Victorian budget LIVE updates: State revenue revealed to fall almost $8 billion in a year as Tim Pallas hands down historic state budget

The Victorian government will use record levels of debt and deficit to spend $49 billion in the next four years in an effort to drag Victoria out of the disastrous COVID-19 recession.

The government has set an ambitious target of creating 400,000 jobs in the coming five years.

A massive spend, with the jobs plan at its centre, will take the government’s net debt to nearly $155 billion within three years, more than 28 per cent of Victoria’s total annual economic output.

You can get across today's budget by reading: