Australian budget

NSW throws $25,000 bribe at first home buyers

Leith van Onselen
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As we know, the NSW Government has announced plans to replace stamp duty with an annual land tax by. On Friday it released a report detailing the reforms.

Under the reforms, buyers would be given an alternative to paying stamp duty via:

  • Owner-occupiers: a fixed $400 up-front fee plus an annual 0.3% tax on the property’s unimproved land value.
  • Investors: $1500 plus 1.1% of the unimproved land value.

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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.
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