Victoria’s dire financial position continues to deteriorate as debt, interest payments, major projects cost blowouts and employee expenses all continue to climb under Labor.
Tabled today in the Victorian Parliament, the 2024-25 Budget Update has confirmed:
- Net debt is growing by $59.6 million a day and has increased almost $11 billion over the past six months.
- Interest repayments continue to climb and are now estimated to reach $6.6 billion in 2024-25, $18 million each and every day.
- Employee expenses have blown out by almost $1 billion from estimates just six-months ago, now expected to reach $37.53 billion in 2024-25.
- Major project expenditure has blown out by $2.1 billion. Total expenditure over the forward estimates is now expected to be $79.5 billion.
Furthermore, Victorians are set to pay even more in tax through Labor’s hikes to probate fees, expanded residential land tax, a new Holiday and Tourism Tax and a massive $2.1 billion increase to the renamed Fire Services Levy.
This comes as total cost blowouts across Labor’s major projects continue to climb, now exceeding $41 billion since coming to office.
A PesuttoLiberals and ³Ô¹ÏÍøÕ¾s Government will implement a Plan for Financial Integrity, which will include a legislated Charter of Budget Honesty with clear, enforceable rules to hold government accountable for how Victorians’ money is spent.
Leader of the Opposition, John Pesutto, said: “Today’s Budget Update reveals exactly how rapidly Victoria’s finances are deteriorating under Labor.
“Under the Allan Labor Government, debt is growing, interest repayments are growing, taxes continue to climb and major projects continue to suffer multi-billion cost blowouts.
“Only a Liberals and ³Ô¹ÏÍøÕ¾s Government I lead will clean up the books, ease cost of living pressures and end the damage of Labor’s decade of financial mismanagement.”
Shadow Treasurer, Brad Rowswell, said: “Labor has no vision to offer the Victorian people. Today’s Budget Update confirms all Premier Jacinta Allan can deliver is record debt, record interest and record taxes.
“Labor’s only gift to Victorians this Christmas is a $2.1 billion new tax.
“Labor cannot manage money, and Victorians are paying the price.”
