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.

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…