First home buyers have been delivered a boost to their spending power as they can now avoid stamp duty and put the cash towards their new property.
Rifts between NSW Liberals and Nationals,while nothing new,have emerged at a terrible time for the premier but it is his rift with his deputy,Matt Kean,that will follow Dominic Perrottet beyond the state election,regardless of the result.
The Perrottet government overcame a push by the Greens and Labor to delay the property tax scheme until after the March election.
The final sitting weeks of parliament loom as crunch time for NSW Premier Dominic Perrottet’s signature housing policy.
The Perrottet government’s stamp duty shake-up will be short-lived if the Opposition leader wins the next election.
A first home buyer who opts to pay property tax rather than stamp duty could be ahead financially for 60 years,according to NSW Treasury analysis.
Former prime minister Paul Keating says stamp duty should be replaced with a property tax to make it easier for people to move homes.
The Premier’s signature reform faces major political roadblocks.
The government needs all the support it can get.
The minor parties will wield some real power as Dominic Perrottet seeks their support for his most pressing goal:property tax reform.
Key upper house crossbench MPs will support a “prompt” inquiry into the premier’s stamp duty reforms in a bid to allow a parliamentary vote before the March election.