VIC State Budget 2017-18 | Other Highlights

By Craig Whatman - May 2, 2017

Agricultural sector

The Budget provides support for farmers and primary producers through $86m in expenditure over the next four years for increased biosecurity services, eradication of imported fire ants, and assistance with electronic tagging of sheep and goat livestock. In addition, insurance duty will be abolished for agricultural products insured against damage from flood, fire and other accidents.

What this means for you

Middle market agriculture businesses may wish to revisit their insurance cover and consider whether the level of cover should be increased to account for the reduction in cost resulting from the abolition of insurance duty for agricultural products.

Environmental changes

The Budget commits $300m to invest in cleaner energy, biodiversity and reduction of state-wide emissions. An additional $162m will be allocated to the Environmental Protection Authority (EPA) to increase its investigatory and legal resources.

What this means for you

For property developers in Victoria, increased resources for the EPA may delay or prohibit development projects due to environmental issues. In addition, development projects near the Yarra River may face higher obstacles given the increased focus to protect the river over the next four years.

Middle market developers should ensure they satisfy the EPA regulations to reduce the risk of being non-compliant and stalling or potentially terminating their project.

More support for businesses

The Budget commits $90m for the next two years to attract and assist private sector business to invest in Victoria.

Sectors in the manufacturing, aviation, medical technologies, food and fibre sectors are being prioritised. This initiative has already attracted David Jones and Alibaba to Victoria.

What this means for you

Middle market businesses should seek opportunities to provide additional goods and services to large organisations increasing their presence in Victoria. 

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