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Victorian Budget 21/22

Continuing our economic recovery

The Victorian Government made a historic investment in the 2020/21 Budget to establish the Jobs Plan.

This support, both during the pandemic and through the Jobs Plan, has helped our economy rebound. In fact, more than 200,000 jobs have been created across Victoria – well ahead of our interim target for 2022.

Jobs in both regional Victoria and metropolitan Melbourne rebounded strongly.

This year’s Budget builds on that work, supporting an average of 38,000 jobs each year over the next four years. We are funding $431 million to support businesses and create new jobs.

Supporting businesses

That includes $147 million provided earlier this year to support businesses and workers with the Circuit Breaker Action Business Support Package, and a further $51 million to support our international education sector.

The Victorian Government will continue to work with Victorian businesses to support their recovery, including $31 million to support our ongoing COVIDSafe activities.

Tax cuts for businesses

We're also bringing forward tax cuts for businesses to 1 July 2021. The payroll tax-free threshold will be increased to $700,000 – reducing tax for 42,000 businesses across the state.

The regional employer rate will also reduce from 2.02% to 1.2125% from 1 July 2021, further reducing tax for around 4,000 regional businesses.

Jobs for Victoria: Helping Victorians to find jobs and support Victorian businesses

Beaufort Butcher - Chris and Rohan - Central Highlands

For 20 years, owning Beaufort Butchery has kept Rohan and Barbara Quinton more than busy, with rarely a day off.

Now they finally have some breathing room, thanks to their new employee, Christopher Cook, brought on with the help of a wage subsidy from the Jobs Victoria Fund.

Christopher, a qualified butcher, started at Beaufort Butchery in March this year, after eight months out of the workforce.

Last year, things went from bad to worse when he was laid off due to impacts of the pandemic and then suffered two hernias.

As well as making it easier to pay bills and live the kind of life he wants, the new job at Beaufort Butchery has put a spring back in Christopher’s step – something he lost during his extended period of unemployment.

‘You feel a bit lost, and like you don’t have anything to do in life,' he says. By hiring Christopher, Beaufort Butchery was eligible for a wage subsidy from the Jobs Victoria Fund, which supports priority jobseekers, including the long-term unemployed.

‘It’ll help a lot, because we’re only small and it gives us a bit of a kick-start,’ Rohan says.

Reviewed 19 May 2021

Priorities

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