Vic budget hit by $1.2bn revenue shortfall

THE Victorian budget is reportedly facing a $1.2 billion shortfall in revenue.

Updated budget figures to be released on Friday show state coffers were slugged by a major drop in stamp duty and GST, Fairfax Media reports.

The figures show stamp duty collections were slashed by $285 million this financial year, creating a predicted shortfall of around $1.2 billion for the next four years.

GST revenue is set to fall by $6 billion over the same period.

The news puts pressure on the state government, which is aiming to deliver a budget surplus of at least $100 million this financial year.

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