Opinion
How Victoria became one of the rich world’s most indebted states
Victoria is the fourth-most indebted advanced economy state government outside the US. It may soon find there’s a fine line between nation-building and overbuilding.
Michael ReadEconomics correspondentVictoria’s debt boom is a stark reminder that when it comes to spending, Australian states have few brakes and even fewer boundaries.
What has been missing from the recent debate about government spending is a recognition of how stark the deterioration in Australia’s state government finances has been on a global scale, and the institutional features that have given rise to the states’ era of profligacy.
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