Ah Victoria. Not only keeping our schools closed but this as well: Victoria massive $773m deficit revealed as tough restrictions to stay, despite mass job losses.
Victoria is facing a budget deficit of $773 million with Treasurer Tim Pallas saying “the worst is yet to come”.
The March Quarterly results revealed on Friday show Victoria has had its $618 million surplus forecast for 2019/20 wiped out as a result of the pandemic.
Mr Pallas however said the blow was “not as bad” as previously expected but said the numbers were likely to get worse.
Going forward he has ruled out a surplus in the near future saying “these are unprecedented times and our focus is on families”.
“We are not chasing surplus and we will not be posting a surplus in this year’s budget,” he said….
Net debt is expected to rise to $38.9 billion, but Mr Pallas said the debt profile and expenditure would be evaluated in the lead up to when the budget is released in October.
Make sense of this if you can. Labor is trashing the place with no obvious connection to virus control.