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href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12.html"><span>Victorian State Budget</span></a></li><li class="item188"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/anzac-day-2012.html"><span>ANZAC Day 2012</span></a></li><li class="item176"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/flinders-street-station-design-competition.html"><span>Flinders Street Station design competition</span></a></li><li class="item173"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/write-a-plate-for-your-state.html"><span>Write a plate for your state</span></a></li><li class="item174"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/crack-down-on-illegal-puppy-farms.html"><span>Crackdown on illegal puppy farms</span></a></li><li class="item101"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/anzac-day-2011.html"><span>ANZAC Day 2011</span></a></li><li class="last-child item102"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/first-100-days.html"><span>First 100 days</span></a></li></ul></li><li class="last-child item37"><a href="/web/20130410030107/http://www.premier.vic.gov.au/contact.html"><span>Contact</span></a></li></ul><div class="superfish_clear"></div> </div> </div> </div> </div> <div class="breadcrumb"> <div class="moduletable"> <span class="breadcrumbs pathway"> You are here: <a href="https://web.archive.org/web/20130410030107/http://www.premier.vic.gov.au/" class="pathway">Home</a> » <a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements.html" class="pathway">Announcements</a> » <span class="path">Victorian State Budget</span></span> </div> </div> <div id="page-content-full" class="width_left"> <div id="left"> <div id="left_top"> </div> <div class="moduletable"> <div class="moduletable"> <div id="left_sub_header">Announcements</div><ul id="mainlevel"><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/china-super-trade-mission-outcomes-interim-report.html" class="mainlevel">China super trade mission outcomes – interim report</a></li><li class="mainlevel_current"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12.html" class="mainlevel_current" id="active_menu">Victorian State Budget</a><ul><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/all-budget-releases.html" class="sublevel">All Budget releases</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/treasurer.html" class="sublevel">Treasurer</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/premier.html" class="sublevel">Premier</a></li><li class="sublevel"><a 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class="sublevel">Attorney-General</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/aviation.html" class="sublevel">Aviation Industry</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/bushfire-response.html" class="sublevel">Bushfire Response</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/children-and-early-childhood-development.html" class="sublevel">Children and Early Childhood Development</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/community-services.html" class="sublevel">Community Services</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/consumer-affairs.html" class="sublevel">Consumer Affairs</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/corrections.html" class="sublevel">Corrections</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/crime-prevention.html" class="sublevel">Crime Prevention</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/deputy-premier.html" class="sublevel">Deputy Premier</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/education.html" class="sublevel">Education</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/employment.html" class="sublevel">Employment</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/energy-and-resources.html" class="sublevel">Energy and Resources</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/environment-and-climate-change.html" class="sublevel">Environment and Climate Change</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/gaming.html" class="sublevel">Gaming</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/health.html" class="sublevel">Health</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/higher-education-and-skills.html" class="sublevel">Higher Education and Skills</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/housing.html" class="sublevel">Housing</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/innovation-services-and-small-business.html" class="sublevel">Innovation, Services and Small Business</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/local-government.html" class="sublevel">Local Government</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/mental-health.html" class="sublevel">Mental Health</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/multicultural-affairs-and-citizenship.html" class="sublevel">Multicultural Affairs and Citizenship</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/planning.html" class="sublevel">Planning</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/police-and-emergency-services.html" class="sublevel">Police and Emergency Services</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/ports.html" class="sublevel">Ports</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/public-transport.html" class="sublevel">Public Transport</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/racing.html" class="sublevel">Racing</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/regional-and-rural-development.html" class="sublevel">Regional and Rural