The Victorian Government announced the state budget on Wednesday and while the Federal Budget is expected to be once again in deficit, the Victorian state budget is expecting a surplus for the coming year. To know more about this budget we spoke to Economist at Monash Business School Dr Vinod Mishra.
There is some big projected spending in this budget. On the other hand the stamp duty tax for foreigners who buy property has been increased from 3% to 7%. In addition land tax for foreigners who have properties in Victoria which are lying vacant making them absentee owners will increase from 0.5 to 1.5%. The Government has also announced almost a billion dollars worth of spending on education and in a move welcomed by the Community Languages Australia and Victorian community language schools, the the Government has announced $4 million dollars over 4 years for community language schools to provide after-hours language education to students across Victoria.
Share
