As a first minister’s department, we will continue to protect and advance Victoria’s interests through sophisticated policy development, advocacy and implementation throughout the period covered by our Corporate Plan, from 2024 to 2028. We will collaborate with other government departments and agencies to support the Victorian Government in implementing strategic programs that benefit the Victorian community.
The government’s 2024–25 Budget focuses on education and healthcare and continues critical investments in road and rail, the environment and communities to support Victoria’s future growth.
In recent years, the government has been implementing strategies to improve the state’s financial position and manage debt sustainably. This included the temporary COVID Debt Levy to offset the costs of pandemic response measures and efforts to improve the efficiency and effectiveness of departmental spending.
The 2024–25 Budget builds on this strategy by recalibrating the government’s service delivery, departmental expenditure and capital programs to account for the increasing cost of labour and materials, as well as supply constraints in the economy, including workforce availability and capacity. Building on the government’s four-step fiscal strategy first outlined in the 2020–21 Budget, the latest budget introduces a fifth step: reducing net debt as a percentage of Gross State Product (GSP).
Overall, the Victorian economy is navigating the challenge of high inflation effectively and conditions are in place for an upturn in growth from next year. Employment is forecast to continue to grow and unemployment is expected to remain historically low. Nonetheless, there are structural factors that are contributing to intergenerational inequity. As a result, there is a risk that many young Victorians may not enjoy the same standard of living over their lifetimes as previous generations. The government has introduced a range of reforms, including the Housing Statement, to increase housing supply, including more social and affordable housing across Victoria.
DPC remains committed to navigating these economic and social challenges and is focused on supporting the Victorian Government’s priorities of improving financial sustainability, managing economic pressures and ensuring Victorians have the opportunity to prosper.
We will collaborate with other government departments and agencies to support the Victorian Government in implementing strategic programs that benefit the Victorian community.
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