Thursday, 30 July 2026

 David LIMBRICK (South-Eastern Metropolitan) (18:28): (2657) My adjournment matter this evening is for the Treasurer. I am very proud of the fact that I represent a region of Victoria where we have one of the largest manufacturing areas in the entire nation, which is in Dandenong South. But one thing that I have been speaking to many people about is the concern about the foreign owner surcharge and the dramatic effect that it is having on attracting foreign capital investment to this state. My action for the Treasure is to consider either abolishing or at least harmonising with New South Wales the foreign owner surcharge for commercial and industrial property in order to help attract foreign investment to this state.

The Premier has spoken about a new direction and how he wants to support business. I think that this would be a fantastic thing that could happen. I note that when the debate about this tax first came in, most of the debate was around residential property, and that is what most of the justifications for it were. I do not really see what the justification for this tax on commercial and industrial property is. I would like to see Victoria become a haven for foreign investment, indeed all types of investment, and this would go a long way to attracting more investment into Victoria – indeed into the Dandenong South area. I think that this would be a great thing for Victoria, to stop companies choosing other states or other countries because of this disincentive to investment here.