tim mckibbin drop sydney
Tim McKibbin argues stamp duty revenue pool should be used to support landlords and tenants. Image Supplied and Canva.
  • NSW government has announced a support package for small businesses
  • REISNW CEO criticised the package for leaving out landlords and tenants
  • Some of the stamp duty revenue should be used to support the industry, he argues

While acknowledging the NSW government’s commitment to supporting small businesses impacted by Sydney’s two-week lockdown, the Real Estate Institute of New South Wales (REINSW) CEO, Tim McKibbin, has criticised tenants and landlords being left out of a support package in a move he labelled as “unjustified”.

Today, the NSW government announced a small business support package, which includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferral and extension of the Dine & Discover program to the end of August. The vouchers can also be used for takeaway deliveries.

“We always said we will do whatever it takes to support businesses and keep people in jobs during the pandemic and that is exactly what we are doing,” said NSW Premier Gladys Berejiklian.

“The current restrictions are in place to protect people and keep the community safe, unfortunately, businesses continue to incur costs such as rent, power and lost produce, and this will go some way to lessening that financial pain.”

Gladys Berejiklian, NSW Premier

However, Mr McKibbin said that while the package is appropriate and necessary because of the outbreak, it was unfair to ignore landlords.

Given many landlords suffered financially due to the rental moratorium and the fact the NSW government enjoyed $6.2 billion in windfalls (+18%) from stamp duty, he suggested that some of this revenue should be used as a clear avenue to support both tenants and landlords.

In April this year alone, $870 million of stamp duty went to the NSW government, he said.

“Today, when the Treasurer said that landlords should work with their tenants, he is actually asking landlords to provide tenants with financial assistance,” Mr McKibbin said.

“It’s a situation that took many landlords to the brink through the rental moratorium previously put in place. Then, just as now, landlords were asked to provide financial support to tenants in need. This is the role of government.”

“Through stamp duty, the NSW Government has pocketed an additional $1 billion above Budget forecasts from the property industry. This is the time to give something back.”

Tim McKibbin, REINSW CEO

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