NSW raises land tax, retains stamp duty

The New South Wales government has raised land tax for investors with properties worth more than $2.25 million. The state budget has been hit by falling sales volumes in the property market which has led to big declines on sales tax revenue. The abolition of Stamp Duty has also been delayed, as the state government seeks to fill a budget deficit and retain its AAA credit rating. The NSW Property Council said the moves would hit the commercial property sector and their tenants.