Treasurer Eric Roozendaal has announced the land tax rate for properties worth more than $2.25 million will rise from 1.6 to 2 per cent as part of measures to be introduced in the mini-Budget on Tuesday.
But the peak group for Australian property developers, the Property Council, says the move would be “terribly damaging for NSW”. ”It would mean less people investing in rental accommodation at a time of rental crisis and it would mean a big increase in cost for business at a time when they’re struggling to hold onto staff,” the council’s NSW executive director, Ken Morrison, said. Mr Roozendaal says the decision only affects the top 5 per cent of land owners, but Mr Baird says it could have a devastating knock-on effect on all property investment.
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