Scott Farlow
Shadow Treasurer
Shadow Minister for the Hunter
NSW has seen an 18.4 per cent drop in the year-on-year value of land related stamp duty paid and a 17.3 per cent drop in sales over the same period according to analysis of Revenue New South Wales Land Related Transfer Duty receipts in July.
The land related transactions represent the vast majority of the 21 per cent drop in the number of stamp duty transactions and the 20 per cent drop in the value of stamp duty paid over the same period.
This fall in both transactions and value are a result of the Albanese Government's disastrous budget that abolished negative gearing on existing homes and axed capital gains tax discounts, which have sent the property market into a sharp downturn.
Revenue NSW data shows that between 1 July and 31 July this year there were 15,916 land related transactions in the month of July, a drop of 3,325 from the 19,241 land related transactions that were completed in July 2025.
Shadow Treasurer Scott Farlow said the same data shows that duty paid in the month was $890 million, which had decreased by more than $200 million compared to the $1.09 billion recorded in the previous July.
"These are the first figures that show the damaging impact of Labor's toxic property tax hikes on the NSW Budget because stamp duty is paid upon settlement, typically six weeks after contracts are exchanged," Mr Farlow said.
"The New South Wales Budget did not make any forecasts within the Budget for the impact of the Federal Government's property tax hikes on the value of NSW Government revenue."
"If the drop were to be replicated across the rest of the year, the budget would record a $1.263 billion shortfall in transfer duty receipts, widening the Minns Labor Government's budget blackhole."
"While other state governments including Queensland, have stood up to Canberra and called out the impact of these changes, Chris Minns and Daniel Mookhey have supported them and denied their impact on the state budget."
"With auction clearance rates sitting below 50 per cent and major banks forecasting a 10 per cent fall in Sydney property prices, the Albanese Government's toxic taxes are creating a major budgetary headache for their State Labor counterparts who have sat in silence."
"At this same time that property values are falling, the Minns Labor Government is 41 per cent behind on its national accord housing target with buyers and builders continuing to lose confidence," Mr Farlow said.
