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Victoria issued tens of billions in long‑dated bonds during 2020–21 at very low interest rates (i.e., 1.25–1.5%).
These bonds begin maturing from 2026 through 2031, forcing the state to refinance at today’s 5–6% rates.
Major upcoming maturities include the following:
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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.