The Property Council has taken aim at the Allan Labor Government’s high taxes, which are driving investors away in droves and worsening Victoria’s housing affordability crisis.
New data reveals that property industry confidence in Victoria is lagging behind all other states and territories. From December 2023 to March 2024, Victoria was the only state where industry confidence declined.
This comes as fresh Australian Bureau of Statistics (ABS) data released today shows that despite considerable population growth, the number of new house commencements in Victoria is at the lowest level since June 2015, while for units the number is at the lowest level since June 2014.
The Allan Labor Government has pledged to build 80,000 homes each year for 10 years, yet in reality Victoria is nowhere near reaching this lofty aspiration with an average of 59,000 homes being built annually, as Labor’s taxes and financial mismanagement drive down activity.
Shadow Treasurer, Brad Rowswell, said: “Labor needs to offer a competitive tax regime. At a time when we need investors to rapidly uplift Victoria’s housing stock, Labor’s taxes are adding significant confusion, compliance and cost to property development.
“Labor cannot manage money and the Allan Labor Government’s high-taxing policies are directly blocking investors from building the homes for Victorians to live in.
“We need to shift gears. Victoria should be the best place to invest in the country, but because of Labor’s economic mismanagement we are the worst.
“I again call on the Allan Labor Government to rule out introducing any more new or increased taxes on Victorians at the upcoming State Budget.”
