This Month
Federal borrowing to top states as $1 trillion debt milestone looms
The federal government will borrow more money than the states this year for the first time since the pandemic, heaping more pressure on Treasurer Jim Chalmers.
June
Stop blaming pandemic for state government debt binge: S&P Global
The high-profile credit ratings agency warns that infrastructure spending and more handouts are causing a significant deterioration in finances.
State debt to top $900b, triple pre-pandemic levels
The gross debt of state governments has increased by 150 per cent since 2019 to $661 billion, prompting calls by economists for premiers to rein in spending.
States should lead Team Australia on economic reform
To once again make a serious contribution to important policy debates, state leaders must start to talk about how to make Australia a more dynamic and prosperous country.
S&P warns of Qld’s ‘sharp deterioration’ amid $20b debt spiral
The Liberal National government has vowed to bring down state debt, but budget papers reveal it won’t deliver a surplus before the next election.
Queensland budget winners and losers
There’s something for first home buyers, commuters and pensioners in this year’s Queensland budget, which took a revenue hit on coal royalties and GST.
Qld’s property tax change offers foreign investor relief
Ahead of the first LNP state budget in more than a decade, Queensland says it will make it easier for overseas investors to bypass foreign land tax surcharges.
NDIS savings in doubt as Qld doubles down on GST fight
The Queensland treasurer says he will only consider the federal government’s plan to share the NDIS load if the GST carve-up is also on the negotiating table.
February
States reject ratings warning on debt
NSW Treasurer Daniel Mookhey is returning from a US mission to keep debt costs down, but S&P warns Australian states’ credit ratings are at risk of downgrade.
Can Queensland dig itself out of a $109 billion budget black hole?
Successive governments have announced, but never really stuck to, top-down fiscal rules designed to ensure the state’s finances don’t get out of control.
January
Debt blowout shows budget honesty is ‘crooked’ in Queensland
The shocking budget blowout after the state’s election last year shows a massive institutional failure that has lessons for governments across the country.
‘The numbers are breathtaking’: Qld’s interest bill worth 11 new hospitals
The states’ debt-servicing costs will probably continue to skyrocket as investors demand compensation for their fiscally reckless ways.
Debt explosion pushes Queensland to cusp of rating downgrade
Queensland is at risk of a credit rating downgrade as early as this year, after Treasurer David Janetzki released a dire fiscal update from the new LNP government.
Wage wars: Chaos as salary demands push state budgets to the brink
This week, simmering tensions between essential workers and cash-strapped governments caused mayhem around the country. Can leaders contain the fallout?
November 2024
Glencore, BHP & Co’s $9.4b wealth transfer now just part of life
Miners running up to Queensland is a good example of how business is playing Australian politics, where state premiers are the ones in high demand.
September 2024
Surprise government spending blowout hits $70b
Treasury may have underestimated a state and federal government budget spending splurge by $70 billion, which a string of economists warn will add to inflation.
June 2024
Are state governments on the brink of a debt crisis?
Victoria and Queensland have caught the infrastructure fever from NSW and have super-sized it. But financial discipline is in short supply.
Experts question Qld toll road accounting ‘magic pudding’
Queensland’s plan to resume operating the state’s toll roads from 2051 would add $3.6 billion in value to the state’s balance sheet, figures show.
Queensland cash splash could send inflation below 3pc
But economists warn billions in household subsidies will not make a rate cut more likely and could make the inflation problem worse.
Qld raises left-field solution to unlock billions for new tunnel
The government is working on a plan to resume operating the state’s toll roads to help finance a new multibillion-dollar tunnel construction.