This pandemic has affected our State deeply.
Our recovery will rely on supporting every Victorian. Every community. Every corner of our State.
This Budget – and our Jobs Plan – is dedicated to doing exactly that.
Backing local businesses. Investing in industry. And putting people first.
Recovery in regional and rural Victoria
The Budget continues the Victorian Government’s strong record of investing in regional Victoria – making sure that as we recover from this pandemic, no community or corner of our State is left behind.
Since the 2015-16 Budget, we have invested $18.2 billion to help support regional Victoria.
This Budget builds on that effort, investing a further $8 billion in our regional communities to make Victoria an even better place to live and work. This includes new schools, new hospitals, massive upgrades to regional rail and a road maintenance blitz.
At the same time, we understand the work is far from over. And supporting our whole State’s recovery means ensuring local voices are at the heart of our local response.
Supporting new and growing regional businesses
To support regional businesses to open, relocate and expand, the Victorian Government will deliver a 50% stamp duty concession on the purchase of commercial and industrial properties, brought forward to January 2021.
The 50% land transfer duty concession will now apply to contracts entered into from 1 January 2021 – rather than 1 July 2023 – for commercial and industrial properties anywhere in regional Victoria.
This investment will save businesses and individuals a combined $40 million and builds on our existing cuts to payroll tax in regional Victoria – currently the lowest rate anywhere in Australia.
Growing regional jobs
To kick-start this work immediately, the Budget will invest $10 million through the Coronavirus Short-Term Regional Recovery initiative for projects that have been identified by regional communities as urgent to their recovery.
This will fund community-led recovery activities such as targeted investment in social wellbeing, support for business adaptation and measures to skill up our regional workers to make the most of the economic recovery.
This will build resilience in regional Victorian communities, getting workers back into work and growing local business opportunities.
To further assist recovery in rural and regional Victoria, this Budget includes funding of $156 million for the Regional Jobs and Infrastructure Fund to back local priorities, regional investment – as well as supporting thousands of regional jobs.
The package includes the $110 million Economic and Community Development initiative that will support projects that can be activated quickly, create and retain jobs and help regional economies and communities in their recovery efforts.
An extra $36 million in funding for the Regional Jobs Fund will support regional businesses in high-potential, high value sectors that are seeking to develop and expand their operations.
A further $10 million will be provided to support the development of community-led business cases and planning for local projects. This investment will allow these communities to accelerate work on local priorities that will help steer local recovery.
The Delivering for Rural and Regional Victoria program will continue its support for regional communities with an extra $125 million over four years.
A recovery made in rural and regional Victoria
Our producers are renowned around the world. With this Budget, we’re helping them find new markets and new opportunities.
The Budget invests $65 million for a landmark new strategy for Victoria’s agricultural sector, making sure we’re helping farmers take advantage of new technology and remain internationally competitive.
This comprehensive strategy will develop, fund and deliver a range of initiatives that will improve infrastructure across the supply chain, explore new technology and innovation and boost energy efficiency on our farms.
The initiatives will increase innovation and productivity for producers, so they can focus on creating jobs and growing their business – as well as putting food on the table for families across the state.
This Budget also invests $50 million in the next generation of Victorian farmers with upgrades to Longerenong College, University of Melbourne’s Dookie campus and Marcus Oldham College.
Victorian Tourism Recovery Package
Victoria’s tourism sector has been amongst the hardest hit during this pandemic.
The Victorian Government recognises the critical importance of our regional tourism industry, which contributes $9.4 billion to our economy and employs 110,000 people.
To support this industry get back on its feet – and support the thousands of jobs that go with it – this Budget includes a $465 million Victorian Tourism Recovery Package to restart Victoria’s tourism sector.
This includes a new Victorian Regional Travel Voucher Scheme, which will provide almost $28 million to encourage Victorians to explore their own backyard.
These vouchers, worth $200, will help provide an immediate boost to local economies and local jobs.
With the pandemic hitting Victoria’s tourism sector hard, this Budget invests $465 million in the Victorian Tourism Recovery Package.
This includes $149 million for regional tourism infrastructure, campsites and visitor amenities projects to support jobs and local communities, including upgrading and invigorating 10 iconic tourist locations across our State:
- Great Ocean Road Revitalisation
- Grampians Peak Trail Projects
- Falls to Hotham Alpine Crossing: Stage 1
- Wilson Promontory Revitalisation
- Murray River Adventure Trail
- Brambuk Cultural Centre Revitalisation
- Mallee Silo Art projects including Rainbow Silo Art and the Mallee Silo Art initiatives
- Ballarat Centre for Photography
- Prosecco Road – Early Works
- Gippsland Tourism Recovery Package
From the Great Ocean Road to Gippsland, this investment will enrich Victoria’s visitor experience while supporting new regional jobs.
This Budget also funds the immediate delivery of tourism infrastructure projects across the state. These shovel-ready, small-scale projects will attract new visitors and support local jobs, helping to support local economies and local communities.
This investment will also support regional events, further marketing, and new community driven ideas and initiatives.
Funding for the Major Events Fund provided in this Budget will also promote the calendar of events across the state, strengthening Victoria’s position as a leading location for major events.
Building regional Victoria’s recovery
From the smallest road repair to state transforming transport projects, this Budget’s investments in regional Victoria will support jobs, stimulate economic activity and make our communities stronger than ever.
This includes delivering Geelong Fast Rail. Not only will this improve connections between our two biggest cities, the project is expected to support over 2,800 jobs at the peak of delivery.
