Premier Denis Napthine at Southern Cross Station. Picture: Tim Carrafa Source: News Corp Australia
State Politics Editor James Campbell says the Victoria State budget has something in it for everyone
Associate Editor of Business Terry McCrann likes what he sees with this years Victorian State budget
MELBOURNE will have an $8.5-$11 billion rail link under the CBD and connecting to the airport as a centrepiece of the Napthine Government’s $27 billion pre-election spending bonanza.
About 25,000 jobs will be created through a huge infrastructure investment in road, rail, tunnels and schools.
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The new rail link, to be called the Melbourne Rail Line, will see trains from Frankston divert from South Yarra to two new stations at the Domain interchange and Fishermans Bend, and then to Southern Cross Station.
The new super line will go through the City Loop before following the routes of the Alamein, Belgrave and Lilydale lines.
Work will begin in 2016, with major construction from 2017 and the first trains running by 2022.
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The full project, including the new link to Melbourne Airport, is likely be finished by about 2025.
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■ Mornington Peninsula and Bayside suburbs
■ Melbourne CBD and inner suburbs
Despite the big spending Budget, the Government is forecasting a surplus of $900 million this year, $1.3 billion next financial year, and $3 billion in 2015-16.
Increases in taxes, fees and fines ,the sale of the Port of Melbourne and the Rural Finance Corporation, will help pay for promises.
Budget at a glance, Graphic 1. Source: HeraldSun
A big increase in land tax and stamp duty, as well as soaring gambling taxes, are expected.
Total tax revenue is expected to go up $1.2 billion to $18.1 billion next financial year, and will soar to $20.6 billion by 2017-18.
Other big ticket items in the 2014-15 Budget, titled Building a Better Victoria, include:
A $1.4 BILLION boost to health including $744 million to meet growing patient demand, and money to start building the Monash Children’s Hospital;
ELEVEN new schools in growth areas;
NEW prison beds and facilities worth almost $450 million;
AN EXTRA 78 fire trucks;
Treasurer Michael O’Brien said the government was delivering a productivity-boosting Budget.
“The Coalition Government has committed around $27 billion for state-shaping infrastructure that will create jobs, boost productivity and build a better Victoria,” he said.
Mr O’Brien defended the change to the original Melbourne Metro route, which would have included extra underground stations at Parkville and North Melbourne.
He said the new Fishermans Bend route would allow for 30,000 extra passengers on the rail network in peak hour.
And he confirmed it could be built without federal funding.
Budget at a glance, Graphic 2. Source: HeraldSun
There has been $830 million put in the Budget to kickstart the project.
Mr O’Brien said strong surpluses would let the Government build multiple key projects at once, without going into heavy debt.
The Budget was optimistic in its projections of tax revenue and employment over the next four years.
Unemployment is supposed to fall from 6.25 per cent to 5.5 per cent within four years.
Inflation is expected to be 2.25 per cent next year, with population forecast to increase by 1.8 per cent.
Budget a glance, Graphic 3. Source: HeraldSun
Budget a glance, Graphic 4. Source: HeraldSun
Budget a glance, Graphic 5. Source: HeraldSun
Budget a glance, Graphic 6. Source: HeraldSun
Budget a glance, Graphic 7. Source: HeraldSun
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