• Download our 2022 Vic budget submission (submitted March 2022)

Executive Summary

Prosper welcomes the opportunity to contribute to the 2022-23 Victorian Budget.

We are an independent, Melbourne-based research institute with a focus on the management of exclusive and essential resource allocation through revenue policy. This includes land and other natural resources, essential services that are most efficiently provided by one supplier, and government-instituted monopolies such as taxi and fishing licences.

It is our position that the unearned and unproductive streams of private income derived from these elements of our economy should be more heavily taxed. Meanwhile, taxes on the productive sector should be eased, making for a more equitable and more efficient economy.

Over previous budgets, the Victorian Government has introduced a number of ad hoc revenue measures. Overall these measures have been excellent, especially the Windfall Gains Tax.

Other measures such as land tax and stamp duty increases, and the Social and Affordable Housing Contribution, indicate a need to move towards more holistic reforms to advance Victoria’s economic recovery.

We hope we can continue to offer beneficial advice for the Government’s policy agenda and direction.