General
Victoria’s Budget to include $23.3b deficit and millions to lure global firms to state, Treasurer Tim Pallas says
The pandemic has forced Victoria into the red with a deficit of $23.3 billion and more than $150 billion of net debt to be detailed in Tuesday’s State Budget.
Key points:
- Mr Pallas said the Budget would contain some changes to taxes but not to stamp duty
- The Government hopes incentives to lure global companies to the state will help to create 2,000 jobs
- It has already announced funding boosts for mental health and social housing
Treasurer Tim Pallas is also overseeing record borrowing with net debt to reach $86 billion this year before growing to $154.8 billion in 2023/24.
Before the pandemic, the state was already borrowing more than $50 billion to pay for major infrastructure projects.
The Government is spending big on services and business…
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