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Victorian State Budget 2023/24

Backing Victoria's thriving industries

In this Budget we’re not only investing to support Victorians in the short term, we’re investing in their futures.

Biology laboratory with test tubes

That means investing in our state’s future – and with it, driving the creation of a smart and modern economy.

We’ll keep working to boost Victoria’s economy with targeted industry investments to drive innovation, secure our supply chains, support businesses and back our regions.

This includes investing more than $900 million in medical research and in this Budget, we're going even further. We'll invest a further $12 million to continue supporting our growing mRNA industry – so more life‑saving therapies can be discovered and manufactured in Victoria.

We’ll invest $21 million to establish a Manufacturing and Industry Sovereignty Fund, providing grants to support the development, expansion and retention of Victoria’s strategic manufacturing capability.

We're also providing $87 million to support the growth and sustainability of the Victorian racing industry, which has around 3,000 jobs across the state – with many of those in regional areas.

Reviewed 22 May 2023


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