REINSW urges NSW government to cut stamp duty rates

Following the announcement on Tuesday that the NSW government has returned to surplus, the Real Estate Institute of New South Wales says it is time to cut stamp duty rates.

The NSW Treasurer Mike Baird released the final budget result for 2012-2013 of a $239 million surplus.

Baird says stamp duty collections were the main reason for the improvement, contributing around $198 million worth of revenue.

“The Sydney housing market has gifted the NSW government a $198 million windfall, allowing it to creep back into surplus,” says REINSW president Christian Payne.

“It is now time for the state government to recognise that stamp duty rates should be cut.

"For too long it has profited from families, young people and the elderly who are trying to put a roof over their head.

“The Australian dream is not attainable for many and the NSW government needs to understand and accept that real estate should not be the major source of its funding,” says Payne.

The current NSW stamp duty rates are below.