Budget must restore Victoria's competitiveness
Victorian Chamber of Commerce and Industry
The Victorian Chamber of Commerce and Industry (VCCI) and Committee for Melbourne (CfM) are urging the Victorian Government to use the upcoming 2026-27 State Budget to rebuild business confidence and restore Victoria’s competitiveness.
Victoria’s economic momentum has weakened in recent years, with businesses facing rising costs, increasing regulatory complexity and uncertainty about the State’s long-term fiscal position.
VCCI and CfM’s 2026-27 State Budget Submission, ‘Reclaiming our competitiveness and prosperity’, sets out a targeted agenda focused on restoring confidence, driving investment and positioning Victoria to capture emerging global economic opportunities.
The submission identifies several priorities areas where the State Government can take immediate action to support businesses and strengthen Victoria’s economic outlook.
Key priorities include:
- Stabilise debt and provide a clear path and timeline for debt reduction as a share of Victoria’s Gross State Product (GSP)
- Impose no new taxes and reduce the taxation and regulatory burden on business
- Enable the property sector by cutting land tax and red tape to support housing supply
- Become the leading state for education and apprenticeships
- Establish a clear energy roadmap that ensures abundant, affordable, secure and reliable energy
- Better coordinate significant infrastructure, including private-sector led, by revamping public-private partnerships and
- Develop the growth industries – agribusiness, exports, tourism, innovation and manufacturing – that are fundamental to our future prosperity.
VCCI and CfM represent more than 100,000 members, customers and clients across the State, and developed the submission through extensive consultation with businesses across Metropolitan and Regional Victoria.
To be attributed to Victorian Chamber of Commerce and Industry Chief Executive, Sally Curtain:
“Businesses are telling us that the fundamentals matter: a legitimate and credible plan to deal with the State’s debt, a stable tax environment, affordable and reliable energy and a regulatory system that supports rather than slows investment.
“The settings in Victoria are moving in the wrong direction: costs are rising, regulation is growing and investment opportunities are being lost.
“The upcoming State Budget is an opportunity for the Victorian Government to send a strong signal that Victoria is serious about restoring its competitiveness and becoming the best place in Australia to invest, grow a business and create jobs.
“Addressing the State’s debt trajectory and taxation burden would go a long way to restoring confidence and unlocking investment, jobs and economic growth. We must shake the ‘Anywhere but Victoria’ moniker and to do that we must get the property sector moving again, provide a clear energy roadmap and back the industries that will drive the next generation of jobs.
“If we get the settings right, Victoria has the potential to lead the nation again in innovation, investment and economic opportunity.”
To be attributed to Committee for Melbourne Chief Executive, Scott Veenker:
“Melbourne has enormous economic strengths, but we are at risk of not reaching our potential.
“This Budget is a chance to reset the trajectory of the economy and restore confidence that the whole state is open for business and investment.
“Business investment follows confidence. When the fiscal settings are clear, taxation and regulation is sensible and the policy direction is clear and compelling, businesses invest, jobs are created and living standards rise. We need to ensure Melbourne is competing strongly for the next generation of investment.
“Melbourne remains one of the world’s great cities, but we must be ambitious about its future economic role. A revitalised CBD, stronger innovation ecosystem and globally competitive business environment will be essential to our city’s long-term prosperity. The opportunity ahead is significant - but only if we get the economic settings right and work collaboratively between government, industry and the broader business community.”
Contact details:
[email protected], 0423 883 945