Labor Is Backing Business & Delivering Surpluses

Labor is backing businesses and delivering surpluses.

Following the Federal Budget, a re-elected Carroll Labor Government will give Victorian businesses a three-year stamp duty moratorium to provide certainty.

Labor is also managing the budget responsibly, with surpluses confirmed for the next four years.

Stamp duty relief on trust changes

Labor is listening to business.

That’s why Labor will legislate to waive stamp duty for businesses transitioning from discretionary trusts, due to Commonwealth tax changes.

A re-elected Carroll Labor Government will provide a three-year stamp duty moratorium for eligible discretionary trusts that restructure into alternate arrangements.

Eligibility will be based on those entities that qualify for the Commonwealth’s rollover relief.

The moratorium gives Victorian businesses certainty.

Consultation will occur with key stakeholders in drafting legislation in the new year.

Delivering financial responsibility

Treasurer Colin Brooks today confirmed that the Carroll Labor Government is delivering surpluses over the next four years.

This comes despite forecast state tax revenue falling by billions over the forward estimates, largely due to higher interest rates and a downturn in the property market.

The Treasurer has also confirmed that net debt will be lower than projected in the 26/27 Budget at the end of the forward estimates.

This is a direct result of spending restraint and commonsense savings to the Budget.

The Labor Government has identified billions in savings, including reducing unnecessary spending on the SRL, consultants, executive roles and more.

Labor is committed to paying down debt over time by growing the economy and making commonsense savings, not taking an axe to jobs and growth like Jess Wilson’s Liberal One Nation Coalition want to unleash.

Quotes attributable to Treasurer Colin Brooks

“We are listening to businesses, and these changes will give them certainty that they have been asking for.”

“Labor is going on a new direction – and because of our disciplined approach the Budget will remain in surplus for the next four years.”

“Jess Wilson’s Liberal One Nation Coalition have a difference approach – their $40 billion cuts plan will just take the axe to jobs and services because they don’t care about the consequences for working people.”