First home buyers in the ACT will no longer have to pay stamp duty, despite the territory set to surpass $12 billion in debt.
The nation-first measure was the centrepiece of Treasurer Chris Steel's second budget, unveiled on Wednesday.
It's a major milestone in ACT Labor's 20-year journey to abolish stamp duty in its entirety, in favour of higher property rates.
"We've made some very significant decisions today to completely eliminate stamp duty for certain cohorts and for certain homes, but we will continue the work to phase out what is an inefficient and unfair tax," Mr Steel told reporters.
From July 1, exemptions will be extended to every resident entering the property market.
Currently, only homes under $1 million are exempt and purchasers must be below income eligibility thresholds.