Development</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/roads.html" class="sublevel">Roads</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/sport-and-recreation.html" class="sublevel">Sport and Recreation</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/teaching-profession.html" class="sublevel">Teaching Profession</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/technology.html" class="sublevel">Technology</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/tourism-and-major-events.html" class="sublevel">Tourism and Major Events</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/veterans-affairs.html" class="sublevel">Veterans’ Affairs</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/water.html" class="sublevel">Water</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/womens-affairs.html" class="sublevel">Women’s Affairs</a></li><li class="sublevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/budget2011-12/youth-affairs.html" class="sublevel">Youth Affairs</a></li></ul></li><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/anzac-day-2012.html" class="mainlevel">ANZAC Day 2012</a></li><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/flinders-street-station-design-competition.html" class="mainlevel">Flinders Street Station design competition</a></li><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/write-a-plate-for-your-state.html?view=rsform" class="mainlevel">Write a plate for your state</a></li><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/crack-down-on-illegal-puppy-farms.html" class="mainlevel">Crackdown on illegal puppy farms</a></li><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/anzac-day-2011.html" class="mainlevel">ANZAC Day 2011</a></li><li class="mainlevel"><a href="/web/20130410030107/http://www.premier.vic.gov.au/announcements/first-100-days.html" class="mainlevel">First 100 days</a></li></ul> </div> </div> <div id="left_bottom"> </div> </div> <div class="full_width no_right"> <div id="inner_page"> <div id="article_top"></div> <div id="article_middle"> <h1 class="contentheading "> Victorian Budget 2012-13</h1> <p>The 2012-13 Victorian Budget was handed down by the Treasurer, Kim Wells MP, on Tuesday 1 May 2012 and drives economic growth, generates jobs and productivity with a focus on record infrastructure investment, frontline services and protecting the vulnerable.</p> <p><strong>Browse Victorian Budget media releases by selecting portfolios on the left</strong>.</p> <p>Visit the Budget website for all the budget papers at <a target="_blank" href="https://web.archive.org/web/20130410030107/http://www.budget.vic.gov.au/">www.budget.vic.gov.au</a> </p> <h2>Excerpts from Treasurer Kim Wells’ speech to Parliament on the 2012-13 Budget</h2> <p><iframe src="https://web.archive.org/web/20130410030107if_/http://player.vimeo.com/video/41399767?title=0&byline=0&portrait=0" width="470" height="300" frameborder="0"></iframe></p> <p><strong>VIDEO TRANSCRIPT</strong>:</p> <p>The 2012 13 Budget promotes economic growth to generate jobs and improve living standards for the Victorian community.</p> <p>It funds a record State infrastructure spend, cuts business costs, keeps taxes competitive and invests over $1 billion in skills.</p> <p>It funds new programs to drive productivity growth in Victoria's manufacturing industry and enhances the competitiveness of our agriculture and food sector.</p> <p>And it unveils a new strategy to drive international engagement – to help Victorian businesses realise the export and investment potential flowing from the rise of Asia and other emerging economies.</p> <p>Tough economic times and reduced revenue call for discipline and careful decisions about expenditure.</p> <p>The Government's spending priorities are focused on driving economic growth, generating jobs, improving frontline service delivery and protecting the State's most vulnerable citizens.</p> <p>This can only be done when the finances are sound.</p> <p>There will be no compromise when it comes to delivering a responsible budget.</p> <p>Victorian families know that in challenging times you have to act responsibly and eliminate waste.</p> <p>They expect their governments to improve efficiency, deliver better services and build a stronger foundation for the future.</p> <p>This is a responsible and necessary approach.</p> <p>As a State – as a community – we will be defined not by the challenges we face, but by the collective actions we take to address them.</p> <p>- [End] -</p> <h2>Coalition Government 2012-13 Budget to drive economic growth, generate jobs, deliver major infrastructure and improve community services</h2> <p>The Coalition Government's 2012-13 Budget delivers a responsible plan to drive economic growth, generate jobs, deliver major infrastructure and improve community services for Victorians.</p> <h2>Strong State Finances</h2> <p>The Coalition Government's 2012-13 Budget delivers the right economic strategy to put Victoria's finances onto a stronger foundation for the future while managing the tight financial constraints imposed by international economic uncertainty, a weaker national economy and consequent declines in state revenue.</p> <p>Due to external economic shocks, Victoria's revenue forecasts over the next four years will be $8.3 billion lower than was forecast in late 2010. This is a bigger financial hit than that which occurred during the 2008 global financial crisis.</p> <p>The previous Labor Government left Victoria a trend of unsustainable spending growth and escalating debt with no plan to address the deteriorating budget position.