Allan Labor Government losing control of Victoria’s finances

Victoria’s net debt is spiralling out of control, now increasing by more than $2 million every hour under the Allan Labor Government, according to the Financial Report for the State of Victoria 2024–25 tabled in Parliament last week.

The report reveals Victoria’s net debt has surged by $17.6 billion in just 12 months, that’s more than $48 million a day. It also highlights:

• A $106 million shortfall in payroll tax revenue due to weaker employment outcomes;

• Employee expenses exceeding budget expectations by $2 billion; and

• Interest payments rising by $272 million due to increased borrowing costs.

The Nationals’ Member for Ovens Valley, Tim McCurdy, said the Allan Labor Government’s economic mismanagement is hitting regional Victoria hardest.

“After a decade of reckless spending, Labor has left Victoria burdened with the highest debt, highest taxes and weakest economy in the nation,” Mr McCurdy said.

“Regional families, farmers and small businesses are feeling the pinch. Every dollar Labor borrows is another dollar taken away from the services and infrastructure country communities rely on, our hospitals, schools, and roads.”

Mr McCurdy said the time has come to restore responsible financial management in Victoria.

“The Nationals' and The Liberals will restore responsible financial management and back regional Victoria with less waste, lower taxes, and less crime so our state can grow stronger, safer, and more affordable once again,” he said.

Labor can't manage money, and Victorians are paying the price.