Latest news with #ParliamentaryBudgetOffice
9 News
7 days ago
- Business
- 9 News
Victorian opposition pledges to ditch stamp duty for first-home buyers
Your web browser is no longer supported. To improve your experience update it here Stamp duty will be scrapped for first-home buyers who purchase any property valued up to $1 million if the Victorian Liberals and Nationals are elected at next year's state election. Opposition Leader Brad Battin and Shadow Treasurer James Newbury announced the "bold and visionary plan" as part of its budget reply. The tax-exemption would be applied to more than 17,000 first-home purchases in its first full year, according to estimations by the Parliamentary Budget Office. Victorian Opposition Leader Brad Battin and Shadow Treasurer James Newbury. (Getty images) Battin said described the policy, which forms the centrepiece of the opposition's budget reply, a "common-sense reform" that would deliver "the circuit-breaker Victoria desperately needs". "Labor's war on property and addiction to tax has destroyed confidence in the economy," he said. "We need a plan to grow, not just tax and spend." Newbury added the proposal focused on "giving aspirational first home buyers the final leg up they need" "This policy is about rewarding aspiration. It's about giving young Victorians a fair go," he said. "For too many young Victorians, the first home dream has become a nightmare. "This policy is about backing in renters that have been stuck in the rental market not by their own choice, but by a tax system that is stacked against them."' On a $750,000 home, Victorians pay an average of $40,000 in up-front stamp duty. In October 2024, the Allan Government announced a 12-month stamp duty concession for off-the-plan apartments, units and townhouses. That tax cut is available for homes of any value and is not limited to first-home buyers. The concession is tipped to save home-buyers an average of $25,000 in its first full year, according to Allan. Victoria national Victoria Politics Tax Victorian Politics Victorian Election CONTACT US Property News: He was evicted. Then he saw his home on Airbnb.
Sky News AU
7 days ago
- Business
- Sky News AU
‘Common sense reform': Victorian opposition vows to axe stamp duty for first home buyers in major housing policy announcement
Stamp duty on properties worth up to $1 million will be scrapped for first home buyers in Victoria if the Coalition wins next year's state election. The state opposition announced the plan ahead of Tuesday's budget reply speech, setting the stage for housing to be a major election battleground. The stamp duty exemption will exist for all first home buyers purchasing properties up to $1 million. According to the Parliamentary Budget Office, the plan will benefit up to 17,000 Victorians, with savings of up to $55,000. Victorian Opposition Leader Brad Battin said the Coalition's housing policy was the 'circuit-breaker Victoria desperately needs.' 'This is a bold, common-sense reform that backs aspiration, rewards hard work, and helps young Victorians break into the housing market,' Mr Battin said. Shadow treasurer James Newbury said the policy would remove one of the biggest barriers to young people getting on the housing ladder. 'For too many young Victorians, the first home dream has become a nightmare,' Mr Newbury said. 'This policy is about giving aspirational first home buyers the final leg up they need. 'It's about giving young Victorians a fair go.' A first home buyer stamp duty exemption exists for properties worth up to $600,000, with concessional rates for properties up to $750,000. Owner occupiers whose properties are valued at less than $550,000 are also eligible for reduced stamp duty fees. Earlier this month, the Allan government announced a 12-month extension to its temporary stamp duty savings scheme for apartments, units and townhouses that are bought off the plan. Speaking to reporters on Tuesday, Premier Jacinta Allan said the opposition's policy was a "cut and paste" of the government's existing policy. "What we've seen is a bit of a cut and paste from the Liberal Party of arrangements that we already have in place here in Victoria," Premier Allan said. "There are more first home buyers in Victoria than any other state in the nation, because we have existing arrangements in place that support them, and because we are building and completing more homes than any other state." The Premier also asked how the Coalition would pay for its commitment. "There's a big, giant question mark over this announcement today... because they have not come clean with Victorians on how they intend to pay for this announcement today," Ms Allan said. "What frontline services will they cut? What schools? What hospital services will they cut to pay for this commitment? "You just can't announce part of the policy... they have to explain the full arrangements. "It just demonstrates again that young Victorians know you can't trust the Liberal Party when it comes to helping them buy their first home, and Victorians more broadly know you can't trust the Liberal Party, because when it comes to these sorts of decisions they will cut into those frontline services that families rely on." The Victorian Property Council backed the Coalition's housing announcement on Tuesday, with Executive Director Cath Evans describing stamp duty as the 'worst property tax of the lot'. 'Stamp duty acts as a tax on people's aspirations, and current stamp duty exemption thresholds have not kept pace with the increase in average housing property prices,' Ms Evans said. 'This would remove a key obstacle to people's ability to enter the housing market and sends a shot of confidence to the industry when it's much needed.' The Property Council boss said taxes and charges account for up to 43 per cent of the cost of a new home, a situation she described as 'unsustainable'.
