We were lucky enough to hear from Australian Grand Prix Corporation CEO, Travis Auld – his first year at the helm and Chair the Hon. Martin Pakula who are growing this world class event, again putting Melbourne on the global stage.

The absolute highlight was our special guest – the voice of F1 himself, David Croft!

Albert Park is expected to see record crowds this year to catch the heart-stopping action of the Supercars and F1, providing an economic boon for the city.

And of course, we are right behind Aussies Daniel Ricciardo and Oscar Piastri!

In other major news today, the Australian Energy Market Operator issued a stark warning about gas reserves in Victoria.

You will know that the Chamber has been front and centre of this issue for the last 18 months and we will continue to be your strong advocate with the State Government.

Every business and household must have confidence in our future energy supply.

This week we gave everyone in business another example of how your membership fees enable us to deliver great policy outcomes.

After tireless advocating on behalf of business, we stood beside the Victorian Treasurer Tim Pallas as he announced the Victorian Government would introduce the Commercial and Industrial Property Tax Reform Bill 2024 to Parliament, abolishing stamp duty on commercial and industrial properties.

Treasurer Pallas noted the Victorian Chamber’s significant role in negotiating this landmark tax reform, saying we “strike a pretty hard bargain”.

“We were motivated to look at this as a consequence of the Chamber’s initial proposal… we worked on it together,” the Treasurer said.

From 1 July 2024, the Commercial and Industrial Property Tax (essentially a land tax) will abolish stamp duty paid when buying a commercial and industrial properties, replacing it with an annual property tax of one per cent of the property’s unimproved land value.
 
The first buyer will be able to choose to either pay the property’s final stamp duty up front or make annual payments over 10 years equal to stamp duty and interest. There is no change for existing property owners.

This will stimulate the property market and make it more affordable and sensible for business to upsize, downsize or relocate to suit their requirements.

For more detail on how the change will work, please see our news article.

We are delighted to continue our tradition of hosting the Treasurer the day following the State Budget, where he will highlight key features for our annual joint event with Melbourne Press Club. Now in its seventh year, the State Budget Lunch with Tim Pallas MP is a demonstration of access to decision makers.

Our gas survey results, highlighting the concerns and frustrations of our members, continue to make headlines – featured in The Australian on Wednesday and on Sky News with Ross Greenwood.

Our next survey is on The Importance of Apprenticeships, so whether you are an employer or would-be employer of apprentices, I urge you to please fill out the survey – it should only take ten minutes, the results are anonymous, and the data and sentiment we gather are greatly valued in shaping our policy and advocacy.

As Crofty would say, “lights out and away we go!” Have a great weekend.