The Victorian 2014-2015 Budget was presented to Parliament today Tuesday May 6th 2014 by the Hon. Michael O’Brien MP.
The budget has a number of very significant implications for many of my clients and subscribers.
As a service to all subscribers and clients I have provided a set of focused links to key budget areas. I have also included separate briefing papers for registered clients that are available for download from the documents section of their Client Portal. Login is required.
Included are links to full budget documentation as well as summarised press releases from a range of Ministerial Portfolios.
This public list is not intended to be exhaustive, nor is it an assessment of the details of the announcements.
According to the Treasurer, Michael O’Brien, the 2014-2015 Budget
..will deliver an operating surplus of $1.3 billion in 2014-15 growing to $3.3 billion by 2017-18.
Net debt will fall from 6.3 per cent of GSP in 2014-15 to just 4.5 per cent in 2017-18.
Victoria stands alone as the only government in Australia – federal, state or territory – to be forecasting operating surpluses over the next four years.
Key Economic Overview
- As measured by gross state product (GSP), economic growth is forecast to be 2.5 per cent in 2014-15, and 2.75 per cent thereafter.
- Unemployment is expected to remain stable at 6.25 per cent in 2014-15, before falling to 5.5 per cent by 2017-18.
- Population growth is forecast to be 1.8 per cent a year over the forward estimates
- The 2014-15 Budget will deliver an operating surplus of $1.3 billion in 2014-15 growing to $3.3 billion by 2017-18.
- Net debt will fall from 6.3 per cent of GSP in 2014-15 to just 4.5 per cent in 2017-18.
- The budget forecasts expenditure growth of 2.8 per cent in 2014-15 and 2.6 per cent per year on average across the forward estimates.
- By 2015-16, net infrastructure spending will be fully funded by cash from operations rather than debt.
- Cutting payroll tax for around 39,000 Victorian employers and their 1.6 million employees to 4.85 per cent
- Abolishing Stamp Duty of life insurance policies
Ministerial Portfolio Key Initiatives 2014
Premier – The Hon. Dr. Denis Napthine
Minister for Regional Cities
Minister for Racing
- Investment up to $27 billion in new infrastructure, the Melbourne Rail Link – including the delivery of the Airport Rail Link – creating 3,700 jobs during the peak of construction.
- The East West Link – Western Section, in addition to last year’s announcement of the eastern section, at an estimated cost of $8 to $10 billion, creating 3,000 jobs during the peak of construction. Providing alternate route to the West Gate Bridge, benefiting commuters from Geelong, Ballarat and Melbourne’s West.
Minister for Education – The Hon. Martin Dixon
- $305 million over four years for students with disability
- Program funding for Students with Disabilities & Disabilities Transport
- $8.8 billion in funding [ building better schools ] for all students
The additional $305 million over four years will provide:
- $273 million for the Program for Students with Disabilities (PSD); and
- $32 million for the Student Disabilities Transport Program (SDTP). This will support around 23,500 students with disability through the Program for Students with Disabilities (PSD), and brings the total PSD funding for 2014-15 to $642 million
Minister for Housing – The Hon Wendy Lovell MP
Minister for Children and Early Childhood Development
- $201.9 million investment social housing and homelessness, Including $124.4 million to support statewide projects under the National Partnership Agreement on Homelessness
- $65 million over three years for the Social Housing Framework to renovate and maintain public housing stock;
- $7.4 million for Social and Community Services (SACS) workers; and
- $5 million over four years to operate a 40 bed Shepparton Youth Foyer to provide education, employment and housing outcomes for young people who are at risk of or are experiencing homelessness.
Minister for Higher Education and Skills – The Hon. Nick Wakeling
- $30 million reskilling package for automotive supply chain workers
Minister for Health – The Hon. David Davis
Minister for Ageing
- New health facilities, including Barwon Health North in Geelong’s northern suburbs and a major redevelopment of Latrobe Regional Hospital
- $8 million over four years, including $1.8 million during 2014-15, to Austin Health, Alfred Health and Western District Health Service, which specialise in bariatric treatments such as lap-band surgery.
- Funding for Ambulance services will be increased by $35 million during 2014-15
Minster for Mental Health – The Hon. Mary Wooldridge
Minster for Community Services
Minister for Disability Services and Reform
- $198.4 million to more effectively support vulnerable Victorians
- $38 million for additional home based care placements and care giver reimbursements and client expenses.
- $24.1 million for an additional 23 child protection workers to address demand in high needs areas across Victoria, with a particular focus on boosting operational capacity in rural and regional areas.
- $22.7 million to improve the response to family violence by educating workers to identify when violence may be occurring, expanding access to support and driving collaboration and coordination across relevant professionals when women and children are at risk.
- $17.8 million to roll out the innovative Services Connect model to community services sector providers
- $17.1 million to continue the Youth Support Service which provides early intervention assessment, case work and referral services, and successfully diverts young people from entering the youth justice system
- $5.5 million to continue the Aboriginal Kinship Care Support Service which provides information, advice, family services and placement support services.
- $2.9 million will bolster Neighbourhood Houses across Victoria by extending funding for coordination hours.
Minister for Agriculture and Food Security – The Hon. Peter Walsh
Minister for Water
- $41.2 million in new initiatives in food and fibre sector
- $35.4 million for Food into Asia Action Plan to help drive export growth [See WhaleSongServices Library – Clients only]
- $2.3 million to help establish a poppy industry in Victoria
- $1.635 million to deliver the Goulburn Valley fruit growing industry concessional loan package