Thursday, November 13, 2008

Victoria records $3.8 billion deficit for September quarter

THE State Government has recorded a deficit of more than $3.8 billion for the September quarter, fuelled by the global economic crisis.

A quarterly financial report, tabled today in state parliament, reveals superannuation liabilities and investment losses hit the bottom line.

The loss came on the back of reductions in stamp duty, with the Government hurt by a cooling housing market and weakening income tax revenue.

Net debt skyrocketed by $638 million in the three months to September to $2.78 billion.
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