</p> <p>Over the 10 years to 2010-11, total expenses grew at an unsustainable average rate of 7.3 per cent. In the 2012-13 Budget the government will limit expenditure growth to an average of 2.9 per cent over the forward estimates.</p> <p>The Budget builds on measures announced last year to put Victoria's finances back onto a sustainable path through further savings of $1 billion over four years. Measures taken include:</p> <ul style="list-style-type: disc;"> <li>limiting Parliamentarians' pay increases to 2.5 per cent for the next twelve months and a freeze on their allowances;</li> <li>limiting senior public servant salary increases to 2.5 per cent;</li> <li>a further reduction of 600 public service positions; and</li> <li>additional departmental efficiencies.</li> </ul> <p>The 2012-13 Budget delivers surpluses exceeding $100 million each year growing to $2.5 billion by 2015-16.</p> <p>The government's fiscal strategy will stabilise net debt to six per cent of GSP by June 2016.</p> <h2>Record infrastructure investment</h2> <p>Infrastructure investment is a vital part of the Coalition Government's economic strategy to generate jobs, boost productivity and grow Victoria's economy.</p> <p>In challenging financial circumstances the Coalition Government is delivering a record state infrastructure investment of $5.8 billion in 2012-13.</p> <p>In 2012-13 there will be $41 billion of public sector capital projects including public private partnership projects underway in Victoria.</p> <h2>Growing Victorian businesses and the economy</h2> <p>The Coalition Government will support Victorian business during challenging economic times to drive economic activity, boost productivity and generate jobs.</p> <p>The Coalition Government will cut WorkCover premiums by an average of three per cent from July 1 this year.</p> <p>The reduction will benefit almost 60 per cent of Victorian businesses, of which nearly 59,000 will have their premiums cut by more than 10 per cent.</p> <p>Victoria already has the lowest workplace insurance premiums in Australia and this cut will strengthen Victoria's competitiveness to attract business investment, reduce costs for business and support economic growth.</p> <p>As part of the Coalition Government's manufacturing blueprint <em>A More Competitive Manufacturing Industry</em>, the 2012-13 Budget delivers $58 million to boost productivity and assist Victorian manufacturing businesses to compete in the global economy.</p> <p>The 2012-13 Budget delivers new funding for the Coalition Government's<em> Agricultural and Food Industry Program</em> to support Victoria's producers to increase production, product development and sales of our world renowned high quality produce.</p> <p>The 2012-13 Budget also provides funding for Victoria's first comprehensive International Engagement Strategy that will support Victorian businesses to engage with overseas markets, increase export sales and increase investment.</p> <p>The Coalition Government will invest a further $1 billion over four years to support future economic growth with a better educated and skilled workforce, to increase productivity and workforce participation.</p> <h2>Quality community services and facilities for communities</h2> <p>The Coalition Government is prioritising funding to deliver high quality health, education, safety and community services.</p> <p>The 2012-13 Budget reflects the Government's commitment to protecting the most vulnerable in our community.</p> <p>It provides $13.7 billion to Victoria's hospitals and health system in 2012-13. $1.2 billion is provided over four years in additional funding for health and aged care services. Funding has also been provided for major hospital upgrades in metropolitan and regional Victoria.</p> <p>A $200 million school capital program will fund new schools and important facility upgrades.</p> <p>The 2012-13 Budget also delivers $1.4 billion in new funding for early childhood development, education and training and $336 million to better protect Victoria's most vulnerable children.</p> <h2>Growing rural and regional Victoria</h2> <p>The Coalition Government is committed to investing in and growing regional and rural Victoria to create new prosperity, more opportunities and a better quality of life.</p> <p>The regions account for a quarter of the State's economic output, or around $71 billion a year.</p> <p>The high Australian dollar has impacted on Victoria's exports, including primary production and manufacturing which have a significant presence in regional and rural Victoria.</p> <p>The 2012-13 Budget builds on the significant investment made by the Government over the past year and delivers on important new infrastructure projects, including $42.2 million for the Western Highway, $35.5 million for the Ballarat Western Link Road and additional regional rolling stock.</p> <p><a class="jce_file" target="_blank" href="/web/20130410030107/http://www.premier.vic.gov.au/images/stories/documents/mediareleases/2012/1a_Wells_-_Coalition_Government_2012-13_Budget_to_drive_economic_growth_generate_jobs_H.pdf"><img class="jce_icon" src="/web/20130410030107im_/http://www.premier.vic.gov.au/plugins/editors/jce/tiny_mce/plugins/filemanager/img/ext/pdf_small.gif" style="border: 0px none; vertical-align: middle;" alt="pdf"/><strong>Download PDF <span class=" jce_size">198.55 Kb</span></strong></a></p> <div class="faceandtweet"><div class="faceandtweet_retweet" style="float:right; width:110px;"><a href="https://web.archive.org/web/20130410030107/http://twitter.com/share?url=http%3A%2F%2Fwww.premier.vic.gov.au%2Fannouncements%2Fbudget2011-12.html" 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