NSW Shadow Treasurer Daniel Mookhey is warning that Matt Kean will have nothing to show for a record-breaking stamp duty haul when he delivers the state budget later this month.

Revenue NSW data reveals that the state government has collected an astonishing $12.2 billion from land duties in the ten months to April 2022. This is more than the $9.6 billion it collected in 2020-21 or the $7.1 billion raised in 2019-20.

Mr Mookhey said that the public should not expect to see benefits from ‘this river of gold’.  The unexpected windfall will need to go towards servicing the state’s massive debt load:

“There is no doubt that this stamp duty surge has come to the rescue of the state budget,” Mr Mookhey said.

“But higher interest repayments on our record levels of debt is gobbling up much of this extra money. As is the multi-billion bailout of the Transport Asset Holding Entity the government had to approve in December.

“The Premier and Treasurer have used this money to cover-up for their incompetence. The government should have used this money to leave a lasting legacy for the people of the NSW.

Previous year’s budget papers show that the state’s debt was climbing to $73 billion before the pandemic hit. NSW is now on track to report a debt worth at least $171 billion by 2024-25

Mr Mookhey said:

“Massive levels of economic stimulus did spark a property boom that led to this stamp duty surge.

“But it won’t last. If property prices fall over the next year as the market expects, so will the state’s stamp duty revenues.

DANIEL MOOKHEY MLC
NSW SHADOW TREASURER