The Victorian government will spend close to $50 billion over the next four years to attempt to create 400,000 jobs, in a big-budget gamble which will leave Victoria owing $155 billion by 2024 and the title of the country's most indebted state.

Tax breaks for business, wage subsidies for women and young workers and a record “big build” across infrastructure, housing and schools will be deployed to try to recover 180,000 jobs lost between March and September, during the state’s extended lockdown.