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

Treasurer Tim Pallas says the budget is about helping families and address inflation.

The Melbourne skyline in reflected in the Maribyrnong River in the early morning light on April 18, 2023. - Melbourne has officially become Australia's most populous city after an adjustment to the city boundaries which saw its population jump to 4,875,400, almost 19,000 more than Sydney, according to Australia's Bureau of Statistics. (Photo by William WEST / AFP) Photo by WILLIAM WEST/AFP via Getty Images

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.