Victorians continue to pay the price for Labor's financial mismanagement as Victoria's record debt grew by more than $80 million a day over the last financial quarter.
Tabled in State Parliament today, the Quarterly Financial Report September 2024 has confirmed over the three months to September 30 2024:
- Net debt surged by $7.4 billion – a staggering $80.4 million dollars a day.
- Interest repayments reached $1.55 billion, an increase of 81 per cent over the same period last year.
- Employee expenses grew by $765 million.
- Total government expenses reached $24.9 billion, exceeding pro-rata expectations by $335 million.
Today's financial update follows confirmation Victoria's health services recorded a more than$1 billion deficit across 2023-24, the Allan Labor Government continues to rip money out of frontlineservice delivery agencies and COVID debt levies on property and jobs are expected raise$599 million more than anticipated.
Following a decade of financial mismanagement under Labor, Victoria's net debt is set to reach a record $187.8 billion by 2027-28, with interest repayments to exceed $1 million an hour.
Shadow Treasurer, Brad Rowswell, said: "It's clearly not in Labor's DNA to reduce the record debt they have ratcheted up over the last decade.
"The Allan Labor Government simply does not respect hardworking Victorian taxpayers who continue to foot the bill for their financial incompetence."
Shadow Minister for Finance, Jess Wilson, said: "This report confirms interest repayments are up, employee expenses are up, the tax burden is up, and net debt is growing by a staggering $80 million each and every day.
"Victoria's financial position is rapidly deteriorating, and the Allan Labor Government has no plan to reverse the damage its decade of mismanagement has caused.
"Labor cannot manage money, and Victorians are paying the price."
