A Thriving Local Economy & World Class Destination
Background:
- Businesses in our region pay more – including $150m more in payroll tax and 50% more in stamp duty compared to comparable regions of Victoria.
- Business is ineligible for many funding opportunities due to our metropolitan designation – there’s no nuance from government or recognition of our unique challenges.
GOAL:
Leverage the Peninsula’s status as a world-class destination to foster economic growth through fairer government funding and incentives.
KEY ITEMS:
-
Advocate for this region to receive more equitable tax arrangements and business incentives which reflect the unique characteristics
and significant tax burden of Frankston and the Mornington Peninsula.
- Support a ‘regional’ payroll tax rate of 1.2125% for Mornington Peninsula businesses in place of the ‘metro’ payroll tax rate of 4.85%.
- Support initiatives that reduce the land tax burden on this region.
- Support the establishment of a Special Economic Priority Area (SEPA) in the City of Frankston – accelerating development, investment, housing supply, and job creation.
- Support government incentives for businesses that enhance economic growth.
- Call for the realignment of the Department of Immigration’s regional designation to allow the Mornington Peninsula LGA to be considered regional for the purposes of migrant and working holiday visas.
- Advocate for a flagship regional conference and exhibition centre with accommodation facilities which would attract nationally significant events.
- Partner with the Regional Tourism Board and partners to elevate the profile of the region and attract greater economic investment.
