Victoria’s share of the GST carve-up has been boosted by $3.7 billion after the federal grants commission realised the state was packed and wasn’t getting mining revenue.
The Allan government is set to slash funding for a program with proven success at getting people off the streets,despite a decline in the number of housing spots available for homeless Victorians over six months last year.
An 0.05 per cent quarterly levy on Victoria’s share of bank liabilities would raise an estimated $1.25 billion next financial year,costings have found.
For every $1 of stamp duty collected,55 cents goes down the drain in lost economic activity. Yet the state government is refusing to switch.
The number of businesses going bust in Victoria has risen sharply. Others,like LaManna&Sons,are feeling the bite of 13 consecutive interest rate rises.
The bank argues the state’s towering debt levels are not unprecedented and there is a credible path out of financial strife.
Coalition-era loopholes let the states underfund public schools,leaving them a long way off Gonski minimum standards - and Victoria is one of the worst.
Funding for election commitments is at risk of being held back and departments have been told to cut back their spending requests,as the Allan government warns of another “very,very” tight budget.
Critics say the move further disadvantages Victorian students with inadequate access to music programs and is a symptom of the state’s perilous budget position.
As the Australian Open emerged from pandemic disruption,the government extended a financial lifeline well beyond the lockdowns to keep Tennis Australia afloat.
Jacinta Allan is learning that life as a Taylor Swift fan comes at a price. But it also offers valuable lessons for the challenging months ahead.