Ratings agency S&P has told Australia’s big-spending state governments some will face credit downgrades for failing to rein in pandemic-era spending and focusing on vote-buying rather than saving money.

State and territory governments spent $212 billion more between 2020 and 2023 than their treasuries forecast in 2019, according to a new report led by S&P analyst Anthony Walker. This more than consumed a $146 billion unexpected boom in revenue that came in the same period, and drove debt higher.