Jeff Kennett: In increasingly uncertain world, you can always relay on Victoria’s debt

As the world seems to become more conflicted, causing pain and uncertainty, one thing remains consistent. Victoria’s debt going in the wrong direction.

Last week I wrote here about the sea of debt that is engulfing Australia, and particularly Victoria. Someone close to me on reading the column said, “Here you go again, banging on about debt”.

Of course I took on board her comments. However, many Australians under 40 seem to think government debt is just that – the government’s debt, not theirs.

As you drive around the state, as you suffer damage or worse to your car because it has hit one of thousands of potholes, as CFA equipment reaches museum status, as mental health services are reduced and so the list goes on, it is for one reason only.

Debt in Victoria is grossly, indecently too high.

The government is paying $28m a day in interest on its debt – more than $1m every hour. Some of that money could have fixed our roads, provided new CFA trucks and maintained our mental health services.

Premier Jacinta Allan and Treasurer Jaclyn Symes are the new architects of Victoria’s debt time bomb. Picture: David Crosling

As the world seems to become more conflicted, causing so much pain and uncertainty, we Australians can be forever grateful that we live so far away from the rest of the world.

That does not mean that we should be complacent. For tariffs, wars and the impact on the price of petrol, even perhaps its availability – not to mention the increase in energy prices from July 1, even the reliability of supply – could dramatically affect the comfort in which we live.

If you wanted to travel overseas, where would you go? Fewer countries now provide a risk-free environment.

As much as I would like to think that the leaders of the world would somehow meet to take the heat out of the international situation, it is unlikely to happen.

Here in Australia, particularly at a federal level, I would like to think there will be a much more heightened bipartisanship, to ensure we as a country can get through the next couple of years.

The speed of change is happening all around us. Australia is too small a population to not be affected by the international challenges.

We have heard much about the AUKUS treaty recently, but what is Plan B if energy prices become unaffordable to households and industry, or our access to petroleum is severely restricted by availability or price?

I can only suggest we prepare for the unexpected. If we do, we are better off. If my fears are not realised, we are still better off.

Originally published as Jeff Kennett: In increasingly uncertain world, you can always relay on Victoria’s debt