NSW Budget announced: stamp duty slashed

The New South Wales $50.2 billion Budget for 2009-10 has today been handed down by Treasurer Eric Roozendaal, which will see stamp duty slashed on newly constructed homes.

Stamp duty will be reduced by 50 percent on new homes worth up to $600,000 from July 1 until the end of December this year. The NSW Government has also promised big spending on infrastructure projects to boost jobs, along with no new taxes.

In addition, first home buyers will be rewarded with an extension to the Government’s $3000 first home buyers grant until the end of June next year.

Commenting on the Budget, Sydney Chamber of Commerce executive director Patricia Forsythe, criticised the the 50 percent cut to stamp duty on newly constructed homes, saying it will be like a “shot in the arm” for the industry; while praising the pledges of no new taxes, as it send a “positive message during a period of economic uncertainty.”

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