S&P Global has released new forecasts on Australian state government debt, which shows massive increases across Victoria and to a lesser extent NSW and Queensland in response to the coronavirus pandemic and infrastructure investment:
According to S&P, the combined debt of the state and territory governments will blow out to more than $500 billion in 2022.
Victoria’s gross debt will rise from about $50 billion in 2019 to around $215 billion by 2025, whereas NSW’s will rise from around $75 billion in 2019 to just under $200 billion by 2025. Victoria’s projected debt load is also higher than NSW as a proportion of its population, gross state product, and revenues:
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