Labor’s so-called ‘Economic Growth Statement’ has proven to be a fraud as the Allan Labor Government quietly discontinues a key industry development funding promise.
In December 2024, the Allan Labor Government promised a $20 million Victorian Industry Development Fund to support industry growth via matched grants across five priority sectors.
However, the recent 2026-27 State Budget has confirmed Labor has discontinued the program, having allocated just $500,000 of the promised $20 million.
Since the release of the Economic Growth Statement, Victoria’s unemployment rate has remained consistently above the national average, and economic growth has declined 0.8 per cent on a per capita basis.
Under Labor, Victoria’s net debt is climbing by $1.65 million an hour and is expected to reach a record $199.3 billion by 2029-30.
In contrast, the Victorian Liberals and Nationals have a comprehensive 10-year economic plan to ease cost pressures for households and businesses and encourage economic growth. The plan includes:
- Prioritising the essential services and frontline workers Victorians rely on through an Essential Services Guarantee, and a hiring freeze of back-office roles.
- Improving household affordability by progressively increasing the land tax threshold to $300,000.
- Signalling Victoria is open for business by increasing the payroll tax threshold to $1.2 million by 2028-29, then reducing the metropolitan payroll tax rate to 4.8 per cent from 2030-31.
- Cleaning up the books by establishing a Charter of Budget Honesty and Real-Time Expenditure Tracker.
- Ending the $15 billion of Big Build corruption by establishing a Royal Commission and new construction sector watchdog.
- Scrapping Labor’s divisive Treaty – saving taxpayers $1 billion.
- Removing Labor’s emergency services levy and repealing taxes on schools, visits to the GP, short-stay accommodation and lifting the stamp duty free-threshold to $1 million for first home buyers.
Leader of the Opposition and Shadow Treasurer, Jess Wilson, said: “The quiet discontinuation of this fund is yet another example of Labor making big promises and then failing to deliver.
“Labor’s so-called ‘Economic Growth Statement’ is a fraud that has done nothing to reverse Victoria’s rapidly deteriorating financial position.
“Only my Liberals and Nationals team has a comprehensive plan to clean up the books, ease cost of living pressures and turn our economy around.”
Shadow Minister for Industry, Richard Welch, said: “Labor’s decision to scrap this program demonstrates they aren’t serious about supporting our industry and manufacturing sector, or the local jobs they support.
“Victoria needs a fresh start and a new approach to managing the books and our economy and that’s exactly what our Liberal and Nationals team has a plan to deliver.”
