Labor has set out a clear plan for economic recovery from the global pandemic – growing our economy, getting our state back to surplus and creating thousands of Victorian jobs. The 2022 Pre-Election Budget Update confirms we’re delivering on that plan – and it’s working.
Over the past three years, and as economies around the world have taken a major hit, we’ve done everything in our power to provide hip pocket relief for families and back Victorian businesses.
We chose to use our balance sheet to care for families and keep people in work, investing more than $44 billion during the pandemic to protect lives, create new jobs and help businesses both survive and bounce back.
Independently prepared by the Department of Treasury and Finance, the Update confirms our economy is growing and our return to surplus is on track for 2025/26.
It reveals a growing economy that has not only weathered the worst of the pandemic but is powering ahead, thanks to our investments in infrastructure and strong backing of local jobs.
We are delivering a cash surplus this year, and we’re on track to deliver a surplus of $870 million by 2025/26 – surging ahead of forecasts earlier in the year.
Our state’s near-record low unemployment rate continues – meaning more Victorians have the security and dignity of meaningful work. Unemployment sits at 3.5 per cent, while regional unemployment has more than halved since 2014 and is at 2.9 per cent – the lowest rate in the nation.
It’s a recovery that’s being driven by a Government that is backing the projects and people that will grow our economy.
Government infrastructure investment is expected to average $21.6 billion a year over the budget and forward estimates as Victoria’s unprecedented Big Build continues.
Since 2014, our infrastructure investment alone has supported, or will continue to support, more than 191,000 jobs. Cutting these projects – and thousands of jobs that exist because of them – would only hurt our State’s recovery, stifling growth and costing thousands of Victorians their livelihoods.
The $1 billion of support we have provisioned for flood-affected communities so far has been reflected in our net debt, which is projected to be $165.9 billion in June 2026 – $1.6 billion lower than forecast in May.
The Pre-Election Budget Update analyses Victoria’s budgetary position as at 1 November, 2022 – the beginning of the caretaker period.