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Victorian Budget 23-24.

The Victorian Budget was delivered on 23 May.

Land tax increases and a levy on medium business mean industry will bear the brunt on paying back debt accumulated during the pandemic, which significantly hurts business confidence within our region. The changes to payroll tax exemptions for independent schools, including many on the Mornington Peninsula, lacked consultation and will impact many mid-fee schools the hardest.

There were some minor funding wins with schools and small infrastructure works, but no major investments in public transport, health, or infrastructure were delivered. 

The Committee is pleased with a $27.3m investment into the Port of Hastings Renewable Energy Terminal, and funding for planning for a cross-peninsula bus service is welcome if not overdue.

The Committee is disappointed no funding was allocated to earmarked projects like the Baxter rail electrification and the Jetty Road overpass upgrades. Funding for these projects is currently under review by the Federal Government, and we urge them to retain that funding and investment within our region.

The Treasurer, Tim Pallas, will be briefing Committee for Mornington Peninsula members on Thursday, 29 June in Somerville.