State of Victoria

The macro picture. How much the state spends, owes, and services in debt each year.

What it shows

  • State net debt over time (from ~$19bn in 2014 to current published figures).
  • Annual interest payments and daily equivalent.
  • Revenue vs expenditure trend.
  • Capital spend as a proportion of state budget.
  • Debt-to-GSP ratio over time.

How to read it

This page provides context for every other page on the site. When you read about a single project's blowout, ask: what does that represent as a share of the state's annual interest bill?

Data sources

  • DTF Statement of Finances (annual + mid-year)
  • Budget Papers 1, 4, 5
  • ABS state accounts (for GSP)

Caveats

  • State net debt figures vary by definition (general government sector vs non-financial public sector vs total). We publish which definition is used for each figure.
  • Interest rates shown are published averages — individual debt instruments vary.

Last reviewed: 11 Apr 2026