Victoria’s debt expected to reach $199b in 2029 as pre-election budget released

Victorian Treasurer Jaclyn Symes has unveiled the pre-election budget, which included multiple sweeteners for the state to help with the cost-of-living pressures before revealing its crippling debt.

This comes six and a half months ahead of the November state election, with Victoria’s net debt forecasted at $175 billion for 2026-2027, and is expected to soar to $199 billion in 2029.