Initial Victorian State Budget Thoughts

Aice on 23/05/2023 - 17:10
Last edited 23/05/2023 - 17:33

Interested to hear people thoughts on the few things been released from the state budget in Victoria so far

https://www.news.com.au/finance/economy/australian-economy/n…

Obviously not the most reliable news source but:
- new tax of minimum of $500 per investment property and up to $975 + 0.1% value of the land over $300k
- payroll tax increases by 0.5% for over $10M in payroll and 1% for over $100M

Now not saying landlords don't have a spare $500 per property per year but this will all but certainly be passed on.

Same goes with payroll tax, the 0.5% or 1% will just come off employee salaries in some way or another.

The government blamed this somewhat on their surprise on interest rate rises (which the everyday person is coping too) and their solution is to add to the fire of rising cost of living by just taking more.

Do you think this is going to become the new normal where government screw up and the people pay for it?

Poll Options

  • 252
    Yes, it's happening more and more the people in the government have no idea how to manage money
  • 30
    It's been happening for ages how have you missed this
  • 99
    No, you're making this bigger than what it needs to be
  • 14
    Send in the bikies
Financial

Comments

      • cloudy on 24/05/2023 - 01:11
        +8

        You should really credit chatGPT when you use it

        • AustriaBargain on 24/05/2023 - 01:13

          It's important to note that someone else will always do that for me.

          • cloudy on 24/05/2023 - 01:25
            +1

            @AustriaBargain: It's important to note that you lack common sense but that isn't something new is it

            • AustriaBargain on 24/05/2023 - 01:27
              -2

              @cloudy: Crediting Chat every time takes some of the magic out of it, especially when it's obvious Chat wrote it or at least most of it. It's like explaining a joke every single time you tell a joke, it doesn't really add anything of value. Chat almost always says his signature "it's important to note" line and even when he doesn't there are other giveaway clues, like the length of his responses. Me and Chat have a similar way of writing but he is still distinctive enough to recognise, well for most people anyway.

              • cloudy on 24/05/2023 - 01:33
                +1

                @AustriaBargain: You do realise it was chatGPT that wrote my last comment right

                • AustriaBargain on 24/05/2023 - 01:38
                  -2

                  @cloudy: Well, it's important to note that you seem to have caught on to the game. Kudos to you for recognizing ChatGPT's style in my previous response. As they say, it takes one to know one. So, let's keep the witty banter going and see where our AI-powered conversation takes us!

    • xdigger on 24/05/2023 - 13:09
      +4

      LNP bailing out their corporate mates to the tune of $200 billions to profiting companies during Covid, spending $369 billions on AUKUS nuclear submarines to turn Australia into the next Ukraine proxy war, and then pretending their largesse will not turn the national debt into a massive blackhole like the USA.

  • Protractor on 23/05/2023 - 19:27
    +1

    Shame the states can't scrap negative gearing scam while the ALP reigns supreme. I wonder if all the anarchistic anti vax cohort & slobbering citizens will move overseas now?

    • jv on 24/05/2023 - 00:42

      negative gearing scam

      Why is it a scam ?

    • Danstar on 24/05/2023 - 10:34
      -3

      Lol you still going on about vaccines?

      I think you’d find majority of people have realised what a scam that was.

      • Protractor on 24/05/2023 - 10:38
        -1

        I think you'll find when it comes to the 'majority of ppl' you would not have a clue.Your post exemplifies the fact

      • try2bhelpful on 24/05/2023 - 10:42
        +5

        The majority of people were grateful we got a vaccine to stop wholesale deaths from Covid. Your problem is you don’t understand what “majority” means? You think it is the rightwing echo chamber you live in.

        • Protractor on 24/05/2023 - 10:43
          -1

          Can't read either. When I say 'anti vaxxer' he reads vaccine

          • Danstar on 24/05/2023 - 10:52
            -1

            @Protractor: And what does the word “vaxxer” mean?

            The majority of people only got the 2 doses because they were required.

            The numbers are there and show that the majority did not continue to get boosters unless required for work.

            If the vaccines were as good as you love to claim; the numbers would be about the same for 3,4,5 doses.

