Yesterday, the ABS released its tax revenue data for the 2017-18 financial year, which revealed that total state and territory stamp duty receipts peaked at $21.7 billion in 2017-18:
The breakdown across the jurisdictions are shown below. As you can see, NSW and VIC enjoyed an epic boom on the back of the property bubble:
Both jurisdictions are also most reliant on stamp duty receipts, which accounted for 24% (NSW) and 25% (VIC) of total tax revenues as at 2017-18:
The outlook for both markets is also poor, given the epic crash in both dwelling values and transaction volumes since 2017-18:
Both state governments are facing massive multi-billion dollar stamp duty hits which, if spending isn’t curbed, could plunge both budgets into heavy deficit.
Prepare for Budget austerity.