Another billion dollars added to Daniel Andrews’ debt time bomb

Victorian taxpayers have suffered another billion dollar hit as interest payments on Daniel Andrews’ record debt continues to grow.


After eight years of waste, mismanagement and cost blowouts under Daniel Andrews, Victoria’s net debt is set to reach over $171 billion in 2025-26 - the equivalent of New South Wales, Queensland and Tasmania combined.


Today, the Reserve Bank has lifted interest rates by a further 0.5 per cent – meaning an extra $1.3 billion hit to the budget over the next four years.


Since Labor handed down the state budget in May, the budget has now taken a massive $4.5 billion hit over forward estimates – the equivalent of five new Melton Hospitals.


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 every day 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 Daniel Andrews’ debt time bomb and interest bill hikes would mean more and higher taxes for Victorian families, residents and small businesses.


“Years of waste and mismanagement by Labor has put Victoria in a debt taxes spiral that continues to worsen.”


“Labor’s only answer to pay for its debt is to raise more taxes, meaning further hits to household budgets and a longer road to recovery.”


“Remember this November, only a Matthew Guy Liberals and Nationals Government has real solutions to end the waste and guarantee no new taxes.”


David Davis MP

Shadow Treasurer