Victoria leads blowout in state government debt
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A report from S&P Global Ratings warns that the combined debt of Australia’s state and territory governments will reach a record $600 billion in 2024. This is forecast to reach $768 billion by 2027.
In contrast, the combined debt was just $266.3 billion prior to the pandemic.
Victoria’s gross debt is forecast to blow out to $247.2 billion by 2027, compared with just $55.2 billion in 2019; gross debt in NSW is in turn expected to top $236 billion in 2027, up from $63.3 billion in 2019.
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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.