As expected the Victorian state budget, revealed last week, was seen as positive for both individuals and businesses with the state election to be held later this year. There was much spending dedicated to public transport, roads, health and education, with the overall budget expected to be in surplus both now and in the coming years.
Some good news for business with the Victorian state budget dropping payroll taxes from 1 July this year, albeit only by 0.05%, from 4.9% to 4.85%. Importantly, first home buyers also receive a boost, with the stamp duty concession increasing from 40% to 50%. This is a genuine saving for first home buyers and one it is important for us to have knowledge around.
All eyes now turn to Joe Hockey, who will release the federal budget tonight. Much of this has been leaked to the media, with large savings measures expected to be implemented around pensions, other government entitlements and the size of government.
This is expected to be balanced while significant spending increases around roads and other infrastructure, as well as an increase in tax on petrol and a “debt levy” on higher income earners. We’ll update you in full next week.
Since May 2020, we have been writing about the “V” shaped recovery of our real estate markets following a shaky period at the start of the pandemic. In our weekly Ray White Now publication, we identified early that buyer demand remained strong and was only getting stronger. We could not … Read more
The countdown is on for buyers who are keen to buy and settle before Christmas. With the festive season only two months away, the window for buyers to have the paperwork done is beginning to close. While stock levels are recovering, there are still plenty of disappointed buyers from the … Read more