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Stamp duty in New South Wales is outdated and acts as a barrier to home ownership, with tax rates not being updated for 30 years. The median house price in Sydney has increased significantly, resulting in high stamp duty taxes of over forty thousand dollars. Retirees find stamp duty to be a disincentive to downsize, and the government heavily relies on this tax revenue, earning over eight point four billion in the last financial year. This revenue impacts the ability of home buyers to afford a home in New South Wales.
