Thursday, 13 November 2025

 Lauren KATHAGE (Yan Yean) (10:34): I rise to speak within this committee reports section on page 14 of the Public Accounts and Estimates Committee’s 2025–26 budget estimates report. But before I do that it would be remiss of me not to acknowledge in the chamber the chair of the Public Accounts and Estimates Committee, the member for Laverton, and our esteemed colleague the member for Point Cook, who join me here in the chamber.

There is no moment that goes by when we do not take the opportunity to gather and discuss important matters of the state’s economy. Some of those important matters are detailed in this report on the 2025–26 budget. Can I say from the outset that the report correctly states that gross state product growth will continue in Victoria. Our economy remains a powerhouse; in fact we are the only economy on the eastern seaboard with an operating surplus being delivered, so we want to make clear that this government has got the economy in hand and the evidence is clear all around. Look at business investment: business investment grew by 1.2 per cent in 2024–25 in Victoria compared to an increase of just 0.7 per cent nationally. So we can see that business investment in Victoria is the strongest in the nation; it has increased by 53 per cent in the past 10 years, which is the strongest growth of all states. Employment growth has also been strong, and we have seen wages rising above the increase in CPI. So Victoria’s economy continues to grow. A key growth is 1.8 per cent in real terms in 2024–25 following growth in 2023–24, and it is 15.6 per cent larger than prior to the pandemic.

So let us make clear that the myths put out by those opposite are wrong. I want to give confidence to our businesses to know that not only are we backing business and not only is business growth strong in Victoria, but from 1 July the payroll tax-free threshold was lifted to $1 million, the lowest in the nation, meaning that more businesses are now payroll tax free. Another 22,500 businesses received a tax cut of up to $14,550, with the lowest regional tax rate possible. I think that if you are going to rank states, you should look at the things that matter: the reduction in payroll tax, the increase in business investment and the work to make sure that there are good and fair conditions for the workers in those businesses as well. We care about the whole community, and we will continue to support the whole community. That is why in this 2025–26 budget we can see the cost-of-living measures that are set out in here, because we are not just about the big end of town, we are also about the back pocket for people who need to get some help in a cost-of-living pressure time. So that is why this budget has $318 million over the forward estimates to provide free public transport for under 18s. This is such an important cost-saving measure for families; I think it is something like between $700 and $800 a year for families.

This budget report details our energy upgrade support, which continues. A fortnight ago in my electorate I met Joe in Doreen. There was a work van in his driveway when I knocked on his door. He was having energy upgrades installed, not for reasons of ideology, not for fear of anything or being a proponent of anything but for the simple fact that getting off gas saves his family money. That was the one and only reason why he was doing it, and we are there supporting Victorian households to save money on their energy bills by converting their gas into electricity. So that is an example of how the budget detailed in this report is supporting Victorians with cost of living while our economy powers on stronger than all others on the eastern seaboard.