            • Protractor on 24/05/2023 - 12:52
              -2

              @Danstar: I'm sure there's selfish,entitled,conspiracy ,pushback ,anti govt cohorts out there and they are growing. The point being that covid unearthed/hatched/emboldened a whole lot of ppl who said FU to a shit load of vulnerable ppl. They chose 'off the rails' as a solution.They did and continue to do this for all the wrong reasons morally,socially and ethically, and the 'anti vax' cohort continue to distort reality to push their agenda. They are not on the side of the community, at all. They created and defined their own divisional class system. I think you will find that the most vulnerable have had the most vaccine numbers per person, as required by their own GPs advice. And if you think GPs are a part of this nano conspiracy, then not sure where you can get help for that condiotion.
              Vaxxer is the second half of anti vaxxer. It doesn't apply to normal rational ppl, who are on the side of sanity and community safety. You know? The majority of "US".

              • Danstar on 24/05/2023 - 13:01

                @Protractor: A whole lot of
                Vulnerable people? Are they not vulnerable anymore ?

                Seems like the govt and just about everyone is now acting like these so called conspiracy theorists / anti vaxxers

                • Protractor on 24/05/2023 - 13:19

                  @Danstar: Thanks to the meandering butterflies of cheap foreign labour ( infected and working in multiple location aged care etc) & the rich exploiting them, and piss poor mid covid policies in places like NSW a shit load are dead now.

                  There's still plenty of vulnerable people out there who will be exposed to more covid infection becuase of the cooker cohort. That's a fact. People faked docs to dodge vaccines. Lost of them dressed it as sovereignty, or "my body my choice" but the truth is the majority had the the same choice and guess what.
                  They factored in OTHER ppl.
                  Low vax rates going fwd and no vax rates are nothing to do with unvaccinated ppl or cookers being right 'all along'. They were just selfish all along

                  I'm blocking conspiracy theorists and reo mirror history experts and cookers as I go, so this may be ta ta. If I don't respond, you'll know why.

                  • ozhunter on 24/05/2023 - 14:01
                    -1

                    @Protractor:

                    There's still plenty of vulnerable people out there who will be exposed to more covid infection

                    LOL

                    Get more jabs then, since they worked so well /s
                    Put a mask on, stay home, hazmat suit

                  • Danstar on 24/05/2023 - 14:46
                    -1

                    @Protractor: Majority of people who died because of covid would’ve died regardless. Sorry to sound so harsh but it’s the truth.

                    How well has all these lockdowns and school closures helped people now?

                    Businesses closed; kids dumber than ever before, ridiculous debt, etc. etc.

                    If no one got vaccinated then or now; we’d still be in just about the same situation (health wise) but we’d be much better off in every other aspect of life

                    • Protractor on 24/05/2023 - 16:32
                      +1

                      @Danstar: This revisionist rear-view know all it crap is puerile nonsense.
                      HowTF would you know how it would have landed

                      Your flippancy over the stupidity of cooker excuses is nauseating.
                      God bless the hide button.

                      • Danstar on 24/05/2023 - 17:24

                        @Protractor: How do I know? Is covid is still here; people are still dying regardless of
                        Covid; majority people aren’t getting jabbed anymore

                        Does threatening to stop replying to me make you feel like it’ll hurt my feelings? I mean you said you “probably” won’t reply since your last comment; yet here you are again

            • try2bhelpful on 24/05/2023 - 13:52

              @Danstar: The majority wanted the first two vaccines and the majority of people most likely to be affected, including old people, are getting the boosters.

              People get complacent. If we get another bad strain then people will be lining up all over again.

              • Danstar on 24/05/2023 - 14:44

                @try2bhelpful: If everyone is so keen to get these covid vaccines why aren’t the numbers not even slightly similar for 3rd, 4th, 5th jabs?

  • [Deactivated] on 23/05/2023 - 21:22
    +5

    More pain for renters.

    Landlords will have to pass on the increases.

    • orangetrain on 23/05/2023 - 21:24
      +2

      More pain for landlords.* FTFY

      Good luck getting blood from a stone.

      • jv on 24/05/2023 - 00:43
        +2

        Good luck getting blood from a stone.

