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State Budget focus on economic growth will help property market

By Shimei Yang

The REIV has welcomed the priority placed on ensuring economic growth in the Victorian Budget and the provision of ongoing funding for stamp duty cuts for first home buyers.

REIV CEO Enzo Raimondo said that a healthy property market was reliant on a healthy economy and the difficult decisions in this Budget will help ensure the economy has the best opportunity for growth.

“The Treasurer is committing to a 1.5 per cent improvement in the Gross State Product (GSP) this financial year and 1.75 per cent the next. In light of the very difficult broader economic conditions, it is pleasing that action was taken to ensure the Victorian economy is primed for growth.

“The provision of $65M to fund the increase of stamp duty cuts for first home buyers from 20 to 30 per cent on 1 January 2013 is welcome, given the severe economic constraints the government faced in this Budget.

“The REIV called for the government to refocus assistance for all first home buyers and we welcome that change.

“Under the government’s policy, all people buying their first home for less than $600,000 will benefit from stamp duty cuts.

“Cuts to WorkCover are a sensible and focused policy to help business.

“The REIV welcomes the three per cent cut in WorkCover premiums. When teamed with other commitments to reduce red tape, this will lower business costs in difficult times.

“There is more that can be done to help the economy and the REIV encourages the Treasurer to announce a program of reform of state property and business taxes as recommended by the Victorian Competition and Efficiency Commission report “Securing Victoria’s Future Prosperity: A Reform Agenda,” Mr Raimondo concluded.

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