The Victorian State Government’s 2020 Budget has delivered an unprecedented infrastructure investment to drive the State’s recovery, with its centerpiece an ambitious jobs plan aimed at creating 400,000 jobs by 2025, half of them by 2022.
A budget deficit of $23.3 billion is forecast for 2020-21, which is expected to reduce to $5.9 billion by 2023-24.
Net debt is projected to reach $86.7 billion in 2020-21 and grow to $154.8 by 2023-24.
Victoria’s economy is forecast to contract by 4% in 2020-21, due to lower consumer and business confidence and the necessary health restrictions.
The unemployment rate is expected to peak at 8.25% this quarter and fall to an average of 7.75% in 2020-21.
Click here to download the Victorian State Budget Infographic
*Information with thanks to Chartered Accountants Australia and New Zealand