An absolutely wild $8.63 billion in stamp duty and land transfer duty receipts was raised over the year to September for the NSW Government, according for the Office of State Revenue (OSR).
This is a totally unprecedented windfall for any state or territory in Australia.
Note how annual stamp duty receipts (red line) have remained above $8.6 billion even in the face of lower volumes (dotted blue line) this year.
Simply, this is due to higher dwelling prices in Sydney.
NSW's budget surged into a massive $4.7 billion surplus in 2015-16.
This result was miles ahead of forecasts and leaves the state Government with net debt of less than zero.
The state government is now in a cash positive position for the first time ever.
To complete the virtuous circle, billions of these funds need to be rolled into urgently required infrastructure projects, not least to plug the hole that will be left by declining housing construction from 2018 forth.
With commodity prices recovering, financial markets have priced in a change in the outlook, with Australia's 10 year government bond yield now sitting back at 2.37 per cent, having slumped quite sharply since May.