The Property Council of Australia says it’s time to review property taxes in Queensland following NSW’s bold plan to phase out stamp duty.

Treasurer Cameron Dick is due to hand down the budget in December but has ruled out a similar scheme.

Queensland’s Executive Director of the Property Council of Australia, Chris Mountford, said they were happy for NSW to trial the bold plan.

“We are happy to see the NSW Government in the first instance explore this issue,” he told Scott Emerson.

“Most economists would tell you stamp duty is one of the worst and most distortionary taxes in our tax system.

“The problem is, getting rid of it is easier said than done in reality.”

He said they were open to the idea of property tax reform, but warned of risks associated with it.

“One of the things we want to see .. is a revisiting of what is the best tax system going forward.

“If you look at property taxes just in Queensland, we haven’t had a holistic review of those in well over a decade.”

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Image: Getty