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Deloitte Access Economics has released an analysis of state budgets, which shows that Victoria is not forecast to return to Budget surplus until 2025-26:
By which time, Victoria’s net debt is forecast to reach 27%, and has grown much faster than any other state over the past two years:
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Moody’s downgraded Victoria’s credit rating from Aa1 to Aa2 in May but revised the state’s outlook to ‘stable’ rather than ‘negative’.
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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.