2020-2021 Victorian State Budget
Victorian Treasurer Tim Pallas has handed down the Andrews Government’s 2020-21 State Budget, delivering initiatives that support a jobs-led recovery, putting local business and workers first.
In a roadmap that will see Victoria’s Government spend $49 billion over four years and a goal to create 400,000 jobs by 2025. This will be fuelled by local businesses, skilled workers and a new wave of infrastructure projects.
Key budget measures;
• $60m for the new Manufacturing and Industry Development Fund to support essential and sovereign manufacturing and industry capability in Victoria.
• $40m to establish the Industry Recovery and Growth Fund to facilitate private sector investment to unlock economic and job creation outcomes.
• $65m to grow and modernise Victorian agribusiness. This includes establishing the Agriculture Technology Regional Innovation Network and a Pathways to Export program, as well as continuing the Agriculture Energy Investment Plan and delivering a new Food to Market Infrastructure Program.
• $681.9m for projects to drive cheaper and cleaner energy, including progressing the Victoria to New South Wales Interconnector (VNI) West project, administering the Victorian Big Battery and funding to attract investment in innovative energy projects.
• $12.2m to assist SMEs to digitise and innovate using Small Business Support Toolkits, and a Ready for Growth service to support businesses that have high-growth potential through masterclasses and personalised coaching including in advanced digital engagement and innovation.
• $20m to establishment of the Australian MedTech Manufacturing Centre. Based in Melbourne, the Centre will gather and communicate information about MedTech opportunities and support local businesses to collaborate and pursue MedTech opportunities.
• $321.7m for a circular economy policy and 10-year action plan to transform Victoria’s recycling sector. In addition to an overall strengthening of Victoria’s waste and recycling industry, key initiatives include introducing a four-bin waste and recycling system and a container deposit scheme.
• $31.8m for an export recovery plan to help showcase Victorian businesses to the world and ensure an integrated approach to trade and export opportunities.
-Global Gateway vouchers to support Victorian exporters to stabilise and pivot their business models for recovery
- Pilot virtual trade mission
- Establish a Freight Stabilisation Fund
• $80m of funding for targeted financial incentives to attract business investment to Victoria in line with the Victorian Government’s Foreign Direct Investment Strategy. Support will be provided to secure high-quality international business investment to support jobs growth, foster innovation and enhance Victoria’s ’productivity growth.
• $6m for a Defence Capture Plan to support Victorian businesses secure roles in delivering major defence contracts through advocacy,
advisory and capability development activities, including through the Victorian Defence Industry Advocate. Targeted support for
high-potential defence opportunities and a digital capability uplift program will also help to promote a competitive advanced manufacturing
sector in Victoria.
To read more about what the state budget will mean for you and your business you can head to the Victorian Chamber of Commerce and Industry for their budget overview located here.
If you have any direct questions relating to you or your business, please contact the team at Hayes Girling Financial directly on 03 9212 8400.