VICTORIA WELCOMES 2010 COMMONWEALTH BUDGET

Posted on 12. May, 2010 in News

Working Victorians were the big winners in the 2010 Commonwealth Budget which would work with the Brumby Labor Government’s 2010 State Budget to secure jobs, cut taxes and keep Victoria ahead of the pack during the global economic recovery.

Treasurer of Victoria, John Lenders, said Commonwealth and Victorian budgets would help Victoria capitalise on the opportunities from worldwide economic growth.

“The Brumby Labor Government understands that nothing is more important to Victorian families than job security,” Mr Lenders said. 

“The Commonwealth Budget will build on the 30,000 jobs the Brumby Labor Government will secure through our 2010 State Budget.

“The initiatives announced today, working in partnership with $461 million cuts to taxes and business costs I announced last week, will help Victorian businesses to become even more internationally competitive.

“While economies around the world are still dealing with the economic aftershocks from the Global Financial Crisis Victoria and Australia continue to lead the pack.

“The Rudd Labor Government has released a budget that helps to create jobs, addresses the challenges of the future and continues the economic management that is protecting Victorian families and businesses from the worst of the Global Financial Crisis.

”The Brumby Labor Government in particular welcomes the cuts to company tax to 29 per cent and 28 per cent for small business, the $661 million boost to provide up to 70,000 skills places across Australia which complements existing incentives provided by the Brumby Labor Government and the removal of interest withholding tax that the Victorian Government has been calling for.” 

Mr Lenders called on the Commonwealth Government to establish the new Centre for International Finance and Regulation in Melbourne which is home to seven of the top 10 industry pension funds, the majority of all Australian industry fund assets and the Melbourne APEC Finance Centre. 

He said the extra Commonwealth injection in Australia’s health system which would build on the record $4 billion health boost in the 2010 State Budget to help more Victorian patients receive world class treatment, faster and in better hospitals closer to home.

He said the 2010 Victorian State Budget incorporated and built on the historic health investment and reform agreed to by the Council of Australian Governments (COAG) last month. Under the COAG health reforms, the Premier, John Brumby, secured additional Commonwealth investment in health and hospitals for Victoria, as well as retaining control of the management of Victorian hospitals, and funding for extra sub-acute beds to treat additional patients once additional beds come on line.

He also welcomed the announcement of $652 million Renewable Energy Future Fund to help reduce carbon pollution.

Mr Lenders acknowledged that Victoria was the major beneficiary of infrastructure funding in the 2009 Commonwealth Budget, securing the Commonwealth contribution to the largest project funded from the Building Australia Fund, the $4.3 billion Regional Rail Link project.

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