Having claimed it is focused on fixing the housing crisis, the Real Estate Institute of NSW (REINSW) has urged the NSW Government to put its money where its mouth is in next week’s Budget – especially given the massive contribution property consumers make to the economy.
REINSW analysis of Revenue NSW figures shows the NSW Government is poised to collect in the vicinity of $12.5 billion in stamp duty revenue this financial year.
Property consumers have already contributed over $11.4 billion in transfer duty from over 220,000 transactions in FY25.
This year is set to deliver the second largest stamp duty windfall to the NSW Government in history, behind only FY22, in which property consumers contributed over $14.3 billion.
“To date, Government has talked affordability but acted with tax. The Budget is an opportunity to use the many billions provided by the property industry to help home buyers at this time of crisis,” says REINSW CEO Tim McKibbin.
“The urgent delivery of significant new housing supply is the single most important solution to improving housing affordability for people in New South Wales,” he says.
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