Victorian Treasurer Tim Pallas has handed down his ninth budget.

Mr Pallas said Victoria is “going to pay off our COVID credit card”.

A new COVID debt levy will raise $8.6 billion in COVID debt offsets over the next four years and will run until 2033.

From July, businesses with national payroll over $10 million dollars a year will be hit with a 0.5 per cent tax. Those with a payroll over 100 million will pay one per cent.

Property investors will also be hit with higher land taxes from January, with 860,000 people to pay an average of $1300 more per year.

The state’s net debt is forecast to hit $162.2 billion in 2025-26, and $171.4 billion by 2026-27.

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