Victorian State Budget May 2024

The state budget was announced yesterday, with the main focus being increased support for students and schools. The government has also promised more funding for our healthcare system, pledged to complete big infrastructure builds such as the Westgate tunnel on time and also help relieve the increased cost of living pressures affecting everyone.

Here are some of the key points from the budget:

  • A once-off School Saving Bonus of $400 for every student enrolled at a government school and eligible families at non-government schools.
  • Helping parents pay for their children’s sports memberships and equipment through the $200 Active Kids voucher program.
  • An additional $11 billion put towards our healthcare system.
  • $1.8 billion to build, maintain and upgrade schools across the state.
  • Gradually abolishing business insurance duty over a 10 year period.
  • Lifting the payroll tax threshold from $700,000 to $900,000 from 1 July 2024, and then to $1 million from 1 July 2025.
  • Returning the budget to surplus by June 2026.

Please reach out to your usual contact at HMH Advisory if you have any questions.