The Victorian Budget 2018/19 delivers a strong surplus, continued jobs growth, and invests in the projects and services that matter to our state.
The Andrews Labor Government’s strong economic record continues, with the Budget delivering an estimated operating surplus of $1.4 billion in 2018-19, and surpluses averaging $2.5 billion over the forward estimates.
Our state’s economy has grown by more than 10 per cent since the Labor Government came to office, thanks to sound economic management and the right investments to boosts jobs and productivity.
Victoria is leading the nation with growth in real gross state product (GSP) of 3.3 per cent in 2016-17, the strongest of all the states and well above the national average of two per cent Gross Domestic Product.
This marks the third year of successive increases in Victoria’s real GSP per capita – the longest period of sustained growth in living standards in Australia since the global financial crisis.
This growth is expected to continue with another year of above-trend real GSP expansion in 2017/18, and is forecast to increase by 2.75 per cent in 2018/19 and across the forward estimates.
Net debt as a percentage of GSP is expected to be 4.6 per cent at June 2018 and increase to 6.0 per cent by June 2021, and remain at that level in 2021/22, lower than the level the Liberals had in their final year in office.
Since the Labor Government was elected in November 2014, 333,900 jobs have been created – the largest increase in both percentage and absolute terms of any state in the country – with a further two per cent growth expected for 2018/19.
Importantly, the majority of those jobs have been full-time and are spread across industries and regions – meaning Victorians across the state are sharing in our growing economic prosperity.
This Budget continues to invest in the things that matter to Victorians, including schools, hospitals, roads and rail, with a record $13.7 billion in government infrastructure investment in 2018/19.
At an average of $10.1 billion in infrastructure investment over the next four years, this is more than double the average of the 10 years to 2014/15.
We will continue build our state, creating jobs, keeping the economy strong and delivering the services that Victorians need every day.
Quotes attributable to the Treasurer Tim Pallas
“This is a Labor Budget that will deliver new skills, good jobs, more schools and better roads. This is a Budget that gets things done.”
“This Budget invests in the things that matter – so every Victorian family has a good local school, access to quality healthcare, and better roads and public transport to get them home sooner.”
“Our strong economic management and triple-A credit rating is attracting investment, boosting business and creating Victorian jobs.”
Reviewed 19 August 2020