The Victorian Government on Friday released its 2015-16 budget update, which projected a $500 million upgrade in the Budget surplus on the back of strong stamp duty and land tax receipts, courtesy of the Melbourne housing bubble.
The May Budget originally forecast a Budget surplus of $1.2 billion for 2015-16, however the projected surplus has been revised up to $1.7 billion on the back of a $402 million windfall from higher than expected property taxes, with stamp duties $390 million higher than initially forecast (see below table).
