Stamp duty windfall can boost Parramatta light rail

Stamp duty windfall can boost Parramatta light railA $1 billion windfall from stamp duty can secure early delivery of additional light rail lines to Parramatta and other employment centres, according to the Property Council of Australia. New data shows Sydney’s housing boom is fuelling surging tax revenues to the State Government. It means the State Government may be positioned to deliver two legs of the light rail to Parramatta – one to Olympic Park and Strathfield, and the other to Macquarie Park. “Sydney’s booming housing market is producing windfall revenue and shows the importance of property and construction to the economy,” NSW Executive Director Glenn Byres said. “The Government is on track to receive an additional $1.1 billion in stamp duty receipts this year and should consider using the money to accelerate the roll out of light rail to Parramatta. “The two links that could be built using the additional revenue would link Parramatta with Macquarie Park in the north, and south to Olympic Park and Strathfield. “Until now, they had to choose which leg went first – but the additional revenue may pull forward a second leg and help deliver an economic, jobs and productivity boost to our west.” Mr Byres said the latest data from the Office of State Revenue showed: in March, the State received $577 million in transfer duty $5.41 billion in revenue has been received this financial year NSW is on track to receive $7.2 billion in 2014-15 the Budget originally forecast revenue of $6.1 billion – a $1.1 billion difference “NSW sensibly rolls windfall taxes into the Restart NSW Fund for major infrastructure. “Until now, the light rail project had approximately $400 million from the Fund, plus another $600 million from the asset recycling program. “This was sufficient to fund one leg and the Government was evaluating options. “But the additional revenue gives them the license to look at fast-tracking the project and link major employment hubs.” Media contact: Glenn Byres | M 0419 695 435 | E [email protected]