STATE BUDGET: Big business and property investors hit with new COVID debt levy

Victorian Treasurer Tim Pallas has handed down his ninth budget.

Mr Pallas said Victoria is “going to pay off our COVID credit card”.

A new COVID debt levy will raise $8.6 billion in COVID debt offsets over the next four years and will run until 2033.

From July, businesses with national payroll over $10 million dollars a year will be hit with a 0.5 per cent tax. Those with a payroll over 100 million will pay one per cent.

Property investors will also be hit with higher land taxes from January, with 860,000 people to pay an average of $1300 more per year.

The state’s net debt is forecast to hit $162.2 billion in 2025-26, and $171.4 billion by 2026-27.

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