22 May 2024

The Albanese Government’s federal budget invests in regional Victoria and delivers infrastructure projects that will shape our state for the decades ahead.

Among Federal Labor’s key 2024-25 Budget announcements is almost $18 million towards new projects in Victoria.

This regional investment will drive productivity, accelerate economic growth and create jobs, as we build towards a more resilient and sustainable future.

This includes $12 million to upgrade the Bridgewater Road and Portland Ring Road intersection, $3.4 million to upgrade the Bairnsdale-Dargo Road intersection along the Princes Highway, and $2.2 million to improve the Goulburn Valley Highway and Graham Street intersection in Shepparton.

Federal Labor has also pledged to improve the reliability of the Australian Rail Track Corporation’s interstate freight rail network, committing $150 million to upgrade the Maroona to Portland line.

Advocates have long called for works to the Maroona-Portland rail line and this major infrastructure project will drastically improve the network for farmers and businesses.

Over the next 10 years, the federal government’s total commitment to Victoria under the Infrastructure Investment Program is $19.2 billion, including $17 billion for major infrastructure projects and $2.2 billion for smaller projects through programs such as Roads to Recovery and Black Spot.

The Growing Regions Program and the Regional Precincts and Partnership Program are equally important to supporting community and economic infrastructure across regional and rural Victoria.

The Albanese Government is placing regional industries and local economies at the centre of the $22.7 billion Future Made in Australia package by tapping into the competitive advantages outside of our big cities, including clean energy industries.

Our world-leading agricultural sector will also reap the benefits, with record funding going into the Future Drought Fund programs from July 1 this year.

The investment will see $519.1 million fund programs to help our farmers and regional communities prepare for the next drought and build climate resilience.

Overall, Federal Labor’s budget responds to cost-of-living pressures and better positions regional Victorians for the future.

The tax cuts will make a real difference for 13.6 million Australians and 86 per cent of taxpayers across Victoria will be better off. In fact, workers in regional and rural Victoria will receive an average tax cut of $1,441.

Since the Albanese Government came to office two years ago, we have invested in a better future for regional and rural Victoria, delivering the skills and jobs needed to stimulate the local economy. And we’ll continue working with communities and industries to ensure our region is well-positioned for the future by prioritising infrastructure, transport and road safety, housing and energy efficiency projects.