Victoria Budget 2020/21: How will it affect you?

We’re all no doubt looking forward to finally flushing 2020 down the toilet and keen to move forward into a more positive 2021. To help us all on  our journey towards bigger and better things in the New Year and beyond, the Victorian Government recently announced what their Budget plans will include.

There are quite a few sectors that should see quite a substantial increase in business as a result. Read on to learn about the key industries we reckon are going to benefit the most though.

Construction

The construction industry seems to be the biggest benefactor in this Budget; here’s a list of all the money that’s going towards building and renovating Victoria:

• $5.3 billion on social housing (that’s 12,000 homes) over the next four years, a quarter of which will be in regional Victoria.
• $2.2 billion for the first stage construction of the Suburban Rail Loop (Cheltenham to Box Hill)
• $5 billion towards the Melbourne Airport Rail Link
• $2 billion for the Geelong Fast Rail Project
• $899 million towards upgrading tracks between South Geelong and Waurn Ponds
• $400 million for Stage 3 Shepparton Line upgrade
• $276.5 million for last stages of Dandenong corridor
• $260 million towards State 2 Warrnambool Line Upgrade
• Over $3 billion to upgrade infrastructure for schools across both metro Melbourne and regional Victoria
• 50% reduction in stamp duty for new residential properties
• More than $2 billion to build new hospitals and upgrade existing ones across the state

As you can understand, with so much (over $21 billion) being put towards the upgrading and building of infrastructure plus a massive discount on stamp duty for new homes, it’s looking to be a really great (and busy) next few years for construction businesses all over Victoria.

Hospitality/Tourism

It’s been a really tough year for the hospitality and tourism industries; especially regional communities that rely heavily on tourism to keep them afloat. To provide some relief for these communities, Premier Daniel Andrews is pushing for Victorians to get out and about in their own state throughout summer via a $465 million tourism package.

This package includes 12,000 vouchers of $200 for people who have booked and spent at least $400 on accommodation, tours or attractions in regional Victorian towns.

Further, it includes tens of millions of dollars for regions including the Great Ocean Road, Gippsland, the Grampians, Falls to Hotham Alpine Crossing hike trail and Prosecco Road winery district.

Health

As mentioned earlier, there has been over $2 billion allocated for the building and upgrading of hospitals around Victoria. More specifically:

• $562 million for the expansion of Frankston Hospital
• $384.2 million towards Stage 1 of Warrnambool Base Hospital’s expansion
• $217 million for redevelopment of Latrobe Regional Hospital
• $75 million for purchasing land and to start planning for a brand new hospital in Melton
• $200 million for new Metro Health Infrastructure Fund
• $120 million extra for existing Regional Health Infrastructure Fund
• $85 million towards upgrading medical and engineering equipment
• $30 million to update clinical technology (e.g. pathology and diagnostic tools)
• $66 million allocated for purchasing land for new community hospitals in several suburbs in and around Melbourne

In addition to all of this, the mental health system will receive a $868.6 million overhaul, an integral area in health that may very well become busier as the effects of COVID-19 continue to ripple through our communities moving forward.

Need to finance a new work vehicle?

With the combination of the Federal Budget’s fantastic tax breaks and write-offs available and the prospective increased business off the back of Victoria’s Budget announcements, it’s never been a better time to finance a new vehicle for work. Find out just how low your repayments could be with our online car finance quote tool - we know you’ll be impressed with what you see. Then it’s as easy as applying online in under 5 minutes!

Our industry partners at carconnect will help find the lowest price for the make and model you’re interested in and will even arrange to have it delivered directly to you - wherever you are in Australia!

We can also assist with commercial loans; whether it’s equipment, machinery or even people your business needs to invest in so it can grow, we’re here to find the best possible commercial finance that works for you.

If you’d like to have a chat with us about your options, we’re always here for you. Get in touch either by calling us on 1300 787 288 or sending us a message using our online enquiry form and we’ll get back to you ASAP.