Excerpts from Treasurer Kim Wells' speech to Parliament on the 2012-13 Budget.

TRANSCRIPT:

The 2012 13 Budget promotes economic growth to generate jobs and improve living standards for the Victorian community.

It funds a record State infrastructure spend, cuts business costs, keeps taxes competitive and invests over $1 billion in skills.

It funds new programs to drive productivity growth in Victoria's manufacturing industry and enhances the competitiveness of our agriculture and food sector.

And it unveils a new strategy to drive international engagement – to help Victorian businesses realise the export and investment potential flowing from the rise of Asia and other emerging economies.

Tough economic times and reduced revenue call for discipline and careful decisions about expenditure.

The Government's spending priorities are focused on driving economic growth, generating jobs, improving frontline service delivery and protecting the State's most vulnerable citizens.

This can only be done when the finances are sound.

There will be no compromise when it comes to delivering a responsible budget.

Victorian families know that in challenging times you have to act responsibly and eliminate waste.

They expect their governments to improve efficiency, deliver better services and build a stronger foundation for the future.

This is a responsible and necessary approach.

As a State – as a community – we will be defined not by the challenges we face, but by the collective actions we take to address them.

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