2024-05-03
The Victorian Greens have urged the Treasurer to increase the state’s windfall gains tax on property developers, saying it would raise billions over the forward estimates.
A new Parliamentary Budget Office costing has revealed increasing the current levy – which ranges from 50 to 62.5 per cent depending on the property – to 75 per cent would raise $8.2 billion dollars over the next four years.
The Greens say this could then be invested in urgent cost-of-living relief for Victorians.
Victorian Greens treasury spokesperson, Sam Hibbins, said people across the state were struggling with the cost of things like rent, bills, and groceries.
Meanwhile greedy developers and profiteering corporations continued to rake in exorbitant profits with little government intervention.
A stronger windfall gains tax would help curb dodgy behaviour by developers while raising billions for things like affordable housing, healthcare, energy and public transport.
Earlier this week the Greens also unveiled their plans for a levy on the big banks, a social and affordable housing levy, and an increase to the online gambling tax. Collectively these three measures would raise an additional $6.5 billion dollars over the forward estimates.
Quotes attributable to Victorian Greens treasury spokesperson, Sam Hibbins MP:
“Victorians are being pushed to the brink.
“The cost-of-living is continuing to skyrocket, and too many people are struggling to pay for rent, bills, and groceries.
“But instead of helping, the government is planning a budget full of unnecessary cuts that will make people worse off.
“Increasing this tax will raise billions in the next few years that could make a real difference to the millions of people doing it tough, by investing it in things like affordable housing, healthcare, energy and public transport.
“The government has a choice in this budget – they can tax the property developers, big banks and profiteering corporations to help pay for the things that people need. Or they can take a chainsaw to our essential services.”