Posted on 21. Nov, 2010 in Election Media Release, News

Opposition Leader Ted Baillieu’s stamp duty promise is a hoax that he knows will break the budget, Treasurer John Lenders and Finance Minister Tim Holding said today.

Mr Lenders called on Mr Baillieu to immediately submit his policies for costing by the Victorian Treasury because they now posed a significant risk to the State’s budget and economy.

“There will be no stamp duty cuts under Ted Baillieu. Mr Baillieu’s $13 billion in election promises make a complete lie of his stamp duty promise,” Mr Lenders said.

“This is precisely why Mr Baillieu refuses to submit his election policies for costing by the independent Victorian Treasury. Mr Baillieu knows this pledge is a hoax and that he can never deliver what he has promised.

“This is not a game, as Mr Baillieu claims it to be. Mr Baillieu must immediately submit his policies for costing by the Victorian Treasury, so that Victorians can get the full picture of what his economic vandalism would do to our State.”

Mr Lenders said that in stark contrast to Mr Baillieu’s stamp duty lies, Labor had put forward sensible and affordable cuts to stamp duty and would do the hard work of tax reform.

Mr Lenders said Labor would:

  • Abolish stamp duty on newly built first homes in regional Victoria from 1 March 2011, at a cost of $115.4 million over four years;
  • Continue Australia’s most generous First Home Owner’s scheme next financial year, at a cost of $138.7 million; and
  • Establish a Taskforce to consider future new actions on tax reform, as the Commonwealth continues its Australian’s Future Tax System Review process.


“This is the only affordable option at this time,” Mr Lenders said. “It will ease pressure in Melbourne’s suburban housing market, it will drive jobs and economic opportunities in regional Victoria and enable our Government to continue to invest in frontline services and key infrastructure like roads, rail, hospitals and schools.”

Finance Minister Tim Holding said Mr Baillieu had learned nothing from his five years as Opposition Leader and had returned to Baillieuland where money grows on trees.

“Through our strong budget management, Victoria’s economy made it through the Global Financial Crisis – but we cannot survive the Baillieu Financial Crisis,” Mr Holding said.

“No wonder Kim Wells has been too scared to show his face so far in this campaign, he knows Mr Baillieu is telling lies and he know he is being asked to destroy the Victorian economy.”

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