Victoria paid interest costs worth $600 per resident in the last financial year as strong tax revenue improved the state’s bottom line by $1.5 billion.
Victoria paid $4 billion in interest costs in the last financial year – about $600 per person – as strong employment and property taxes improved the state’s bottom line by $1.5 billion.
Treasurer Tim Pallas has revealed Victoria paid $4 billion in interest costs over the last financial year.The updated figures showed Victoria’s operating deficit was $8.8 billion by the end of the last financial year – $1.5 billion better than forecast inThis was largely a result of collecting an extra $521 million in stamp duty as home prices remained steady even though purchases slowed down. Land tax was up by $77 million.
Although the interest bill on government debt was $97 million lower than expected, the figure hit $4 billion. This was a $1.1 billion increase compared to the previous financial year. By 2026-27, annual interest costs are expected to climb as high as $7.98 billion. “On the back of last year’s greater than anticipated tax take, the Labor government is still set to introduce a new rent tax, holiday and tourism tax, health tax and schools tax,” he said. “And in her just in her first week as premier, Jacinta Allan has introduced two more property taxesBut Treasurer Tim Pallas said Victoria’s economy was strong given the state had the lowest unemployment rate in the country.
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