The Allan Labor Government has today released new budget figures confirming the state’s dismal financial position, which continues to deteriorate under Labor.
Victoria’s ballooning net debt has increased by almost $12 billion in the last six months to $126.8 billion, in large part due to the Allan Labor Government’s cost blow-outs on major infrastructure projects.
The Government’s Budget Update in December last year showed that Victoria is on track to reach $177.8 billion in debt by June 2027. Victorians can also expect a further increase to this debt projection in the Treasurer’s May Budget.
Today’s figures show that while Labor’s budget continues to spiral out of control, Victorians were slapped with an additional $1.3 billion in taxes compared to last year.
Further, total taxes on jobs (Taxes on Employers’ Payroll and Labour Force) have increased by $1.4 billion to $5.4 billion or up 36.0%, for the half year to December 2023, compared to the same period last financial year.
Shadow Treasurer, Brad Rowswell, said: “On a Friday afternoon, after a busy sitting week where the Government was exposed for its financial mismanagement, they have dropped their mid-year financial report which confirms what we’ve always known – Labor can’t manage money and Victorians are paying the price.
“Under Labor, Victorians are paying more and getting less. Labor’s record debt continues to grow despite new taxes levied on Victorian schools, rents, holidays and visits to the GP.
“Labor’s more than $38 billion in cost-blow outs on major infrastructure projects are having real consequences for Victorians. In this upcoming May Budget, Victorians will face higher debt, higher taxes and more cuts to critical services.”
