Stamp duty crash wipes $2.5b from NSW Budget


The NSW Office of State Revenue has released stamp duty data to August, which reveals a massive $1.67 billion (25%) decline over the past year and a $2.54 billion (34%) decline since stamp duty receipts peaked in September 2017:

The slump in stamp duty receipts follows a sharp 23% decline in property transfers in the year to August and a 30% fall since peak:


The annual decline in revenue has dwarfed the GFC experience:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.