Labor’s economic mismanagement leaves Victoria drowning in debt

The Allan Labor Government’s spiralling debt and false surplus claims are a betrayal of hardworking Victorians and regional communities.

Despite claiming a $611 million surplus, Labor is running a near $10 billion cash deficit, with net debt forecast to hit a staggering $194 billion by 2028 – a $6.7 billion blowout on last year’s forecast.

The Nationals’ Member for Ovens Valley, Tim McCurdy, said it was a “surplus on paper only”.

Victoria is sinking deeper into debt because of Labor's financial incompetence,” Mr McCurdy said.

Daily interest repayments will climb to $28.9 million by 2028–29 – that’s over $1.2 million per hour being poured down the drain.

“Labor’s economic mismanagement means Victorians are paying more and getting less,” Mr McCurdy said.

“Services are failing, regional investment is drying up, and the debt is out of control.”

Despite promises to rein in public spending, government employee costs have skyrocketed – increasing by $20.3 billion since 2015.

“Labor has broken its promises and busted the budget,” Mr McCurdy said.

“Only The Nationals can restore responsible spending and real investment in our regions.

“Labor can't manage money, and you are paying the price.”