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By Dev Mukherjee.
Published on the VCOSS Voice on 29 April 2016.
The 2016 Victorian Budget projects substantial surpluses over the next four years. This is driven by revenue rising faster than expenditure over the four years.
Revenue is expected to grow by an average of 3.4 per cent per annum over the next four years while expenditure is projected to grow by 3.3 per cent per annum.
There are expected to be significant increases in state taxation revenue especially revenue from land tax and payroll tax. Revenue from payroll tax is expected to grow strongly over the next four years despite a phased increase in the threshold which will narrow the payroll tax base.
The revenue from the Goods and Services Tax (GST) is also expected to grow strongly over the next four years as total GST revenue across Australia increases and the proportion of that revenue coming to Victoria increases in line population growth.
Revenue from land transfer duty (stamp duty) is expected to decline in 2016-17 as turnover in the property market slows. It is expected to rise from 2017-18 onwards.
Thumbnail image: “Rivers of Gold” by Staphanie Anderson (Twitter).