A new survey has once again confirmed that under the Allan Labor Government, Victoria is the worst place in Australia to start, operate and grow a business.

The Business Council of Australia’sRegulation Rumble 2024 has ranked Victoria last for overall business settings and found “with a low ranking for its property taxes and charges, payroll taxes, and business licencing requirements, the State has much room for improvement if it is to attract and generate business-driven growth.”

Across specific areas impacting business conditions, the survey ranked Victoria:

• Eighth for overall taxation, regulatory costs and trading regulations, with Victoria’s property tax settings “the least competitive nationally”.
• Seventh for overall licencing, administrative burden and compliance.
• Sixth for the cost of workers’ compensation schemes, with premiums above the national average.
• Fifth for planning and building permitting systems.

This survey follows confirmation the Allan Labor Government has sat on red-tape reforms worth up to $1.6 billion a year and ignored warnings Victoria’s financial management framework is “not fit for purpose” for modern decision-making and cost oversight and control.

Following a decade of financial mismanagement, Victoria’s net debt is growing by $80 million a day and is set to reach a record $187.8 billion by 2027-28.

Shadow Minister for Economic Reform and Regulation, Jess Wilson, said: “With the highest debt, the highest unemployment and most red tape – it should be no surprise that under Labor, Victoria is the worst place in the nation to do business.

“After a decade of financial mismanagement, Labor’s ever-increasing taxes are pushing businesses, investment and economic opportunity interstate.

“Instead of using businesses to pay for their own financial mismanagement, the Allan Labor Government should be taking action to cut red tape and incentivise investment to ensure Victoria is an attractive place to do business.

“Labor cannot manage money, cannot manage our economy and Victorians are paying the price.”