Land Tax reductions, planning system reform, and new infrastructure spending announced by the Bracks Government today are a big win for the State’s economy, Victorian’s superannuation savings, investment and jobs growth.
Executive Director of the Property Council in Victoria, Jennifer Cunich says it is the most significant tax reform in Victoria for years, with a 20% land tax rate reduction starting July 1 2004 and further 20% over the next five years.
“The land tax cuts will bring more investment, more jobs and better returns to millions of Victorians who invest in property through their superannuation, or invest in property for their retirement,” she says.
‘It will cut the cost of doing business in the State, help new home buyers through cuts on taxes on the land they buy, and help take the pressure off small businesses caught up in spiraling valuations.
“Victoria’s reputation as a land tax “basket case” is over. The reforms will save Victorian taxpayers $1 billion over five years. It’s major win for taxpayers.”
Planning system reforms championed by Minister Delahunty are welcome and much needed. “Reducing planning delays, and making investment attractive in activity centres and transit cities has been a Property Council priority and the Government has responded positively with priority funding and legislative reform.”
She says the infrastructure projects, including Melbourne Portal, the conference centre and channel deepening are vital for the State. “Efficient transport links have a major impact on economic growth opportunities and the government has wisely targeted projects with a huge investment plus.
“We are very pleased the Bracks Government listened to the industry and the case for change set out by the Property Council and responded with meaningful reform.”
For further comments contact:
Jennifer Cunich, 0411 118 099 or 9650 8300