TUESDAY 3 NOVEMBER 2026 – New AMPLIFY analysis shows that over the 25-day election campaign, Victoria will borrow more than $870 million in new debt and pay around $610 million in interest. That’s the equivalent of a $500 bill for every Victorian household.
Interest now costs Victoria $24 million every day - money that doesn’t go to schools, hospitals, transport or police. Over the campaign alone, interest payments will consume enough money to fund up to 100 new trams, or the annual salaries of more than 5,000 police officers or 6,000 teachers.
The 2026 Victorian Economic and Fiscal Update released just days ago confirms Victoria’s net debt is on track to reach almost $200 billion in less than four years.
The election campaign begins tomorrow, and with early voting opening on 18 November, AMPLIFY is calling on all parties to release a credible plan to reduce Victoria’s debt before Victorians head to the polls.
AMPLIFY Executive Director Martin Codina said Victorians deserved to know what each party would do about the debt before they cast their vote.
“Every day of this campaign, Victoria pays $24 million in interest. That's money that can't be spent on hospitals, schools, housing, better roads or services,” Mr Codina said.
“More than 100 prominent Victorians have already asked the parties for a plan and our research shows eight-in-ten Victorians say debt and deficit is an important factor in the upcoming election.
“With around half of all Victorians likely to vote early this year, if a party can’t show its plan by 18 November, it’s asking these Victorians to vote blind.
“This isn’t a business-as-usual election. Victoria has the highest debt of any state, its budget is deteriorating and its economy weakening. Every election spending commitment needs to be considered in light of Victoria’s enormous and growing debt.
“Victorians will be paying more every single day of this campaign and for many more years to come. It’s time for each party to tell Victorians what they are going to do about it before people vote. It's time to stop adding to the bill and start paying it off.”
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