Global ratings agency S&P has raised alarming concerns regarding the rapid growth of Victoria’s state debt under the Allan Government.
Victoria’s gross debt was at $55.2 billion in 2019 and S&P expects Victoria’s gross debt will reach $247.2 billion by 2027.
S&P estimates that the interest on Victoria’s soaring debt will reach $14.3 billion per year. This means Victorians will pay almost $40 million every day just to service the interest on Labor’s debt.
Victoria’s debt will not improve under Labor’s watch, instead Victorians will continue to be weighed down with the largest debt liability in the country.
Shadow Treasurer, Brad Rowswell, said: “Victorians are paying the highest taxes in the country, and they are paying more each time they go the grocery store or fill up their car with petrol.
“Cost of living pressures are impacting Victorians now and Victorian Labor need to commit to no new or increased taxes in this budget to help ease this pressure.
“The Allan Labor Government just can’t manage money. They waste, they tax, and Victoriansare paying the price. Victorians deserve a government that can sensibly and responsibly manage taxpayer dollars.”