The Age
01-05-2025
- Health
- The Age
This disease has infected America. Australia must remain immune
The toll of preventable chronic disease is rising fast. More than two-thirds of Australian adults are overweight or obese, putting them at increased risk of heart disease, diabetes, and cancer. Yet despite commitments to prevention – including plans to tackle obesity and chronic disease – governments haven't followed through. Australia's prevention spending remains well below the average among wealthy nations. Countries such as Canada and the UK allocate a much bigger share of their health budgets to prevention, recognising that long-term investment in public health saves lives and money. Loading As well as spending more, other countries have adopted taxes and regulations to promote healthy choices. These include taxes on sugary drinks (adopted in more than 100 countries), stricter limits on salt in manufactured foods, and bans on junk food advertising to children. Not only are we failing to introduce policies embraced by our peers, but policies we've had for decades are starting to fail us. Each year since 2020, vaccination rates for children in Australia have fallen. Too many older people are missing out on vital vaccines as well. Last winter, one in five aged care homes vaccinated less than half their residents against the flu. And now, new threats to public health are on the horizon. The ongoing bird flu outbreak across North America highlights the risk of another pandemic. The virus has been detected in many wild bird species, has spread to livestock, and has infected 70 people, resulting in one death. And as the climate gets hotter, new risks will follow from bushfires, heatwaves, and tropical diseases moving south into more populated parts of Australia. Despite longstanding and emerging threats, complacency reigns. Even the loudest wake-up call imaginable didn't work. A once-in-a-century pandemic that upended the country, killed tens of thousands, and left many more with ongoing symptoms. It has resulted in disappointingly little change. Some new pandemic preparedness measures have been announced, and we've seen progress on problems like vaping. But Australia's promised Centre for Disease Control hasn't been legislated or fully established, and there is no sign that governments are shifting their focus towards keeping Australians healthy. Loading That slide back into complacency after a crisis is a well-known problem in public health, called the 'panic-neglect cycle'. When political incentives, vested interests, and short-termism block policies that are in the national interest, independent institutions can help break the panic-neglect cycle. Election season is a great time to see them in action. As the campaign heats up, Australia's independent bodies are beavering away. The Australian Electoral Commission, the nation's most trusted public service body, is making sure the rules are followed and the election runs smoothly. The Parliamentary Budget Office will publish an independent costing of every election commitment, free from political spin. The next parliament will have a golden opportunity to establish a similarly independent, capable, and well-resourced Centre for Disease Control. The Coalition doesn't think we need one at all. But independent MPs – who could be an influential force in the next parliament – might advocate for this reform. The last time Australia had a minority government, independents fought for the creation of the Parliamentary Budget Office. In the current term, they were crucial in pushing for an independent National Anti-Corruption Commission. The chance to establish a truly independent Centre for Disease Control doesn't come often. Done right, it could safeguard Australians' health for generations – and finally break the panic-neglect cycle for good.
Sydney Morning Herald
01-05-2025
- Health
- Sydney Morning Herald
This disease has infected America. Australia must remain immune
The toll of preventable chronic disease is rising fast. More than two-thirds of Australian adults are overweight or obese, putting them at increased risk of heart disease, diabetes, and cancer. Yet despite commitments to prevention – including plans to tackle obesity and chronic disease – governments haven't followed through. Australia's prevention spending remains well below the average among wealthy nations. Countries such as Canada and the UK allocate a much bigger share of their health budgets to prevention, recognising that long-term investment in public health saves lives and money. Loading As well as spending more, other countries have adopted taxes and regulations to promote healthy choices. These include taxes on sugary drinks (adopted in more than 100 countries), stricter limits on salt in manufactured foods, and bans on junk food advertising to children. Not only are we failing to introduce policies embraced by our peers, but policies we've had for decades are starting to fail us. Each year since 2020, vaccination rates for children in Australia have fallen. Too many older people are missing out on vital vaccines as well. Last winter, one in five aged care homes vaccinated less than half their residents against the flu. And now, new threats to public health are on the horizon. The ongoing bird flu outbreak across North America highlights the risk of another pandemic. The virus has been detected in many wild bird species, has spread to livestock, and has infected 70 people, resulting in one death. And as the climate gets hotter, new risks will follow from bushfires, heatwaves, and tropical diseases moving south into more populated parts of Australia. Despite longstanding and emerging threats, complacency reigns. Even the loudest wake-up call imaginable didn't work. A once-in-a-century pandemic that upended the country, killed tens of thousands, and left many more with ongoing symptoms. It has resulted in disappointingly little change. Some new pandemic preparedness measures have been announced, and we've seen progress on problems like vaping. But Australia's promised Centre for Disease Control hasn't been legislated or fully established, and there is no sign that governments are shifting their focus towards keeping Australians healthy. Loading That slide back into complacency after a crisis is a well-known problem in public health, called the 'panic-neglect cycle'. When political incentives, vested interests, and short-termism block policies that are in the national interest, independent institutions can help break the panic-neglect cycle. Election season is a great time to see them in action. As the campaign heats up, Australia's independent bodies are beavering away. The Australian Electoral Commission, the nation's most trusted public service body, is making sure the rules are followed and the election runs smoothly. The Parliamentary Budget Office will publish an independent costing of every election commitment, free from political spin. The next parliament will have a golden opportunity to establish a similarly independent, capable, and well-resourced Centre for Disease Control. The Coalition doesn't think we need one at all. But independent MPs – who could be an influential force in the next parliament – might advocate for this reform. The last time Australia had a minority government, independents fought for the creation of the Parliamentary Budget Office. In the current term, they were crucial in pushing for an independent National Anti-Corruption Commission. The chance to establish a truly independent Centre for Disease Control doesn't come often. Done right, it could safeguard Australians' health for generations – and finally break the panic-neglect cycle for good.
Bloomberg
22-04-2025
- Business
- Bloomberg
Canada's Conservatives Pledge to Cut Taxes, Shrink Deficits
Canada's Conservative Party is promising to run smaller deficits than the incumbent Liberals as it bets heavily on tax cuts and deregulation spurring an economic boom, especially in the country's energy sector. Pierre Poilievre's plan would reduce the federal government's shortfall to C$31.4 billion ($22.7 billion) this year, according to the party's election platform released Tuesday. That compares to the C$46.8 billion estimated by the Parliamentary Budget Office in March. Over the next four years, the Conservatives' cumulative shortfalls would total C$100.6 billion.
