Victoria's Treasurer, Tim Pallas, has unveiled the 2024 state budget which likens state debt to a manageable mortgage.

The budget documents forecast a net debt increase, exceeding $187.8 billion by July 2028, with a rise in annual interest payments.

Economists and credit analysts, including Saul Eslake and Anthony Walker, voice concerns over the growing cash deficit and a more than doubled forecast deficit.

The state's financial statements show a $2 billion decline in the bottom line within six months and predict no operating surpluses.

The Reserve Bank of Australia's reduced growth forecasts contribute to worries about Victoria's debt management and credit rating sustainability.

The current budget has not significantly altered Victoria's fiscal strategy, leading to heightened apprehension regarding the state's economic future.