We present VIRAC2, a catalogue of positions, proper motions, parallaxes and Z, Y, J, H, and Ks near-infrared photometric time series of 545,346,537 unique stars. The catalogue is based on a point spread function fitting reduction of nearly a decade of VISTA VVV and VVVX images, which cover 560deg^2^ of the Southern Galactic plane and bulge. The catalogue is complete at the >90 per cent level for 11<K_s_mag<16 sources, but extends to Ks~17.5mag in most fields. Astrometric performance for 11<K_s_mag<14 sources is typically ~0.37mas/yr per dimension for proper motion, and 1mas for parallax. At Ks=16 the equivalent values are around 1.5mas/yr and 5mas. These uncertainties are validated against Gaia DR3 and Hubble Space Telescope astrometry. The complete catalogues are available via the ESO archive. We perform an initial search of the catalogue for nearby ultracool dwarf candidates. In total, we find 26 new sources whose parallaxes place them within 50pc of the Sun. Among them we find two high-confidence T dwarfs and a number of other sources that appear to lie close to the L/T transition.