Victoria’s ballooning debt is a national problem

Leith van Onselen

Tuesday 17 February 2026

We have repeatedly warned that Victoria is headed toward financial ruin.

Victoria has the highest per capita debt and the lowest credit rating among the states.

State and Territory Credit Ratings (Source: IMF)

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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.