Victoria's plan to raise stamp duty in next week’s budget would be "increasing the worst tax in its armoury" according to a leading Australian economist.

The Andrews government is expected to unveil new charges on property tax which will include increases for stamp duty in a bid to raise nearly $3 billion over the coming four years.

In contrast NSW is looking to transition away from the lump-sum payment and replace it with a smaller, annual charge which economist Saul Eslake said would improve affordability.

He suggested axing stamp duty altogether and replacing it with a broader land tax which would include owner occupied homes above a threshold value.

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