Tim PALLAS (Werribee – Treasurer, Minister for Industrial Relations, Minister for Economic Growth) (14:20):

I rise with great excitement really to talk about the landmark stamp duty reform for commercial and industrial property undertaken by the Allan Labor government and leading the nation. Removing up-front costs from purchasing commercial and industrial land or buildings will make it easier for businesses to get established and of course to thrive in this state, boosting economic activity, jobs and growth. The cumulative increase in the size of the Victorian economy as a result of these initiatives will be about $50 billion in net present value terms. There are 265,000 businesses in this state that have commercial or industrial properties, and over time they will become stamp duty free, benefiting countless businesses and workers right across the state.

The Victorian Chamber of Commerce and Industry describes this as a landmark generational productivity reform which businesses across Victoria will welcome. The Grattan Institute penned an article titled ‘Victoria shows Australia how to abolish stamp duty’. The Property Council of Australia has called this a landmark reform delivering huge long-term gain. In last year’s budget, we announced that we would be increasing the payroll tax free threshold for business from $700,000 to $900,000 and subsequently to $1 million, meaning 6000 Victorian businesses will no longer pay any payroll tax, and we announced that we would be the first state to phase out duty on business insurance. All up, these reforms will see business paying well over half a billion dollars less in tax over the next four years. That is what this government does; we put businesses first because we know they back employment of workers.