Property Boom Boosts NSW Budget: Baird

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Sydney’s property boom has boosted NSW government revenues, which could give the budget an edge before the election next March.

Stamp duty revenue has jumped 50 per cent or $500 million over winter compared with last year, according to figures published by Fairfax Media.

While the impact on the budget won’t be clear until December, the surge in revenue could lead the government to announce an improved budget position only months before the March 28 election.

About $1.5 billion in stamp duty on residential properties has been derived from nearly 50,500 sales, according to Office of State Revenue figures published by Fairfax Media.

This compares to just under 48,000 transactions between July and September in 2013-14, which delivered $1 billion in tax receipts.

However Treasurer Andrew Constance says the stamp duty boost may be offset by “softish” payroll tax receipts, while cooling of the mining boom has also meant a downturn in royalties.

The boom could boost Mr Baird’s chances of returning to surplus a year earlier than predicted.

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