Life is getting even harder for Victorians as new budget figures today confirm the state’s dire financial position continues to deteriorate under Jacinta Allan.
Labor has driven Victoria’s debt to record highs, with net debt now forecast to soar to nearly $178 billion by 2027, an increase of more than $6 billion since projections in the May budget.
Victorian Government net debt remains higher than New South Wales, Queensland and Tasmania combined.
The horror debt forecast comes as cost blowouts on major projects climb to at least $38.8 billion and Victorians are paying 53 new or increased taxes since Labor was elected in 2014, including on schools, health, jobs, rents and holidays.
Under Jacinta Allan, the trend of greater debt and higher taxes has continued with today’s Budget Update confirming;
- A $6.4 billion increase in net debt to a total of $177.8 billion by June 2027.
- A $96.5 million increase in interest repayments in 2023-24, with interest repayments to reach $24 million per day by 2026-27.
- Total taxation revenue will increase by an average of $1.1 billion each year, largely driven by increasing payroll and land tax.
Leader of the Opposition, John Pesutto, said: “The dire state of Victoria’s finances are only worsening under Jacinta Allan.
“Labor’s nine-year trend of cost blowouts, greater debt and higher taxes is going from bad to worse under Premier Jacinta Allan.
“While Jacinta Allan continues to waste billions on major project blowouts, everyday health, transport and education services continue to be neglected.”
Shadow Treasurer, Brad Rowswell, said: “Today’s budget update confirms once again that Labor simply cannot manage money.
“This budget update shows Labor’s record debt continues to grow despite new taxes on schools, rents, holidays and visits to the GP.
“Major project cost blowouts and Labor’s continued financial mismanagement are having real consequences for Victorians, who are paying more taxes, being burdened with higher debt and seeing critical services fall behind.”
