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PHOTO: NSW Treasurer Dominic Perrottet said the state government collected $1 billion less in stamp duty than it had anticipated due to Sydney’s cooling property market. Photo: Dominic Lorrimer
Sydney’s slowing property market is set to make a whopping dent in the state government’s coffers due to a massive reduction in stamp duty revenue.
The state stands to lose a total of $6 billion in revenue between last financial year and mid-2021, according to significantly revised stamp duty revenue figures in this year’s NSW budget, thanks to house prices coming off the boil in mid-2017.
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