High taxes, slow and unnecessary regulation and relatively high unemployment rates continue to weigh heavily on Victorian businesses, according the Business Council of Australia's annual Regulation Rumble report.
Released late on Tuesday, the report crowned South Australia as the best place to do business for the fourth year running, with the most competitive payroll tax and licensing requirements in the nation.
Victoria's failure to address serious challenges had left it with the unwelcome title of the least desirable state to start a business for the third consecutive year, the council's chief Bran Black said.
"The same problems we identified last year still exist, particularly around payroll tax, property taxes and business licensing," Mr Black said.
"This should be a wake-up call for a state that has historically been one of Australia's economic powerhouses."
Victoria remained anchored at the bottom of the list in most categories and slipped from fourth to last on planning.
The council attributed the plunge to slower decision-making times compared to other states, noting a major overhaul of the state's planning and environment laws not taking effect for another 12 months.
"Many of Victoria's most significant reforms will not come online until 2027, while other states are already implementing their reforms," the report read.
A phasing out of businesses insurance duties by 2033 proved a rare positive for Victoria in the business council's findings, bumping it to the second best in Australia, behind the ACT which does not tax insurance premiums.
The calamitous result for Victoria comes as Premier Ben Carroll and Opposition Leader Jess Wilson outlined their visions beyond the election at a Victorian Chamber of Commerce and Industry event in Melbourne on Tuesday.
Despite an awkward handshake, the pair appeared cordial as they discussed their priorities and policy plans.
Mr Carroll described his plan to transition from the "big build" toward a "social build" that prioritised health, education, and workforce productivity.
A re-elected government planned to cut land tax and listen to the business sector, he said.
"I am pro-business and I want you to succeed," Mr Carroll told the crowd.
Labor has also committed to a review of the state's property taxes, while the Liberal Party has pledged payroll and land tax relief if elected.
An elected One Nation government has vowed to wind back land taxes, abolish insurance stamp duty and lift the payroll tax threshold.
Ms Wilson said a coalition government would aim to return the state to a cash surplus by 2032 through spending discipline and more than $24 billion in savings.
The plan to reduce state debt includes selling the Melbourne Market for $550 million and pausing the Suburban Railway Loop project.
"This is about making those disciplined and responsible decisions," Ms Wilson said.
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