        They will just have to borrow blood from elsewhere.

      • Ade99 on 24/05/2023 - 08:12
        +5

        with 700K new people arriving soon they will need to decide where they stand in the queue…..either they pay the increased rents or one of the newbies will.

  • wannagrababargain on 23/05/2023 - 21:47
    +4

    Vic govt is going to go bankrupt.

    • bbinc on 24/05/2023 - 08:54

      Morally

  • Dorge on 23/05/2023 - 22:05
    -3

    It's not a good result but something like this was expected.
    As long as the Albanese government does not winding back stage three income tax cuts. That would be a disaster.
    I cannot understand why income tax is not pegged with some measure of inflation. Otherwise in 30-50 years every Australian will be taxed as the highest threshold.

    • lostgoat on 24/05/2023 - 08:44
      +6

      My summary is Morrison feed the corporations during covid . The stage 3 cuts have to be cut to pay for it . Or else this country will be swimming in debt forever.
      A nice simple solution .

      • ThithLord on 24/05/2023 - 08:54
        +3

        The ALP already have a simple solution.

        Australia’s implementation of public country-by-country reporting is a ground-breaking move in the fight to end multinational tax dodging

        They're going after multinational tax dodgers.

        The introduction of public country-by-country reporting (CbCR) will mark a world first in corporate transparency

        Jason Ward, Principal Analyst, CICTAR (Centre for International Corporate Tax Accountability & Research), said:

        The Australian government is showing global leadership by introducing public country-by-country reporting for multinationals. This move will increase transparency and accountability and shine a bright light on where and how multinationals shift profits to avoid the obligation to help fund essential public services and infrastructure around the world. Exposure of current practices will encourage an end to abusive tax schemes everywhere. We are confident that the government has the votes to easily pass this landmark legislation, for implementation beginning 1 July, which will begin to level the playing field for all businesses that already pay a fair share and contribute to the communities where profits are generated.

        This is the sort of thing Labor does. It's their bread and butter.

        • lostgoat on 24/05/2023 - 10:54

          That why private biz can prosper as Govts can't do hard decisions.
          And this time it's the countries blood that will be leaking if not solved.
          Finally all parties know this needs to be done and yes its not popular. .

          • ThithLord on 24/05/2023 - 11:05
            +2

            @lostgoat: The amount of money recoverable in the CbCR Legislation will recover far, far more tax income for the Federal Government than what the cuts will take away.

            Labor play 4D chess, mate. They went to two elections with S3 Tax Cut reform, Australia overwhelmingly said no thanks. Insofar as losing an "unlosable election".

            They then platformed a policy leaving the S3 tax cuts as they are and Australia said yes please and voted them in.

            Labor are now being told they need to immediately break an election promise that they platformed for, twice, but lost - and immediately will be ousted come next election for breaking that promise. The entire media landscape know this, mate. The media don't tell you what to think - they tell you what to think about.

            Australia, you get what you deserve.

          • Protractor on 24/05/2023 - 19:11

            @lostgoat: "this time it's the countries blood that will be leaking if not solved."

            easy, tiger

        • orangetrain on 24/05/2023 - 15:24

          What is Labor doing about the accounting firms that are helping the government draft laws like this while those same accounting firms work with multinationals to dodge tax?

          https://www.afr.com/rear-window/pwc-and-labor-to-mend-bridge…

    • greatlamp on 25/05/2023 - 10:49

      Income tax is not pegged with inflation, so you pay more tax over time as the prices of everything increase.

      Tax cuts are used to bring the taxes back to what they should be.

      No government will peg the tax brackets to inflation because the current mechanism is a convenient way of increasing tax revenue over time without announcing any new taxes - hence the uneducated public don't get angry

  • Wasabi Ninja on 23/05/2023 - 22:27
    +1
    Merged from Melbourne business and landlord levy.

    If you are a landlord or business in Victoria what’s your thoughts on the new levy to pay back the COVID debt in Victoria?

    https://www.abc.net.au/news/2023-05-23/victoria-budget-2023-…

    • burningrage on 23/05/2023 - 22:31
      +4

      Speechless to be honest but Victorian voters deserve what they get out of this Govt. Many landlord/businesses have already made their moves way before this as you can probably see in the rental market and construction/retail/hospitality industries.

