The 2021-22 Victorian State Budget was delivered on 20 May 2021 by Treasurer Tim Pallas. The key feature of the 2021-22 Budget was the recovery from the economic impact of COVID-19. However, the resulting cost is manifested in another key feature of the Budget, tax increases and new taxes and levies
The Budget introduces some important measures to support the recovery of the Victorian economy, mental health reform and targeted social initiatives. However, this does come at a cost. That cost is tax increases and some new taxes and levies. Victoria has now moved into unchartered territory of having one of the highest stamp duty and land tax rates in Australia. Yet to be tested is what impact that cost will have on future economic activity.
