Victorians are expected to face new tax measures and lengthy infrastructure delays as Treasurer Tim Pallas begins the task of repairing the state’s finances and paying down skyrocketing debt.
“We’ve got very low unemployment historically, there is no need to continue to stimulate the economy,” Hayward said. “Now’s the time to be pulling back and reducing the deficit more quickly … I think people get panicky about debt, but I don’t think they need to.”
Last year’s budget forecast a deficit of $7.9 billion in 2022-23, but that figure fell to $3.3 billion this financial year. The estimated figure was updated to $3.6 billion, when Pallas blamed“We do recognise that the time has come to pay back that debt,” Allan said. “This will not be something that will be affecting hardworking Victorian families … they’ve been doing it tough.”
, Community and Public Sector Union secretary Karen Batt called on Allan to clarify her comments, given such a move would result in thousands of jobs axed. Victorian Chamber of Commerce and Industry boss Paul Guerra hoped Allan’s commitment to working families extended to business owners.“Without viable businesses, we don’t have employment opportunities and healthy communities,” he said. “Increased costs on business will make us less competitive than other states and that will impact the number of businesses that operate here.”“I fear that we’ll see in tomorrow’s budget, is it a tax, a levy? Someone’s going to have to pay for that,” Rowswell said.
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