This year’s Budget builds on that work, providing $2.6 billion to support local jobs, local economies and local communities, through the Delivering for Regional and Rural Victorians Program, investing in the skills and services our regions need.
Victorian Jobs and Investment Fund
The Victorian Budget 2019/20 also invests $150 million to establish the Victorian Jobs and Investment Fund, encompassing three key priorities:
- a whole-of-government investment program to support new opportunities to strengthen Victoria’s economy and grow Victorian jobs
- continue to attract investors to our state, building on big names like David Jones and the Alibaba Group that moved to Victoria, with further funding to attract even more investors
- encourage the innovation and investments that will support your economy's transition to high-growth sectors, while creating the next generation of Victorian jobs
And building on our existing reforms, we will increase the payroll tax-free threshold from $650,000 to $700,000 by 2022-23. This will reduce the amount of tax paid by approximately 38,000 businesses, while around 1,400 will pay no tax at all.
Reviewed 27 May 2019