Measures to lower regional business costs, attract new investment and fund vital infrastructure are key pluses for Victorian tourism in the 2019-20 State Budget.
Victoria Tourism Industry Council (VTIC) Chief Executive Felicia Mariani said today’s announcement of a progressive 50 per cent reduction in land stamp duty for regional Victoria will help unlock the potential for new tourism investment and development across the state.
Regional tourism businesses will also benefit from the cut to the regional payroll tax rate, to 1.21 per cent by 2022-23, cementing regional Victoria’s status as the most attractive place in Australia to do business.
“With investment key to growing regional Victoria, VTIC welcomes the announced land stamp duty and payroll tax relief, however these measures must be complemented with wider reforms that reduce the complexity of the planning regime,” Ms Mariani said.
VTIC is pleased to see almost $61 million in direct investment for various tourism initiatives in 2019-20, including $32 million for Visit Victoria.
“While this investment in Visit Victoria is positive, a longer-term funding allocation is needed to ensure the state’s primary marketing agency can elevate Victoria’s status as a must-see destination at home and abroad.
VTIC applauds the budget’s investment in 2019-20 to grow the state’s art and cultural offering, including:
“We look forward to working closely with the Andrews Government on initiatives to grow our significant Visitor Economy that contributes over $28 billion to the state and employs over 215,000 Victorians.
“The tourism and events sector is a key economic pillar for Victoria and warrants continued investment to maintain growth trajectory,” Ms Mariani concluded.