Download the Rural and Regional Budget Information PaperExternal Link (PDF, 1.4 MB), Download the Rural and Regional Budget Information PaperExternal Link (DOC, 85 KB). 4, Mid-Year Financial Report (inc. Quarterly Financial Report No. Budget Paper 3 provides an overview of the goods and services funded by the Government and delivered by departments, and how these support the Government's strategic objectives. The Victorian Budget 2022/23 includes a range of initiatives demonstrating the Victorian Government's commitment to equality for all Victorians. Taxation revenue is forecast to increase by 13.2% in 2021-22, partly due to economic conditions recovering from the COVID-19 pandemic slump and the introduction of new taxes. Victoria's population growth is expected to grow slightly in 2021-22, rising further by 1.2 per cent in 2022-23, as Announced in the Budget is. The Budget allocates $1.08 billion for DELWP portfolios to help the department continue our work creating thriving communities and environments and contributing to Victoria's economic recovery. $5 million to plant trees in Melbournes west to reduce the risk of heat stress, create access to green spaces and improve overall air quality. However, the Treasurer also announced an additional tax which is based on payrolls the Mental Health and Wellbeing Levy. $62.9 million to maintain essential energy functions while ensuring that retailers respect the rights of vulnerable customers through the Energy Fairness Plan. Download Budget Paper 2: Strategy and OutlookExternal Link (PDF, 1.6 MB), Download Budget Paper 2: Strategy and OutlookExternal Link (DOC, 946 KB). Read more about the mental health budget highlights. 1:01pm May 20, 2021 Victoria has recorded a monster deficit of $17.4 billion in the 2020-21 financial year and is forecast to remain in a shortfall until at least 2025, according to the State Budget. The Victorian Government acknowledges Aboriginal and Torres Strait Islander people as the Traditional Custodians of the land and acknowledges and pays respect to their Elders, past and present. But the budget is optimistic that the state will bounce back, and is tipping a return to a surplus of about $650 million in 2025/26. $527.2 million to build 13 new schools that will open in 2024, as well as additional stages at four schools. Tobin Partners Pty Ltd, Lawyers and Notaries, with offices in Brisbane, Sydney and Melbourne is one of the few legal firms in Australia, who are specialising in payroll tax. 2), Financial Report (incorporating Quarterly Financial Report No. Output initiatives are those that involve operational expenditure and can include consultancies and contracts, as well internal costs. 6:19 am Treasurer Tim Pallas delivered the Victorian State Budget for 2021/22 on 20 May with relief in regard to payroll tax for some businesses but with an additional tax based on payrolls for others. $76.43 million to ensure the EPA continues to provide vital regulatory functions and effectively implements Victorias new environment protection framework. We honour Elders past and present whose The true figure for 2021-22 has not yet come into focus, but the Treasury department estimates that the deficit will be about $17.6 billion. 2, Victorias Economic Bulletin, Volume 6, No. This State Budget responds to the Royal Commissions recommendations. 21 hours ago . The Victorian Government delivered the 2021-22 State Budget on Thursday 20 May 2021. The Rural and Regional Budget Information Paper summarises the Governments priorities for rural and regional Victoria. east Contact Transport for NSW . For regional employers, from 1 July 2021, the payroll tax rate is reduced from 2.02% to 1.2125%. Freedom of Information Part II Information Statement, Statement 3: Freedom of information arrangements, Statement 5: Rules, policies and procedures, 2022 Victorian Economic and Fiscal Update, A flow decomposition of the unemployment rate in Victoria, Evaluating the effect of cutting the regional payroll tax rate, The economic impacts of the 2019-20 bushfires on Victoria, Victorias Economic Bulletin, Volume 6, No. More than $400M of funding has been provided to deliver enabling infrastructure to support the deployment of NextGeneration Trams, including construction of a new tram maintenance facility in Melbournes north-west, upgrades to Southbank Depot and land acquisition for new power substations. From 1 January 2022, land tax rates for larger property holdings will increase by: 0.25 percentage points for taxable landholdings exceeding $1.8m; and 0.3 percentage points for taxable landholdings exceeding $3m. Investing in bushfire preparedness to ensure were adapting to a rapidly changing climate. The government states that this new levy is targeted towards those large organisations that can absorb it. Download Budget Paper 1: Treasurer's SpeechExternal Link (PDF, 493 KB), Download Budget Paper 1: Treasurer's SpeechExternal Link (DOC, 97 KB). 