But the rivers of gold – also propped up by $1.7 billion more tax than expected from residents and business – are not tipped to last.
An annual property tax will replace stamp duty for commercial and industrial properties,which Treasurer Tim Pallas says will add $50 billion to the state’s economy.
The NSW Labor government has the support of key crossbenchers to axe Dominic Perrottet’s land tax regime.
Victorian Treasurer Tim Pallas is expected to deliver an operating surplus of $1 billion in 2025-26 – $100 million higher than forecast in the pre-election budget – that will grow to $1.2 billion the year after.
The new scheme will mean stamp duty exemptions for first home buyers will be lifted from $650,000 to $800,000 and stamp duty concessions from $800,000 to $1 million.
The Grattan Institute is leading a charge by a dozen economists who say Victoria’s heavy reliance on stamp duty costs the economy up to $5 billion a year.
The dairy farming family that scored a $30 million windfall from the sale of the so-called Leppington Triangle secured a big victory against Revenue NSW in the Supreme Court.
Chris Minns’ minority government will face its first legislative test,with the opposition leader Mark Speakman pledging to fight to block the repeal of the First Home Buyer’s Choice bill.
A Perth property expert has called for action to ease WA’s worst ever housing supply crisis,to attract construction workers to the state and to slow urban sprawl.
For anyone hoping to buy their first home in NSW and take advantage of generous government assistance,timing will be everything.
Increasing the GST,axing negative gearing,a carbon price and land taxes? Unless we reform the system,Australia won’t be able to pay for the essentials.