With the Minns Government deriving almost $1 in every $5 in revenue from property taxes and duties, Acting CEO of Urban Taskforce, Stephen Fenn, said that NSW needed to ensure housing supply was supercharged over the next five years otherwise, the budget bottom line could further deteriorate and the National Housing Accord targets would not be met.
The budget makes it clear that property is the source of a significant proportion of the NSW Government’s own revenue – Budget Paper No. 1 shows that property taxes and property transfer duties will raise more than $21 billion in revenue for NSW in 2024-25 – 44% of total State generated revenue and 18% of total revenue.
The risk here is that policies and funding priorities in this budget kill off or significantly harm the goose that lays the golden eggs.
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