Treasurer Tim Pallas’ 10th budget is full of bad news and a $25 million-a-day interest bill.
Treasurer Tim Pallas’ 10th budget includes payments of $400 per child for the families of children in Victorian public schools. But it’s the only bit of good news in a budget that leaves Victoria with a $25 million-a-day interest bill.
Treasurer Tim Pallas says the budget aims to tackle two really big problems:high inflation and workforce shortages. But if you take the coming financial year as a benchmark,the reality is far more nuanced.
Soft tacos or crunchy tacos? We have to choose because Victoria can’t have both - despite promises from now-departed premier Daniel Andrews.
These graphs break down expected sources of tax revenue,whether the budget will be in deficit over the coming years and the scale of Victoria’s debt.
A shared equity scheme that has helped thousands of Victorians buy a home will end next year,replaced by a pledged national scheme that hasn’t passed parliament.
Support for parents of school children and housing affordability will be priorities in a state budget that will show Victoria’s net debt hitting a new peak.
It is difficult to decide which is more worrying – Victoria’s precarious economic position or the government desperately trying to spin a tale of success.
The Department of Treasury and Finance asked Treasurer Tim Pallas for extra money to cover the interest payments on the state’s debt portfolio,weeks before last year’s budget.
Newly revealed cost overruns are expected to top $100 million across state government agencies.
Treasurer Tim Pallas has given his strongest hint yet that the state government would consider ditching stamp duty and replacing it with a land tax.