Victorian treasurer Tim Pallas’s three-pronged strategy to raise an extra A$2.7 billion in property taxes over the next four years is a case of two out of three ain’t bad.

Land tax ✅

First, Pallas will raise $1.5 billion over four years by lifting land taxes on landholdings worth between $1.8 and $3 million by 0.25%, and by 0.3...