Carroll’s Labor was given an early warning on debt | ‘Breaking point’: Aussies flee one sta…

Explore the latest developments concerning Carroll’s Labor was.

Carroll’s Labor was given an early warning on debt

Victorian Treasury officials warned the new Carroll government in August that the state’s soaring debt levels and rising interest repayments were forecast to breach critical thresholds that could result in a credit rating downgrade.

With net debt forecast to climb to $197 billion and interest repayments projected to cost taxpayers $12 billion in mid-2030, Victoria’s path out of financial strife is increasingly precarious and polling shows the issue is of growing concern to voters heading to an election on November 28.

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Amplify's unlikely fiscal hawks

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Any close observer of Victoria's state election campaign – now 19 days from its denouement – has been unable to miss the interventions of Amplify, an advocacy organisation established in 2024 by prominent Melbourne businessman Paul Bassat. Without spending a dollar on advertising, the organisation has made itself a loud voice of protest against Victoria's unsustainable debt position. On the face of it, this is to be applauded.

On October 29, Amplify published an open letter signed by more than 100 of its high-profile supporters. It was addressed to "all parties contesting the Victorian election" and asked them "a simple question: what is your plan to pay down Victoria's massive debt?"

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