The New South Wales Government will deliver its 2021 Budget tomorrow.
The Government had forecast in its half-yearly Budget review in February that stamp duty revenue for 2020-21 would total $8.372 billion. However, the government now expects such revenue to total $9.379 billion, due to Sydney’s soaring residential property market – delivering a financial windfall of $1 billion. The boom has also means that stamp duty is now the state’s largest tax revenue source, overtaking payroll tax.
Treasurer Dominic Perrottet says the surge in stamp duty revenue to the highest level since 2016-17 is “good news” for the state’s economy after the challenges of the last year; although he still favours replacing stamp duty with a land tax:
