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Young farmers buying their first property will be exempt from paying stamp duty under a Victorian Liberal Nationals Coalition Government.
Shadow Minister for Agriculture and Deputy Leader of The Nationals Peter Walsh said a Coalition Government would provide $6 million over four years to give young farmers a helping hand to buy their first property.
“The cost of stamp duty in buying land is a huge hurdle for young people attempting to establish themselves in Victoria’s agricultural industry,” Mr Walsh said.
“With the average age of our farmers increasing and young people not entering the industry, it’s time to help young farmers who are buying their first property.
“A Coalition Government will reduce the cost burden by exempting farmers under the age of 35 from paying stamp duty on the first $300,000 worth of agricultural land purchased.
“The exemption is designed to arrest the flow of young people forced to leave traditional farming backgrounds.
“A Coalition Government will also retain the First Farm Grant, spending up to $2 million to give young farmers access to business advice and a cash grant to kick start their businesses.”
Mr Walsh said the future of food and fibre production in Victoria depended on the next generation of farmers.
“Almost 20 per cent of Victorian workers are employed in agriculture and associated food and fibre industries,” Mr Walsh said.
“Our plan recognises the huge contribution agriculture makes to our state and the vital role it will continue to play in the future growth of Victoria’s economy.
“These incentives will encourage young people to commit themselves to a future in the industry to guarantee the long-term security of the state’s food supply.”
Mr Walsh said the stamp duty exemption and the commitment to the First Farm Grant built on the Coalition’s commitment to provide $1 million to revitalise the Victorian Young Farmers organisation.
“The Coalition’s plan will go a long way to redressing the failures of the Brumby Government, which for 11 years has not done enough to help young farmers,” Mr Walsh said.
“Labor’s numerous food strategies have all failed to increase food and fibre exports.
“After 11 years of Labor, food and fibre exports have stagnated at $6 billion, just half of the $12 billion Labor promised they would reach by 2010.
“Only the Coalition is committed to providing our industry with the economic, social and educational support it needs to ensure a vibrant and prosperous future,” Mr Walsh said.