NSW Treasurer Dominic Perrottet says the gradual phasing out of stamp duty could last up to 50 years.

Mr Perrottet joined Ben Fordham to explain the NSW Budget announced yesterday as the state fights off a coronavirus-induced recession.

He is backing the intention to overhaul stamp duty in the state and replace it instead with an optional yearly property tax.

Once a property owner has already opted in for a property tax upon purchase, any future buyer would have to commit to paying the tax.

“This would be a long term reform,” the Treasurer said.

“We think, based on our model, in 20 years you’ll probably have around 50 per cent of properties right across the state still being able to choose stamp duty or this new property tax.”

Click PLAY below to hear the full interview