Today's release of the Financial Report for the State of Victoria 2023-24 has confirmed Victoria's financial position continues to deteriorate under the Allan Labor Government.
Over the past decade, Labor has driven Victoria's debt to be the highest in the country, with net debt expected to soar to $187.8 billion by 2027-28.
Beyond increasing our debt, this report shows that Labor's brutal taxes continue to take more and more money out of the pockets of hardworking Victorians.
Today's financial report indicates the Allan Labor Government spent $24.2 billion on infrastructure projects in the past year - $2.3 billion more than they had intended to spend according to 2023-24 Budget estimates.
Victorians have paid the price for this mismanagement, with individuals, families and businesses being slugged with $36.8 billion in taxes - $2 billion more than was anticipated in the 2023-2024 Budget. This uplift is predominately due to increased revenue across payroll tax, the COVID Debt Levy, windfall gains tax and stamp duty.
The Victorian Liberals and Nationals are deeply concerned about the Allan Labor Government's continued budget mismanagement as independent figures cast serious doubt on Labor's economic projections, including:
- The boast of strong employment growth and low unemployment, yet Victorians have suffered the highest level of unemployment in the nation for five months straight.
- Claims that Victorians have enjoyed strong wage growth, yet ABS data from the June quarter indicated that Victoria's wage growth is lagging compared to Queensland, New South Wales, Western Australia and Tasmania.
- Claims that business investment and confidence has improved, yet in the past 12 months over 150,000 businesses have shut up shop in Victoria. According to the Australian Securities and Investments Commission, business growth in Victoria has also flatlined compared to all other mainland states.
Leader of the Opposition, John Pesutto, said: "The dire state of Victoria's finances are only worsening under Premier Jacinta Allan.
"The Allan Labor Government has continued to engage in debt-fuelled spending, punishing Victorians with 55 new and increased taxes on employment, schools, rents and holidays to pay for their waste."
Shadow Treasurer, Brad Rowswell, said: "Late on a Friday afternoon, while Treasurer Pallas is out of the country, he has quietly released a financial report which confirms once again that Labor cannot manage money, and all Victorians are paying the price.
"Today's report shows that Victorians have paid more taxes than the Government anticipated, instead of returning money to taxpayers, the Allan Labor Government have flagrantly wasted it on major infrastructure blow outs.
"It doesn't have to be like this and under a Pesutto-led Government it won't be like this. Only the Liberals and Nationals will drive a commerce-led recovery which will grow our economy, create opportunities for all Victorians and pay down Labor's debt."
