The New Australia State Government is expected to unveil a $500 million stimulus package in the budget on Thursday, with a major focus on metro markets.
Key points:Market data suggests that Australia’s metro market is seeing a big upturn in demandThe $5 billion package is expected for a five-year periodThe state’s economy will be boosted by the extra revenueThe announcement follows a recent boost to the economy in Victoria and South Australia and the release of the state’s first-quarter growth report.
Key findings:In a year of economic recovery, the metro market has seen a big jump in demand for Australian products.
“There’s been a lot of demand for products across all the major markets,” Premier Gladys Berejiklian told the ABC.
“But particularly around the regional market.”
The Premier said the stimulus package will provide jobs, growth and economic prosperity.
The state also announced an investment boost of $5bn over five years.
“This package will help us grow the economy and provide job creation and investment,” she said.
“The state is a very strong economy and our state government is very proud of our economic recovery and our recovery in terms of growth.”
Ms Berejicklian said the state would also look at other stimulus measures.
“We’re also looking at the impact of a reduction in gas tax, and the impact on local government,” she explained.
“And we’ll look at any other areas that we think we can use.”
Key points Metro market has been on a rebound since the start of the yearThere have been a number of recent strong gains in the metro economyThe Victorian Government said the new measures were a “gift” from the Federal Government and would help grow the state economyMs Berejs also said she was confident the new funding would support growth and jobs.
“It’s been quite a long time coming but we’re very confident that we can achieve our objectives,” she told the media.
“I’m confident we can continue to see this momentum and continue to grow our economy.”
Ms Pallas said the Metro Growth Plan will be released in the coming weeks.
“In the next two weeks, we’ll have a detailed update on how the Metro Investment Plan will support the state,” she added.
Topics:economic-trends,government-and-politics,economic-policy,business-economics-and.trending,jobs,government—economics,economy-policy-and_government-act,state-parliament,vic,federal—state-issues,australiaContact Adam DaleyMore stories from Victoria