VIC State Budget 2024/25
09/05/2024
The Victorian State Budget 2024/25 seeks to address the inflationary and interest rate pressures and focuses on health and education spending. With high debt levels, Treasurer Tim Pallas has curbed infrastructure expenditure with property taxes set to increase.
Key takeaways
- Focus on hospitals and schools.
- Health spending is 31% of the 2024-25 budget’s operating expenses.
- Infrastructure spending program has an added $4.9bn for targeted new investments in critical areas.
- The already announced Commercial and Industrial Property Tax (CIPT) regime is on the horizon.
- Delay of Airport Rail link.
- Payroll Tax threshold to be lifted to “make things easier” for small business.
