'Rotten tax' blows a $12b hole in states' budgets
Mainland Australian states have revised down their stamp duty estimates by $12 billion in the past 12 months, due to the property market downturn.
Predictions of transfer duty revenue over the forward estimates were revised down by $5.8 billion in the budgets of the mainland states for the current financial year. They were revised down further at the 2018-19 mid-year budget reviews by $6.2 billion.
These revisions are primarily due to a downturn in the property market in NSW and Vict...