Victoria Deficit Forecast Blows out by $500M

Victorian Premier Daniel Andrews (left) and Minister for Roads Luke Donnellan are seen in front of the M80 ring road in the city's north-east in Melbourne, Australia, on Nov. 22, 2018. . (AAP Image/Julian Smith) NO ARCHIVING

Victoria’s budget deficit forecast has blown out by $500 million  (US$321 million) in 10 days after the state government spent up on flood recovery and a sports sponsorship deal before the election.

The Department of Treasury and Finance released the state’s Pre-Election Budget Update on Thursday, 10 days after Treasurer Tim Pallas unveiled the Victorian Economic Fiscal Update.