The successor to outgoing Victorian treasurer Tim Pallas, who oversaw a $130 billion explosion in net debt, must immediately work to restore investment confidence in the state and get its finances back on track, leading business figures say.

On Monday, Mr Pallas announced that he would quit parliament this week after having served as treasurer for the past decade. Assistant Treasurer Danny Pearson has emerged as the frontrunner for his job, but Deputy Premier Ben Carroll and Public Transport Minister Gabrielle Williams are also in the frame, among others.