NSW State Budget: Record Infrastructure Spending Thanks To Stamp Duty

The New South Wales State Government has announced a record commitment to infrastructure in its 2015/16 budget, thanks in part to a seemingly never-ending windfall from stamp duty.

Sydney’s booming property market helped net the government over $7 billion in stamp duty during the last financial year, and a $2.1 billion budget surplus is predicted when 2014/15 ends next week.

The forecast is for years of growth and prosperity, with budget surpluses predicted over the next four years including $2.5 billion for 2015/16.

Among the winners over the next 12 months is the health portfolio, which is set to receive $1.4 billion for new facilities and upgrades to hospitals along with a massive $8.7 billion for inpatient services.

An additional $400 million was announced last week to boost the Housing Acceleration Fund, which is designed to put downward pressure on Sydney’s property prices. In reality, the Fund is more likely to result in even more stamp duty gold for the NSW Government.

Infrastructure is the big winner, starting with the WestConnex motorway, NorthConnex motorway and Sydney Metro Northwest train project which receive a combined $2.8 billion.

Highways