Treasurer’s message for Victoria Budget 2022/23: Source- https://www.budget.vic.gov.au/treasurers-message
Treasurer Tim Pallas MP today presented the Victorian Budget 2022/23 in the state Parliament. Tim Pallas claims, ” Record jobs, strong growth and a return to surplus tell the story of Victoria’s remarkable economic recovery from the global pandemic – and new investments from the Andrews Labor Government will keep that momentum strong.”
THE FULL MEDIA RELEASE:
Record jobs, strong growth and a return to surplus tell the story of Victoria’s remarkable economic recovery from the global pandemic – and new investments from the Andrews Labor Government will keep that momentum strong.
The Victorian Budget 2022/23 will further boost business and community confidence, forecasting an operating surplus of more than $650 million in 2025-26 and strong jobs numbers.
The Labor Government has created 560,000 new jobs since 2014 – proportionally more than any other state – including more than 400,000 full-time jobs. The growth in women’s employment has been especially strong, with about 900,000 women now in full-time work.
As a proportion of our population, there are more Victorians in work now than ever before – and on top of that, close to a record number of people are participating in the labour force.
The state’s unemployment rate of 4.0 per cent is the lowest since these records began. It’s forecast to remain around this record-low mark in 2022-23.
The regional unemployment rate is even lower at 3.2 per cent – almost a full percentage point lower than the national average and less than half the rate inherited by the Government when it took office in November 2014.
The Labor Government has stood with business over two years of pandemic disruption, providing more than $13 billion in support to protect small and medium-sized businesses and their workers.
The benefits are clear. Employment has swiftly rebounded, including among women, young people and single parents – who we know felt the effects of the pandemic more harshly.
Our 2020 Jobs Plan pledge to create 400,000 jobs by 2025 has already met its interim target of delivering half of them by the end of 2022. Since September 2020, 280,000 extra Victorians have found work. Our strong jobs growth is forecast to continue by 1.75 per cent in 2022-23 – building on a 3 per cent surge in 2021-22.
With Australia’s international border restrictions eased, Victoria’s population is forecast to grow by 1.2 per cent in 2022-23 and 1.7 per cent per annum in the three years from 2023-24.
The Victorian economy is primed for growth. Interstate and now international travellers are returning to the state, and vaccination levels are high. Private investment and consumer spending continue to grow, and the Government is getting on with the Big Build – averaging $21.3 billion annually over the next four years.
Victoria’s economy is set to soar by 5.5 per cent in 2021-22 – and it grew more than 50 per cent faster than the nation’s in 2021. It is forecast to continue powering ahead, growing by 3.25 per cent in 2022-23 and 2.75 per cent in each of the final two years of the forward estimates.
It’s no accident that our economic outlook is so strong. The Labor Government’s record investments in infrastructure have supported the jobs we need in the short-term and will deliver an enduring legacy for future generations.
– Tim Pallas MP, Treasurer, Tuesday, 3 May 2022.
