NSW budget and implications on the parking and property industry

The NSW mini-budget was released on Monday June 15, with some interesting and relevant implications for the industry. Of course, the most notable feature of the mini-budget was a fiscal stimulus which will provide a temporary 50% cut to the stamp duty for people buying newly constructed dwellings, valued up to $600,000, until December 2009.

There were no significant amends to the parking sector, with the 110% increase in the Parking Space Levy announced in the 2008 mini-budget not being rolled back. According to the Property Council of Australia, this is estimated to raise $100 million in 2009 / 2010.

For an overview of the budget, including Transport and Roads, there is an overview on the NSW Government website here.

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