"Government taxes are now so high that building has become unprofitable", says Peter Icklow, CEO of Monarch Group, one of NSW's biggest property developers. "Claims of land supply shortages were largely unfounded. It's just that with the huge taxes on each block it's just not profitable."
Caryn Kakas, the executive director of the Residential Development Council of Australia, a subset of the Property Council of Australia, says that for an average $600,000 new home in NSW, government taxes amount to $163,000.
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