Global ratings agency Moody's has issued a warning to the Allan Labor Government to control its unprecedented state debt or risk a credit downgrade.
Moody's is the second ratings agency to issue such a notice to the Allan Labor Government in as many months.
In its latest update, Moody's revealed that unless Labor reverses Victoria's ballooning debt, the state's credit rating will be slashed.
This would raise borrowing costs, adding further to Victoria's crippling debt burden, projected to reach $188 billion by 2028.
Shadow Treasurer, Brad Rowswell said: "Moody's have confirmed what every Victorian already knows - Labor cannot manage money, and Victorians are paying the price.
"Following a decade of financial mismanagement under Labor, Victoria's debt is set to reach a record $187.8 billion by 2027-28, with daily interest to hit almost $26 million - or more than $1 million every hour.
"Victoria already has the worst credit rating and the highest debt of any state in Australia and a further rating downgrade will mean Victorians will pay an even higher interest bill on Labor's record debt.
"Premier Allan must heed these warnings and rein in Labor's record debt and record waste on Big Build cost blowouts.
"Victorians are expected to live within their means, why should it be any different for the Allan Labor Government?"
