In recent weeks, Committee for Ballarat has focused its member Insights Sessions on the national, state and regional economic outlook. Presentations from the State Treasurer Jaclyn Symes, and future events with the State Opposition Spokesperson for Treasury James Newbury (MP) and the Bendigo Bank’s Chief Economist David Robertson, will give our members and guests a detailed look at our economic position from both the political and industry perspective.
State Treasurer Jaclyn Symes – Budget update: 23 July 2025
The Treasurer spoke to over 120 members at our recent lunch event held at Sovereign Hill. The presentation was both thorough and frank and the Treasurer was open to the feedback from the room as she answered a number of questions. Whilst some in attendance may have had a different view, she was understandably positive about Victoria’s financial position with a budget that delivers an operating surplus – the first since 2020 – and an average surplus of $1.9 billion over the forward estimates.
The forward estimates show expenses are moderating against revenue and economic growth. With total expenses for the general government sector forecast to increase 2.6% a year on average over the forwards, relative to 3.8% average forecast for revenue and 5.3% in economic growth. This sets us up well to deliver sustained growth that will continue to reduce net debt as a share of GSP – improving our capacity to service our debts.
For Ballarat, the Treasurer highlighted significant investment:
– Ballarat Hospital upgrade $655m
– The Ballarat Major Events Precinct upgrades including $150 Million Mars Stadium upgrade
– $50 Million Ballarat Station upgrade
– Continued investment in the Ballarat West Employment Zone
– West Gate Tunnel to be opened in 2025, which is projected to decrease car travel to Melbourne and enhance productivity.