Government incentives help keep regional business growing23/10/2017
More than $1.2 billion in investment, and over 4,600 jobs created and retained in the last two years confirm that government incentives are helping encourage growth in the regions.
These strong results coincide with a recent upsurge in regional building approvals. Victorian Building Authority data released last month shows that regional and rural Victoria recorded higher growth rates for building than in metropolitan Melbourne – increasing 6.9 per cent on the previous financial year to more than $5.8 billion.
This complements the Victorian Government’s latest regional support measures. They include doubling the First Home Owner Grant to $20,000 for newly built homes in the regions and cutting payroll tax rates by 25 per cent for businesses operating in regional Victoria.
The increase in the First Home Owner Grant is expected to help up to 6,000 young buyers over the next three years. The payroll tax rate reduction from 4.85 per cent to 3.65 per cent means regional Victoria now has one of the most competitive payroll tax rates in Australia. It benefits about 4,000 existing businesses and will encourage more to establish in the regions. It is also likely to support regional Victorian jobs growth – already the fastest in the nation.
The First Home Owner Grant and payroll tax rate reductions are highlighted in Ready when you are, the Government’s new campaign to encourage more people to move to regional Victoria.