24 / 05 / 2021
Jobs and skills growth, economic recovery, mental health and healthcare, as well as revitalising Melbourne CBD and regional areas are among the priorities.
Some of the priorities that contribute towards Victoria's economic recovery and revitalisation are:
- Tax cuts for businesses are being brought forward to 1 July 2021. The payroll tax-free threshold will be increased to $700,000, reducing tax for 42,000 businesses across the state.
- Payroll tax for regional employers will be brought down to 1.2125% (a quarter of the metropolitan rate) from 1 July 2021 – this is a year earlier than planned and is expected to save money for around 4000 regional businesses a year.
- $431 million to support businesses and create new jobs.
- $107 million to help drive economic activity and revitalise Melbourne's CBD.
- $3.7 billion to support rural and regional communities, including building a new mental health system.
- $384 million invested into the skills sector, including $86 million to establish the Victorian Skills Authority and $209 million to support TAFE and training.
Read about the Victorian Budget 2021–22 priorities.
The Federal Budget was also recently announced. Find out what the Federal Budget 2021–22 means for your business.