Today’s interest rate increase by the Reserve Bank of Australia (RBA) has added hundreds of millions of dollars on top of Daniel Andrews’ record debt.
Under Daniel Andrews, Victoria’s debt will reach at least $167.5 billion – more than New South Wales, Queensland and Tasmania combined.
Today’s 0.25 per cent interest rate increase is a $637 million hit to the State Budget, bringing the total impact of interest rate rises since April to up to $6.373 billion – enough to build six new major hospitals.
Shadow Treasurer, David Davis, said Victoria continued to pay the price for years of waste and mismanagement under Daniel Andrews.
“Labor’s spiralling debt and growing interest bill means only one thing for Victorians – more taxes.”
“Only the Liberals and Nationals will rein in Labor’s record debt with a common-sense debt cap and a guarantee of no new taxes.”
“Many health commitments will be funded by the re-direction of money from the Cheltenham to Box Hill rail line, a source of funding not available to Labor.”