NSW budget faces massive stamp duty hit

Thursday 10 September 2026

According to EY’s annual State Budget Monitor, the eastern state governments are especially reliant on stamp duty receipts, which comprise 17% of revenue in Victoria, 16% in NSW, 15% in Queensland, and 15% in Tasmania:

The sharp downturn in the property market, therefore, threatens to hammer state budgets at a time when they are drowning in debt:

Sydney is leading the nation’s housing downturn, with values down by 7.5% from the early February peak, according to Cotality:

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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.