Stamp duty concessions for over-55s looking to downsize would give NSW businesses a much-needed shot in the arm.

A plan by the state Coalition to provide temporary tax relief for empty nesters is the sort of innovative economic thinking our state needs.

Business NSW CEO Daniel Hunter said stamp duty is an impediment on the state’s economic growth.

“Our economic performance is best when the right people are matched with the right job, but many people stay put because it costs too much to move,” Mr Hunter said.

“Long commute times crunch business productivity and leave workers frustrated.

“Opposition Leader Mark Speakman’s plan to temporarily limit stamp duty for over-55s builds on former premier Dominic Perrottet’s stamp duty policies - which were welcomed by Business NSW at the time.”

Three in four businesses report that they had considerable difficulty recruiting or unable to hire the staff that they need.

“Payroll tax, the emergency services levy and stamp duty are the biggest handbrakes on NSW‘s economic dynamism,” Mr Hunter said.

“This proposed stamp duty change would be a welcome relief for many business owners looking to hire.”

About Business NSW

Formerly the NSW Business Chamber, Business NSW is the peak policy and advocacy body which has been representing businesses in NSW since 1826. We represent almost 50,000 businesses.

MEDIA CONTACT: BEN PIKE – 0429 993 822