Healthy budget, more jobs

Managing Victoria's Budget

The Brumby Government understands that our budget position must be strong.

And it is.

We’re triple-A rated, our budget is secure and our economy is performing well, with our unemployment rate recently decreasing to levels not experienced for over 17 years.

The 2007-08 State Budget delivered the Government’s eighth consecutive budget surplus, with budget surpluses averaging $424 million over the following three years.

Victoria’s economic fundamentals continue to be firm with strong jobs growth, record high levels of business and infrastructure investment, and a substantial pipeline of new construction work continuing to drive growth. Building approvals are at record levels.
"Since October 1999, more than 380,000 new jobs have been created in Victoria"
We are using the strength of Victoria’s balance sheet to help fund major projects and infrastructure that will provide substantial long term benefits and make Victoria the best place to live and raise a family.

$4 billion tax cuts

The 2007-08 Budget announced investment of a further $13 billion in capital works. Since coming to office, the State Labor Government has cut taxes by more than $4 billion, providing tax relief to families and businesses. Victoria’s taxes remain competitive with the Australian average. The 2007-08 Budget provided more than $1 billion in further tax relief and reduced business costs.

Since October 1999, more than 380,000 new jobs have been created in Victoria and in 2007, Victoria has produced the most jobs of any state (58,000). Employment in country Victoria has grown solidly as the population has increased and confidence has risen.

The economy is forecast to grow by a strong 3.25 per cent in 2007-08 maintaining Victoria’s consistent record of growth. Victoria’s population has grown strongly and has now passed the 5 million mark. Victoria enjoys population growth faster than the national average.

The Brumby Government is assisting Victorians purchase their first home with 107,000 first home buyers in Victoria having benefited from the Bonus since it was introduced in June 2004.