Young Victorian farmers will find it easier to get their start on the land, with stamp duty exemptions for farmers buying their first farm being lifted, bringing them into line with recent changes that benefit first home buyers.
The Andrews Labor Government will lift the young farmer stamp duty-free threshold from $300,000 to $600,000 for settlements from 1 July 2018.
This means farmers aged under 35 buying their first farm will pay no stamp duty on purchases up to $600,000. They will also get stamp duty discounts on first farms valued between $600,000 and $750,000.
The savings will reduce start-up costs and encourage more young people to make farming their livelihood.
The Victorian Budget 2018/19 will also boost agricultural exports, improve market access for farmers and increase research, development and innovation across the sector with $16.1 million allocated for the Growing Agriculture Exports, Farms and Tourism initiative.
This funding is designed to help farmers meet the requirements of our trading partners and provide greater confidence that products are safe, clean and free of pests and diseases.
The Budget will also invest $32 million to fund Victoria’s share of the $85.2 million East Grampians Water Supply Project to construct 1,600km of stock and domestic pipeline for up to 530,000 hectares of land in the Grampians region, improving water security for farmers and local communities.
It will also help the industry take advantage of opportunities and grow new products into new markets.
The Labor Government is boosting Victoria’s food and wine industry, with $4.1 million to support our growing wine businesses and a further $2 million for our emerging artisanal food industry.
The Budget also provides support for the Wine Growth Fund and implementation of the Victorian Wine Industry Development Strategy. It also continues the Tackling Phylloxera Program to help wine growers manage this insect, which is the number one threat to grapevines in Australia.
The Labor Government is also delivering on Regional Partnership Priorities with:
- $600,000 for the Food Next Door program in the Mallee region
- $700,000 for the Driving Gippsland Food and Fibre Agenda
- $50,000 for a Premium Produce Business Case in our Central Highlands region
The Labor Government will also fund the Victorian Small Business Commission’s farm debt mediation services to help Victorian farmers undertaking financial mediation with creditors.
Quotes attributable to Minister for Agriculture Jaala Pulford
“We’re slashing stamp duty for young first farm buyers, making it easier for young farmers to get their start on the land.”
“These investments will boost exports, open up new markets and help take more of our high-quality produce to the world.”
“Agriculture is worth billions to Victoria and employs more than 160,000 people – and we’re investing in it so it can continue to grow, create jobs and support regional communities right across Victoria.”
Reviewed 19 August 2020