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Surging stamp duty receipts highlight strength of NSW economy

By Louise Morrin

Property in Morningside and other parts of NSW is booming. The final results of the 2013-14 NSW budget again showed the prominence of the property market on the economy as it boasted a surplus of over $1billion.

The Property Council of Australia noted the strength of the real estate market is highlighted by the continually increasing stamp duty receipts.

Property Council NSW Executive Director, Glenn Bynes, said that there is a "mood of optimism in the market right now and home approvals are at their highest for a decade". He has said that this confident market is reflected in the "property industry [generating] one in 10 jobs in NSW, [paying] over $16 billion in wages to workers and [in turn contributing] over one-third of the State's tax revenue".

Despite the rise in stamp duty revenue, the Property Council stressed it alone should not be relied on. They claimed that stamp duties fluctuate with the market conditions and budgets are affected by cyclical changes. Mr Bynes went on to say that stamp duties should be abolished due to their uncertain nature and expressed hope for mature tax reform debate in the near future.

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