The Allan Government have forced through a dirty deal with the Greens on the last sitting day of Parliament to expand two new taxes applying to vacant residential properties.
Labor has now expanded the existing Vacant Residential Land Tax to unimproved residential land and vacant properties across Victoria, with the tax to be as high as 3 per cent.
The Treasurer announced these taxes unexpectedly at a Property Council breakfast back in October, providing no evidence that these measures would do anything to improve Victoria’s housing supply issues or address our burgeoning debt crisis.
Victoria already has the heaviest taxation burden in the country, our businesses are struggling to attract investment and these punitive taxes will further disincentivise property developers from building the new homes Victorians desperately need.
Shadow Treasurer, Brad Rowswell, said: “Labor have rushed through new taxes to punish Victorians one month before Christmas.
“Labor is delivering a political statement, fuelling class warfare in place of a practical solution to Victoria’s housing crisis.”