A word from Rob Herbert, Be.Bendigo Chief Executive Officer about the recent Victorian State Budget announcement.

“With a rising State debt level and limited investment capacity, the State budget announcements had few surprises.

Front and centre is the need to focus on young families, health, road maintenance and education, which ultimately benefits business.

The most notable local announcement is the $2B Regional package for housing, sporting infrastructure and economic development, which includes upgrades for Bendigo Stadium, Bendigo Showgrounds and Bendigo Bowls and Croquet Club. Other major items of note for business relate to lifting the payroll tax thresholds and the introduction of the Commercial and Industrial Property Tax reforms for any commercial and industrial land purchase from July 1, 2024.

With more than 265,000 commercial and industrial properties across Victoria, these reforms will give purchasers the option to pay stamp duty on any purchase of commercial and industrial land over a 10 year period, rather than upfront. This will thereby free up more capital for businesses to reinvest and grow.

Another positive takeaway from the State budget is there are no new taxes for business, which is welcomed at a time when the cost of doing business has never been more expensive.”

The full suite of Budget papers can be found here https://www.budget.vic.gov.au/budget-papers.