“The Committee for Geelong is concerned about key elements in the State Government’s proposed Windfall Gains Tax (WGT) set to be introduced to Parliament this week.
In meetings with the State Government, we have raised these concerns and welcome initial changes made including a longer transition period, increased exemptions and improvement to the valuation process.
While we await the full details from the Bill, we are very concerned that Geelong greenfield developers will be at a competitive disadvantage by paying a higher tax rate compared to metropolitan growth areas which have a Growth Area Infrastructure Charge (GAIC) levied.
With significant growth occurring in the region, the Committee for Geelong has long advocated for a GAIC or equivalent to be created for Geelong growth areas. With this growth we also need significant funding for infrastructure and the current Windfall Gains Tax structure sees all revenues raised return to general revenue. The Committee for Geelong believes that the funds raised must be returned to the regions where it has been levied to support the necessary infrastructure required.”
CEO Committee for Geelong