Victorian Treasurer Tim Pallas has revealed the state is roaring back to business after the pandemic with unemployment at historic lows and the economy rebuilding.
In his budget speech on Tuesday, May 2, the treasurer paid tribute to front line health workers who helped get Victoria through the pandemic and said the best way to honour them was to rebuild the health system and the community.
“We know the pandemic caused pain, we know it hasn’t been easy,” he said.
State unemployment is 4 per cent but regional unemployment is even lower at 3.2 per cent.
“If your state must face a global crisis it helps to have the most robust economy in the nation,” he said.
“We used our balance sheet to support businesses and household budgets.”
That balance sheet is expected to recover by over $18 billion in four years and debt will be $7.8 billion lower than forecast.
“We were confident of a quick bounce back, but I’m pleased to say it’s been even faster than predicted,” Mr Pallas said.
The centrepiece of the budget is a Pandemic Repair Plan, which includes $1.5 billion to clear the backlog of elective surgeries, and more than a $1 billion committed to regional health, including a $300 million boost to the regional health.
The budget also includes $2.6 billion for the 2026 Commonwealth Games, which will be hosted in regional Victoria.
“Shepparton will also hold events and other regional towns and cities will be added to the program,” Mr Pallas said.
“This budget provides $2.6 billion in funding for this historic event, which will provide a massive economic boost through event infrastructure, new housing and promotion of our great state.”
However, Mr Pallas singled out investment in mental health, including the new facility in Shepparton, as the most important part of the budget.
“Our mental health reform might be the most important thing this government ever does,” he said.