What's Happening?
The Shadow Minister for Agriculture has criticized the Victorian government's decision to cut the budget for Agriculture Victoria from $614.8 million in 2024-25 to $537.2 million in 2025-26. This reduction, coupled with a new emergency services tax that could increase farmers' rates bills by up to 150%, is seen as a significant blow to the agricultural sector. The cuts are expected to impact agricultural research and the support provided to the 21,300 farm businesses in Victoria.
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Why It's Important?
The budget cuts and new tax measures could have far-reaching consequences for Victoria's agricultural industry, which is a major contributor to the region's economy. The reduction in funding for research could hinder innovation and competitiveness in the global market, while the increased tax burden may exacerbate financial pressures on farmers already dealing with high input costs and economic uncertainty. These developments could lead to broader economic and social challenges in regional communities reliant on agriculture.
