It’s hard to understand the Victorian government these days. On the one hand it massively increases its borrowings to reboot the economy, and on the other it handicaps the private sector, which will have to generate the growth to pay back the borrowings, with new taxes.

The worst of the batch is the proposed “windfall profits” tax, which will confiscate up to 50 per cent of any uplift in value in a property over $100,000 gained by a rezoning.