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The coronavirus pandemic and Victoria’s 112-day lockdown has decimated the Australian state’s coffers, with treasurer Tim Pallas expected to outline a $23.3bn deficit and more than $150bn in net debt in Tuesday’s budget.
AAP reports:
But it is not all bad news, with the budget also expected to include tax cuts and incentives to lure global companies to the state, as well as already-announced boosts for mental health and social housing.
Details obtained by AAP show the Andrews government will undertake record borrowing which will grow net debt to $86bn in 2020/21, before reaching $154bn by 2023/24.
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