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Federal Budget provides infrastructure boost to Victoria

The Victorian Chamber of Commerce and Industry welcomes major investment in Victorian infrastructure in the 2017-18 Federal Budget.

Victorian Chamber of Commerce and Industry Acting Chief Executive Bryce Prosser said the budget was a positive outcome for Victoria and demonstrates responsible economic management with a projected return to surplus in 2020-21.

“This budget builds on the good outcomes for Victorian business delivered in last week’s Victorian budget,” he said.

Key announcements welcomed by the Victorian Chamber include:

  • $1 billion investment in Victorian infrastructure, including $500 million for regional passenger rail.
  • The extension of the highly successful instant asset write-off to June 2018 available to businesses with a turnover up to $10 million. Similarly positive is the recommitment to cutting the company tax rate to 25 per cent for all businesses by 2026-27.
  • A commitment to deliver the Melbourne to Brisbane Inland Rail Project, using an additional $8.4 billion equity investment in the Australian Rail Track Corporation combined with private sector involvement.
  • $30 million to help plan the Melbourne airport rail link, adding to the $10 million set aside in last week’s State Budget.
  • $100 million for upgrades to the Geelong rail line.

The Victorian Chamber also welcomes the new Skilling Australians Fund and its objectives of strengthening apprenticeships and traineeships. However, the Victorian Chamber is concerned employers are largely underwriting this fund through a new levy imposed on businesses which use temporary skill shortage visas.

“The new levy will impose a cost to business of between $1,200 to $1,800 per visa per year for each employee on a temporary visa and $3,000 to $5,000 for each permanent migrant,” he said. 

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Media and Communications Contact

All media enquiries may be directed to the Media and Communications Manager.

For all other enquiries, please contact the Victorian Chamber on (03) 8662 5333.