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Victoria has the nation’s highest per capita debt and the lowest credit rating.
The recent budget update reported that Victoria’s net debt has risen from $36 billion to $155 billion during the last decade. The state’s net debt is expected to rise to $187 billion in the three years to 2026–27.
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The expansion of Victoria’s public sector workforce is a major driver of the state’s mounting debt.
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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.