Victoria's population boom has come to a shuddering halt in a blow that will cost billions in GST payments, slow the state's economy for decades and sharpen the focus on Premier DanielAndrewsMP' plans to unwind lockdown. federalbudget2020 federalbu...
The state worst-hit by the pandemic is now expected to have almost 400,000 fewer people by the end of 2022 than was forecast pre-COVID, putting greater pressure on the federal and state governments to consider additional stimulus measures including infrastructure projects.The state is forecast to be $3.7 billion worse off in GST payments compared with last year's estimate, with $15.1 billion in receipts now expected in 2020-21.
The massive revision to the state's population growth will delay Melbourne's much-anticipated race to overtake Sydney as the nation's biggest city, which had been expected by 2025. A new round of tax cuts will deliver relief to about three million Victorians, while 1.2 million businesses will be eligible for business tax incentives, including temporary full expense claims with no asset limits.
Australia will suffer a reversal in net migration of more than 500,000 people over the next two years as the Morrison government is forced to rely on family visas to make up for the fall in skilled workers.
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