Earlier this week Treasurer of Victoria Tim Pallas handed down his State Budget which outlined investment in schools, hospitals, road and rail projects.
The budget projects growing surpluses across the four-year estimates, even after a 13.6% slump in revenue from stamp duty. It also projects net debt rising to nearly $55 billion by 2022-23, approximately double current levels.
Key announcements include:
- $15.8 billion to fully fund North East Link.
- $6.6 billion to remove another 25 level crossings.
- $3.4 billion to transform the suburban train network.
- $1.6 billion to build, plan and expand hospitals and local healthcare services across the state, including work on 10 new and upgraded community hospitals.
- $1.4 billion to build and upgrade and modernising schools across Victoria.
- $882 million to kickstart the rollout of three‑year-old kinder for every Victorian child.
- $545 million to expand solar into Victorian homes.
- $322 million to begin the rollout of free dental for students at government schools.
- $136 million to deliver 500 000 extra appointments with medical specialists for patients in regional Victoria.
- $64.4 million to support stronger patient ratios and deliver an extra 542 nurses and midwives in our hospitals.
- A further reduction in the regional payroll tax rate, from 50 per cent to 25 per cent of the metro rate by 2022-23, while increasing the threshold to $700K for the same period.
- Increases in stamp duty for passenger vehicles worth between $100,000 and $150,000, which will be charged a duty of $14 per $200 of value, while cars valued above $150,000 will be charged a duty of $18 for each $200 of value.
- 50 per cent discount on land transfer duty of commercial and industrial properties in regional Victoria by 2023-24.
For further detail on the State Budget visit budget.vic.gov.au.
To discuss how this may impact your personal or business circumstances contact PPT on 5331 3711 (Ballarat) or 8391 3063 (Melbourne).