2022-23 Victorian State Budget: what you need to know

The Victorian Government has handed down the 2022-23 State Budget, focusing on three Ps – patients, participation and provincial – and featuring a number of recommendations proposed by the Victorian Chamber.

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While the 2022-23 State Budget commitments for business are modest, they are sensible and focused and will make it easier to do business in Victoria.

The Budget has a strong focus on health, education and Victoria’s COVID-19 recovery.

The Victorian Chamber welcomes the investment in skills and training as well as major events and tourism including the $2.6 billion for the 2026 Commonwealth Games which will have a strong regional focus.

The Victorian Chamber is pleased the Government has adopted a number of our proposals with a focus on making it easier to do business by cutting red tape and reducing paperwork.

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said: “This Budget is all about the three Ps: patients, participation and provincial. This is an election budget which delivers a major investment in health, education, skills, industry development and Regional Victoria.

“We welcome the investment in skills and training as well as major events and tourism including the $2.6 billion for the 2026 Commonwealth Games which will have a strong regional focus.

“Importantly, there is also a plan to pay back the significant debt accrued during the pandemic through the VicRoads Joint Venture to get Victoria back into surplus by 2025-26.

“While the commitments for business are modest, we pleased that the Government has adopted many of the proposals put forward by the Victorian Chamber to help put them back in the driver’s seat of the State’s economy.

“These include making it easier to operate a business through improved use of the Services Victoria app which directly aligns with our call for a business concierge service to cut red tape and paperwork.

“We would expect to see further measures adopted to support business in the lead-up to the State Election later this year.”

Our submission for the 2022-23 State Budget centred around three pillars of enabling business, growing business and the ease of doing business. A number of announcements in the Budget align with these and include: 

Business and employment

  • $10 million for a Business Acceleration Fund to cut red tape
  • $12 million boost for the Apprenticeship Support Officers program
  • $10 million over two years for the Skills Solutions Partnerships to pilot new training approaches to help address skills shortages
  • $10 million for the Business Acceleration Fund to streamline applications and approvals, improve information flow and provide faster licensing at a local and state level
  • $5 million for the Specialist Advice Pathways Program which gives subsidised advice to small business for accounting, book-keeping, tax and legal advice
  • $99.8 million to help Services Victoria improve its online interface for business to reduce paperwork, make it easier to get licenses and permits and receive government payments
  • $1.3 million for the Empower Youth Program to connect socioeconomically disadvantaged youth with work or education

Trade and investment

  • $40 million for the Victorian Industry Investment Fund to support companies in sectors such as health, food production, technology, advanced manufacturing and business services
  • $40 million for the International Investment Attraction Fund to encourage global firms to set up in Victoria
  • $20 million for the Equity Investment Attraction Fund
  • $14.8 million to support trade programs including a new Victorian Government Trade and Investment Office in Paris
  • The new Victorian Future Fund which involves using the proceeds of privatising VicRoads to pay off state debt incurred throughout the COVID-19 pandemic
  • $1.6 million to help regional councils to plan and unlock growth

Regional, tourism and events

  • $2.6 billion to prepare Regional Victoria to host the 2026 Commonwealth Games including four hubs in Geelong, Bendigo, Ballarat and Gippsland. Shepparton will also host sporting and cultural events
  • $30 million for regional tourism projects
  • $29.9 million over two years for regional tourism infrastructure upgrades
  • $5 million to entice international travellers back to Victoria
  • $193 million for regional development and agriculture including $30 million for the Regional Jobs and Infrastructure Fund and $2.9 million to support agribusiness across Victoria to reach new markets, including global markets and a new Victoria Grown initiative
  • $65.7 million for sporting infrastructure and tourism attractions
  • $2.6 million for the National Business Events Program to attract conferences and events

Energy and infrastructure

  • $20 million for manufacturers to invest in renewable energy
  • $300 million for renewable energy including a transition to net-zero emissions for all Victorians
  • $250 million for 12 new VLocity trains
  • $6.1 million for the Western Intermodal Freight Terminal in Truganina

Health

  • $12bn for the Pandemic Repair Plan to invest in our health care system

Advocacy and support

For more information on the Victorian Chamber’s advocacy work, visit the Policy and Advocacy section of our website here.

Our broader state and federal budget coverage can be viewed here.

If you have any questions or would like to be involved in our advocacy work, please contact policy@victorianchamber.com.au.

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