The Victorian government is borrowing $155 billion to fuel a major four-year recovery package after the state budget revealed the full economic impact of six months of COVID-19 restrictions and lockdowns.
The massive fiscal package comes as the budget predicted the Victorian economy would contract 4 per cent this financial year and was unlikely to return to pre-pandemic activity levels until mid to late 2021.
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Tom Burton has held senior editorial and publishing roles with The Mandarin, The Sydney Morning Herald and as Canberra bureau chief for The Australian Financial Review. He has won three Walkley awards. Connect with Tom on Twitter. Email Tom at tom.burton@afr.com
