Victorians could see massive cuts in the upcoming state budget after the mid-year financial report found government debt had exploded to more than $126 billion.
Victorians could be facing massive cuts in the upcoming state budget after the mid-year financial report found government debt had blown out by a further $11.7 billion.
Victorians could be set to see massive cuts in the upcoming state budget after the mid-year financial report found government debt had exploded to more than $126 billion. Picture: Jake Nowakowski "On our measures, interest costs will soon consume more than 5 per cent of operating revenue for the mainland eastern states," S&P said.The findings in both reports are likely to increase scrutiny on Victorian Treasurer Tim Pallas as he prepares to hand down the state's budget on May 7. Picture: NCA NewsWire/Luis Enrique Ascui
It is understood Victoria's Treasurer is now weighing up severe cuts to arts, sporting groups and government agencies in attempt to take pressure off the state's budget, with major projects also under review.
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