VICTORIA DIFFERENT MASKS SAME WOKE LABOR GREENS RADICAL IDEOLOGY

Graham Healy
Jul 28
3 min read

VICTORIA DIFFERENT MASKS SAME WOKE LABOR GREENS RADICAL IDEOLOGY **Victoria’s general government sector (GGS) net debt under the Labor government (in power since late 2014) has risen sharply from around $21–22 billion when they took office to $150.9 billion as at 30 June 2025, with forecasts approaching $199–200 billion by the end of the decade.**

Net debt is the standard measure used in Victorian budget papers and Auditor-General reports (borrowings and similar liabilities minus liquid financial assets). Figures are primarily from Victorian Department of Treasury and Finance (DTF) financial reports, budgets, and Auditor-General reports. Note that accounting standard changes (especially from 2019–20, including leases and service concession arrangements) increased reported debt in some years.

### Key net debt figures (GGS, as at 30 June, $ billion)

|----------------|---------------|-----------------|------------------------------|

| 2014 | ~21.2 | Inherited from Coalition (Napthine) | — |

| 2015 | 22.3 | Early Labor period | Daniel Andrews (Premier from Nov 2014); Tim Pallas (Treasurer) |

| 2018 | ~20.0 | Debt declined in early years | Andrews / Pallas |

| 2019 | ~22.4–25.5 | Pre-COVID; some restatement for accounting changes | Andrews / Pallas |

| 2020 | 44.3 | Sharp rise begins (COVID response + infrastructure) | Andrews / Pallas |

| 2021 | 72.7 | Major COVID-related borrowing | Andrews / Pallas |

| 2022 | ~100 | Continued rise | Andrews / Pallas |

| 2023 | 115 | Actual (earlier budget estimates higher) | Andrews (to Sept 2023) then Jacinta Allan |

| 2024 | 133.2 | Ongoing infrastructure + residual COVID effects | Allan |

| 2025 | 150.9 | Latest actual | Allan; Jaclyn Symes (Treasurer) |

| 2026 (est.) | ~165–176 | Budget forecasts | Allan / Symes |

| 2029–30 (est.) | ~191–199.3 | Latest 2026–27 Budget forward estimates | Allan / Symes |

**Sources for the trajectory**: DTF Annual Financial Reports, State Budgets (including 2023–24, 2025–26, and 2026–27 papers), and Victorian Auditor-General’s Office reports.

### Total debt incurred under Labor

- **Increase since Labor took office (late 2014)**: Roughly **$130 billion** to the latest actual (to $150.9b in 2025), or approaching **$170–180 billion** on current forecasts to ~$199b by 2029–30.

- Debt rose only modestly (or even fell) in the first few years of the Andrews government.

- The large increase occurred from ~2019–20 onward, driven by:

- Major infrastructure (“Big Build” — level crossing removals, Metro Tunnel, North East Link, Suburban Rail Loop, etc.).

- COVID-19 response spending (government has attributed ~$31.5 billion of debt specifically to pandemic-related expenditure and revenue impacts).

- Ongoing operating deficits and capital spending that exceeds operating cash surpluses.

- Victoria now has the highest net debt of any Australian state in absolute terms and a high net debt-to-GSP ratio (around 23.7% in 2025, projected to peak near 25%).

### Who was responsible

- **Daniel Andrews** (Premier, November 2014 – September 2023) and long-serving Treasurer **Tim Pallas**: Responsible for the bulk of the rise, including the decision to significantly expand borrowing for infrastructure from around 2018 and the large COVID response.

- **Jacinta Allan** (Premier since September 2023) and current Treasurer **Jaclyn Symes**: Have continued the high infrastructure spending and debt trajectory; net debt has kept rising under their leadership, with forecasts still climbing toward ~$200 billion.

- The Labor government as a whole (cabinets under both premiers) has owned the fiscal strategy, including the shift away from earlier lower-debt targets.

Debt continues to rise in absolute terms even as the government aims to stabilise or slowly reduce it as a share of the economy (GSP). Interest costs are also rising significantly with the larger debt load. Figures can be revised slightly between budget updates and final audited financial reports. For the absolute latest official numbers, refer to the Victorian Budget papers or DTF/Auditor-General publications.