Victoria’s Debt to Reach $190 Billion, About 25 Percent of Gross State Product

Published on May 7, 2024

Victorian Liberal Opposition Leader John Pesutto has criticised the incumbent Labor government’s financial “mismanagement” of the state amid ballooning debt. The 2024 to 2025 Victorian budget, delivered by Treasurer Tim Pallas on May 7, shows a projected debt of $187.8 billion (US$124 billion) by the 2028 financial year. This comes as the state recovers from one of the world’s longest lockdowns during COVID-19, when former Premier Daniel Andrews was in charge. This budget is the first delivered since new Premier Jacinta Allan, who aims to rein in spending by cutting back on infrastructure and health project spending. State Debt Growth Trajectory The budget papers show (pdf) that debt will rise from $156.2 billion in the 2025 financial year to $169.2 billion in the 2026 financial year, and $179.2 billion in the 2027 financial year....

Continue reading on website
Other news

Households, Small Businesses Tighten Purse Strings Despite Hold on Interest Rate

May 7, 2024
The Reserve Bank of Australia (RBA) has opted to leave the cash rate target unchanged at 4.35 percent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 percent.The decision was made in a board meeting on Tuesday.Recent information indicates that inflation has remained high, but is declining more slowly than expected, according to a media statement released by the RBA on

Biden to Unveil Measures to Address ‘Alarming Rise’ of Anti-Semitism on Campuses

May 7, 2024
President Joe Biden is set to unveil a series of new measures on Tuesday aimed at addressing the rise of anti-Semitism, particularly in the wake of pro-Palestinian protests that swept college campuses and led to discrimination complaints.The announcement will be part of a keynote address at an event hosted by the U.S. Holocaust Memorial Museum. According to the White House, President Biden will us