Infrastructure, training and tax cuts lead State Budget boost for Victorian business

THE Victorian Chamber of Commerce and Industry today welcomes the major investments in infrastructure, training and regional tax relief contained in the 2018/19 State Budget.

Victorian Chamber of Commerce and Industry Chief Executive Mark Stone said it is pleasing to see many of the Victorian Chamber’s recommendations taken up in this State Budget.

“The pro-business initiatives provide a boost to Victoria’s 590,000 businesses and create new employment, investment and trade opportunities," Mr Stone said.

“With an average annual infrastructure spend of $10.1 billion per year over the next four years, the budget is tackling the state’s congestion and growth challenges, benefiting industry through more efficient freight movements and supply chain opportunities for tens of thousands of businesses,” he said.  

Key infrastructure initiatives contained in the State Budget include:

• $110 million to fast track the completion of design and planning for the North East Link
• $50 million for detailed planning of a fast train to Geelong integrated with an Airport Rail Link
• $712 million for the second stage of the Monash Freeway upgrade
• $941 million for regional road upgrades
• $50 million for community infrastructure in fast growing interface council areas
• $153.2 million for a Geelong City Deal that includes a new convention centre and Stage 2 of the Shipwreck Coast Masterplan.

Mr Stone also welcomed an extensive skills package, including stronger secondary school pathways to apprenticeships and traineeships and better career advice to ensure more skilled workers are job ready.

Key skills and training initiatives include:

• $172 million to make TAFE training free for 30 priority courses
• $25.9 million to strengthen vocational pathways
• $109 million to improve student career advice
• $48.9 million to fast track secondary school students into apprenticeships and traineeships.

Mr Stone said thousands of regional businesses will save $167 million with a new lower payroll tax rate of 2.425 per cent, making regional Victoria a destination for investment with the lowest payroll tax rate in the nation.
 
“However, while welcoming the reduction in regional payroll tax, the Victorian Chamber will continue to call on all parties to provide wider payroll tax relief by increasing the payroll tax threshold to $850,000 in the lead up to the election,” he said. 
 

About the Victorian Chamber of Commerce and Industry
The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.victorianchamber.com.au

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