The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
GovernmentStaff WriterThu 27 Apr 17

NSW Number One In Tax Increases

iStock-519711810_620x380

New data released by the Australian Bureau of Statistics revealed the NSW Government has continued to lean on the property industry to prop up its spending adding further pressure to house prices.

The new data showed that taxes on property increased by 16 per cent, or $2.4 billion in NSW in 2015/16, leading Australia in terms of property tax hikes. Over the last five years, revenue from Property Taxes in NSW have increased by 64.9 per cent, or $6.7 Billion.

The NSW tax grab has bolstered last year’s national property tax revenue where property taxes hit a record $49.5 billion across Australia.

“This a podium finish NSW does not want," NSW Executive Director Jane Fitzgerald said.

"With housing affordability the number one issue for this premier and her leadership team, it is concerning that they continue to squeeze the industry dry and are swimming in property tax revenue."

Source: Property Council“Higher taxes on property means higher house prices and more strain on first home buyers - this government is simply throwing fuel on the fire," Ms Fitzgerald said.

“With the average house price in NSW at around $900,000 and in parts of Sydney at well over $1 million, we need to be reducing taxes on the property industry, not leading the nation in terms of tax hikes.

“Over the past five years, revenue for property-based stamp duty in NSW has doubled, from around four billion dollars to over eight billion dollars.

“When will enough be enough -- and we look at tax reform in this state to reduce the burden on the industry and look at sustainable, long term revenue streams rather than property taxes that rise and fall with the market," she said.

“The upcoming state budget must be brave and bold and contain tax reform that releases the financial pressure on the people of NSW.”

ResidentialAustraliaFinanceReal EstatePolicyLegalPolicy
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
View All >
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
Sponsored

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
The deal for Stockland’s assets aligns its focus on industrial markets with embedded reversionary potential, the develop…
LATEST
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Development

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
2 Min
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
3 Min
A rendering of the proposed retail, office and accommodation building along Gawler's main street. Source: John Byleveld Architects
Development

SA Developer Taps into Gawler Accommodation Demand

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/nsw-tax-number-one-increases