Young Victorians will bear the brunt of Daniel Andrews’ debt burden as damning new analysis from S&P Global reveals that Victoria’s non-financial public sector net debt will increase and eclipse $220 billion by 2026.
The non-financial public sector comprises the general government sector and public non-financial corporations such as and water corporations and VicTrack. The 2022-23 State Budget estimated Victoria’s non-financial public sector net debt at $196.7 billion by 2026.
The new figures come at the same time as Victoria’s general government net debt is set to exceed that of New South Wales, Queensland and Tasmania combined, with blowouts on major infrastructure projects totalling more than $30 billion.
This is billions of wasted funds that could have instead been better spent on vital services such as fixing the health crisis and investing in our education system.
Any additional waste or financial mismanagement adds further pain to the state’s budget as hundreds of millions of dollars are added to Victoria’s record debt as interest rates continue to rise.
The Andrews Labor Government must end massive blowouts on infrastructure projects and refocus on delivering value for taxpayers’ money.
Shadow Treasurer, Brad Rowswell, said every dollar in debt Labor adds today is one more our children and grandchildren will need to pay off tomorrow.
“We need responsible and sustainable financial management in Victoria to ensure we can continue to fund the health and education systems, roads and emergency services our state needs and deserves,” Mr Rowswell said.
“Labor can’t keep adding to the credit card and looking away when it comes time to settle the bill.”
“With Daniel Andrews and Tim Pallas at the helm, Labor is leaving a lasting legacy on how to waste taxpayers’ money.”
