Everyday Australians are not alone in feeling the interest rate pinch, as the Victorian government sees its interest repayments expand.
The Reserve Bank of Australia began raising the cash rate in May 2022, seeing it jump from 0.1 per cent to 3.6 per cent in less than a year.
"Just as your interest rates have gone up on your mortgage, the government’s interest rates have gone up on the borrowing we simply had to undertake to get us through COVID," he said.Mr Andrews says putting a stop to borrowing and delivering a surplus is of critical importance. "We'll continue to consult with unions and employees as we deliver savings identified in previous budgets, ensuring that key services are maintained."Grattan Institute chief executive Danielle Wood
"In a world where we've got growing spending on interest payments, net debt climbing up, it all adds up to a pretty challenging fiscal situation for the Victorian government."Ms Wood said while the financial impact of managing COVID was understandable, it did not explain the entire financial situation.
"The government should take a good hard look at some of its big infrastructure build. I'm not sure that we need to build all of it at the one time."The opposition hit out at the government over what it called "deeply concerning" news about Victoria's economy.
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