Put your $12 billion tax windfall where your mouth is.
Government should help home buyers by loosening the purse strings on booming stamp duty taxes in upcoming budget, REINSW says.
THAT’S the message from Real Estate Institute of New South Wales’ Tim McKibbin to the NSW government as it prepares to hand down next week’s budget.
The REINSW chief executive says the revenue should be used to help home buyers, especially given the massive contribution property consumers make to the state economy.
“Analysis of Revenue NSW figures shows the NSW Government is poised to collect in the vicinity of $12.5 billion in stamp duty revenue this financial year,” according to the institute.
“Property consumers have already contributed over $11.4 billion in transfer duty from over 220,000 transactions in FY25.
“This year is set to deliver the second largest stamp duty windfall to the NSW Government in history, behind only FY22, in which property consumers contributed over $14.3 billion.”
McKibbin said: “To date, Government has talked affordability but acted with tax. The Budget is an opportunity to use the many billions provided by the property industry to help home buyers at this time of crisis.
“The urgent delivery of significant new housing supply is the single most important solution to improving housing affordability for people in New South Wales.
“The opportunity is there and the time is right to get serious about housing affordability and helping home buyers.
“The best way to do this? It starts with the urgent delivery of significant new housing supply.”
