Employer groups and economists panned a major economic plan by Victorian Premier Jacinta Allan as failing to address the state’s soaring debt and ailing finances but said it contained some modest steps towards repairing Labor’s ties with the business community.

In its 36-page Economic Growth Statement, the government promised to slash red tape for business by $500 million over five years, halve the number of regulators from 37 to 18 by 2030, establish a grants scheme to encourage health and tech innovation, and fast-track gas project approvals.