Victoria Leads Call For More Economic Stimulus From Feds

The Andrews Labor Government is urging the Federal Liberals to spend more and spend now to boost a slowing national economy.

Treasurer Tim Pallas attended the Council on Federal Financial Relations meeting and Treasurers Forum on Population in Canberra today, where he led a call for the Commonwealth to fast-track infrastructure spending.

Boosting productivity is key to ensuring Australia weathers global uncertainty and maintains economic growth over the long term, and state and territory governments from both sides of politics were united in a call for greater Commonwealth support.

To drive economic growth, it is vital Victoria has a committed partner in Canberra.

The Federal Government needs to support our city-shaping projects – including the Suburban Rail Loop and the North East Link – as well as other infrastructure projects like schools and social housing.

The Commonwealth must fast-track their own infrastructure spending and provide financial incentives for states to do the same.

Victoria remains the engine room of the national economy, driving more than a third of Australia’s economic growth over the past four years by building productivity-boosting infrastructure such as schools, hospitals and transport projects like the Metro Tunnel.

Almost half a million people have found a job in Victoria since the Labor Government was elected in November 2014 – more than 40 per cent of all new full-time jobs across the nation.

As part of population talks, the treasurers agreed to sign on to a population framework, with Victoria urging the Commonwealth to have transparent conversations with the states about how it will be used.

As the fastest growing state in the nation, Victoria needs a fair share of federal infrastructure funding to be part of any population growth strategy.

Quotes attributable to Treasurer Tim Pallas

“Victoria is doing its bit, but to deliver productivity boosts across the board we need a willing, able and active partner in Canberra.”

“It’s increasingly obvious that Josh Frydenberg’s income tax cuts haven’t provided the necessary financial boost to households and retailers.”

“The Morrison Government needs to invest more now in the infrastructure projects the economy needs – rather than leave the heavy lifting to the states and the Reserve Bank.”