55 New Taxes and $200 Billion in Debt After 10 Years: Victorian Opposition Responds to Budget

‘After a decade of Labor, debt in Victoria still remains more than NSW, Queensland, and Tasmania combined.’

People shop for fresh produce at the Queen Victoria Market in Melbourne on July 4, 2023, after the Reserve Bank of Australia (RBA) surprised analysts by leaving interest rates on hold at 4.1 per cent in July. William West/AFP via Getty Images

Victorians are facing 55 new or increased taxes and a record debt of nearly $200 billion after 10 years under the Labor government, the state’s Shadow Treasurer said in a budget reply speech.

The Victorian Labor government unveiled its first budget under Premier Jacinta Allan, called “Helping Families,” on May 7. It showed that the net debt is projected to hit $187.8 billion (US$124 billion) by 2027-28, or $67,000 (US$44,720) for every household.