A further $899 million will improve track between South Geelong and Waurn Ponds and $660 million will kick-start work on the next stages of the Shepparton and Warrnambool Line upgrades.
The Budget also includes over $850 million to improve, repair and upgrade our country roads, helping to improve freight connections and saving producers time and money.
Continuing our record of investment, an additional $385 million will build and upgrade schools across regional Victoria – giving local families a great school they can rely on.
The Budget’s $1.6 billion investment in clean energy will also establish new Renewable Energy Zones across regional Victoria. In addition to supporting our State’s transition to cheaper, cleaner energy, these zones will support new sustainable jobs and new local supply chains for regional communities.
The Government will also invest in planting and restoration work to improve private and public land across regional Victoria, reducing emissions through carbon storage and supporting jobs.
Across our State, these investments and many more will get more Victorians back to work and support the recovery of our regional communities.
Supporting our suburbs
Our State’s success relies on our suburbs.
It’s why, over the past five years, the Government has delivered record investment in these communities, building new roads, new schools, new hospitals and a significant overhaul of suburban public transport.
This Budget continues our commitment to these communities, delivering significant investments in our suburbs – and the people who call them home.
Importantly, these investments will also help support tens of thousands of new jobs.
Investing in our suburbs
In this Budget, $75 million will extend and expand the Growing Suburbs Fund.
From swimming pools to sporting pavilions, this Fund will deliver new community projects across Melbourne’s growing interface councils, and peri-urban councils.
The new Suburban Revitalisation and Growth initiative invests $20 million to revitalise town centres in, Broadmeadows, Boronia, Frankston, Lilydale, Melton, Noble Park, Reservoir and Tarneit. In addition, the Altona Beach foreshore will be protected against rising sea levels and storm damage.
This initiative will support these communities in their economic and social recovery, delivering upgrades to local public spaces.
A $117 million package of road and intersection upgrades will improve road safety and travel times across metropolitan Melbourne, alongside a $388 million investment to reduce congestion and improve travel times on the metropolitan road network, as well as funding to reduce the wait time for registration and licensing services.
The $63 million School and Community Safety program will improve safety for motorists, pedestrians and cyclists through temporary walking and cycling infrastructure, new and enhanced pedestrian crossings, funding to increase road safety around schools and at school crossings, and development funding for a shared user path as part of the Hurstbridge line works.
Open spaces, including local playgrounds and parks, will also be improved through the $52 million Safer, Better Public Parks initiative, giving local families better places to enjoy.
Supporting jobs across our city
Initiatives in the Jobs Plan focus on where we can excel and builds on that momentum to support jobs and strengthen our city and suburbs.
The new Cremorne flagship digital hub funded under Victoria’s Digital Future Now initiative will build on our digital advantage and help support new local jobs while future-proofing the state. The Digital Skills and Jobs program will also support unemployed Victorians find new opportunities with digital short courses and industry internships.
The $61 million Victorian Startup Capital Fund will also build on the strength of our knowledge base to unlock private capital to support innovative, high-growth startups and support high value jobs.
Supporting training across our major projects will also be crucial to support jobs across our city.
New Skills and Jobs Centres will be established at the North East Link and the new Footscray Hospital, providing onsite advice for Victorians who want to be a part of these projects.
We will also make sure Victoria’s Big Build creates more opportunities for a broader group of Victorians through the Big Build training pathway with a particular focus on women and other Victorians who may otherwise miss out.
The Jobs Plan also leverages the strength of the TAFE system to build the skilled workforce we need to fill jobs in crucial areas, with significant investment in TAFE places and an additional $100 million for TAFE redevelopments to accommodate forecast demand in critical courses.
And to make sure Victorians of all backgrounds have the support they need to recover, a further $34 million will help deliver Economic Recovery Support for Victoria’s Multicultural Communities and Young People.
Connecting our suburbs
By investing in our local suburbs, we’re making these communities even stronger while also creating new local jobs.
This Budget’s $1.9 billion for building and upgrading schools will not only improve our kids’ classrooms and learning spaces, it will support a significant number of jobs during construction.
The new $200 million Metropolitan Health Infrastructure Fund will support hospital works across Melbourne, making sure local families have confidence care is close to home – providing a better working environment for our dedicated health professionals.
The Big Build brings Melbourne’s suburbs closer together, making it easier for families to work, learn and play closer to home.
$2.2 billion in initial and early works is making the Suburban Rail Loop a reality as well as providing a much needed pipeline of work for many years to come.
This investment will create up to 800 jobs, while supporting 20,000 jobs over the construction period.
We’re also working to improve our roads with $150 million for a road maintenance blitz across metropolitan Melbourne. This will include routine maintenance, road surface replacement, bridge strengthening and replacing intelligent transport systems such as traffic signals and electronic speed signs.
This Budget also invests $388 million in the Keeping Victorians Moving initiative that will reduce congestion and improve travel times on the metropolitan road network, as well as funding to reduce the wait time for registration and licensing services.
Ensuring our trams and tram network are operating at their peak is crucial in connecting our suburbs. This Budget provides $1.5 billion to procure 100 Next Generation Trams, to be manufactured in Victoria, and to commence the establishment of a tram maintenance facility in Melbourne’s north west.
Victoria’s Big Housing Build includes $5.3 billion to build more than 12,000 new social and affordable homes. This package will create opportunities for small, medium and large building contractors, supporting Victoria’s economic recovery.
Reviewed 23 November 2020