Victoria Debt up $6 Billion in 6 Months, Heading to $177.8 Billion

Victoria’s net debt prediction has jumped by more than $6 billion (US$4 billion) in six months and is now expected to reach $177.8 billion (US$119.5 billion) by 2027. The state government attributes that to infrastructure investment, particularly extra funding for the North East Link, which has blown out from $10 billion (US$6.7 billion) to $26.1 billion (US$17.5 billion), and associated freeway upgrades. A 2023/24 budget update released on Dec. 15 by Treasurer Tim Pallas reveals net debt is expected to reach $135.5 billion (US$91 billion) by June 2024. It’s then set to climb to $177.8 billion by June 2027, which is $6.4 billion (US$4.3 billion) higher than the estimate in the May state budget, representing 25.1 percent of gross state product....