The government said revenue from stamp duty was about 10 per cent of the state's revenue each year while this year's $366m downgrade represented an 8 per cent cut.
. . .
"The state has experienced a huge loss in stamp duty, primarily as a result of a material slowdown in the property market since October 2011," he said.
"Since we handed down the budget update in December, we have lost $1.13 billion in stamp duty across the forward estimates, including $366 million this financial year.
Wednesday, April 25, 2012
House Unit Sales Slowdown Creates Gap in Victoria Budget
Housing shortfall hits Victorian budget