“Part of the original agreement with the States back when the GST was introduced was that they drop stamp duty by 2005,” said REINSW President Cristine Castle.
“We urge both sides of politics in New South Wales to back this proposal as it will stimulate the property market and help reinvigorate the State’s economy.”
NSW earns around $800 million annually from stamp duty imposts on non-residential real estate such as factories, shops, offices and land.
“This move is long overdue,” said Mrs Castle. “These taxes have represented windfall gains to the State Government and should have been abolished in 2005 as agreed.”