A recent resurgence of the Australian property market could clear the government's current budget deficit, according to one newspaper.
Strength in the New South Wales (NSW) property market has "almost single-handedly" reversed the state's financial fortunes by increasing revenue from stamp duties, the Sydney Morning Herald has reported.
With the improved situation, the NSW Business Chamber has called for a reduction in payroll tax which, at 5.65 per cent, is significantly higher than Victoria's rate of 4.9 per cent, luring workers away.
Speaking to the paper, the group said: "Given the economic recovery and the property boom, the government can provide payroll tax cuts and reduce the competitive gap between NSW and other states."
This comes after recent comments, made by John Edwards, chief of real estate firm Residex, describing the property market's current upswing as "staggering".
Mr Edwards suggested that the rich are becoming richer and, by spending money on Australian property, are helping to achieve "extreme" increases in the sector.
Posted by Craig Francis
Strength in the New South Wales (NSW) property market has "almost single-handedly" reversed the state's financial fortunes by increasing revenue from stamp duties, the Sydney Morning Herald has reported.
With the improved situation, the NSW Business Chamber has called for a reduction in payroll tax which, at 5.65 per cent, is significantly higher than Victoria's rate of 4.9 per cent, luring workers away.
Speaking to the paper, the group said: "Given the economic recovery and the property boom, the government can provide payroll tax cuts and reduce the competitive gap between NSW and other states."
This comes after recent comments, made by John Edwards, chief of real estate firm Residex, describing the property market's current upswing as "staggering".
Mr Edwards suggested that the rich are becoming richer and, by spending money on Australian property, are helping to achieve "extreme" increases in the sector.
Posted by Craig Francis
