Victorian Budget 21/22

Revitalising our CBD

Melbourne’s central business district (CBD) is a vibrant part of our state, but was hit hard during the pandemic.

Young woman at ACMI exhibition

Our support in this year's Budget builds on our investments in the 2020/21 Budget to help businesses and landlords to rebound and regrow.

Driving economic activity in the CBD

This Budget provides $107 million to help drive economic activity and revitalise Melbourne’s central business district. This includes $7.4 million for a new voucher scheme to entice Melburnians and visitors to support our city cafes and restaurants.

Melbourne City Revitalisation Fund

The $200 million Melbourne City Revitalisation Fund – jointly funded with the City of Melbourne – will also help renew city spaces and support CBD arts and cultural events.

New tax relief measures

This Budget also includes tax relief measures to support home buyers and local construction jobs, including:

  • a concession of up to 100% of stamp duty for new dwellings worth up to $1 million in the Melbourne local government area
  • temporarily increasing the eligibility thresholds for off-the-plan purchases
  • extending the vacant residential land tax exemption for new developments.

This builds on the significant supports provided in the last Budget, including payroll tax breaks and land tax reductions for businesses and landlords most impacted by the pandemic.

Media release

Driving Recovery Through Industry, Tourism And Sport

Reviewed 20 May 2021


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