Victoria is looking into abolishing stamp duty in favour of an ongoing land tax, but Tom Elliott doesn’t believe it’ll ultimately happen.

While the state government flagged the potential seismic change on Thursday, Tom says Victoria’s finances means the government can’t afford the change.

“It’s a good idea to get rid of the five per cent stamp duty and replace it with a lower annual land tax,” he told 3AW Mornings.

Click PLAY to hear Tom’s full thoughts on potential changes to stamp duty 

“But (Treasurer) Tim Pallas and (Premier) Jacinta Allan can’t afford it.”