NSW continues to rake in stamp duty

Homebuyers and businesses are continuing to pay the price for NSW’s unhealthy dependence on record stamp duty revenue, according to the Property Council.

The latest figures from the State Government released today confirm NSW is on track for a record year of stamp duty revenue – and over $800 million above its own budget forecasts.

“Stamp duty is our most damaging tax and hurts homebuyers, businesses and the economy,” NSW Executive Director Glenn Byres said.

“NSW continues to haul in record levels of stamp duty – which has doubled in the past four years from around $4 billion to well above $8 billion.

“The affordability woes facing homebuyers are exaggerated by stamp duty, which forces the average homebuyer in Sydney to find an extra $35,000 when they purchase a house.

“Stamp duty hurts people trying to crack the housing market, families needing to buy up as they grow, and people wanting to downsize later in life.

“And signals about a slowdown need to be treated with caution – as stamp duty is still poised to rise by approximately 15 percent this year and stay above $8 billion for the next few years.

“NSW needs to put stamp duty abolition on the agenda as part of the national tax reform debate given it is our most damaging and inefficient tax.

“As the State’s biggest industry, we’re keen to see a tax reform agenda that unlocks growth, creates jobs and helps create a better deal for homebuyers and business.

“Switching away from bad taxes like stamp duty to more efficient revenue sources like the GST would deliver it.”

Media contact:  Glenn Byres  |  M  0419 695 435   |   E  [email protected]