Latest news with #JaclynSymes
AU Financial Review
3 days ago
- Business
- AU Financial Review
Victorian public service changes begin ahead of cost-cutting report
The Victorian public service has quietly started a restructure at several agencies and departments ahead of the release of a widely anticipated cost-cutting review that has been tasked with consolidating entities and slashing up to 3000 public sector jobs. Treasurer Jaclyn Symes late last month received a report by Helen Silver, a former department secretary and National Australia Bank executive, that has made recommendations on cutting underperforming programs and merging agencies as part of a clean out of the public service.
News.com.au
6 days ago
- Business
- News.com.au
Vic homebuyer risks losing deposit after ‘stratum' mistake in VHF
A Victorian first-home buyer has revealed they might lose their $43,000 deposit after trying to use a recently extended state government support program. And it's not yet clear if the soon-to-be implemented federal program that mirrors it will contain the same trap. Earlier this month state Treasurer Jaclyn Symes announced access to the Victorian Homebuyer Fund would be extended beyond its June 30, 2025, deadline — until an $800m funding top up provided in the 2024 budget is exhausted. Melbourne first-home buyers share tips on how they're getting ahead Call to give Boomers $1m housing tax cut But a Reddit user over the weekend has revealed missing a fine print clause while trying to use the scheme could be set to cost them their home deposit. The VHF specifically prohibits purchases for homes that have a stratum title. This refers to a home where common areas are owned by a company, and buyers receive shares in that company. It is different from strata homes, which are typically accepted by the VHF, in which you share ownership of the land underpinning common areas. The Reddit user's post revealed they were now seeking ways to try and avoid forefitting their deposit, after committing to a purchase contract, but were becoming worried this might not be possible. The government was unable to confirm exact numbers of buyers who have had applications rejected by the scheme, but said it was rare as the bank lenders that back it typically spotted issues ahead of a contract being signed or a formal application being made. Prominent buyer's advocate Cate Bakos said even most banks would not lend more than 60 per cent of the cost of a stratum titled property — meaning first-home buyers rarely purchased them. 'And the VHF are very fussy and particular; if there are any quirks, you need to make sure they are comfortable before buying,' Ms Bakos said. While noting the government co-buying scheme would suit some buyers, she said issues with stratum purchases was just one of a number of reasons it was better for homebuyers to seek alternative support programs. 'You are in bed with the government, and if that can be avoided and you can buy something under tour own steam, that would be my preference for people,' Ms Bakos said. Her advice for first-home buyers considering it was to look at alternatives, such as the First Home Guarantee – which could help you buy a home with a more modest 5 per cent deposit. Ms Bakos said the Victorian government should be reconsidering its current stamp duty concession thresholds, noting that it was now lower than that offered in Tasmania, where first-home buyers pay no stamp duty for homes worth up to $750,000. 'We need to redefine our caps on stamp duty concessions, we have not kept up with the pace of growth,' she said. 'It is fantastic for first-home buyers, but not if it's out of date. Finding something suitable for under $600,000 is getting very challenging.' In this year's budget the state government did announce a $61m top up to the stamp duty concession program in order to continue funding it, but did not extend the caps on purchase prices — which remain the same as in 2017. While there are potential pitfalls to co-buying schemes with the government, Victorians might be among a limited few nationwide to potentially have their choice of purchasing alongside the state or federal government. The VHF had been slated to end on June 30, 2025, but with an extension the government expects to help another 2600 more Victorians — over the next few months. Treasurer Jaclyn Symes said the extension was a 'massive win for young families and young Victorians'. 'Extending the fund will make a real difference and help more Victorians get into a home sooner,' Ms Symes said. However, a similar federal scheme called Help To Buy is slated to commence in the second half of this year. Depending when that happens it is possible Victorians might be able to choose between the two programs for a short time. While they both offer a shared-equity arrangement with the government, there are significant differences. The Victorian scheme is available for those with an at least 5 per cent deposit and could have up to 25 per cent of the home paid for buy the government. The figures are a 3.5 per cent deposit for an up to 35 per cent buy-in from the government for those of Aboriginal and Torres Strait Island descent. Purchase prices are capped at $950,000 in Melbourne and Geelong, or $700,000 around the rest of the state — an increase from when the program was first implemented. It is not limited to first-home buyers and has supported a number of those who sold homes during divorces and were unable to repurchase a residence, but buyers cannot earn more than $140,230 a year income as singles, or $224,370 as a couple or single parent. There are also limits on the types of homes barred, such as those subject to stratum titles (not strata, a common title for apartments, units and townhouses). Since its launch, the typical purchase price has been $615,000, and it has assisted 15,400 Victorians to purchase a home — more than two thirds of them first-home buyers. The federal scheme is still listed to commence in the second half of 2025 and will offer an even more generous support, covering up to 40 per cent of the purchase price for a new build and 30 per cent for an established home. In the lead up to the May election had its price caps raised to $950,000 in metropolitan areas and $650,000 in regional ones. It is likely to be more competitive than the Victorian scheme has been, offering 40,000 places over four years nationwide. In order to get the same number of places as they have typically used a year since the VHF commenced, Victorians would need to claim about 40 per cent of the annual 10,000 total. Income caps are also lower than the Victorian scheme, topping out at $100,000 for singles and $200,000 for couples and single parents. However, the federal scheme only requires a 2 per cent deposit. It specifically prohibits applications for those using other shared equity schemes, but it is not yet known if it will bar the purchase of fine print terms such as stratum.
