But the only way for the Treasurer to get this across the line would be to have the federal government stump up the difference for the revenue shortfall during the transition period, as home owners gradually make the switch.
Unless the other states are on board and everyone agrees to the switch, that's never going to fly, leaving Mr Perrottet's pet project forever out on a limb.Last year's recession may have ravaged the state's accounts but the recovery has been almost as spectacular.Thanks to a minimum of COVID inspired disruptions and lockdowns, consumer confidence and business conditions are elevated. Consumer spending is roaring.Net debt, which was sitting at just 3.
But there is a silver lining. The near-free cash showered upon the globe by central banks in their response to last year's global recession – the main driver of our bloated real estate values – has seen a huge drop in NSW's debt servicing costs.
Source: Holiday News (holidaynews.net)
Last financial year, NSW raked in almost $7 billion in stamp duty on property transfers in a COVID-ravaged economy To please the prop agents they scrap stamp duty It would be a rocket boost to prop prices
“… one of the few real tax reforms batted up by a state government in years.”
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