Tabled today in the Victorian Parliament, the Financial Report for the State of Victoria 2024-25 has revealed:
- Victoria's net debt grew by more than $17.6 billion between June 2024 and June 2025 - a rate of more than $48 million a day, or more than $2 million an hour.
- A $106 million shortfall in payroll tax revenue "due to softer-than-expected employment outcomes" during 2025.
- Employee expenses were $2 billion higher than budgeted for the year ending June 30 2025.
- Interest expenses were $272 million higher than budgeted for the year ending June 30 2025, due to greater interest rates on new and refinanced borrowings.
Under the Allan Labor Government, Victoria has become a poor state with the highest taxes, highest net debt, least competitive business and investment conditions and among the highest unemployment of any state in the nation.
Shadow Treasurer Jess Wilson said: "Today's report confirms the dire state of Victoria's finances under the Allan Labor Government.
"A decade of financial mismanagement is rapidly coming home to roost with net debt and interest repayments at simply unsustainable levels.
"Every dollar of additional debt and interest is one less to invest in better health, education, community safety and transport services and one more than next generation will have to pay back.
"Labor cannot manage money and Victorians are paying the price."
Shadow Minister for Finance Bridget Vallence said: "This report again confirms Labor's reckless spending and irresponsible budget management is resulting in a failure to deliver their own fiscal strategy."
"After a decade of Labor, Victoria has the highest net debt per capita of any state, the worst credit rating of any state, a stubbornly high unemployment rate, and the highest taxes for families and businesses.
"It's time for a fresh start. Taxes will always be lower under the Liberals and Nationals to help ease the cost-of-living, and we'll start with scrapping five of Labor's taxes including the Emergency Services Tax.
"We'll establish a Victorian Productivity Commission to drive investment and job creation, and restore responsible financial management in Victoria once again."
