Victorians are the most indebted in the nation following a decade of financial mismanagement under Labor, new data has revealed.
The data released by the Federal Parliament budget watchdog reveals that on average, total state debt is now $19,500 for every Victorian – higher than any other jurisdiction, as well as the Commonwealth Government’s net debt of $18,400 for every Australian.
Furthermore, this burden is predicted to exceed $25,000 for every Victorian in 2027-28, while net debt is set to reach a record $187.8 billion in the same period and daily interest repayments alone to hit almost $26 million – more than $1 million an hour.
Leader of the Opposition, John Pesutto, said: “Under Labor, Victoria has the highest level of debt, the highest unemployment, the highest property taxes and is the worst place in the nation to do business.
“Labor cannot manage money, cannot manage our economy and Victorians are paying the price.
“Only a Liberals and ³Ô¹ÏÍøÕ¾s Government I lead will clean up Victoria’s books and stop Labor’s decade of waste, blowouts, rorts and financial mismanagement.”
Shadow Treasurer, Brad Rowswell, said: “Not only is the Allan Labor Government the most financially reckless in the nation, their debt burden is now greater than that of the Commonwealth Government.
“The financial incompetence of the Allan Labor Government is threatening Victoria’s credit rating and it’s Victorians who are worse off with higher taxes and service cuts.
“For every dollar wasted by Labor is one less being spent on the critical frontline health, education, community safety, road infrastructure and child protection services Victorians rely upon.”
