Federal and State Budgets 2024 - CFMP Statement
BUDGETS DELIVER VERY LITTLE FOR REGION
Over the past fortnight we’ve seen the delivery of both the Victorian and Federal Budget for 2024-2025.
The Committee for Frankston & Mornington Peninsula’s five key priority areas for our region include: Homes and livelihoods; better infrastructure and better connectivity; sustainable development; smarter people and healthy communities; and a thriving local economy.
Both Federal and State budgets miss the mark in significantly supporting these pillars.
Victorian Budget 24-25
Broadly, the Victorian Budget provided little direct support for our region.
The Committee welcomes $16.7m to continue planning and design work for the proposed Renewable Energy Terminal (VRET) at the Port of Hastings.
This has been an advocacy item the Committee has championed over the past year and we look forward to both levels of government working together to secure a positive outcome.
We’re also encouraged by the allocation of funding to new bus stop infrastructure to support a cross peninsula bus service, and we acknowledge the advocacy of our local Members of Parliament in helping make this happen.
Both the VRET and better bus connections are key items in our soon to be released Strategic Plan 2025-2030, so investment in these projects is welcome.
However, we’re disappointed there’s no funding for major projects in our region.
No funding was provided for key transport infrastructure projects like major improvements to the Stony point line beyond Frankston or the Jetty Road overpass in Rosebud.
While the redevelopment of the $1.1.b Frankston Hospital takes shape and gathers pace, there is however no funding towards a redevelopment of Rosebud Hospital – despite community-led campaigns and support from MP’s, local government and Committee.
Additionally, there’s no funding towards better TAFE facilities in Rosebud or Western Port.
As a region that relies on tourism, we’re concerned about cuts to Visit Victoria’s budget which could have an impact on promoting the Mornington Peninsula to a state and national audience.
It’s disappointing to see such little investment in our region.
With such a sensitive economic environment forecast over the next few years, the role of the Committee in prioritising projects and advocating for Frankston and the Mornington Peninsula has never been more important.
With our region home to a Metropolitan Activity Centre in Frankston and surplus port-zoned land in Hastings ideal for industry and residential zoning, government should be investing year on year into key projects which enhance the liveability of our region.
The Committee will focus on our advocacy priorities through the Victorian Government’s Plan for Victoria and in the lead up to the 2026 Victorian election.
Federal Budget 24-25
The Federal Budget delivered no significant major funding commitments for our region.
There is no funding towards major infrastructure projects including the extension of the Frankston Line and the upgrade of the Jetty Road and M11 intersection. Both projects have featured in a Federal Budget previously, but funding has not been reallocated after it was removed during the Federal Government’s Infrastructure Review process of 2023.
The Committee urges the Federal Government to work with the Committee and local governments on restoring funding previous removed from our region for infrastructure. There are many worthwhile projects close to $300m could be directed to instead, including major road upgrades, a fit-for-purpose Rosebud Hospital, key worker accommodation in Frankston, recycled water on the peninsula, or beautifying Nepean Highway in Frankston.
The Government’s $1.7 billion Future Made in Australia Innovation Fund provides opportunities for our region – including through the $44.4 million Energy Industry Jobs Plan and $134.2 million for skills and employment.
Our region has an opportunity to benefit from the allocation of $10m to establish a National Hydrogen Technology Skills Training Centre in Victoria. The centre will promote hydrogen workforce development to support the skilled workforce needs of the growing domestic hydrogen industry.
With the Port of Hastings set to be home to the Victorian Renewable Energy Terminal, Hastings is ideally placed for this centre given its proximity to Melbourne’s South East workforce who will be directly engaged, trained and skilled up for these projects.
This is also critical given the Federal Government’s allocation of a further $3.8m for the Hydrogen Energy Supply Chain (HESC) project for which the Port of Hastings may play a future role.
These developments and investments should be leveraged by our region in conjunction with future-led industry and high tech jobs being created in precincts around Hastings.
The lack of significant wins for our region in the Federal Budget is yet another reminder of the important role the Committee will play over coming years in advocacy – working above party politics to secure the best possible outcomes for Frankston and the Mornington Peninsula.
We will continue to work with our local Members of Parliament, local government, our partners and members on securing positive outcomes which enhance the liveability of our region.
