ASX stock winners from the $23 billion Victorian state budget

State budgets are normally ho-hum affairs for ASX investors, but the $23.3 billion record deficit in the Victorian state budget will deliver benefits to some ASX stocks.

The bungled handling of the initial COVID‐19 response to the pandemic means the state’s economy will suffer this financial year, reported the Australian Financial Review.

But growth should rebound strongly in FY21 with the Andrews government spending big to create jobs to stimulate its economy.

ASX construction stocks the biggest winners

The biggest winners are those involved in infrastructure construction. The state is coughing up close to $10 billion on rail projects like the Melbourne Airport Rail Link.

Then there’s another $2 billion set aside to upgrade…