Why is Victoria in debt?

Years of spending has seen Victoria's net debt balloon to more than $167 billion in this coming budget. This is expected to rise even further, to about $194 billion in three years' time. The government has linked the rise to increased spending on infrastructure projects and COVID relief programs in the past few years.

Why is Victoria's debt so high?

Gross debt would be higher still. There are two structural issues: excessive recurrent spending growth and the massive (and rapid) expansion in the infrastructure program. For the 25 years from 1990, successive Victorian governments invested roughly the equivalent of 1 per cent of GSP each year in capital works.

Is Victoria still in debt?

Victoria, by its own budget figures, is the most indebted state in Australia. The $213 billion gross debt it has amassed as of July 1 this year represents nearly one third of the total debt currently owed by all states and territories combined.

How much debt is Victoria in 2025?

Treasurer Jaclyn Symes's first state budget reveals net debt will reach $167.6 billion this year, before growing to an eye-watering $194 billion in three years' time. It will see the state pay $7.6 billion in interest in 2025-26 — or $20.7 million a day.

Is Victoria in a deficit?

Despite the projected $600 million surplus widely celebrated by the Allan government, there is a projected general government cash deficit of $10 billion, and a non-financial public sector cash deficit of $16 billion.

‘No secret’ why Victoria's debt now soaring towards $200 billion

Which country is not in deficit?

Debt Free Countries: Top Nations without National Debt

The best example can be taken from Hong Kong (it is a one of the debt free countries), whose economy has the least debt to GDP ratio. It is an almost debt free country. It has a well-regulated financial system and large foreign reserves.

How much money does Victoria owe?

Years of spending has seen Victoria's net debt balloon to more than $167 billion in this coming budget. This is expected to rise even further, to about $194 billion in three years' time. The government has linked the rise to increased spending on infrastructure projects and COVID relief programs in the past few years.

What state is in the most debt?

U.S. state and local government outstanding debt 2022, by state. In 2022, the federal state of California had about 558.68 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2022.

What is the GDP of Victoria?

The state of Victoria is the second-largest economy in Australia after New South Wales, accounting for 23.24% of the nation's gross domestic product, valued at A$515.2 billion in 2022.

What is the credit rating of Victoria?

Victoria keeps its AA credit rating despite warnings over project costs.

Who holds Australia's national debt?

Australian Government debt is owned by a range of Australian and international investors. The AOFM provides information on the share of AGS on issue owned by non-residents.

Does Victoria have a good economy?

Victoria has led the states – we're number one in real economic growth, jobs growth, and business investment growth over the last decade.

How much of Victoria is privately owned?

In Victoria, 62% of the land is privately owned and 78% of the native vegetation on that land is rare or threatened. Vast areas of natural habitats for native plants and animals, many unique to Victoria, are under threat from land clearing, overharvesting, changing climate and population growth.

What is the biggest cause of debt?

Why is Victoria's Secret declining?

The lingerie retailer has been an industry leader in the US for several decades. But in recent years, the lingerie brand faced sluggish sales, criticism for its lack of model diversity and size inclusivity, scandal over its former CEO's ties to Jeffrey Epstein, and an entire brand-image overhaul.

How much debt is NSW vs Victoria?

Victoria's debt pile will grow 29 per cent to $272 billion by 2028-29, while NSW's borrowings will increase 24 per cent to $204.1 billion.

Who does the UK owe the most money to?

Which state has the lowest debt?

As of 2022, the states with the most total liabilities are California, Illinois, New York, New Jersey, and Texas. The states with the least total liabilities are South Dakota, Idaho, Nebraska, Montana, and New Hampshire.

Who owns most of the government debt?

Private investors are the biggest holders of U.S. debt.

Investors own about two-thirds of the national debt, or $24.4 trillion as of March 2025, the latest figures available.

Does the UAE have debt?

Indebtedness. Our debt profile showcases a resilient financial position, encompassing a diverse range of debt instruments. As of June 30, 2025, the total outstanding debt amounts to AED 112.4 billion, marking a 3.9% decrease from the previous year 2024, with a Debt-to-GDP ratio of 22%.

What would happen if China called in US debt?

The U.S. dollar would depreciate and the yuan would appreciate if China called in all its U.S. holdings, making Chinese goods more expensive.

What is Victoria's current debt?

This is why the debt is forecast to rise from $155.5 billion this year to $194 billion in 2028-29. Before it can start paying down debt, the Victorian government must also be convinced this is something it actually needs to do.

How is Victoria's economy?

Victoria's economy has become a national disaster. The Australian Bureau of Statistics' (ABS) annual state accounts for 2023-24 revealed that Victoria's per capita GDP fell by 1.2% annually and has only increased by 10.4% since the Global Financial Crisis (GFC) in 2008.

What is the population of Victoria?

Victoria. The Census usual resident population of Victoria in 2021 was 6,503,491, living in 2,810,775 dwellings with an average household size of 2.52. This page provides the three population counts for Victoria at the last Census, with comparisons to previous Census years for the Census counts only.