The Age
15-07-2025
- Politics
- The Age
Deafening silence is government's shameful habit when it comes to taxpayers' money
The state government has a problem. It does not know how or when to speak to people. It seems unable, either through incompetence, ignorance, arrogance or just plain lack of will, to communicate to Victorians about things that will profoundly affect them. Memo premier and ministers, photo ops in high vis at construction sites don't cut it. The latest example of Victorians being left in the dark is the Outer Metropolitan Ring. The Age revealed this week that the OMR, one of the largest transport projects in the state's history, is slowly grinding its way into reality. The plan is for a 100-kilometre rail and road corridor to be carved out in Melbourne's outer north and west. A public acquisition overlay was placed on the corridor 15 years ago. Some might argue this was later than it should have been, but still this was an act of thinking about the future. The state has spent $350 million compensating landowners along the route for taking their property. This is a logical progression from the land reservation if the government plans to proceed with the project. But does it? We know that in 2021-22, the state and federal governments jointly put together $20 million in a preliminary business case. We don't know what it found. A freedom-of-information request by The Age was rejected on the grounds of cabinet confidentiality. This is unacceptable. We can accept confidentiality is necessary on matters such as security. The Outer Metropolitan Ring is a transport project. Victorians should know what is being discussed concerning their money, especially as now at least $350 million has been spent. Acting Premier Jaclyn Symes said this week that the project was 'not a proposal that we're actively considering' but 'preserving land for a future decision is an appropriate course of action'. This walks past The Age 's revelation that the government's own planners warned that the first component of the OMR was needed by 2031 to help address stifling congestion and the growing population in Melbourne's north and west. Then there is the associated freight rail line. This is a crucial part of the project, giving freight trains exclusive use of a 73-kilometre link from Werribee to Beveridge, thus removing them from the suburban rail network.
ABC News
22-06-2025
- Business
- ABC News
Thousands of Victorian businesses to receive payroll tax relief next month
Tens of thousands of Victorian businesses are expected to pay less in tax, with payroll tax changes to be introduced next month. The change will see the payroll tax-free threshold rise from $900,000 to $1 million on July 1. Premier Jacinta Allan said it was expected that 28,000 businesses would be paying less, with an additional 6,000 businesses now exempt from the tax altogether. The changes to payroll tax have been earmarked since 2023, with the government raising the threshold first from $750,000 to $900,000 in July last year. The move comes amid forecasts of record high levels of debt, with the premier conceding there would be some recalculations required. "Yes, this does require an adjustment to our budget and our revenue, but this is an investment in business and jobs and growth," Ms Allan said. Payroll tax was projected to form the biggest source of revenue for the government in the 2025/26 financial year. Treasurer Jaclyn Symes said the affected businesses would save up to $14,500 each. "That has obviously been something that we've factored in over the forwards [projections]," Ms Symes said. Along with the changes to payroll tax, the government will also cut red tape in the planning system. On July 1, the government will scrap the requirement for businesses to apply for planning permits for liquor licensing. Business Wodonga chief executive Graham Jenkin said the permanent changes to licensing requirements had been expected for months but it would be great for regional restaurants and cafes. "This is great because Victoria really has more red tape than any other state government in in Australia, so anything that can reduce red tape which is an obstacle to doing business," Mr Jenkin said. "Business owners don't want to be spending all of their time doing reports." But Mr Jenkin said any changes to payroll tax would make no difference to small businesses who were still recovering from COVID. He said a further range of targeted measures needed to be implemented to help those who were running small-to-medium businesses in Victoria. "A lot of very small businesses will of course see no benefit from it," he said. "It could be a subsidy of council rates, [it] could be less of the Victorian emergency services and volunteers fund levy that small businesses will be forced to pay." Mr Jenkin said more training and development workshops in regional areas and more work in mental health for business owners struggling financially were also essential.
Sky News AU
21-06-2025
- Business
- Sky News AU
Victoria put on ‘credit-rating watch' amid Treasurer Jaclyn Symes's economic mismanagement
Victoria Shadow Treasurer James Newbury discusses lawyer and Victorian Treasurer Jaclyn Symes's New York visit amid Victoria's growing economic debt. 'The credit rating agencies contradicted everything she said, they said there are fundamental issues which we know, with the government's mismanagement,' Mr Newbury told Sky News host Steve Price. 'The fact that they've put us on a credit-rating watch tells us why we have the worst credit rating in the country.'
