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The Victorians who will be affected by the state’s $2.7 billion tax hike

Neil Mitchell
Article image for The Victorians who will be affected by the state’s $2.7 billion tax hike

Many Victorians will soon be hit with more taxes.

Land tax will rise for properties worth $1.8 million or more and stamp duty will go up for properties above $2 million.

A new tax of 50 per cent for windfalls on rezoned land worth more than $500,000.

Fines for traffic infringements and court-imposed penalties will also go up by 10 per cent.

In total, the measures amount to a $2.7 billion tax hike.

The state government says the taxes will impact top-end landlords, but executive director of Property Council Australia, Danni Hunter, says that’s not necessarily the case.

She says the new taxes will affect home buyers, renters, owners, businesses, investors and jobs.

“Instead of looking at ways to reform our inefficient tax system they’ve simply relied on lazy and inefficient taxes,” she told Neil Mitchell.

“Housing in our growth areas will be more expensive to build.

“This will send investment to other parts of Australia. It will make Victoria the highest land taxed space that we have in Australia. That means that jobs will be absolutely under a dark cloud.

“We should be looking at creating more jobs … because that’s what’s going to get us out of this — not more tax.”

Industry bodies are calling on the acting Premier and Treasurer to meet with them before the budget bill goes into Parliament on Thursday.

Press PLAY below to hear why the Property Council says the new taxes are bad for Victorians

Neil Mitchell
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