Business and property investors are outraged by $8.6 billion in “temporary” levies imposed by the Andrews government in an attempt to curb surging state debt, and they warn that the decade of extra taxes will hit jobs and investment, and exacerbate the rental crisis.

Victorian Treasurer Tim Pallas said the COVID-19 debt levy would hit “those most able to pay”, extracting $3.9 billion from businesses with payrolls above $10 million and $4.7 billion from property investors over the next four years.