Former Victorian Liberal MP Neil Angus has criticised the Labor government for introducing a new round of taxes targeting large businesses and landowners in the 2023-2024 state budget to repay COVID-19 debts. The new taxes are part of the measures introduced by the Victorian Labor government to address the $31.5 billion (US$20.9 billion) debt incurred…
Australia’s Largest Home Builder Rebuts Insolvency Reports
Australia’s largest home building company Metricon Homes has announced that it is still in a strong position when confronted with reports about its insolvency. The company officials had a meeting with Victorian Treasurer Tim Pallas on May 19, and Metricon chief executive Peter Langfelder affirmed that everything was normal. “We’re always in contact with government,”…
No Payroll Tax Relief for 2022-2023: Victorian Government
The Victoria’s state government will not provide payroll tax relief for businesses in the next financial year as it prioritises health spending and a budget surplus. The latest state budget released on May 3 predicted that land and payroll tax revenue for the state would rise by $4.8 billion (US$3.48 billion) and $6.8 billion, respectively,…
Victorian Government to Spend $12 Billion on Health System in 2022-2023
The Australian state of Victoria will invest $12 billion (US$8.5 billion) to improve its health system as part of the 2022-2023 state budget. Victorian Treasurer Tim Pallas made the announcement as part of the state government’s eighth budget titled Putting Patients First on May 3. He said it would provide extra help to the state’s…
Victoria Records $10 Billion Deficit Between June and December 2021
Victoria has run up a $10 billion (US$7.2 billion) deficit in the first six months of the 2021/22 financial year, although the Australian state witnessed a rise in economic activities after it relaxed COVID-19 restrictions. According to the mid-year financial report (pdf) released by the Department of Treasury and Finance of Victoria on March 11, the…
Victorian Government Shelves Housing Tax Over Fears of a Scare Campaign
The Victorian state government has scrapped a controversial $800 million (US$580 million) tax scheme to build social housing over fears that a “mischievous” scare campaign on housing affordability would do damage in this November’s state election. The Victorian government on Feb. 18 announced the introduction of a 1.75 percent housing levy on all new developments…
New Business Levy to Fund $3.8B Mental Health Reform: Victorian Budget
Victorian-based businesses will be levied with a new surcharge to rebuild the state’s “broken” mental health system, according to the state’s newly released 2021-22 budget. On Thursday, Treasurer Tim Pallas revealed the state of Victoria’s economy, which is expected to reach a net debt of $102.1 billion this year and increase to $156.3 billion in…
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