The $28 million initiative will reimburse Victorians $200 if they have spent at least $400 on accomodation, a tourism attraction or tour in regional Victoria, the Yarra Ranges, and the Mornington Peninsula. 

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 22, 2024. View disclaimer.

          All Victorians over 18 are eligible for the vouchers, but households are limited to one voucher each. 

          There will be 120,000 vouchers available, with the first 40,000 released 11 December at 10am. 

          The key dates of when each tranche opens are in the table below. 

          victravvouch01

          Source: Business Victoria

          Vouchers come on a first in, first served basis, and any unused vouchers from previous rounds will be reissued in the following round. 

          Applicants can register for a voucher online through the Business Victoria website, will learn if they have been approved in days, and can redeem the reimbursement online following their travel. 

          People can apply and use the vouchers even if they have already booked their accomodation. 

          Tourism and Major Events Minister Martin Pakula said there may not be enough vouchers to go round and urged people to get in quickly.

          "For this first tranche, I would expect demand to outstrip supply — that's been the experience in other parts of the country," Mr Pakula said.

          "We've tried to be generous but 40,000 is the limit for the first tranche and each tranche.

          "It's a perfect opportunity to enjoy an extra night's accommodation on the weekend getaway, or experience one of our many tours or attractions."

          The vouchers cannot be used for things like alcohol, groceries, gaming, fuel and transport costs. 

          Victoria isn't the first state to announce a voucher program in the name of COVID recovery, with New South Wales announcing in November that every adult would receive $100 to spend on vouchers in the hospitality and entertainment sector. 

          Concern for tourism recovery

          The Victorian Tourism Industry Council's Felicia Mariani welcomed the scheme, but still held grave concern for the tourism industry in Melbourne.

          There are 37,500 hotel rooms in the Greater Melbourne region and we're seeing occupancy levels at 25 and 26% at a time when we really should be seeing 75 to 80% occupancy," Ms Mariani told the ABC. 

          "A lot of that really hinges on our ability to attract visitors back from interstate to Melbourne, that is such an important part."

          Ms Mariani said tourism in Melbourne was heavily dependent on the Boxing Day Test and the Australian Open, and the industry desperately needed certainty on them.

          "Those major sporting events become huge draw cards for us in really pushing our summer season, and right now we need to get some answers on what is happening with those events."

          Photo by Mitchell Luo on Unsplash