Cost-of-living response may include changes to key property levies
Victoria’s newly appointed treasurer, Jaclyn Symes (pictured above), has indicated the state may consider changes to property taxation, including potential reforms to stamp duty, as part of broader efforts to ease housing pressure and living costs.
In her first budget since assuming the role in December, Symes delivered a $600 million surplus, while net debt is forecast to rise to $194 billion by 2028–29. Despite the growing debt, Symes said the budget focused on supporting residents facing cost-of-living challenges, with measures such as $18 million in food relief.
“People have asked, ‘Couldn’t you have had a higher surplus?’ Sure. But it wouldn’t have felt very good knowing we’re not supporting some of those services that people doing it really tough are relying on,” she said.
In an article published by The Guardian, Symes suggested she was open to reviewing housing-related taxes but stopped short of endorsing specific changes.
“I’m always open to having discussions about tax reform,” she said. “I’ve got the finances to manage so I can’t make reckless announcements.”
Housing is shaping up to be a central issue ahead of the 2026 state election. The Andrews government is seeking to boost homeownership among younger buyers by extending stamp duty discounts for new dwellings, while the opposition has revived a proposal to scrap the duty entirely for first-home buyers purchasing homes up to $1 million.
Shadow treasurer James Newbury said the change would offer “young Victorians the final leg up they need.” Symes, however, questioned the opposition’s policy, pointing out its lack of impact on supply.
Stamp duty remains a key source of state revenue, expected to contribute $11 billion by the end of the decade. Yet it faces growing criticism from economists and property experts who say it distorts the housing market. The Grattan Institute’s Brendan Coates described it as “the worst tax in Australia,” saying it restricts mobility, discourages downsizing and adds to costs for families dealing with separation.
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