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Labor’s taxes, cost blowouts push home ownership dream further out of reach

Dreams of home ownership for young Victorians and Victorian families continue to slip further away as Daniel Andrews’ taxes push property prices even higher.

New data released by the ABS this week shows that the cost of housing in Victoria rose by 20 per cent in 2021, with the average price of a family home increasing from $800,700 to $956,100 - an increase of $155,400.

Across this same period, average Victorian full time wages increased only 2.4 per cent, meaning for many the great Australian dream of home ownership is increasingly unattainable under Labor.

Whilst increasing property prices continue to push homes out of reach of Victorians, Daniel Andrews stamp duty revenues and major project cost blowouts continue to skyrocket.

In 2014-15 Victorian’s paid $4,938.3 million in land transfer tax, in 2020-21 after 6 years of Labor Victorians paid $6,424.4 million, an increase of 30 per cent.

Shadow Treasurer David Davis said it was little wonder why Daniel Andrews is addicted to raising property taxes when he doesn’t think young Victorians aspire to own their own home.

“Home buyers and young Victorians have been hit time and again by new taxes by the Andrews Labor Government.”

“With Daniel Andrews so out of touch and thinking young Victorians don’t want to own their own home, it should be no surprise he keeps hiking property taxes.”

“Labor has wasted billions of dollars on cost blowouts that could’ve been used rebuilding from COVID or cutting taxes to ease cost of living pressures.”

“Victoria will never recover and rebuild whilst families and home buyers are left paying the price of Labor’s mismanagement.”

A Matthew Guy Liberals and Nationals Government have committed to introducing no new taxes so local communities can move forward in confidence.

David Davis MP

Shadow Treasurer

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