Growth down, unemployment up in gloomy Victorian budget update

Detailed summary

Treasury’s pre-election budget update shows Victoria’s cash deficit will blow out to $33 billion, putting heat on the next government to rein in spending.

Victoria’s widening cash deficit is forecast to reach $33 billion over the next four years, complicating the task of budget repair while increasing pressure on the next government to bring the state’s finances under control.

A pre-election budget update released by Treasury on Thursday shows the state’s cash deficit has blown out by an additional $3 billion over the forward estimates period, compared with the May forecasts, while the economy is teetering on the edge amid rising interest rates and inflation.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.