with 30 billion dollars in stamp duty revenue at risk over four years.

Jack Fenech explains.

A deepening property market downturn is putting severe pressure on state finances across the country.

Economists warn a prolonged slump could wipe out up to 30 billion dollars in stamp duty collections over the next four years.

New South Wales has already felt the brunt of the downturn, recording a near 25% plunge in monthly property tax revenues, driven by a sharp drop in housing transactions.

Some Labor MPs believe the government needs to permanently address the issues stemming from the credit card surcharge ban.

The tax office had planned to stop accepting credit card payments for tax bills, but that plan has been delayed until mid-next year.

The MPs believe a permanent fix is needed to ensure that small businesses aren't left in limbo.

The federal government says it's committed to its new tax regime for discretionary trusts.

Legislation will be introduced on Wednesday imposing a 30% levy on the financial instrument.

The opposition claims the measure will hurt many small businesses who use the trust.

But Treasurer Jim Chalmers has told Parliament very few people will be affected by the change.

95% of Australians don't get income from trusts, and less than 10% of small businesses will be affected by our changes.

Australia's property slump is now threatening state budgets with 30 billion dollars in stamp duty revenue at risk over four years.

Jack Fenech explains.

A deepening property market downturn is putting severe pressure on state finances across the country.

Economists warn a prolonged slump could wipe out up to 30 billion dollars in stamp duty collections over the next four years.

New South Wales has already felt the brunt of the downturn, recording a near 25% plunge in monthly property tax revenues, driven by a sharp drop in housing transactions.

Some Labor MPs believe the government needs to permanently address the issues stemming from the credit card surcharge ban.

The tax office had planned to stop accepting credit card payments for tax bills, but that plan has been delayed until mid-next year.

The MPs believe a permanent fix is needed to ensure that small businesses aren't left in limbo.

The federal government says it's committed to its new tax regime for discretionary trusts.

Legislation will be introduced on Wednesday imposing a 30% levy on the financial instrument.

The opposition claims the measure will hurt many small businesses who use the trust.

But Treasurer Jim Chalmers has told Parliament very few people will be affected by the change.

95% of Australians don't get income from trusts, and less than 10% of small businesses will be affected by our changes.