Labor confirms $7.5b budget deficit for 2019/20

Tim Pallas this morning confirmed that the State Budget will be $7.5 billion in deficit for the financial year 2019-20.

This comes just one week after ABS figures revealed 169,000 Victorians had lost their jobs since March.

Figures released by the Department of Treasury and Finance earlier this year confirmed that Victoria’s budget has been in deficit since 2019 and that the Victorian economy was in recession before the introduction of restrictions in March in response to the COVID-19 pandemic.

Since then, Daniel Andrews’ hotel quarantine mess has caused a second outbreak, meaning that Victoria’s recession will be deeper and more painful for struggling Victorian families trying to make ends meet.

Victoria was already paying for Labor’s economic mismanagement before COVID-19 hit. Now thanks to Labor’s bungling, more will be out of work, and Victorians will be paying off Labor’s debt for much longer.

Comments attributable to Shadow Treasurer, Louise Staley:

“This morning’s budget announcement has confirmed Labor’s budget mess.

“While other states continue with their economic recovery, the budget mess and recession that Labor got Victoria into before COVID-19, will now last longer due to Labor’s mismanagement of hotel quarantine.

“This means that more Victorians will find themselves out of work and Victorian taxpayers will get whacked with a massive debt bill that will take them decades to repay.

“Victoria needs a government with a plan to get the budget back into shape and get Victorians back to work and back in business.”

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