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The Winners and Losers of Victoria’s 2023 Budget

It’s been a buckwild couple of years, folks. First COVID, then the floods, and now we’re completely munted in a cost of living crisis. Now, more than ever, we need our politicians to step up to the bat, and that brings us to Victoria’s State Budget.

On April 23, this bad boy was released to the public. What’s more, according to the Victorian Government, this budget’s meant to help the state recover from the years of hardship it’s suffered through.

However, did the Victorian Government pull this mission off? Does its State Budget slap? Who are the winners and losers?

Don’t panic, let’s answer these questions. Here are the winners and losers of Victoria’s 2023 budget.

Winner: The COVID Catch-Up Plan

Frankston Hospital
Image: Victoria Government

In the 2023 budget, the Victorian Government declared that they’re investing $1.5 billion into its COVID Catch-Up Plan. During the pandemic, a plethora of people didn’t receive the elective surgery that they require. The COVID Catch-Up Plan aims to rectify this situation.

As Victoria’s Treasurer, Tim Pallas, explained, “We’ll ramp up elective surgery to record levels as part of a $1.5 billion COVID Catch-Up Plan. We’ll set up extended hours for hospital operating clinics to perform more surgeries each day.”

“We’ll convert Frankston Private Hospital into a public surgery centre with capacity to perform up to 9,000 surgeries a year, once fully operational. Our goal is to carry out 240,000 surgeries annually by 2024.”

For the Victorians that are stuck on long wait lists, this is an incredible slay.

Loser: Private Schools

Victorian school
Image: Unsplash

If you send your kid to a fancy private school in Victoria, prepare to get wrecked. ‘Cause from 2024, high-fee private schools will no longer receive payroll tax exemptions. 

This shift will give the Victorian Government an extra $420 million over a three-year period. This new tax is expected to impact around 110 private schools. 

Winner: Flood-Affected Communities

Melbourne flooded
Image: Getty

Getting flooded sucks, and recovering from a flood is just as bad. The clean up can take years, the trauma can linger, and this effort makes everything harder.

The Victorian Budget had a responsibility to help Victoria’s flooded communities, and fortunately, this budget rose to the challenge.

Victoria’s budget has assigned $677 million to be used on flood recovery projects. This is on top of the $1.8 billion that the government promised last year.

Over $23 million will be used to repair Victoria’s SES Hubs, and $7.1 million will be for councils to conduct impact assessments. What’s more, $234 million will be used to bolster some Commonwealth-funded projects. Overall, these flood funds will be incredibly valuable. 

Loser: Landlords

Melbourne units
Image: Unsplash

It’s official, landlords are losers! We mean, in the Victorian Budget, they’re losers. This is because a land tax increase is coming. What’s more, it’s going to impact 860,000 property investors, holiday home owners, and commercial property owners. It’s expected that the government will receive an additional $4.7 billion over the next four years from this tax.

“We know some did better out of the pandemic than others,” said Pallas. “And it’s only fair that those that did well contribute to the repayment effort.”

However, some folks worry that Victoria’s renters will bear the brunt of this increase. It’s a valid concern, because landlords are already passing on their interest rate hikes.

When discussing the issue, Victoria’s Premier Daniel Andrews, said, “Rental prices are, I think, much more a function of not enough rental supply, rather than land tax.”

Let’s just hope that he’s right.

Winner: Victorian Households

Melbourne
Image: Unsplash

In Victoria’s budget speech, Pallas didn’t mince his words. He said there’s a cost of living crisis, and he’s going to do something about it.

“The Andrews Labor Government understands that living costs are rising, and we want to help make things easier. That’s why this budget will invest a quarter-of-a-billion dollars so that Victorian households can access a one-off $250 Power Saving Bonus,” asserted Pallas.

Now, it’s worth noting that these bonuses have been around for a while. But the government keeps revamping this scheme ‘cause it’s popular with their constituents. 

What’s more, the government is also investing $5 billion into making some kinder programs, TAFE programs, and university courses free. Ergo, Victorian education is about to get rizzed.

A better tomorrow, here we hopefully come.

Related: Your Five Minute Guide to the 2023 Federal Budget

Related: Are You Eligible for Vic’s $250 Power Saving Bonus?

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