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Coalition announces $1 billion boost to regional business

Regional businesses will benefit from today’s Liberal Nationals Coalition announcement to provide $125 million a year over eight years for grants for projects that will grow jobs in regional Victoria.

Victorian Chamber Chief Executive Mark Stone AM said Victoria’s 130,000 regional businesses make a vital contribution to the state’s economy, employing more than 600,000 people and generating 20 per cent of the state’s economic output.

“This fund will boost regional businesses by providing much needed funding for them to invest and grow jobs,” said Mr Stone.

Grants will be given to businesses that can demonstrate that the money will be used to grow jobs in regional Victoria. The fund will also go towards infrastructure needed for businesses to operate.

“Targeted funding for business investment and growth, as well as for infrastructure, is vital to growing the economic output of regional Victoria.

“This announcement compliments the Coalition’s commitment to cut the payroll tax rate in regional Victoria from 2.425% to 1%.

“Together, these commitments will contribute to making regional Victoria an even better place to do business,” said Mr Stone.

The fund will also facilitate the funding of key regional priorities outlined in the Victorian Chamber’s 2018 State Election campaign, Stronger Business, Stronger Victoria.

Our priorities have been developed by regional business for regional business. These priorities have been shaped and informed by member input, including extensive consultation across the state. If adopted, they will build a stronger Victorian economy with higher living standards for all.