FRIDAY 16 OCTOBER 2026 – AMPLIFY is today launching ‘Break free from Victoria’s debt’, a non-partisan campaign urging all political parties contesting the state election on 28 November to commit to a credible plan to tackle the state’s debt.
Victoria is leading a national race to the bottom and now owes more than NSW, Queensland and Tasmania combined.
State debt is approaching $200 billion and growing every day. Interest alone is costing Victorians $24 million a day, almost double what the state spends on its entire police force. That’s money that can’t be spent on hospitals, schools, housing or roads and means Victorians and small business need to pay higher taxes just to meet the interest payments.
Worse still, the heaviest burden falls on the next generation who will have to pick up the bill and face the prospect of fewer opportunities in the future.
But it can be fixed. Victoria has run balanced budgets in the past, and governments in Australia and around the world have turned their budgets around. Victoria doesn’t need a miracle - it just needs a credible plan and the political will to stick to it.
AMPLIFY’s campaign will bring together everyday Victorians, from young families and small business owners to community groups and employers, who want to break free from Victoria’s debt.
AMPLIFY Founder and Chair Paul Bassat said: “AMPLIFY is launching this campaign because Victoria’s future growth and prosperity depends on it. Victoria has reached a tipping point. We want a Victoria that young people choose to grow up in, build a life in and invest in, not one that hands them a bill and fewer opportunities. Victoria’s debt is heading towards $200 billion and growing every day. You cannot pay down a debt you are still adding to.
“The real cost is the interest. It doesn’t build a classroom or staff a hospital ward. More than one dollar in every five Victorians pay in state taxes goes straight out the door before a single nurse is paid. Victoria’s economic picture is already problematic, and it will get worse unless we get the debt under control.”
AMPLIFY Executive Director Martin Codina said: “Victoria’s precarious debt position has become a significant concern for Victorians who are rightly worried about what the debt means for them and the future of Victoria.
“Victorians have a very reasonable ask of all parties contesting the election: bring forward a credible plan to stop borrowing and pay back the debt. AMPLIFY's campaign will continue until that happens.”