Insurance stamp duty revenues in NSW are expected to rise 4.47% next financial year to $888 million, according to state budget papers.

Revenues are forecast to continue rising at an average annual rate of 4.8%, reaching $1.03 billion in 2016/17.

Spending next financial year will include $205 million to “ensure a fair, affordable and viable” compulsory third-party scheme, and to promote market competition.