The Government hopes incentives to lure global companies to the state will help to create 2,000 jobsTreasurer Tim Pallas is also overseeing record borrowing with net debt to reach $86 billion this year before growing to $154.8 billion in 2023/24.
The Government is spending big on services and business support this year in a bid to stimulate economic recovery — by the end of September, 290,000 jobs had disappeared from the state economy.The Victorian Government has spent $13 billion on the coronavirus response and on programs to help the business and broader community during the pandemic.
Victorian Treasurer Tim Pallas said money was cheap and it was a good time to borrow to stimulate the economy.Mr Pallas said now was a good time to borrow, with cash being cheap. He said Victoria was one of 10 sub-sovereign jurisdictions in the world with a Triple-A credit rating.But in per capita terms it would be considerably less expensive than the federal debt, he said.Mr Pallas indicated there would not be major cuts to the public service.
"We won't be rolling out wholesale changes at the moment because our view very strongly is that the one thing that the community needs is a Government attentive to their needs [for] the provision of services that there is increasing demand for in this environment,'' Mr Pallas said.
Victoria will lose its credit rating, hence the cost to service the debt will blow out exponentially, the Chinese banks will then call in their loans, and China will achieve its Belt and Road goal, namely to own strategic infrastructure in Australia. Congratulations Dan.
JoshFrydenberg blows bubbles And......... They all burst seconds after they appear! 😆