Charting Victoria’s transformation from fiscal conservative to saboteur

Wednesday 8 April 2026

If one chart were to summarise the Victorian government’s transformation from fiscal conservatism to sabotage, it is the following, showing the explosion in the state’s net debt:

When Daniel Andrews’ Labor government took office in late 2014, Victoria carried a net debt of around $21 billion.

As of 2025, Victoria’s net debt had exploded to $155.5 billion, and the state budget expects it to soar to nearly $200 billion by 2029.

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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.