Victorian business support hits $3.4bn amid shrinking economy
The Victorian government has announced it has provided $3.4 billion in support to businesses and households as it forecasts its economy to contract by 5.25 per cent this calendar year.
Modelling released by the Victorian Department of Treasury and Finance also showed taxation and GST revenue expected to be around $8.5 billion lower over the 2019–20 and 2020–21 financial years compared with pre-pandemic forecasts as a result of lower property tax revenue, declining payroll tax and reduced GST.
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