Image source: ABC
Victorian Treasurer Tim Pallas handed down the Andrews Government’s 2020/21 State Budget on 24th November, 2020. Amongst the initiatives to support a jobs-led economic recovery, putting Victorian business and workers first and backing local business we have selected the Top 5 programmes.
- A $2 billion Breakthrough Victoria Fund to drive investment in research, innovation and the next great breakthroughs over the next 10 years. This investment focuses on industries including health and life-sciences, agri-food, advanced manufacturing, clean energy and digital technologies.
- $210 million to support the research and growth of our medical research organisations and institutes.
- $32 million Export Recovery Plan to provide immediate support for the recovery of exports, while beginning work on our longer-term recovery. This includes funding for pilot virtual trade missions, establishing a Freight Stabilisation Fund and Global Gateway vouchers.
- $60 million Manufacturing and Industry Development Fund to support manufacturing capability and secure opportunities to re-shore and onshore manufacturing capabilities in Victoria, with a focus on developing key growth areas. This Budget also establishes a $40 million Industry Recovery and Growth Fund, with new funding focused on facilitating private sector investment in advanced manufacturing. This includes targeted investments in high growth sectors like food manufacturing and pharmaceuticals.
- $1.7 billion cash flow boost for businesses throughout the deferral of 2020-21 payroll tax liabilities for payrolls up to $10 million and $836 in new job tax credits to rehire staff, restore hours and create new jobs.