Victorian households and small businesses are set to pay even more for Labor’s record debt as the Reserve Bank prepares to further lift interest rates.
After eight years of waste, mismanagement and cost blowouts under Daniel Andrews, Victoria’s net debt is set to reach over $170 billion in 2025-26 – the equivalent of New South Wales, Queensland and Tasmania combined.
As a consequence, the anticipated 0.5 per cent rate increase today by the Reserve Bank will mean a further $1.3 billion dollar hit to the budget over the next four years.
This additional cost comes on top of a massive $1.9 billion cost blow to budget following interest rates rises in May and June, which completely wiped out the projected surplus in 2025-26.
Victorians are already paying the price of Labor’s mismanagement with 42 new or increases taxes and charges imposed by Daniel Andrews.
These tax hikes hit everyday Victorians on the things they need – including property, vehicle costs, tradies registration, taxi and Uber fares, road use and jobs.
Shadow Treasurer, David Davis, said Victoria will never recover and rebuild whilst Victorians’ cost of living continues to be hit by Labor’s mismanagement, cost blowouts and higher taxes.
“Daniel Andrews’ mismanagement has put Victoria in a debt taxes spiral that is only set to worsen.”
“As interest rates continue to rise, eight years of cost blowouts and Labor’ debt time bomb is coming home to roost.”
“Victorians have had enough – this is your money Labor is wasting and your money they will take to pay for this mess.”
“Remember this November, only a Matthew Guy Liberals and Nationals Government will end the waste, guarantee no new taxes and fix the health crisis.”