From the Secretariat

By on August 4, 2023

State Budget

DR ELIZABETH GIBSON, General Manager of the CMPA attended the Victorian State Budget “Lock-up” on 23 May 2023 in Melbourne. Of note are the following:

$35 billion COVID19 debt recovery

The COVID Debt Levy will not apply to everyone. It will apply to big businesses, investors and those who pay land tax.
• $2.1 Billion savings over 4 years from Government consultancies, staffing (though Premier stated that numbers in the public service would increase by 2000 for front line services) etc.
• From 1 July 2023, large businesses with national payrolls above $10 million a year will temporarily pay additional payroll tax. A rate of 0.5 per cent will apply for businesses with national payrolls above $10 million, and businesses with national payrolls above $100 million will pay an additional
0.5 per cent.
• From 1 January 2024, the tax-free threshold for general land tax rates will temporarily decrease from $300,000 to $50,000. The family home will remain exempt from land tax. Those who pay land tax will attract a temporary additional fixed charge starting at $500 for landholdings between $50,000 and $100,000. There will be a $975 fixed charge for landholdings above $100,000 and the tax rates will temporarily increase by 0.1 per cent for both general and trust taxpayers with holdings above $300,000 and $250,000 respectively.
• Private schools to pay payroll tax.

$23.2 million Resources

An additional $23.2 million for a more streamlined approach to resources decision making, This is to enable an outcome and risk based regulatory framework for the minerals and extractive industry, supporting amendments to the Mineral Resources (Sustainable Development) Act 1990.

Funding also is provided for an Earth Resources Approvals Coordinator. There will be separate coordinators for extractives and minerals coordinators funded up to 2024/25.

Reform to perform: Resources Sector support to achieve net
zero and the Big Build.
• Funding is provided to maintain capability to deliver improved efficiency and reliability of licensing approval functions, regulate potential harms in ERR operations and support industry investment through targeted programs.

Roads’ budget

• $770 million base funding for the State Road maintenance: funding giving certainty for the next 10 years (at least $770 million per annum) to enable strategic roads maintenance program (no figure yet as to the percentage for rural roads and Melbourne roads).
• Better local road projects $633 million.

A request was made for the breakdown of the percentage expenditure on Melbourne versus rural on these figures for roads to the Minister Horne’s office for which a response is still to come.

Note: The Victorian government confirmed in May that projects that are at early stages cannot move to the next phase during the review by Federal Government into infrastructure projects in Australia. This includes the Airport Rail, as well as three major road projects, including the Clyde Road Upgrade and the McGregor and Racecourse Road upgrades in Pakenham.

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