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Navigating the First Post-Andrew Victorian Budget.

With Victoria’s new budget release, taxpayers are gearing up for a mixed bag of news. Here’s a rundown of what’s in store:

1. Victorian Net Debt to Increase: Reaching $187.8bn by 2027-28 (25.1% of GSP).

2. Budget Deficit Increased: To $4.6bn in 2023-24 but forecast surplus in following years.

3. Melbourne Airport Rail Delayed: Construction has been pushed back at least four years due to cost disputes and infrastructure priorities.

4. Infrastructure Spending Adjusted: Total spending will decline from $24bn to $15.6bn in the coming years.

5. Suburban Rail Loop Completion Pushed Back: Early works on the eastern section will be delayed to early 2026.

6. Arden Medical Precinct Scrapped: Replaced with $2.3bn expansion of Royal Melbourne and Royal Women’s hospitals.

7. Free Kinder & Mental Health Hubs Phased Rollout: Implementation slowed due to workforce shortages.

8. Waste & Fire Services Levies Increased: $423m and $591m respectively.

9. $400 Payment per Public School Child: Introduced, totaling $287m investment.

10. Homebuyer Fund Extended 1 Year: Costing $700m before the national scheme takes effect.

11. Paid Sick Leave for Casuals Scrapped: Australian-first program discontinued to save $1.79bn.

12. Increased Funding for Health and Education: $11 bn has been allocated to the health system, and $1 bn has been allocated for new schools.

To stay up-to-date with how these changes could impact your financial future or to explore how our services can help you build a financial wealth and independent future. Click the link below to book in your no obligations consultations today. Contact Us – The Hopkins Group

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