Victoria’s debt reaches $120 bn as state pulls out of hosting Commonwealth Games

The first quarter of the new financial year sees Victoria's debt reach $120 billion as hundreds of millions of dollars are spent on compensation fees required for pulling out of hosting the 2026 Commonwealth Games. Figures tabled in parliament reveal the state's finances blew out by $5 billion in the period spacing from July and September. The state also posted a $2.5 billion deficit in the same period. A large contributor to the ballooning debt is the state's big build as the Allan government continues borrowing to fund projects such as the Suburban Rail Loop. The total expenses from the state’s quarterly financial report expose a $23.1 billion spend which comes in at $1.8 billion higher than the 2022 first financial quarter.