Growth down, unemployment up in gloomy Victorian budget update

Résumé détaillé

Treasury’s pre-election budget update shows Victoria’s cash deficit will blow out to $33 billion, putting heat on the next government to rein in spending.

Victoria’s widening cash deficit is forecast to reach $33 billion over the next four years, complicating the task of budget repair while increasing pressure on the next government to bring the state’s finances under control.

A pre-election budget update released by Treasury on Thursday shows the state’s cash deficit has blown out by an additional $3 billion over the forward estimates period, compared with the May forecasts, while the economy is teetering on the edge amid rising interest rates and inflation.

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