The affect of Sydney’s property boom is being felt by more than just first home buyers. The recent state budget revealed that the government reaped over $7 billion in revenue, all thanks to stamp duty revenue in the 2014-15 financial year. And 75% of that came from residential property transactions.
We know that the government’s windfall has ensured NSW had a $2.1 billion surplus for the year. And we know it is funding a lot of new public works. But the government are being called greedy for ignoring ‘bracket creep’ and for not reinstating the first home owners grant. Read more here …
What do you think? Is the NSW Government greedy for not reducing the stamp duty rates? Or are you happy they have all this extra money to spend on the people of NSW?
Leave your comment in the space below.