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Big business and property investors are set to be slugged with new taxes and the public sector slashed in an effort to repay $31.5bn worth of emergency funds borrowed by the Victorian government at the height of the pandemic.
The treasurer, Tim Pallas, on Tuesday handed down his ninth and “most difficult” budget, which details a “Covid debt repayment plan” to bring the state’s borrowings – set to total $171.4bn by 2026/27 – under control.
He also announced an end to payroll tax exemptions for about 110 “high-fee” private schools, which is expected to deliver an additional…
