The Andrews government has revealed a big taxing budget to curb record debt, with larger businesses and Victorians who own second homes hit the hardest.
Treasurer Tim Pallas announced a COVID-19 debt levy which will squeeze an extra $8.6 billion in offsets over the next four years alone to pay off the state’s $30 billion “COVID credit card”.
Victorian Treasurer Tim Pallas delivered his ninth and toughest budget on Tuesday. Picture: NCA Newswire/David Caird“This is the start of a new era, the post COVID era for the state and its finances.A decrease in the tax-free threshold from $300,000 to $50,000 will see 380,000 Victorians slapped with a land tax for the first time.
Properties with a site value of above $300,000 will be forced to pay an additional 0.1 per cent in tax. In its first budget since the November election win, the Andrews government also took aim at public workers, promising to axe 3,000 to 4,000 jobs by 2024, saving $2.1 billion. However, small businesses will see some relief as the tax-free threshold is raised from $700,000 to $900,000 from July 2024, and raised again to $1 million the following year.
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