The 2018-19 Victorian Budget announcement on Tuesday included news that the stamp duty-free threshold for farmers under 35 would double from $300,000 to $600,000.

This will align it with the first home buyers exemption threshold.

Young farmers wanting to purchase farms worth between $600,000 and $750,000 will receive a tapered discount.

Having grown up on 40 acres near Horsham, recent Longerenong College graduate Dustin Cross hopes to own his own farm one day.

“It’s been a goal of mine to buy a farm and I have looked at going about doing it,” he said.

“The best way for someone like me who is not from a farming background would be to to co-share or lease some land.

“I’ve been buying and selling sheep for the past five years to save up enough money in the bank to get a deposit, so this is an amazing rise and will be a big help.”

Having just graduated with a Diploma of Advanced Agriculture Business Management, Mr Cross is working full-time, shearing at properties across the Wimmera.

“My future goal is to become a stock agent and own my own sheep and grain farm,” he said.

“In today’s economy, mixed farming enterprises are the most sustainable.”

Victorian Farmers Federation president David Jochinke, of Murra Warra, said doubling the stamp duty-free threshold would allow more people to enter the agriculture industry.

“This will be a huge benefit for young farmers. They will save probably between $40,000 and $45,000 that they don’t have to find when purchasing their own farm,” he said.

“The best way to get involved in the agriculture industry is owning your own land, so this is giving people who don’t have the family history with farming an opportunity.”

However, he said doubling the stamp duty-free threshold was only one part of the equation.

“Land is one of the biggest assets and the older generation tend to use it as their nest egg,” he said. 

“Clear succession planning pathways haven’t been properly defined to ensure properties are transferred from one generation to the next without the tax and legal repercussions.”

Other agricultural investments included in the Budget include $16.1 million for the Growing Agriculture Exports, Farms and Tourism initiative; $32 million to fund the East Grampians Water Supply Project; $4.1 million to support growing wine businesses; and a further $2 million for the emerging artisanal food industry.

Mr Jochinke said he had hoped farmers were better accommodated in the Budget.

“The Budget didn’t give us as much as we would have liked, but there is a lot of time between now and the election for both parties to step up,” he said.

“It would be great to see investments into industries like grain and livestock, but there is definitely some good stuff in there.

“I’m committed now to make sure that the Southern Mallee and Wimmera get the funding they need and will continue to lobby for more outcomes.”