Greens Propose Commercial Vacancy Tax Aiming to Revive Melbourne’s Retail Spaces
Victorian Greens suggest a new tax policy targeting vacant commercial properties to stimulate economic activity in Melbourne's retail areas.
The Victorian Greens have proposed a new policy aimed at revitalizing struggling shopping areas in Melbourne by introducing a 2% commercial vacancy tax on property owners who leave their premises unoccupied for more than six months.
Announced ahead of the Prahran by-election on February 8, this policy seeks to incentivize landlords to maintain occupied commercial spaces, thereby supporting local businesses and the economy.
The proposal targets areas like Chapel Street in Prahran, known for a significant number of empty shops impacting local economic vibrancy.
Greens' candidate for the Prahran by-election, Angelica Di Camillo, emphasized the tax's potential to generate approximately $258 million over four years, according to independent predictions from the Parliamentary Budget Office.
The generated funds could be used to support traders and artistic endeavors in these spaces.
In a related context, the Western Australian government has initiated talks to reverse the privatisation of its freight rail network, particularly the dormant tier-3 lines.
These have been out of operation since 2014, which has led to increased road traffic as freight transportation shifted to trucks, affecting regional road conditions.
In another economic development, the well-known Rivers brand will be closing after a 45-year history as part of the Mosaic Group that went into administration.
Additionally, Myer, one of Australia's largest retail chains, has finalized a deal to acquire Premier Investments' clothing division, hoping to expand its retail footprint across Australia and New Zealand.
BlueScope Steel is advancing with a $1.15 billion relining project for its number six blast furnace as part of efforts to sustain its Port Kembla operations into the future, while integrating energy-efficient technologies.
Announced ahead of the Prahran by-election on February 8, this policy seeks to incentivize landlords to maintain occupied commercial spaces, thereby supporting local businesses and the economy.
The proposal targets areas like Chapel Street in Prahran, known for a significant number of empty shops impacting local economic vibrancy.
Greens' candidate for the Prahran by-election, Angelica Di Camillo, emphasized the tax's potential to generate approximately $258 million over four years, according to independent predictions from the Parliamentary Budget Office.
The generated funds could be used to support traders and artistic endeavors in these spaces.
In a related context, the Western Australian government has initiated talks to reverse the privatisation of its freight rail network, particularly the dormant tier-3 lines.
These have been out of operation since 2014, which has led to increased road traffic as freight transportation shifted to trucks, affecting regional road conditions.
In another economic development, the well-known Rivers brand will be closing after a 45-year history as part of the Mosaic Group that went into administration.
Additionally, Myer, one of Australia's largest retail chains, has finalized a deal to acquire Premier Investments' clothing division, hoping to expand its retail footprint across Australia and New Zealand.
BlueScope Steel is advancing with a $1.15 billion relining project for its number six blast furnace as part of efforts to sustain its Port Kembla operations into the future, while integrating energy-efficient technologies.
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