‘Well Above Parity’: Australian State’s Debt to Double Its Annual Revenue by 2024-25on November 22, 2021 at 7:24 am

Victoria’s bank balance appears to be heading further into the red with gross debt levels predicted to exceed the state’s consolidated revenue by at least double in three years time, Victoria’s Auditor-General has found. But state treasurer Tim Pallas maintains that “delivering responsible financial management” by prioritising employment, business and consumer confidence in the short-term is “appropriate” given the nature of the pandemic. “This approach will have short-term costs to the State’s financial position, but over the longer term will result in a quicker and stronger economic recovery,” Pallas said. Currently, the state government’s ability to service its debt sits at 128 percent of revenue, compared to 60 percent prior to the pandemic. “[T]his measure of the government’s ability to service its debt is now well above parity,” Victoria’s Auditor-General Andrew Greaves wrote in the state’s annual financial report, which was tabled in Parliament on Nov. 17. “The government estimates …

Henry Jom

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