The Andrews government has pocketed a $1 billion budget windfall after the scrapping of COVID-19 restrictions sparked a pokies tax bonanza and a labour market rebound.
The state reaped $1.8 billion in payroll tax in the three months to September and $200 million from the MHWL, which applies to businesses that pay Victorian taxable wages of more than $10 million nationally.Victoria was in the weakest fiscal position of any state in 40 years and was deteriorating.
The agency uses a different accounting method to assess the financial position of governments than that preferred by federal and state treasury departments. The rating agency places a greater emphasis on cash flow and the gross debt borne by governments and all public-funded agencies. A Victorian government spokesman said the quarterly update showed the government’s plan for economic recovery was working.“Our economy has rebounded with vigour and that is reflected in strong jobs numbers across the state,” the spokesman said.
But Shadow treasurer Brad Rowswell said the update showed the government was “delivering a stocking of coal” for every Victorian.
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