Victorian budget 2023: big business, property investors and private schools targeted to pay state’s Covid debts

Victoria treasurer Tim Pallas unveils plan to cut up to 4,000 public service jobs and raise taxes on those with an ability to pay'

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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.

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