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REI: NSW needs transfer stamp duty cut

The New South Wales government is facing calls to reduce transfer stamp duty in order to give the region’s property market a boost. The Real Estate Institute of NSW (REINSW) is urging the government to cut the tax in next month’s budget in order to make buying property more affordable, according to the Australian. "When property transfer taxes are too high, state revenue suffers,” said REINSW president Christian Payne. He added that the reduction of interest rates last week by the Reserve Bank is a clear indication that the economy needs additional stimulation. The Australian Capital Territory cut transfer duty by 0.75 per cent and saved an additional $28 million, while in the Northern Territory rates were cut by 0.45 per cent between 2006/07 and 2008/09 resulting increased revenue of $22 million, the newspaper reported. Mr Payne said that the evidence clearly shows that cutting transfer duty stimulates the property market and could improve the local economy. The NSW Budget is scheduled for next month. Posted by Craig Francis

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