Victoria Unveils $2.3 Billion Cost-of-Living Package Amid $200 Billion Debt Surge

Victoria's state budget includes a $2.3 billion cost-of-living package aimed at assisting families and vulnerable populations amid soaring state debt projected to reach $200 billion by 2029. Treasurer Jaclyn Symes highlighted that rising interest payments, estimated at $29 million per day by 2029, are consuming a significant portion of the state's taxation revenue, limiting funds for essential services and infrastructure. The budget plans to achieve $3.3 billion in savings by redesigning programs, reducing duplication, and cutting around 1,200 public service positions, with further savings expected after a review led by Helen Silver. Meanwhile, the government's new fire services levy has sparked widespread protests, including a mass walkout by over 400 CFA volunteer brigades, igniting political backlash that threatens to undermine support for Premier Jacinta Allan, especially in regional Victoria. Critics attribute the levy and rising debt to reckless spending, which some say mortgages the state's future, while political debates continue around other contentious issues such as hate symbol laws. These financial and political challenges underscore the tension between addressing immediate cost-of-living pressures and managing long-term fiscal sustainability in Victoria.