Victorian Treasurer Tim Pallas says he needs to cut $4 billion in spending from the state’s budget over the next four years to keep it in surplus amid “trying times”. MORE: Melbourne stage four: Agent’s loophole for selling homes during lockdown, Better air filtration needed for offices to help prevent illness, Noel Jones runs competition to help pay winners’ rent, mortgages, Commercial lease vacancies: Melbourne CBD hit hardest, How to nail a property inspection after stage four restrictions lifted, Melbourne rents halved, waived by distressed landlords, Module home, Cowes: Eco-friendly build for sale on Phillip Island, Shaynna Blaze design on show at Mount Eliza ‘Palm Springs’-style home. Treasurer Tim Pallas has announced a property tax concession. In fact, of all the states, we’re in the strongest position. news.com.au — Australia’s leading news site, Tim Pallas takes over as new Vic treasurer, Curfew lifted in Vic as whopping new fine introduced, NSW coronavirus restrictions easing today. Mr Pallas later told reporters there were “plenty” of government programs where the $4 billion in savings could be found. “Can we avoid a recession? Victorian Treasurer Tim Pallas says he needs to cut $4 billion in spending from the state’s budget over the next four years to keep it in surplus amid “trying times”. Property investment firm Charter Hall’s Simon Stockfeld said while many commercial office leases were being evaluated at present, the government’s addition to the list made sense but was for now a matter of “watching this space”. Treasurer Tim Pallas wants to slash $4b from the state budget. Tim Pallas takes over as new Vic treasurer. The Treasurer told Neil Mitchell on 3AW on Wednesday the bushfires and the coronavirus crisis were expected to hit the Victorian economy hard and that projections of consumer activity and tax revenues were already being downgraded by the Department of Treasury and Finance. “We will continue to work with the government to bring forward additional economic stimulus measures as soon as possible,” Ms Wall said. Disclaimer: The information published in this section is of a general nature only and does not consider your personal objectives, financial situation or particular needs. A stimulus plan proposed by the Property Council including tax breaks and grants could generate an estimated $24.4b in economic activity. A recovery in stamp duty revenue on the back of a stronger property market was expected to be offset by a hit to the state's share of GST revenue from the federal government, whose own budget position is facing the same headwinds. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. House Legislative Assembly. “We will see for some time a lesser requirement for office spaces right across the CBD, and I think you will find that in the commercial and in the government sector,” Mr Pallas said. However, he said the government might have less need for office space in Melbourne’s CBD after COVID-19, in what is more concerning news for the city’s post-virus recovery. “I’m looking at every line item of expenditure and I’m looking to take something like $4 billion out of government expenditure going forward,” the Treasurer said. Asked when property industry stimulus he flagged in June would be announced, the Treasurer said the government remained “very much focused on the vitality and health of the construction industry” and expected to release word at or before the state budget.