The $1 billion set aside in Victoria’s budget for reviving the State Electricity Commission appears hopelessly short-changed and lacking all detail, Grattan Institute energy program director Tony Wood warns.

This week’s budget imposed $8.6 billion in “temporary” levies on business and property investors and slashed up to 4000 public service jobs to try to force down the state’s net debt, which is set to climb to $171 billion by 2027.