Despite a decade of Labor governance in Victoria, the state still carries more debt than NSW, Queensland, and Tasmania combined. The Shadow Treasurer of Victoria highlighted that Victorians are facing a record debt of nearly $200 billion and have been burdened with 55 new or increased taxes. The net debt is projected to reach $187.8 billion by 2027-28, with each household owing around $67,000. The government’s budget has increased costs for families through additional levies and taxes, causing challenges for property investors and businesses. The state’s escalating debt has led to a daily interest bill of $25.6 million, totaling $9 billion annually just to cover interest payments. The Shadow Treasurer urged the government to address its excessive spending and prioritize reducing debt to benefit Victorians.
This decision involves putting a hold on the Suburban Rail Loop project, a 90km underground railway line connecting Melbourne’s east and southeast from Cheltenham to Box Hill. Instead, the focus will be on allocating funds to the West Gippsland hospital.
However, the state government has stated that the railway project would help alleviate pressure on the current transport network, reduce car usage, and create up to 20,000 job opportunities during its construction phase.
The opposition party has pledged to provide support to businesses, simplify procedures for investors, address housing affordability issues, implement a debt cap, and establish a productivity commission if they win the election in 2026.
