The Federal Government’s 2019/2020 Budget handed down in April will set Victoria on a strong course for further economic growth, according to the Real Estate Institute of Victoria (REIV).
REIV CEO Gil King said the Budget is a shot in the arm for small business owners who are the backbone of our economy. “Most real estate agents are small businesses and local employers which will benefit greatly from company tax cuts to 25% and the significant increase in the immediate asset write-off,” Gil said.
The commitment of $6.2 billion in infrastructure to Victoria, the majority of which will go towards public transport and roads will also be well-received and help underpin the state’s real estate markets. This allocation of money includes the $2 billion Melbourne-to-Geelong rail project[i]. As part of this commitment, $1.1 billion will be allocated to suburban road upgrades, $750 million for the South Geelong-to-Warun Ponds rail[ii], $360 million for the final stage of the Western Highway duplication, almost $400 million from the Urban Congestion Fund and $490 million for roads of strategic importance.
The Budget also recognised one of Australia's fastest-growing population centres by committing up to $1.14 billion to upgrade suburban arterial roads in south-eastern and northern Melbourne. The Suburban Roads Upgrades will reduce congestion and increase the safety and reliability of the suburban road network across Melbourne's southeast and north.
Gil said, “This funding will help ameliorate the significant congestion issues that our city is facing and address the dire need for upgrades to suburban and regional roads, while having a positive impact on property values.”