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Victoria’s public debt is already the highest in the country, and the state has the lowest credit rating.
One of the causes of Victoria’s ballooning debt is the state’s wasteful infrastructure splurge, which frequently involves massive projects that do not stand up to critical examination.
Victoria has recently seen cost overruns totalling $2.5 billion for the Metro Tunnel, $4 billion for the West Gate Tunnel, and $16 billion for the North East Link.
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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.