The Real Estate Institute of Victoria (REIV) is the latest Victorian industry body to support the Liberals and Nationals’ call for no new or increased taxes at the upcoming Victorian Budget.
REIV’s 2024-2025 Budget Submission outlines Victoria’s over-reliance on property taxes, warning that Labor’s tax hikes are strangling investment and worsening Victoria’s rental supply and affordability.
President of the Real Estate Institute of Victoria, Jacob Caine, said: ”Victoria is absolutely over-reliant on property taxes, it’s time the government reconsiders taxes like stamp duty and adopts fit-for-purpose tax measures that will drive investment and give more Victorians a roof over their heads.”
Shadow Treasurer, Brad Rowswell said: “With Victoria’s debt on track to reach $177.8 billion by mid-2027, the Allan Labor Government needs to do more to increase housing supply and make housing more affordable.
“I again call on the Government to promise not to introduce or increase taxes in this May’s budget.
“Victoria is in the middle of a housing supply and rental affordability crisis. Coupled with the cost-of-living crisis, taxing Victorians more at this time will only make housing more unaffordable and life harder.”
