Probably not a bad thing that the bill is delayed - inflation is running away in the United States and more borrowed money is just adding petrol to the fire.
There's a Premier in NSW keeping that seat warm until the next election that would like to make your acquaintance.
Wrong. Victoria and the Northern Territory have the very worst debt problems in our nation right now. The Financial Review
recently reported that Victoria's debt is now projected to hit $190,000,000,000 by 2025;On the back of pandemic-related spending, Victoria’s budget has blown out by $7.9 billion, with the state predicting an operating deficit of $19.5 billion for the current financial year... Analysis by ANZ economist Catherine Birch finds the figure most watched by ratings agencies – whole-of-government debt – is expected to soar to $190.9 billion by 2025, which would represent 32.8 per cent of state gross product.It is a long way from pre-pandemic levels when Victorian Treasurer Tim Pallas controversially announced just 48 hours before the 2018 election that the state’s long-standing debt ceiling would be doubled from 6 per cent to 12 per cent and debt was forecast to hit $36 billion.NSW is yet to update its budget to show the impact of the delta virus lockdown but is on track for a peak of $136 billion in whole-of-government debt, or 17.9 per cent of state gross product, which is less than two-thirds of Victoria’s updated net debt forecasts.
That would have to be some kind of record wouldn't it? $150 billion increase in debt in just seven years - in just one state - and NSW by contrast is left in the dust despite the fact that has more people and a much bigger land-mass. That's going to be about $32,000 of Victorian government debt per Victorian - impressive hey Mike!
But even Victoria's debt is dwarfed by the Northern Territory government which presently has $5 billion in debt for a state with a population of the City of Greater Geelong - that equates currently to about $20,000 in debt per Territorian - but that's set to explode to about $120,000 of Territory government debt per resident by 2030.
Even more alarming when you realise that the only reason these states have even been able to borrow money is because Fyrdenberg quietly used Treasury to buy state debt at the peak of the pandemic last year - but now that that's all over they might not be able to find credit so easily.