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State Budget 2014: Economic outlook

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Delivering a stronger economy

Through disciplined financial management the Napthine Government is able to deliver a transformational Budget that will benefit all Victorians.

Delivering the dividends of fixing the budget and strong financial management

The Napthine Government’s record investment on new infrastructure projects and funding for education and training will create new opportunities, thousands of new jobs and increase productivity and economic growth.

  • Spending up to $27 billion on record state-shaping infrastructure projects to better integrate Victoria’s rail and road networks and social infrastructure.

Job-creating infrastructure investments includes:

  • Melbourne Rail Link, Airport Link – 3700 jobs
  • East West Link – Western section – 3000 jobs
  • CityLink – Tulla widening – 700 jobs
  • This Budget delivers a $1.3 billion surplus, growing to $3.3 billion in 2017-18, helping to fund major infrastructure projects across the State. The infrastructure program will generate tens of thousands of new jobs. 
  • Victoria is the only state or territory to forecast surpluses for each of the next four years.
  • To maintain Victoria’s triple-A credit rating, the Napthine Government has acted decisively to bring spending under control while growing frontline services.
  • In 2014-15 the Victorian economy is expected to grow by
  • 2.5 per cent, rising to 2.75 per cent in 2017-18.
  • Helping Victorian businesses to reduce their costs and increase employment by cutting payroll tax to 4.85%. This will be the lowest payroll tax in Australia for payrolls between $4.7 and $26.7 million.

“Our strong financial position is enabling us to invest in infrastructure, training and education. This will create thousands of new jobs, increase productivity and grow the economy.” – Denis Napthine MP, Premier

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