The Victorian Budget delivers strong and sustained surpluses, creates jobs and ensures our state has a long-term infrastructure pipeline to support a strong and confident Victoria.
The Budget reinforces the Andrews Labor Government’s sound economic management, delivering an estimated surplus of $2.9 billion in 2016-17, and an average surplus of $2.1 billion a year across the forward estimates.
Victoria’s economic momentum is set to continue, with the economy forecast to grow by 3 per cent in 2016-17, above the 2.75 forecast in last year’s Budget and up from the 2.5 per cent achieved in the Government’s first year in office.
Net debt will be kept below the levels inherited from the previous Liberal Government, and reflecting the strong financial management of the Labor Government, consistent with maintaining Victoria’s triple-A credit rating.
Under the previous Government, the unemployment rate rose from 4.9 per cent in 2010 to 6.9 per cent in 2014. This Government is getting Victorians back to work, with the unemployment rate already falling to 5.7 per cent, and projected to fall further to 5.5 per cent in 2018-19.
For the first time more than three million people are employed in Victoria, and there are 112,600 more people with jobs than when the Government was elected – with 71,100 of those full-time.
This Budget showcases our commitment to all Victorians, with a strong focus on families, business and communities, particularly in regional and rural areas.
This is reflected in our continued investment in education, health and safety, and a steady pipeline of infrastructure projects that is boosting business confidence and business conditions throughout the state.
We are driving the economy through our investment in major transport projects including the new Metro Tunnel and the Western Distributor, a record investment of $2.45 billion in our health system, and $924 million for new and upgraded schools as we make Victoria the Education State.
Quotes attributable to Treasurer Tim Pallas
“Victoria remains in an enviable economic position with strong surpluses, jobs growth, and a secure triple-A credit rating.”
“The Victorian Budget 2016/17 is about building on the solid foundations put in place last year, with increased funding for vital projects, for hospitals, schools and transport.”
“Net debt and unemployment are both below the levels we inherited from the previous Liberal Government.”
Reviewed 19 August 2020