This investment will save a further $40 million and builds on our existing cuts to payroll tax in regional Victoria – currently the lowest rate anywhere in Australia.
Real recovery needs to extend to every corner of our State. It’s why we’re investing more than $8 billion to support regional economies to get back on track by creating jobs all over Victoria.
This includes a massive $465 million Victorian Tourism Recovery Package, including $149 million to build, upgrade and invigorate 10 iconic tourist locations across our State.
From the Great Ocean Road to Gippsland, this investment will enrich Victoria’s visitor experience.
We’re also investing in creative spaces with $35 million to develop and upgrade a range of venues across our State, including upgrades to Euroa Community Cinema and a new exhibition space at the former Kyneton Primary School.
This Budget also delivers an additional $156 million boost to extend our flagship Regional Jobs and Infrastructure Fund. This investment will deliver projects identified by communities, supporting local jobs and driving local economies.
We’re also investing in the regional infrastructure that will create local jobs and support local communities – delivering improved local schools, upgrades to regional hospitals, improvements to country roads and more reliable journeys for regional rail passengers.
Additional detail about these investments can be found further in this document, and the Rural and Regional Budget Information Paper.
Supporting regional Victorian businesses
To support regional businesses to open, relocate and expand, the Victorian Government will deliver a 50% stamp duty concession on the purchase of commercial and industrial properties, brought forward to January 2021.
The 50% land transfer duty concession will now apply to contracts entered from 1 January 2021 – rather than 1 July 2023 – for commercial and industrial properties anywhere in regional Victoria.
This investment will save a further $40 million and builds on our existing cuts to payroll tax in regional Victoria – currently the lowest rate anywhere in Australia.
