Working With Industry to Build More Homes

While Victoria is building more homes than any other state – there is more to do.

Labor will cut land tax and now a re-elected Carroll Labor Government will review the Absentee Owner Surcharge and Foreign Purchaser Additional Duty.

Before then – the Caroll Labor Government is making practical changes to the to the Absentee Owner Surcharge (AOS) guidelines to build more homes.

Review into property taxes

Labor will also establish a comprehensive review to investigate the effectiveness and impact of property charges.

The review will investigate:

• whether revenue is collected efficiently
• how it is impacting foreign investment in construction
• the impacts on first home buyers.

Recommendations provided to Government will be considered and acted upon by a re-elected Carroll Labor Government.

This review will have broad Terms of References and will report back before the next Budget.

Labor is going in a new direction – having identified significant savings in Government, reducing land tax and working more collaboratively with businesses to generate growth.

Practical changes to build more homes

The Carroll Labor Government is also making practical changes to the Absentee Owner Surcharge (AOS) guidelines.

Labor will cut the Absentee Owner Surcharge for developments post construction and those contributing to the Victorian economy.

It’s a change that will help build even more homes.

Labor is updating guidelines so developers who build affordable housing can be recognised for their contribution to the Victorian economy.

It will exempt developers from AOS during construction if they meet the Development Facilitation Program’s criteria.

Labor will also update the guidelines so residential developments can be exempt from AOS for up to two years after construction is complete.

It will give developers more time to sell and lease their stock – and support further development of homes.

Labor will also formalise a one-year exemption after construction for the sale of land, regardless of the type of land.

Quotes attributable to Treasurer Colin Brooks

“Victoria is building and approving homes that any other state but there’s more to do.”

“First home buyers are Labor’s priority – we want to make sure that the supply is there so that they can get a home.”

“This will be a comprehensive review to make sure the settings are right for Victoria to continue to lead the nation.”