The Allan Government’s record property taxes are not only hurting Victorian households and businesses but costing the Victorian economy nearly five billion dollars a year.
New analysis by the Grattan Institute shows every dollar raised through stamp duty costs 55 cents in lost economic activity as the whole state pays the price for Labor’s mismanagement.
Furthermore, recent modelling by economic research organisation e61 showed that people living in metropolitan Melbourne are paying an average of six-months of take-home pay in stamp duty – the highest in the nation.
The Liberals and Nationals have already committed to a comprehensive review of Victoria’s tax system, including reforming Victoria’s unfair payroll tax thresholds which are out of step with other states.
Shadow Treasurer, Brad Rowswell, said: “With 53 new or increased taxes and charges since coming to office, record debt, and over $38 billion in cost blowouts on major projects, Labor is simply addicted to taxes and Victorians are paying the price.
“Only a Liberals and Nationals Government will undertake a comprehensive review of Victoria’s tax system with a view of reducing inefficient taxes and reducing the overall tax burden on Victorians.”
