They include a $1.9 billion cut the payroll tax from six per cent to 5.75 per cent and indexing the payroll tax threshold.

The payroll threshold will increase from $600,000 to $623,000 from July 1 and will rise each year with the Sydney Consumer Price Index.

Hunter developer Hilton Grugeon applauded the tax cuts and said they would help to bolster industry in the region.

“Anything that’s going to benefit business is going to benefit the State economy,” he said.

“We are lagging behind other States and this will bring us more into line.”

Maitland Business Chamber president Jennifer Nichols said the cuts would help larger businesses but the smaller businesses across the city would be unaffected.

“With regard to cuts in payroll tax, this tax only applies to those businesses that meet the threshold,” she said.

“Less than 10 percent of businesses in NSW pay payroll tax, so the overwhelming majority of small to medium-sized businesses here in Maitland will not be affected.

“The changes will however, assist those businesses with a large payroll by increasing potential for employment growth.

“It will also help NSW to be a more competitive State in which to conduct business.”

The other big business boost to come out of the budget was the abolition of mortgage duty on resident investment properties from July 1 and the abolition of stamp duty on unquoted marketable securities from January 1, 2009.

Mr Grugeon believes those changes will help resurrect the languishing rental market as investors start looking back towards the industry.

“Having the market in decline creates huge hardship so this is great,” he said.

“The rental market is diabolical at the moment but we’re moving forward with good outcomes.

“Having housing become available will be a kick start back into the industry.”