Premier Nathan Rees yesterday admitted the total handouts given to first home buyers in the Government’s major stimulus package is $2.8 million, similar to the amount it spent on ads promoting the State Budget, said Shadow Treasurer Mike Baird.

“The Premier has revealed the Government’s cornerstone stimulus measure cost about the same as its advertising campaign spruiking the State Budget,” Mr Baird said.

“Only $2.8 million has been given out to first home buyers as part of the NSW Housing Construction Acceleration Plan*, while $2 million was spent on State Budget ads**,” he said.

“This shows the Rees Labor Government is all about spinning headlines on Budget day – its priorities are all wrong.

“The stamp duty savings were trumpeted by the Government as a ‘major economic stimulus’***, yet it equates to a mere 0.0007% of total stamp duty revenue.

“The Premier has admitted only 377 people have been helped by the Government’s ‘major’ stimulus package.

“Any credit the Rees Labor Government has tried to take for turning the economy around has been shot down today.

“This week the Treasurer gloated about ‘green shoots’ in the NSW economy – well it’s now clear the Rees Labor Government has had no input whatsoever.

“In two months the Rees Labor Government spent only $2.8 million on its Housing Construction Acceleration Plan, after claiming it would be worth $64 million over six months.

“At this rate, the Government will only spend $8.4 million on its ‘major economic stimulus’ package.

“The NSW Government will receive $4 billion in stamp duty revenue this year, however it can only manage to give $2.8 million to first home buyers as part of its major stimulus package,” Mr Baird said.

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