Inflation, a Covid comeback, Russia’s invasion of Ukraine and Josh Frydenberg “short-changing” his home state – these are the major battles Victoria’s treasurer, Tim Pallas, faces as he plots a narrow course towards a small budget surplus within four years’ time.
To fight his way back to surplus, Pallas is relying on economic growth – fuelled by the state’s speedy bounceback from a Covid-19 recession and a full-to-overflowing $21bn-a-year infrastructure pipeline, which itself contains significant potential pitfalls – rather than cutting spending or increasing taxes.
