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Victoria: Creating Jobs, Growing Economy, Reducing Debt

15 March 2017

Victoria’s finances are in excellent shape with a healthy operating surplus and increased investment in infrastructure further boosting our economy, according to the 2016-17 Mid-Year Financial Report.

Released today by Treasurer Tim Pallas, the report shows an operating surplus of $1.4 billion for the six month period ending 31 December 2016.

Net infrastructure investment for the general government sector totalled $3.9 billion for the six month period – an increase of $1.8 billion from the same period last year – as the Andrews Labor Government gets on with building the infrastructure that Victorians voted for and need.

Much of the increase was due to investment in public transport, in particular the Level Crossing Removal Program.

The Labor Government’s accelerated infrastructure investment is making a solid contribution to employment growth, which was up 2.9 per cent in 2016 – the highest in Australia.

Consistent with the Labor Government’s work to maintain Victoria’s triple-A credit rating, net debt is down by $8.3 billion from the same time last year, thanks to prudent financial management and the strong outcome for the long-term lease of the Port of Melbourne.

The report concludes Victoria’s balanced economy and the Government’s strong financial position leaves the state well placed to deal with any unforeseen developments.

Quotes attributable to Treasurer Tim Pallas

“Our strong financial management – with debt down and employment up – is keeping the Victorian economy in a strong position to keep creating jobs.”

“Victoria’s economy is the envy of the nation with 190,000 jobs created since November 2014 and a solid infrastructure pipeline including the Metro Tunnel, the Western Distributor and level crossing removals.”

“Whether it’s building critical infrastructure or record funding for our schools and hospitals, the Labor Government is getting it done by delivering the services that Victorians need and deserve.”

Reviewed 19 August 2020

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