LABOR CONTINUES TO DELIVER A STRONG ECONOMY
The Victorian economy will continue to lead the nation under a re-elected Andrews Labor Government.
Over the last four years, our economy has gone from one of the worst on the mainland, to Australia’s best. Labor has created 390,000 jobs, many of those created from strong investment in services and a doubling of state infrastructure investment.
And it’s all been achieved with the highest average surplus of any Victorian government in history, and four years of maintaining our prized AAA credit rating from the major ratings agencies.
We’ve delivered better schools, hospitals, road and rail through sound economic management and the right investments – but there’s more to do.
The Labor Financial Statement 2018 lays out our plan for the next four years, building on our achievements and continuing to deliver the things that matter to Victorians.
We’ll double down on our historic building program, boosting capital investment in schools, hospitals, road and rail.
A new Delivering for All Victorians Infrastructure Fund will be established to help fund new investments, with a special dividend of $2.3 billion raised over four years from state insurers, whose held funds far exceed their need to service claims and could be put to good use building productive infrastructure.
We will continue building the big, visionary projects our state needs – building the road and rail we need today to support our state for tomorrow, and creating tens of thousands of good new jobs. This includes fully-funding the $15.8 billion North East Link, the $10 billion Airport Rail Link, and the $6.5 billion expansion of Labor’s Level Crossing Removal Project.
With global interest rates at historic lows since the Global Financial Crisis, ratings agencies and economic experts have advised that Victoria has the capacity to invest in more infrastructure while retaining our AAA credit rating.
That’s why Labor will take that advice and stabilise net debt at 12 per cent of Gross State Product over the medium term – a level that is consistent with retention of our AAA credit rating if invested in productive infrastructure.
So that taxpayers can be confident that they are getting the maximum benefit from government programs, Labor will appoint a Chief Financial Officer for every Victorian Government department, responsible to the Secretary of the Department of Treasury and Finance.
Labor will keep standing up against Liberal cuts and closures, fighting for our fair share – and continue our record as a government for hardworking families, not corporations.
Only Labor has a fully-costed, fully-funded plan that delivers for all Victorians.