Victorian Budget drowns in debt

Deloitte Access Economics has released an analysis of state budgets, which shows that Victoria is not forecast to return to Budget surplus until 2025-26:

By which time, Victoria’s net debt is forecast to reach 27%, and has grown much faster than any other state over the past two years:

Moody’s downgraded Victoria’s credit rating from Aa1 to Aa2 in May but revised the state’s outlook to ‘stable’ rather than ‘negative’.