tim mckibbin
The criticism from REINSW comes as the NSW Government is recording high levels of stamp duty revenue. Image Supplied
  • Legislation was passed last week by the NSW Government
  • Mr McKibbin said the Government was misleading both tenants and landlords
  • The NSW collected $6.2B of stamp duty revenue in the year-to-Feb 21

Real Estate Institute of New South Wales (REINSW) CEO Tim McKibbin has criticised the New South Wales Government for failing to provide tenants or landlords with any financial assistance through the COVID Recovery Bill, which was assented last week.

In particular, Mr McKibbin stressed that the Government has been misleading in its claims they are supporting landlords, especially given landlords have been under pressure to waive arrears owning to them.

“Throughout the pandemic, with its lack of support, the NSW Government directed private citizens to provide financial support to members of the community affected by COVID. There was no concern as to whether it would send them broke and no empathy for the landlord’s position.”

“It is important to remember that 80 percent of investors own just one property and they depend on the rent to pay for their living expenses and/or service a mortgage.”

Tim McKibbin, REINSW CEO

Whilst landlords will remain out of pocket tenants are not necessarily winners either, according to Mr McKibbin. He argues it is ‘unconciousable’ to impose stress on tenants to find money for rent when the government has an opportunity to support them.

“When it can be clearly demonstrated that the NSW Government has provided exactly zero in support for landlords and tenants – we don’t consider providing millions of dollars to the Tenants Union as support for those actually renting a property – for the Minister to suggest that he’s continuing support that never existed is disingenuous.”

Tim McKibbin, REINSW CEO

The criticism from the REINSW comes at a time when the NSW Government is collecting record revenue from the real estate industry – stamp duty collections reached $6.2 billion in the year-to-February 2021.

“Continue to punish landlords so overtly and the provision of rental accommodation diminishes further. Government has a clear path to support an industry which contributes so much to its revenue,” concluded Mr McKibbin.

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