Young Farmers In Victoria Catch A Break

At a time where farming seems less common but is needed more than ever, it is encouraging to hear of programs that are supporting the growth of the industry.

It was announced today (July 18) that an initiative from the Victorian government has cut stamp duty for nearly 90 young farmers buying their first property.

"To date 89 young farmers have benefited from a total of $849,000 in reduced stamp duty," Treasurer Kim Wells said.

He stated that the government would revisit the program's guidelines to ensure that it is achieving its policy aims and the eligibility requirements are appropriate.

"The review will be led by the Department of Treasury and Finance in consultation with relevant agricultural groups, including the Victorian Farmers Federation."

Recent data from RP Data and the Housing Industry Association indicates that Australian land sales have been low in a historical context. While modern life seems to attract more people to the urban areas, it is important to foster a successful environment for rural living.

"We want to support young food and fibre producers in the way that best helps them get a start in the industry," Mr Wells said.