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budget.vic.gov.au

Our plan at a glance

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1. Victorians at work

The Jobs Plan supports workers through:

  • Investing $1 billion in TAFE and training to give Victorians the skills to get back to work, including providing up to 80,000 new training places over four years. The package includes:
    • $631 million to ensure the TAFE system can help more Victorians reskill, upskill and find work, as well as funding to attract and support people to reskill as teachers at Victorian TAFEs, including teacher scholarships and mentoring.
    • An investment of $155 million which will provide additional flexibility for Victorians particularly affected by the pandemic, including women, young people and retrenched workers, to access government-funded training in 2021.
    • A new skills program for existing and emerging industries, with $75 million for skills development on selected major projects, a new Clean Economy Workforce Capacity Building program, and new places in accredited skill sets.
    • Funding of $33 million to expand opportunities for apprentices and trainees through a flagship Big Build training pathway, and an additional $5 million to support women to take on roles in male-dominated trades.
  • A $619 million investment in Jobs for Victoria services to maximise jobs and help Victorians into work.
  • A ground-breaking $64 million Digital Skills and Jobs program for Victorians looking for work, to acquire skills and transition into new careers in digital roles, including supporting women.
  • Providing $836 million for the New jobs tax credit to encourage small and medium businesses to increase employment by re-hiring staff, restoring staff hours or supporting new jobs as they recover from the effects of the pandemic.

2. Building opportunity

The Jobs Plan includes the projects that will help build our State and rebuild our economy:

  • $6 billion Big Housing Build package, including $5.3 billion to build more than 12,000 new social and affordable homes and $678 million to make housing more accessible and affordable for Victorians.
  • Kick-starting work on the Suburban Rail Loop.
  • Delivering Geelong Fast Rail.
  • $1.9 billion to upgrade 162 schools, building one new school and four additional stages at recently built schools.
  • $100 million to continue the renewal of Victoria’s TAFE system, funding the redevelopment of Chisholm Institute’s Frankston Campus and the redevelopment of Melbourne Polytechnic’s Collingwood Campus.
  • $55 million through the Building Works Stimulus for a maintenance boost across the TAFE system.
  • Transforming the Melbourne Arts Precinct.
  • Driving cheaper, cleaner sources of energy.
  • Providing $52 million to implement planning reforms recommended by the Commissioner for Better Regulation, including extending the successful Victorian Planning Authority programs Streamlining for Growth and Affordable by Supply helping fast-track new projects and create new jobs.
  • Providing stamp duty waivers of up to 50% for residential property transactions of up to $1 million and land tax discounts for build to rent projects to support our construction industry.

3. Supporting industry and growth

The Jobs Plan supports industry sectors in recovery, and leverages strengths for the future. Initiatives include:

  • A new $2 billion Breakthrough Victoria Fund to drive investment in research, innovation and the next great breakthroughs over the next 10 years. This investment will play to our strengths, focusing on industries including health and life-sciences, agri-food, advanced manufacturing, clean energy and digital technologies.
  • Establishing Digital Future Now, a comprehensive $626 million package to support Victoria’s transition to a digital economy – removing more black spots, connecting regional communities and allowing unemployed Victorians to undertake digital skills training or take part in a digital internship.
  • Recovery plans for the creative industries, international trade and international education.
  • Ongoing recovery support for Victorian businesses through grants, tax deferrals and waivers.
  • Funding of $189 million to promote business investment in Victoria, including:
    • $96 million to establish two venture capital and growth funds to assist businesses that are starting up or expanding
    • $80 million on a package of targeted investment incentives to attract the best and brightest international companies to Victoria
    • $13 million to promote cooperation in research development and commercialisation

4. Supporting every corner of our State

The Jobs Plan ensures no region or community is left behind in the recovery. Initiatives include:

  • A Victorian Tourism Recovery Package, with a $465 million suite of initiatives to support and restart the sector.
  • An extension of the Regional Jobs and Infrastructure Fund totalling $156 million to support local priorities, businesses and regional investment in recovery.
  • Systemic reforms to the planning system and the streamlining of the environment protection statutory approval process to unlock investment and support economic recovery.
  • $75 million in funding for the Growing Suburbs Fund to build and upgrade community facilities.
  • Regulatory reform initiatives, reducing the cost of doing business.
  • A new $65 million landmark agriculture strategy will develop, fund and deliver better infrastructure, new technology and greater energy efficiency on our farms.
  • A 50% stamp duty concession for commercial and industrial property transactions in regional Victoria for contracts entered into from 1 January 2021 – rather than 1 July 2023 as announced in the 2019-2020 Budget.

Reviewed 22 November 2020

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