Economy
Renee HEATH (Eastern Victoria) (17:50): (56) My adjournment matter is for the Treasurer. Victoria’s finances are deeply in the red. Since 2018 Victoria’s state government borrowings have shot up from $31.6 billion in 2018 to $123.5 billion in 2022, and they are set to increase to $201.5 billion in 2026. This government’s interest expense is up 22.3 per cent to $822 million compared to the same quarter last year. Governments should provide infrastructure and services that are needed to improve our lives, but this government is not living within its means. The opportunity cost for our interest rate repayments for this debt is staggering. Further funding for more maternity nurses, country road upgrades or public housing goes begging because of this enormous debt. Every dollar added to our debt and interest rate repayments is one less for the things that matter. If we do not pay down our borrowed money now, what happens if Victoria has another pandemic and there is absolutely no reserve? Will Victorians be at the mercy of overseas lenders? The action that I seek is that the Treasurer commits to paying down this astronomical debt before it is left to the next generation.