Malaysia has now emerged as the frontrunner to rescue the Games with high-level discussions believed to have been under way since last month.
The Commonwealth Games Federation confirmed millions of dollars of "strategic support" would be made available from Victoria's withdrawal settlement.
Premier Jacinta Allan refused to comment on the update, saying it was a matter for the Malaysian government and the Commonwealth Games Federation.
Shadow treasurer Brad Rowswell called the update an "economic bin fire".
"You've got Victorians being slugged $380 million for that money to be offered to Malaysia for them to host the Commonwealth Games, that doesn't pass the pub test," he said.
It comes after the state's mid-year financial update on Friday showed Victoria had collected an extra $12 billion in debt in the past six months.
The debt now sits at $126.8 billion and there are warnings it is on track to almost double by 2027.
The number will be mildly offset with the state set to receive an additional $3.7 billion in GST revenue in 2024-25.
https://news.google.com/rss/articles/CBMipgFodHRwczovL3d3dy45bmV3cy5jb20uYXUvbmF0aW9uYWwvdmljdG9yaWEtbmV3cy12aWN0b3JpYW4tdGF4cGF5ZXJzLXRvLWNvdWdoLXVwLWV4dHJhLTEzMC1taWxsaW9uLW92ZXItY29tbW9ud2VhbHRoLWdhbWVzLXN0dWZmdXAvNmMwNThjNmMtYWM5ZS00YWY4LTgxZjYtYzBkNDhlZDY4M2I50gFFaHR0cHM6Ly9hbXAuOW5ld3MuY29tLmF1L2FydGljbGUvNmMwNThjNmMtYWM5ZS00YWY4LTgxZjYtYzBkNDhlZDY4M2I5?oc=5
2024-03-12 07:30:59Z
CBMipgFodHRwczovL3d3dy45bmV3cy5jb20uYXUvbmF0aW9uYWwvdmljdG9yaWEtbmV3cy12aWN0b3JpYW4tdGF4cGF5ZXJzLXRvLWNvdWdoLXVwLWV4dHJhLTEzMC1taWxsaW9uLW92ZXItY29tbW9ud2VhbHRoLWdhbWVzLXN0dWZmdXAvNmMwNThjNmMtYWM5ZS00YWY4LTgxZjYtYzBkNDhlZDY4M2I50gFFaHR0cHM6Ly9hbXAuOW5ld3MuY29tLmF1L2FydGljbGUvNmMwNThjNmMtYWM5ZS00YWY4LTgxZjYtYzBkNDhlZDY4M2I5
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