      • AustriaBargain on 23/05/2023 - 22:32
        +14

        The 1% tax, but haven't property values and rents gone up a lot more than 1% over the last five years? Why would property investors leave their golden goose over such a tiny tax.

        • Wasabi Ninja on 23/05/2023 - 22:38
          +6

          Especially when they’ll pass on 5% to everyone. End of they day landlords and businesses don’t wear it. They pass it on.

          • mskeggs on 23/05/2023 - 23:17
            +4

            @Wasabi Ninja: So which is it? They will scurry away in fear of the 1% tax, or will use their unbridled powers to pass on 5 times the amount?

            • cloudy on 23/05/2023 - 23:47
              +1

              @mskeggs: Probably a bit of both, those struggling under interest rates will probably leave the system and the ones who have the power the hang on will exercise their decreased competition in the space and raise accordingly.

            • jv on 24/05/2023 - 00:25

              @mskeggs: a bit of both.

            • ThithLord on 24/05/2023 - 08:24

              @mskeggs: Depends what the argument is, mate. You know that.

    • cookie2 on 23/05/2023 - 22:42
      +1

      Regular Vic bs.

    • jv on 24/05/2023 - 00:23
      +2

      This will move even more businesses interstate resulting in job losses and increase rental prices further.

      All this to appease Dan's ego and his obsession to build a rail loop that nobody really wants or needs.

      • Cyphar on 24/05/2023 - 00:43
        +8

        lol dafuq are you talking about. Victoria has the 3rd lowest payroll tax in Australia. No major business is going to relocate to TAS or SA. The loss in revenue will far outweigh the money gained in a lower tax.

        • jv on 24/05/2023 - 00:47

          lol dafuq are you talking about.

          SRL East is expected to cost between $30.0 to $34.5 billion

          • Cyphar on 24/05/2023 - 00:51
            +1

            @jv: That has nothing to do with what I said

            • jv on 24/05/2023 - 00:52

              @Cyphar: It has to do with what I said.

              • Cyphar on 24/05/2023 - 00:58

                @jv: Oh right, I must have imagined your bitching about how increasing the taxes will result in companies relocating

                • jv on 24/05/2023 - 01:02
                  +1

                  @Cyphar:

                  increasing the taxes will result in companies relocating

                  it is one of the factors.

      • sentinel on 24/05/2023 - 10:39
        +9

        build a rail loop that nobody really wants or needs

        Well thats what the Liberals thought about a proper NBN too

        • jv on 24/05/2023 - 10:44

          That was to reduce costs I believe.

          They didn't disagree that we needed to improve the infrastructure.

          The rails loop on the other hand is a total waste of money. It doesn't connect places where most people want to travel.

          • Randolph Duke on 24/05/2023 - 12:04
            +3

            @jv: Removing the dependancy on having to go into the city is a good idea, and this will hopefully be only the start of it as Melbourne continues to grow. Imagine living in NYC or London and having to go to a central station in town to change over lines.

          • smartazz104 on 25/05/2023 - 13:40

            @jv:

            That was to reduce costs I believe.

            Yeah that was the claim made by the LNP, yet that wasn’t the case. Costs more for less, how apt.

            • jv on 25/05/2023 - 14:04
              +1

              @smartazz104:

              yet that wasn’t the case. Costs more for less, how apt.

              It was the case.
              The increased cost was because of the change to now install FTTP for everyone.

    • Cyphar on 24/05/2023 - 00:44
      +6

      It's going to be an extra ~$500 per property for most landlords, myself included, but everybody on Propertychat and the Landlord groups on Facebook is bitching like it's the end of the world.

      • Wasabi Ninja on 24/05/2023 - 09:02
        +2

        Rents gonna get more expensive for Melbornites. Something for them all to look forward to.

      • orangetrain on 24/05/2023 - 14:28

        They are so worried that property prices and rents will go down as investors panic sell to home buyers.

    • cauilfield on 24/05/2023 - 01:24
      +6

      yeah, we'll just pass those $10-20 onto our tenants. No prob.

