Stamp Duty Cuts in NSW
The headline announcement of the budget was stamp duty cuts totalling $140 million, including the country's first zero per cent tax, for off-the-plan purchases worth up to $600,000.
Under the two-year plan, beginning July 1 2010, those purchasing properties off-the-plan will pay no stamp duty, a saving worth up to $22,490 each, Mr Roozendaal said.
The over-65s will also get a stamp duty exemption for the same period, to help them downsize to a new home.
"This will apply to people over 65 who sell their primary place of residence and move to a newly-constructed home - whether it is house or an apartment," Mr Roozendaal, Treasurer said.
A 25 per cent stamp duty cut will also apply to those buying a home worth up to $600,000 which is under construction or just completed.
Mr Roozendaal said the measures were aimed at boosting housing supply and housing construction rates across the state.
"A key driver of economic growth," he said.
Mr Roozendaal has announced a surplus of $101 million for the 2009/10 financial year – a massive turnaround from the deficit expected a year ago – as the government issued its final budget ahead of the 2011 state election.
A surplus of $101 million for the current financial year has been announced, which is a huge turnaround from the deficit expected.
Further surpluses are expected in the coming financial years.
In the 2010/11 budget, Mr Roozendaal said the state had weathered the global financial crisis better than expected and would now focus on consolidating the economic recovery.
"The beacon of hope I talked about last year has lit the path to prosperity," he told parliament in his budget speech.
"Today, I proudly announced NSW is ... already back in the black.
Sydney faces an enormous task in providing 26,000 new homes a year to accommodate the inevitable growth in population.
The Government has done well to recognise that cuts to stamp duty targeted at new homes will drive supply and lend a hand to homebuyers.
