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'Rotten tax' blows a $12b hole in states' budgets

Jan 02, 2019 - Australian Financial Review

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...