Victoria taken to task for soaring debt

Each year, the Auditor‑General releases a report assessing Victoria’s consolidated financial statements.

The Victorian Auditor‑General’s Report on the Annual Financial Report of the State of Victoria 2024–25 has been released amid the state facing record debt levels, the threat of further credit rating downgrades, ongoing industrial disputes (e.g., teachers and health workers), and scrutiny over the management of mega‑projects.

This year’s report findings reinforce concerns about fiscal sustainability and transparency, even though the accounts themselves are technically sound.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.