Victoria's Budget to include $23.3b deficit and millions to lure global firms to state, Treasurer Tim Pallas says
ABCThe 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. Victorian Treasurer Tim Pallas said money was cheap and it was a good time to borrow to stimulate the economy. "We won't be rolling out wholesale changes at the moment because our view very strongly is that the one thing that the community needs is a Government attentive to their needs the provision of services that there is increasing demand for in this environment,'' Mr Pallas said. Mr Pallas said the budget deficit was forecast to fall to $6.7 billion in three years' time.
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