A responsible and fair budget that delivers what matters

02 May 2017

The Andrews Labor Government is continuing its record of responsible financial management, with the Victorian Budget 2017/18 confirming strong surpluses and continued jobs growth over the next four years, while delivering the services and projects that really matter.

The Budget builds on the solid foundations of the last two and a half years and reinforces the Labor Government’s sound economic management, delivering an estimated surplus of $1.2 billion in 2017/18, with estimated surpluses averaging $2.4 billion over the forward estimates.

Victoria will remain the nation’s economic engine room with the economy forecast to grow by 2.75 per cent in 2017-18, consolidating the exceptionally strong growth of recent years.

For the first time in a decade, Victoria’s Gross State Product has remained consistently above Australian GDP, and has continued to accelerate since Labor took office in 2014.

Net debt is projected to remain at or below 6 per cent over the next four years, lower than we inherited from the previous Government and consistent with our envied triple-A credit rating.

Victoria is once again the jobs capital of Australia – with the strongest annual jobs growth in Australia at
3.2 per cent.

More than 200,000 jobs – or over 250 every single day – have been created in Victoria since the Andrews Labor Government was elected in November 2014, and in the past year, more jobs have been created in Victoria than the rest of the nation combined.

This is in stark contrast to the record under the previous Liberal Government, when Victoria’s unemployment rate hit almost 7 per cent – one of the highest on the mainland.

In the last two years, more than 50 000 jobs have been created from our record investment in infrastructure alone.

The Government is getting on with the job, investing more than $10 billion in 2017/18 and an average of $9.6 billion per year over the next four years into the projects our cities, towns and communities need.

This Budget capitalises on our robust economic credentials and delivers on the things that really matter to every Victorian, wherever they live.

Quotes attributable to the Treasurer, Tim Pallas

“This Budget gets on with the job – consolidating our success, and securing our future.”

“Our sound economic management has maintained our triple-A credentials and made Victoria the powerhouse of the nation – with more than 216,000 jobs created since Labor was elected."

“It’s a responsible budget, a fair budget, and a budget that delivers on the things that really matter for all Victorians.”

Reviewed 19 August 2020

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