2.3 Significant changes to the State Budget 9 2.3.1 Net debt to gross state product no greater than 12% over the medium term 9 2.3.2 Large scale infrastructure projects 9 2.3.3 Revised accounting standards 9 2.4 Economic outlook and risks 10 2.4.1 Outlook 10 2.4.2 … The funding package also includes $19.4 million to support mental health clinicians at the Victorian Fixed Threat Assessment Centre. It says 1,000 of the new dwellings will be set aside for Indigenous Victorians, another 1,000 will be reserved for victims of domestic violence and 2,000 will be provided to people with a mental illness. VICTORIAN BUDGET 19/20 STATE CAPITAL PROGRAM Budget Paper No. At the youngest years, the Government has offered free kinder for three and four-year-olds in funded programs, at a cost of $169.6 million. The Government has announced $2.2 billion for early works on the first stage of the Suburban Rail Loop, which will run between Cheltenham and Box Hill. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. The Budget will only include an initial $10 million to begin planning an overhaul of several hospitals, but the staged project is expected to cost billions of dollars. The measures are listed here, along with their expected start date. Budget Paper No. Commissioner for Better Regulation and Red Tape Commissioner, Freedom of Information Part II Information Statement, Statement 3: Freedom of information arrangements, Statement 5: Rules, policies and procedures, Mid-Year Financial Report (inc. Quarterly Financial Report No. The long-awaited federal budget is just a few hours away with Treasurer Josh Frydenberg handing it down at 7.30pm tonight. The Victorian economy is strong, generating new jobs and improving living standards. You should only rely on the exact detail of the changes once the legislation is passed, which is likely to be in June 2019. The Government says the redevelopment and new building plans could be the biggest health infrastructure project in Australia. The Government argues the spending, which it says will be the largest investment in public housing by an Australian state government, will create 43,000 jobs. The Victorian Budget 2021/22 will be delivered on 20 May 2021. The Secretary Department of Treasury … Most of the funds will go towards big outdoor events in the state's major cultural institutions across Melbourne and regional Victoria. The State Budget provides projections of Government revenue and expenditure for the following year, and outlines services to be delivered. A Budget to repair, recover and make us stronger than before. You must have JavaScript enabled to use this form. Budget Paper 4: Statement of Finances provides the financial details of the aggregated Victorian general government sector and the broader Victorian public sector. The 2021-22 Victorian State Budget will be delivered on Thursday 20 May 2021. COVID-19 has battered the state's economy. 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The Victorian State Budget, typically released in May of each respective year, has been delayed until later this year due to the COVID-19 crisis. Even before coronavirus hit, the state's net debt was on track to climb above $50 billion by 2022-23 as the Government borrowed to fund transport infrastructure such as the North East Link. 2), Financial Report (incorporating Quarterly Financial Report No. While NSW has announced planned changes to the way property is taxed, the Victorian Treasurer has ruled out any changes to stamp duty for now. One change the Government has confirmed is a road usage fee of 2.5 cents per kilometre for the drivers of electric and other zero-emission vehicles, and a charge of 2 cents per kilometre for plug-in hybrid-electric vehicles. The Victorian Budget 2019/20 includes a range of initiatives demonstrating the Victorian Government’s commitment to equality for all Victorians. The Government will commit $5 million to consulting and designing a two-year pilot scheme for the project, but aims to eventually fund the leave through a levy on industry. The remaining $1.37 billion will be picked up by Victorian taxpayers and is expected to be included in the state budget when it’s handed down later this month. The State Budget 2019-20 includes a number of announcements related to legislation administered by the State Revenue Office. The Budget will also include a $5 billion commitment — which is being matched by the Federal Government — for the Melbourne Airport Rail Link. Premier Daniel Andrews has already revealed the Budget will include the biggest spend on the state's school system in history. The Government has already announced a $5.3 billion commitment to build more than 12,000 public housing homes over the next four years. Budget Paper 2 outlines the State's current and expected economic and financial performance and outlines the Government's fiscal and economic strategy. There'll be a redevelopment of the ageing Royal Melbourne Hospital in Parkville, and a new campus of the hospital built in North Melbourne. The data is labelled State Budget 2015 16 and is available on the data.vic.gov.au and the … Any CRE granted under the current regime is subject to certain conditions such as a general three year post-association re… The Victorian Government is investing more than $1.8 billion to ensure that prisons are able to keep pace with demand. The Government will spend $797 million on an energy package that will include more rebates for Victorians installing solar panels. Putting People First This is the Budget to repair, recover, and make us stronger than before. And the Government has spent $13 billion on its response to coronavirus and on programs to support business and the community through the pandemic. Tim Pallas $1.2 billion will go towards 162 projects for schools in critical need of an upgrade, and more than $300 million will be spent on improving special schools. These measures have to be approved by the Victorian Parliament before they can start. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), Get breaking news alerts directly to your phone with our app, Coalition unveils big-spending budget as debt expected to soar to $1 trillion, See if you're a winner or a loser in this year's federal budget, Live: Follow all the reaction to the Coalition's federal budget. The Budget will include $1.6 billion for a disability inclusion package that will see a pilot program expanded statewide to better identify and respond to the needs of students with disabilities. There will also be $18.9 million spent on 35 acute treatment beds for public mental health patients in private health services. Real gross state product (GSP) increased by 3.5 per cent in 2017 -18, the highest of the states and above national real gross domestic product (GDP) growth of 2.8 per cent. Each year, the Victorian Government produces a mid-cycle review of the annual State Budget. With remote learning during lockdown leaving many Victorian students trailing behind in their studies, the Government will allocate $250 million to hire 4,100 tutors across government schools next year. The North East Link freeway, suburban road upgrades, airport rail, train line upgrades, new trains and trams, level crossing removals, a new hospital and brand new schools are among the projects contributing to a big increase in spending in the 2019-20 Victorian budget released on Monday. Consequently, the funding outcomes of the Victorian State Budget 2020-21 (the Budget) are not detailed in the Policy guide. After ordering a royal commission into the state's "broken" mental health system, the Government is pledging funding for several of the commission's interim report recommendations. In a bid to encourage more visitors to regional Victoria and get the state's tourism industry back on its feet, the Government will hand out $200 vouchers to those who spend $400 or more on accommodation or tickets to attractions and tours in the regions. About 71,000 devices were made available to students. The Government is projecting a deficit of $13.1 billion for 21-22 and a deficit of $6.7 billion the following year. And the Government has spent $13 billion on its response to coronavirus and on programs to support business and the community through the pandemic. The public sector wage bill has grown significantly under the Victorian Labor Government and is one of the biggest items in the Budget. Victorian State Budget 2020-21: Home buyers and property investors 24 November 2020 State has about 80,000 people on ... released last week showed only 66 public housing dwellings were approved in Victoria in the first quarter of 2019. Mr Andrews says the scheme is aimed at making it easier for parents to participate in the workforce, thereby boosting their household incomes and helping with the state's economic recovery. Some 290,000 jobs had disappeared from Victoria by the end of September. Mr Pallas said any Victorian budget released ahead of the election would have to be framed around the federal budget Treasurer Liberal Josh Frydenberg handed down last week. Under the current legislation, certain intra-group transactions between 90% owned corporate groups involving Victorian "dutiable property" (including certain intra-group transactions involving Victorian "landholder" entities) are eligible for a 100% "corporate reconstruction exemption" (CRE) from Victorian duty. 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