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State Budget puts Victorian economy back in the game

The Property Council of Australia has welcomed the Victorian State Budget which shows the Victorian economy is strong, resilient and primed to seize the opportunities of future economic growth.

Danni Hunter, Victorian Executive Director of the Property Council of Australia today said: "This budget shows the Victorian economy is back in the game."

"After two years of crisis and economic shock waves, Victoria’s future is looking bright. With unemployment at record lows and business investment and confidence at strong levels, the Victorian community and the economy has bounced back beyond expectations.

"Victoria has turned crisis into opportunity and the property sector has played a leading role in enabling our economy to reach the heights it has.

"The Victorian economy continues to be powered by property, with the property industry driving revenue increases and underwriting spending commitments.

"A large portion of the spending commitments in the State Budget are underwritten by tax revenue from Victorian homebuyers and property owners."

Victoria’s strong property industry has continued to power the state budget evidenced by a $3.3 billion increase in property tax revenue since last year’s budget forecast. In the space of a year, stamp duty revenue forecasts have increased by more than 22 per cent, and land tax by 14 per cent. 

Ms Hunter said it was now time to turn attention to how Victoria grows and evolves the economy in the coming years.

"Property is the most significant sector in this economy, and for the State’s budget. We continue our calls for major economic reform to be put back on the table to supercharge this sector’s potential, rather than limiting our economic growth by ignoring the opportunities for planning and property tax reform.

"Looking to the future, the time is right to undertake real economic reform for the future. Today’s budget showed the strength of opportunity ahead of Victoria. We need to grab this with both hands and make the most of it.

"The property sector is proud of its contribution to Victoria and works closely in partnership with the Victorian Government as the leading industry in our economy."

Media contact: Dominic Raff | 0478 819 525 | [email protected]