VICTORIAN TAX REVENUE

Victoria’s recent state budget has provided an overview of wear tax revenue is derived:

 

Financial Year               FY2023           FY2024

Payroll                                 $8.3b                 $10.6b

Stamp Duty                        $8.7b                 $8.3b                  Combined $15.6b

Land Taxes                         $5.4b                 $7.3b

Motor Vehicles                  $3.2b                  $3.5b

Gambling Taxes                $2.5b                  $2.5b

Insurance Taxes                $1.9b                  $2.1b

Fire Services Levy             $0.8b                 $0.9b

Other Taxes                        $1.6b                  $1.8b

 

Victoria has the most expensive property costs in the country, which also provides the largest source of revenue.

Government is addicted to this revenue and cannot give it up.

Like all addictions, a vicious cycle exists which requires a detox program to wean off the addiction.

 

https://www.abc.net.au/news/2024-05-08/victorian-state-budget-in-seven-charts/103814958