The Victorian treasurer will deliver his 10th budget which both he and Premier Jacinta Allan have pressed will be “sensible and disciplined” amid burgeoning state debt.
Families of school students are in line for $400 cost-of-living relief, and housing affordability will be a priority in a state budget that will also show Victoria’s debt burden reach a new peak.Victoria is already the most indebted state in Australia, but Tuesday’s budget will show that net debt will continue to climb, peaking at 25.2 per cent of gross state product by 2026-27, fuelled by cost blowouts on the North East Link and higher interest rates.
But the debt figures are prompting a warning from economists that the state would need to slash infrastructure spending.Ratings agency S&P Global regards Victoria’s AA rating as stable but warned it would come under pressure if Tuesday’s budget did not control the infrastructure pipeline.Over the past two weeks, Allan, Pallas and senior government ministers have spruiked support for renters and build-to-rent developments.
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