GrantReady’s Federal Budget 2024-25 analysis, released on the 14th May, can be found here.
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The 2024-25 Victorian State Budget was delivered on Tuesday, 7 May 2024. Here are some highlights from GrantReady:
Victorian businesses
From 1 July 2024, thousands of Victorian businesses will start saving from tax reforms announced in last year’s Budget:
- Gradually abolishing business insurance duty – the first state to do so – over a 10-year period, saving businesses $516 million over the next four years.
- Lifting the payroll tax-free threshold from $700,000 to $900,000 (from 1 July 2024), and then to $1 million (from 1 July 2025) – around 6,000 small businesses will stop paying payroll tax altogether, and a further 22,000 will pay less. The payroll tax-free threshold will be phased out for larger businesses, to ensure this support is well targeted.
The Budget further invests in the economic growth with:
- $40 million for LaunchVic to continue fostering the capabilities and confidence of future innovators, creators and entrepreneurs – with Victoria home to more than 3,400 startups.
- $9.4 million for the Business Events Fund to attract more high-profile international business events to Victoria and for implementation and enforcement of the Major Events Act 2009.
- $2.3 million to keep backing small businesses with the advice and support they need to grow.
Regional tourism
This Budget is continuing to invest in the attractions, facilities and major events that will help bring more visitors to our rural and regional communities, including:
- $33 million to continue marketing Victoria as a leading tourism and events destination.
- $4.5 million for the Victorian Festivals Fund, further strengthening our state’s events calendar.
- $3.3 million to support Victoria’s regional tourism boards and visitor economy partnerships, backing their work to grow local tourism and local jobs.
The environment
This budget will provide:
- $44 million to the Environment Protection Authority to crack down on illegal dumping and other waste crimes – targeting individuals and businesses who put Victorians and the environment at risk.
- $17 million to protect the state and national parks and make sure they can be enjoyed by all Victorians – including funding to support community organisations and volunteer groups.
- A further $15 million to progress the state’s circular economy targets and support Recycling Victoria to boost recycling and help households cut down waste.
- A further $7.5 million is provided to continue the waste levy rebate grant program for charitable recyclers – helping to address the impact of illegal dumping at donation sites and ensuring it’s not a cost that charities have to wear.
The Creative Capital
This Budget invests in the people and projects such as artists, performers and creators. This includes:
- Support for 10,000 gigs, getting more artists back on stage with grants for live music venues to book musicians to perform.
- Funding infrastructure improvements to provide accessible workspaces for Victorian creative organisations and artists.
- Offering grants programs like Music Works and Creative Ventures to support capacity building and skills development for creatives.
- $128 million to support Victoria’s galleries, museums and performance venues, including the National Gallery of Victoria, Arts Centre Melbourne, the State Library of Victoria, Museums Victoria and ACMI.
- $6.5 million to deliver a Victorian Festivals Package to support creative festivals and events.
- $5 million to deliver the Victorian Screen Rebate to support investment in local screen and digital games projects.
- $4.5 million to keep contributing to the National Performing Arts Partnerships Framework to support Victorian-based arts organisations.
- $1 million to continue the Music Works program.
Community sport
With this Budget, the Government is investing $18 million to build and upgrade community sport infrastructure and create more opportunities for Victorians to get involved in sport and active recreation. Funding in this Budget includes:
- $8 million to deliver more sports and recreation facilities across Victoria through community sports grants.
- $5 million to build pavilions, sports fields, courts, play spaces and skate parks where they are needed most.
- $4.2 million to upgrade community football and netball facilities in rural, regional and outer metro areas, including ovals, courts, lighting and change rooms.
- $300,000 to continue the Basketball Hubs program.
Helping families with the cost of living
This Budget is firmly focused on helping families. It will deliver:
- A one-off $400 School Saving Bonus for every student enrolled at a government school and eligible families at non-government schools.
- $700 million to extend the Victorian Homebuyer Fund, helping thousands more Victorians to purchase their own home.
- $555 million to build the workforces needed for the future, including support for skills and TAFEs.
- A further $4.1 million will go to the Rural Financial Counselling Service, so Victorian farmers, fishers, foresters and related small business owners experiencing financial hardship can continue to access free financial counselling.
- $38 million so more Victorians can install electric heat pumps and solar hot water systems.
- $5.9 million to improve the Victorian Energy Upgrades program to help Victorians switch to energy-efficient products and reduce emissions.
Budget papers can be found here.