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Open: 8.30am to 4.30pm, Monday to Friday, Address: 1-7 Taylor St, Epsom 3551 3. The Victorian Government acknowledges Aboriginal Traditional Owners of Country throughout Victoria and pays respect to their cultures and Elders past, present and emerging. . Open: 9am to 5pm, Monday to Friday, Address: 402 Mair St, Ballarat 3350 Compensation payments for Victorians living along the path of the future Outer Metropolitan Ring Road blew out by nearly $100m in a single year, with the state urged by bureaucrats to find new . > Victorian State Budget 2021-22: Significant Tax Changes & Their Impact On Private Business On 20 May 2021, State Treasurer Tim Pallas handed down the 2021/22 Victorian state budget. The PBS provides information, explanation and justification to enable Parliament to understand the purpose of each outcome proposed in the Bills. Ironically, though, for a budget looking to boost economic activity, this is not a budget that is sympathetic to businesses unless of course you operate in the construction and infrastructure sector. Funding is also allocated to continue St Kilda Road tram services during construction of the Melbourne Metro Tunnel. since the 2020-21 Budget and $7.1 billion TEI in new capital investment. $40.6M, over four years, has been allocated to maximising local jobs and local content. Open: 8.30am to 4.30pm, Monday to Friday, Address: 89 Sydney Rd, Benalla 3672 Agencies receive resources from the annual appropriations acts, special appropriations (including standing appropriations and special accounts), and revenue from other sources. $133.5 million has been allocated to upgrade digital radios for Forest and Fire Management Victoria staff and Country Fire Authority volunteers. However, the eye-watering number is not as high as originally forecast last year, with a $23.3 billion deficit initially predicted in November. Further information can be accessed under State Budget papers. The Budget Update provides revised estimated financial statements relative to the previous Budget, including the projected outcome for the end of the current financial year and revised estimates for the forward years. 3, Victorias Economic Bulletin, Volume 6, No. The Victorian Government acknowledges Aboriginal Traditional Owners of Country throughout Victoria and pays respect to their cultures and Elders past, present and emerging. As such, the PAES provides information on new measures and their impact on the financial and non-financial planned performance of agencies. This mode of direct government spending typically stimulates economic activity in a more sustainable manner over funding programs. Victoria State Budget 2020-21: Kick-starting the post-pandemic economy with major tax cuts Corrs Chambers Westgarth. * Figures in Appendix B: Historical Australian Government Data (Table B.2, B.9 and B.10) have been corrected and differ from those published in the printed version, Appropriation (Coronavirus Response) Bill (No. Victorian State Budget 2021-22 announcements. The measures are listed here, along with their expected start date. 20/05/21. This builds on the While the full details have yet to be released, we can provide the following summary of the relevant state tax measures which have been announced. This includes $40.7 million to expand Victorias lived experience workforce. . Like it or not, government and industry operate in an ecosystem; they rely on each other for contracts, products and services. Which brings me to the new mental health and wellbeing levy, an additional payroll tax that kicks in at an annual payroll of $10M. This includes the development of standards to encourage fair conduct and accountability by platform businesses and to improve transparency between these businesses and the workers they engage. $15M is provided to establish the Office of TAFE Coordination and Delivery as a separate business unit in the Department of Education and Training, to lead strategic projects and enhance collaboration across the TAFE network. The budget papers forecast this revised wages policy will deliver $1.88B in savings over the forward estimates (over four years). Phone: 136 186 The 2021-22 Victorian State Budget invests a record $3.8 billion in mental health and wellbeing. Funding of $15.6 million will increase mechanical fuel treatments like slashing and mowing particularly in high risk and long untreated areas to ensure fuel management can be delivered even when it is not safe to burn (e.g. $464M is also going to VicTrack for regional rail sustainability. The Victorian Government released its 2021-22 budget on 20 May 2021. Phone: 03 5761 1611 3 and No. The budget papers on Tuesday will. While the PAES include an Agency Resource Statement to inform Parliament of the revised estimate of the total resources available to an agency, the focus of the PAES is on explaining the changes in resourcing since the Budget. Putting Patients First | Victorian Budget 21/22 | Victorian Budget Menu Putting Patients First This is a Budget that puts patients first. This measure is expected to apply from Friday 21 May 2021. $41.65 million has been provided for a range of initiatives to assist communities impacted by the 2019-20 Victorian bushfires. The 2021-22 State Budget was announced on 20 May 2021. The following Australian Government Agencies' held their Portfolio Aditional Estimate Statements on their websites at the time of release. The Victorian Budget 21/22 contains $19B in output initiatives and $7.1B in assets. Phone: 03 5336 6856 culture and traditional practices. The Victorian Skills Authority (VSA) will support implementation of the Skills for Victorias Growing Economy review recommendations. The Gateway Review Process will also be improved to better identify risks and manage potential cost pressures. Unique Homes. This is part of the, The Victorian State Revenue Office has updated information in regard to payroll tax payments as a response to the current COVID-19 outbreak and lockdown. Open: 9am - 12pm and 1pm - 3pm Monday to Thursday, Closed: Friday, Address: 609 Burwood Hwy, Knoxfield 3180 $2.5 million to support a zero-tolerance approach to water theft by strengthening compliance and enforcement approaches, investing in measures to maintain confidence in water reliability for entitlement holders and addressing the risks posed by climate change to water availability. 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