Once again, we have seen that the state’s economy largely relies on the building and construction industry. On average, the industry makes up over 57% of the state’s tax revenue. Even through the disruption of the COVID-19 pandemic, the value of building and construction work completed in 2020-21 accounted for 12% of the State’s Gross State Product.
Despite the most recent state lockdowns causing a struggle in construction sites to remain operational, construction in the final quarter of 2021 achieved $15 billion in revenue, supporting Victoria through the economic turmoil due to the pandemic.
Early this month, MBV (Master Builders Victoria) released the 2022-23 State Budget Submission. This report outlines the methods in which MBV plans to build a sustainable and modern Victoria and ultimately recover from the impacts brought on by the pandemic.
The submission includes but is not limited to intentions to:
- Reduce pressure on the industry (specific to supply shortages)
- Improve mental health in building and construction
- Support the future of the industry through thorough training, VET promotion and immigration agendas
- Gender equity goals
- Develop building surveyor cadetships
- Improve housing affordability and land availability
- Enhance energy efficiency
- Remove stamp duty
Click here to view the MBV 2022-23 State Budget Submission.