Victoria’s largest industry has labelled today’s State Budget as ‘big and bold’.
Property Council Victorian Interim Executive Director, Matthew Kandelaars, says that today’s Budget, which is the biggest spending in the State’s history and underpinned by historic infrastructure investment, is right for our times and will play an enormous role in the State’s economic recovery.
“Today’s Budget is an unprecedented response to one of the worst economic chapters in our state’s history. The property industry welcomes the core focus on stimulus to drive Victoria’s economic recovery,” Mr Kandelaars said.
The Property Council is pleased to see the Budget provide direct stimulus to support Victorian home ownership and support jobs in the home building sector.
In particular, the Government should be applauded for its support of the residential property sector, with the stamp duty waivers to be provided on new and existing properties with a value of up to $1 million.
“Today’s stamp duty waivers will have an immediate and positive effect for first home buyers, young families and retirees,” said Mr Kandelaars.
“This targeted measure will pull forward economic activity and get development happening across the state – getting Victorians into work and into homes.”
“We also commend the Government’s support for the emerging build-to-rent sector, which will create jobs and provide high-quality rental product for Victorians.”
With the continued positive health outcomes that Victoria is experiencing, today’s Budget is a chance to look forward to a brighter 2021 and beyond and the Property Council is keen to see continued progress in reactivating Melbourne’s CBD.
“The next step in our economic revival is to continue the steady and measured return to the CBD, which accounts for a quarter of the State’s economy. We will continue to work with the Government to balance health, safety and economic concerns,” said Mr Kandelaars.