Baird to spend as little as 4.7% of his $7 billion dollar stamp duty windfall on public housing


The NSW Opposition has slammed the Baird Government for spending just 4.7 per cent[1] of its massive $7.29 billion[2] stamp duty windfall on social housing.

The median house price is now $914,056 in Sydney, with the overheating property market responsible for record stamp duty gains - and skyrocketing house prices are putting a first home out of reach for many in Sydney.

Worse still, less than 1 per cent of rental accommodation is affordable for people receiving income assistance, and only 16 per cent is affordable for families with two adults earning the minimum wage[3]. The social housing waiting list now numbers almost 60,000 applicants.[4]

Quotes attributable to Shadow Minister for Social Housing Tania Mihailuk

“Mike Baird has completely deserted the state’s most vulnerable in this budget.

“With almost 60,000 families waiting for social housing, it is extraordinary that Mike Baird is only willing to allocate less than 5 per cent of the astronomical stamp duty revenue into social housing.

“Where are people trying to survive on the lowest incomes in the state supposed to live?

“With the Sydney median house price fast approaching $1 million, and rents at record highs, we are seeing even middle income earners struggling to afford to pay the rent in Sydney.

"The people we are talking about who require social housing aren’t struggling to save for a deposit for a million-dollar home, they are struggling to find a roof over their heads.

“Mike Baird must face up to the dark side of Sydney’s property boom and lend a hand to those most in need.

“Spending less than 5 per cent of the profits from Sydney’s property boom on those affected by it most, is a very clear indication of where Mike Baird’s priorities lie.

“Mike Baird should be dedicating far more funds to building the public housing NSW so desperately needs, but instead he’s simply laughing all the way to the bank at those suffering from the worst effects of Sydney’s property boom.”      

[1] Budget Papers 2015-16, Budget Paper No.3, p3-4

[2] The Sydney Morning Herald 23 June, 2015

[3] The Sydney Morning Herald 30 April, 2015

[4] Shelter NSW Housing Fact Sheet