The Victorian Budget 2018/19 will allocate A$13.5 million to Small and Medium Enterprises to enable a competitive and connected sector statewide, providing mentoring and support to grow business, create jobs and take advantage of the digital economy.
A crucial part of this mentoring will be helping business owners understand how they can benefit from the digital economy, while planned digital roadshows in regional Victoria will equip businesses with the right skills to make the most of the digital age, as well as reduce cyber security risks.
In addition to ongoing support for the state’s half-a-million plus small businesses, the government will also continue to encourage interstate and international companies to invest in Victoria.
An extra A$55 million will be allocated to the Investment Attraction and Assistance Program, which brings new businesses to Victoria and helps existing companies expand to create new local jobs.
A$5.5 million will also reduce the cost of public transport for eligible international students to boost international education, which is Victoria’s most robust service-based export which contributes over A$9.1 billion to the economy and supports more than 58,000 jobs.
Boosting the state's food and fibre exports
The Budget will boost agricultural exports, improve market access for farmers and increase research, development, and innovation across the sector with A$16.1 million allocated to help revive the wine industry and expand markets for handcrafted artisan food and beverages.
A$4.1 million from the Growing Agriculture Exports, Farms and Tourism fund has been allocated to Victoria's wine industry to boost wine tourism, export market development and greater industry coordination.
The funding will help farmers meet the requirements of our trading partners and provide greater confidence that their products are safe, clean and free of pests and diseases.
- Victoria’s economic growth is the strongest of all the states
- Over the past three years, growth has averaged 3.2 per cent a year, representing a return to the rates of growth last experienced before the global financial crisis.
- The most evident measure of the strength of the Victorian economy is the number of jobs that have been created – more than 333 900, with employment growing at an above-trend rate for four years.
- Victoria remains one of only 10 sub-sovereign governments in the world to receive a triple-A credit rating from both S&P and Moody’s.