Focus on jobs to steer through Global Financial Crisis

The Brumby Labor Government is providing targeted financial assistance to Victoria’s businesses as they confront a tough global economy, while keeping the State’s finances in surplus despite the Global Financial Crisis.

The Treasurer, John Lenders, said the Brumby Labor Government remained committed to building on its strong record of tax relief, as economic circumstances allow.

“The 2009 State Budget builds on a decade of disciplined economic management and lays the building blocks for Victoria to capitalise on the worldwide recovery from the Global Financial Crisis,” Mr Lenders said.

“Our strategy to steer Victorians through the Global Financial Crisis is clear – the Brumby Labor Government is focused on generating jobs and stimulating the economy.

“The Brumby Labor Government’s disciplined Budget clearly positions Victoria to capitalise on the recovery from the Global Financial Crisis.”

Mr Lenders said the Brumby Labor Government’s record $11.5 billion investment in the next financial year in job-creating infrastructure would provide significant opportunities for Victorian businesses and secure up to 35,000 jobs.

He said the Brumby Labor Government had delivered a budget with a $165 million surplus, with a AAA credit rating reaffirmed in January 2009, and maintained borrowings at prudent levels while investing in a record level of job-creating infrastructure.

Other investments to help Victorian businesses through the Global Financial Crisis include:

• Investing $50 million to the Brumby Labor Government’s Industry Transition Fund to help companies develop new opportunities for growth during the challenging global economic climate as announced as part of the Victorian Industry Manufacturing Statement;
• $25 million to extend the Apprenticeship/Traineeship Completion Bonus program for another 12 months. Under this program, employers are paid $3500 for each eligible apprentice and $1300 for each eligible trainee they take on;
• $10.4 million for a new online planning application process which will slash the red-tape associated with planning applications, make the permit process cheaper, reduce the cost of developments and help councils and planning authorities process permit applications more quickly, bringing jobs into local communities faster;
• $6.8 million for the Victorian Automotive Action Plan as announced in December last year; and
• $1.2 million over two years for a new Transport Infrastructure Manufacturing Scheme to help Victorian manufacturers maximise Australian and international transport infrastructure business opportunities.