The Victorian development industry has welcomed billions of dollars being invested in strategic infrastructure projects, such as the East West Tunnel and the Metro Rail project, describing the Victorian Budget as a J for Jobs Budget.

Tony De Domenico, Executive Director of the Urban Development Institute of Australia (UDIA) Victoria said, "The announcement and commitment by the Victorian Government to major transport infrastructure projects will provide a major boost in long term investment confidence in Victoria.

"As an industry we are dependent on having planning and infrastructure certainty to underpin long term investment and secure finance for projects.

"In Victoria the development industry directly employs around 310,000 full time employees, contributes around 12 per cent of the state's gross domestic product and contributes $4.6 billion in taxes to all tiers of government."

Mr. De Domenico said the development industry also has a domino impact on the retail and service sector as behind every new home is the increased demand for goods, appliances and services in local economies.

"With Victoria under population pressure and the built up demand for housing, the investment in infrastructure to relieve congestion and increase productivity will provide a renewed stimulus for greenfield sites in both metropolitan and regional areas of Victoria."

The UDIA expects major regional areas such as Geelong, Bendigo and Ballarat to play an increasing role in the provision of housing in Victoria as people choose a lifestyle change and employment opportunities develop in these areas through the building of local economies as a result of increased population.

"We believe housing demand will continue to grow with interest rates remaining at an historical low."

Mr. De Domenico said it is vital that major infrastructure projects received bipartisan support as Victoria has run out of time for chopping and changing major infrastructure strategies.

Media Enquiries:
Ron Smith, Corporate Media Communications, UDIA Victoria - Mobile: 0417 329 201