    • payless69 on 24/05/2023 - 08:59
      +2

      Can't wait for them "Dan" statues being errected.
      Mao would turn over in his grave!

    • Aice on 24/05/2023 - 06:41
      -1

      'It's fair that Victorians with multiple properties make a modest contribution to repaying COVID debt,'

      Government stuffed up, seems fair that whoever has spare cash chip in to cover their stuff up rather than politicians cut some of their perks

      • Protractor on 24/05/2023 - 10:28
        +3

        You deserve a Berejiklian govt and the covid impact that came with it.

    • nigel deborah on 24/05/2023 - 09:22
      +7

      news.com.au and dailymail.co.uk, great sources in this thread

      • cashews on 25/05/2023 - 10:16

        Great sources if you like frothing at the mouth.

  • payless69 on 24/05/2023 - 08:50
    +1

    More dogs for Rupert!

  • kyle on 24/05/2023 - 08:52
    +5

    No one seems to talk about the fact that with the increased land lax, the Vic Govt is getting the economic benefit, but the Federal Govt got the short straw because the landlords will be claiming higher tax deductions. This is like wealth transfer from the Federal Govt to the Vic Govt by stealth, so the whole of Australia is paying for it.

    Disclaimer: I never liked state governments.

  • lostgoat on 24/05/2023 - 08:55
    +5

    The fracking ban was added to Victoria's Constitution in March 2021.

    Overturn it immediately. Another case of the small minority stopping economic progress.

    • Protractor on 24/05/2023 - 19:14
      +1

      Andrews should get a Nobel Peace Prize,mate. The LNP would have 'swallowed' as soon as Big Gas knocked on their back door.

  • SwaggyE on 24/05/2023 - 09:14
    +15

    It just seems amusing that every time when there's new policies or taxes that aim at the wealthy, the narrative is always "how it'll affect the poor renters!":

    -Changes to living standards requiring landlords to provide better environment - "this will only make it more unaffordable for renters"
    -Interest rates going up - "this means rent will be increased to cover it"
    -New taxes for owners with multiple properties - "this will be passed on to the renters"

    How about for once the landlords assess their investment and look at if they can actually afford to have multiple investment properties. If you can't afford it then sell it - all investments come with a risk. Others are not responsible to make sure you have a healthy return on investment if you make poor choices.

    /end

    • Cheaplikethebird on 24/05/2023 - 09:31
      +3

      Shit rolls downhill

      • Protractor on 24/05/2023 - 10:48

        Not in Canberra

    • jv on 24/05/2023 - 09:47
      +2

      How about for once the landlords assess their investment and look at if they can actually afford to have multiple investment properties

      How about we just scrap land tax and tax all people on their income and profits fairly…

      Maybe include rent payments in the GST as it is just paying for a service.

    • dave999 on 24/05/2023 - 09:53
      +3

      It is just the reality of the situation.

      Property prices and rent are increasing because of bad policy, not investors.

      The government must implement policies that increase the supply of housing - reduce red tape for new development, speed up approvals, implement more sane development controls, open up more land for development, better planning of infrastructure such as transport, schools and hospitals etc to encourage people moving out of the major cities, encourage businesses to set up outside the major cities so there are jobs there.

      They could also reduce the demand for housing - the only choice here is to reduce immigration.

      These are the only things that will make a change - no tinkering with tax will make any difference at all. In fact, more tax will just increase prices.

      • jv on 24/05/2023 - 10:48
        +3

        They could also reduce the demand for housing - the only choice here is to reduce immigration.

        They could also prevent foreigners who don't live here from purchasing property and leaving it sitting here unused. There's 2 or 3 places like that pretty much on every street around our suburb. You can tell which ones they are as there is months and months of junk mail in the letter box and the lawn is a metre high.

        • try2bhelpful on 24/05/2023 - 10:48
          +1

          If you look around Docklands there is a lot of that.

  • Mad Max on 24/05/2023 - 09:42

    This is great for Queensland. With elections next year people can have a good idea of what is going to happen if the current government gets re-elected like in Victoria.
    Vary bad for the poorer people in Victoria.
    For payroll tax, a business is not going to take a loss. Either cut staff, raise prices or a bit if both. Or just close shop.
    For landlords they will just rise rents. Plenty of demand anyway.
    The poorest will pay in the end. All while Dan Andrews hosts drag queens story time at Victoria's parliament house. A bit like Nero playing the lyre while Rome burnt!

