John Minihan (Progressive Democrats)

The Senator is welcome to attend. It is interesting that the print media responded more quickly to the stamp duty issue than did many politicians. The Sunday Independent contributed to the debate by identifying options and monitoring public opinion. I strongly support the need for reform and changes in the application of stamp duty as set out by my party some months ago. Such change should be confined to the residential property area and in particular to first-time buyers and couples trading up as well as some trading down via the application of the bands. For example, application on a tiered basis could reduce the stamp duty paid by up to 50%. Whatever changes occur we must ensure the benefit does not simply pass on to the developer but clearly goes to home buyers who plan to occupy the house purchased. Changes must be considered, targeted and effective, delivering benefits to those who currently bear the greatest burden.

The Progressive Democrats were the first to advocate change in the stamp duty regime and we are committed to it. Political and public opinion supports the change. In the lead-up to the budget and the subsequent Finance Bill there will always be second-guessing of the Government's intentions. The Government must consider all its options and what decision it makes must be in the interest of the economy as a whole, including the stabilisation of the housing market. That is the responsible and correct approach.