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The NSW government abolished three business taxes in yesterday's budget, including the duty on business mortgages, but did little to improve housing affordability.
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Housing affordability will improve with the construction of new homes, but Tim McKibbin of REINSW says stamp duty brackets need to be updated.
Use the windfall in tomorrow's budget from higher charges on foreign investors to help first-home buyers get into the market, says REINSW president.
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The roll on effect could be an economic disaster for Australia with fewer international students, slower population growth and higher unemployment.
Foreign real estate investors in NSW will be hit with new stamp duty charges and a land tax in the upcoming budget.
Following Hong Kong and Singapore, Victoria is set to impose higher taxes on foreigners who purchase residential property in the state.
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