South Australia's Liberal party says it will phase out stamp duty by 2041, if elected in March, but the premier has labelled the promise as "one of the most reckless, dangerous policy announcements" he has ever seen.

Opposition leader Vincent Tarzia said his long-term policy would initially start with "instant" relief by removing stamp duty for first home buyers purchasing existing homes valued up to $1 million – a commitment he previously made in June.

He said after five years, the Liberals would begin adjusting the brackets of stamp duty, with the plan then to totally abolish the tax within 15 years.

"Stamp duty is an extremely inefficient tax," Mr Tarzia said.

"It makes it harder for young people to get into homes and it makes it even harder for old people to then downsize.

"These

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