The 2019-2020 Victorian State Budget was delivered by the Treasurer on Monday 27 May 2019 in which a wide range of funding announcements were made for what is the Andrews State Government’s fifth budget.
The following aspects of the budget are of particular relevance to the planning and development industry.
- $2 billion for upgrades to the Sunbury train line.
- $750 million and $547 million for upgrades to the Cranbourne and Hurstbridge lines respectively.
- $6.6 billion to fund the removal of a further 25 level crossing.
- $486 million to upgrade country roads.
- $150 million for rail station commuter car parks.
- $15.8 billion to fully fund North East link.
- $671 million to build 17 new state schools and $363 million to update existing facilities.
- Raising the tax paid by foreign property investors from 7 to 8 per cent.
- Raising the tax paid by absentee landowners from 1.5 per cent to 2 per cent.
With the decline in stamp duty revenue and the loss of $2 billion of funding promised from a federal Labor election victory, it will be interesting to see how the Andrews government continues to fund its suite of infrastructure programs such as the Melbourne Airport rail link and the suburban rail loop.