…. knowing land tax to be the cheapest, fairest and most efficient.

Replacing stamp duty with land tax was a treasury priority.

Although stamp duties were “one of the most inefficient and distorting taxes”, climbing house prices had pushed reliance on them to a long-term high of 26 per cent of state income.

A switch from stamp duty to land tax was a “live debate” between the heads of state treasuries, Mr Fraser said.