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The Victorian government’s 2019-20 financial report has been released, which reveals that the state’s net debt has blown out to $44.3 billion, compared with $25.5 billion previously.
Victoria is also set to post a Budget deficit of $6.5 billion for 2019-20, following a surplus of $1.2 billion in the previous financial year. State revenue fell by $1.3 billion in 2019-20, while the public sector wages bill rose by $1.8 billion to more than $27 billion:
The Government recorded a general government sector operating deficit of $6.5 billion for 2019-20.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.