  • Protractor on 24/05/2023 - 10:25
    -1

    So many Dan baggers. 2 minor points. (1) I guess it's just serendipity they slid through covid well enough to spill their guts here.

    (2) If you had two eyes in your head you'd see the real villain here is the opposition, or lack thereof.
    Apathy isn't a once an election phenomenon,clearly

    • Danstar on 24/05/2023 - 10:29
      +5

      Lol so it’s liberals fault for Dan Andrews consistently screwing over Victorians ?

      • Protractor on 24/05/2023 - 10:36
        +3

        No, it's the voters fault.
        Victoria has elections ,No?
        And when oppositions are weak guess what happens. You don't think Scomo had a fkn clue do you? He cruised through like the proverbial drovers dog, because the fed opposition were weak and did not cut through.

        And nobody, but nobody gets to rewrite history. Despite that being the DNA of the right of any debate.
        Consider that perhaps the diagnosis of Victorias basket case status as observed by a few Ozb posters, may actually be self inflicted, and/or a social malaise incubated during covid?. That it just hatched out a big fat clutch of zany chicks.
        The white noise validating all this crap has no basis in reality. Ask not what Jesus would have done during covid, ask what 'the opposition' would have done cough cough.

        OMG people actually believed,wrote and and perpetuated that Andrews either faked his fall down stairs,or jumped.
        LOL

        • Danstar on 24/05/2023 - 10:54
          +3

          Who cares what the opposition would have done.

          No one is going to remember what the party not in power didnt do.

          Dan (profanity) this state up and is continuing to do so.

    • Ocker on 26/05/2023 - 10:29

      Tell that to the families of the 800+ Victorians that died due the Dan's stuffed up hotel quarantine plan

      • Protractor on 26/05/2023 - 12:13
        -2

        Aagh the power of hindsight.
        While we are looking back, Dutton brought covid directly into the halls of our national govt.(we will never know what strain and how many were directly impacted down the line. Berejiklian? Where to start. The massive mega spread of covid into the communities around Australia started directly as a result of her actions and inaction. Aged care ( Newmarch House) Ruby Princess (2700 ppl let off a mucus factory)and a cavalcade of corporate gangster behaviour since.
        The Ruby Princess event was what happens with the 'right' in charge. Their "life is cheap" model. "Everyone else is culpable blame everyone else."
        ABF, Fed Ag Dept, NSW govt, NSW Health Feds. All denied any blame. All under Berejiklians (revered by Canberra Libs) control.Who lets a boat filled with sniffing,coughing,sneezing vectors off a covid incubator?
        Who allows staff in aged care to work at multiple venues, even when some were under strict lock down?
        Covid exploded after that.It went wherever the passengers and their contacts went.Interstate,overseas, everywhere.
        People ignoring sensible rules,fleeing states like rats, protesting like spoiled kids,refusing to simply DO THE RIGHT THING and not giving a FRA about fellow humans contributed directly to the death toll.
        IMO from the getgo, the military should have overseen the entire covid response under the guidance of experts in the field of such events. Health ,logistics etc.Perhaps then the plebs would not have behaved like entitled dicks.

  • Danstar on 24/05/2023 - 10:28
    +4

    Thank you Dan Andrews and all Labor voters for continuing to make Victoria the worst state in Australia
    /s

    • orangetrain on 24/05/2023 - 15:37

      NSW government are going ahead with throwing more money at everything. Even giving unlimited money to the road toll company in the name of tackling cost of living. Doing a trial on whether regulations on 500 pokies will lead to job losses so as not to offend the clubs. Giving more money than ever to private bus operators while they can cancel buses with no penalty. Cost of living is sky rocketing.

      I want to move to Victoria. More insane state than Victoria's $500 increase. Can we swap? /s

      • Danstar on 24/05/2023 - 17:25

        I like my AFL; if Dan stopped that (which he did for a bit) I’d move straight away

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