A year and a half out from the next state election, the campaigns are already starting to take shape with the Liberal and Nationals under Brad Battin countering Labor’s spending with a platform of scrapping tax.
On Tuesday, the opposition delivered their reply to last week’s State Budget by announcing the commitment to scrap stamp duty on properties below $1 million.
Where the state government stuck to core Labor matters by declaring upwards of $10 billion in spending on education, health and public transport, the opposition followed it up with an equally bread-and-butter line of cutting five different taxes.
The promise to cut stamp duty is on top of the already pledged scrapping of the new emergency services levy, tax on non-government schools, payroll tax in the medical industry and the short stay levy.
“This is a bold, common-sense reform that backs aspiration, rewards hard work, and helps young Victorians break into the housing market,” Mr Battin said.
“Labor’s war on property and addiction to tax has destroyed confidence in the economy. We need a plan to grow, not just tax and spend.”
Scrapping stamp duty would apply to 17,000 first-home purchases in its first full year, though the tax cut is estimated to cost the government over $1 billion through a four-year term.
This comes after the opposition continues to highlight the soaring net debt of the state, which is now projected to hit $194 billion by 2028.
Shadow Treasurer James Newbury told reporters that, “We will make every announcement fully costed and released before the election.”
The state government said the estimated cost for scrapping stamp duty was conservative.
“These are numbers the opposition has made up on the fly,“ Housing Minister Harriet Shing told the ABC.
“What we do know is the money has to come from somewhere.“
First home buyers already pay no stamp duty for properties up to $600,000.
In last week’s budget, the state government extended a stamp duty concession on off-the-plan apartments, units or townhouses applying beyond first home buyers.
The next state election will be held on 28 November 2026.
