The Victorian Budget 2022-23
Published: 3 May 2022
The Victorian Budget 2022-23 builds on significant investment in recent years to support our focus on Victoria’s economic recovery and growth – providing further opportunities to create more jobs for more people, to build thriving places and regions and to support inclusive communities.
Here are some of the highlights for the department:
- $2.6 billion so Victoria is ready to host the Commonwealth Games in 2026, which will create local jobs and leave a legacy for regional Victorians for decades to come.
- Victoria's iconic cultural attractions will share in $127.4 million to support a strong recovery after two years of disruption – providing jobs for local creatives, securing our pipeline of cultural experiences and boosting Victoria's visitor economy.
- Almost $111 million to attract more international visitors, secure new events and bolster the state’s iconic sport and tourism infrastructure.
- $88 million to deliver new and improved community sports infrastructure and programs to boost participation in local sports clubs and organisations.
- $50 million to continue the successful Growing Suburbs Fund to deliver critical local upgrades in Melbourne’s diverse and fast-growing outer suburbs and $2.3 million for Public Libraries Funding, taking the total 2022-23 public library funding to more than $48 million.
- $40 million over two years to help fast-growing companies expand in the state through the Victorian Industry Investment Fund. The fund will support companies in key sectors such as health, food production, technology, advanced manufacturing and business services to develop more products, services and workers in Victoria.
- $24.7 million to address local challenges to support COVID-19 recovery. This investment in suburban revitalisation is expected to create up to 215 jobs across more than 95 community projects, including local shopping strips, and approximately 450 Local Community Grants.
- $14.8 million to support trade programs – including establishing a new Victorian Government Trade and Investment Office in Paris to strengthen our engagement with members of the European Union, one of the world’s largest trading blocs.
- $12 million to build a state-of-the-art glasshouse complex and a commercialisation and incubation hub in Horsham to fast-track innovation in plant-based proteins and other emerging commercial agriculture industries – creating new opportunities for the sector to diversify, target new markets and consumers. The incubation hub will also foster digital skills, start-ups, and support new business and industries to maintain Victoria’s reputation as a leading food and fibre exporter in Australia.
- $7.5 million to continue the work of the Latrobe Valley Authority to back the region’s ongoing transition to support new jobs growth. The funding will enable a new transition plan to be developed, to ensure support meets future community needs.
- $7.4 million over three years to develop Victoria’s critical mineral sector, attract investors and help meet future global demand.
- $5 million for the Specialist Advice Pathway Grants program for small businesses, providing subsidised access to accounting, bookkeeping, tax and legal advice.
- $2.8 million to outline the future of the East Werribee Employment Precinct. A roadmap for the government-owned land will be developed to encourage more jobs and commercial investment in the area on the back of existing developments by Victoria University, the Mercy Hospital and the growing legal precinct.
- $2 million to a new stream of the Victorian Medical Research Acceleration Fund that aims to address health inequalities. It will fund research focusing on the health of Victorians living in low socio-economic areas, Aboriginal and Torres Strait Islander communities and LGBTQI+ communities.
- $760,000 to grow the social enterprise sector and Aboriginal businesses. This funding will benefit local communities throughout Victoria by supporting a consistent approach to measuring the impact of the social enterprise sector and advancing investment opportunities. It will also support Kinaway Chamber of Commerce to help achieve Victoria’s Aboriginal Procurement Target and assist Aboriginal businesses to access new sustainable markets for their goods and services.
Read more about the Victorian Budget 2022-23 on the Budget website.