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Public finance

Victorian Budget 2023: Winners and Losers in a $600 Million Surplus

Strategic Insights

— 1 min read

Victorian families are the biggest winners in the state's 2023 budget, with a focus on cost of living and investments in healthcare, public transport, and community safety. The budget promises a record $600 million surplus for the first time since the pandemic, despite grappling with rising debt. The government has also outlined plans to axe thousands of public service jobs to save $3.3 billion, and introduced a new emergency services levy to raise funds for fire services and other emergency response efforts.

Key Takeaways:

  • Health: The budget features an $11.1 billion investment in Victoria's healthcare system, including $634 million for new hospitals and expanded roles for pharmacists to treat more conditions and free consultations.
  • Families: Families with young children will save around $2,600 per child with free kinder offered for every three and four-year-old, and free public transport for under-18s will save families around $700 per child per year.
  • Public transport users: Free public transport for seniors on weekends and free transport for under-18s will benefit commuters.
  • Community safety: The government is investing $1.6 billion in crime prevention, including $727 million for bail reform and $176 million for rehabilitation services.
  • Home buyers: The government is committed to building 800,000 new homes by 2034 and has extended a concession for first-home buyers.

Statistics:

  • $11.1 billion investment in Victoria's healthcare system
  • $634 million for new hospitals
  • $194 billion forecasted net debt in three years' time
  • $7.6 billion in interest paid in 2025-26
  • 1.9% increase in costs for 518 budget-funded projects
  • $1.6 billion investment in crime prevention
  • $800,000 new homes to be built by 2034

Sources:

  • AFR: "Record $600m surplus in Victoria's budget as debt balloons"
  • ABC: "Victorian Budget 2023: Winners and losers"
  • Victorian Government: "2023 Victorian Budget: Investing in Our Future"
  • The Australian: "Victoria's new emergency services levy to raise $600m"

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