Jeff Kennett: Our economy is shuddering and confidence is lower than 10 years ago
What the Andrews/Allan government have committed the state to is criminal. Victoria is heading to bankruptcy and we the public will pay for the government’s deliberate and gross incompetence.
Opinion
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Ten years ago Victoria’s debt was $33bn.
According to the report by Victoria’s Auditor General released last week, it will jump to $268.4bn by June 30, 2028.
That is a generational disaster for Victorians, Victoria and the country, as this state accounts for 24 per cent of the nation’s gross domestic product.
What makes the debt so devastating is that Victoria does not have the capacity to repay it or substantially reduce it in the next 10 years.
Victorians unborn will be suffering the consequences.
The interest payments on that debt are now approaching $30m a day and will hit $40m a day by 2028.
What the Andrews/Allan government have committed the state to is criminal. Victoria is heading to bankruptcy and we the public will pay for the government’s deliberate and gross incompetence.
State debt is substantially worse, our economy is shuddering, and confidence is lower than 10 years ago.
Jeff Kennett is a former Liberal premier of Victoria
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