THURSDAY 12 NOVEMBER 2026 – Victoria's net debt is higher than dozens of countries around the world, according to new analysis by AMPLIFY using International Monetary Fund (IMF) data released in October.
IMF data shows Victoria would rank 38th of 84 countries for total net debt, between Iran and Kenya, despite having a population of just over seven million people.
Every Victorian now carries more government net debt than citizens of countries with similar-sized populations such as Paraguay and Serbia. Victoria would rank 24th for net debt per person and 66th for net debt as a share of the economy.
Victoria currently owes $160.7 billion in net debt, equivalent to around $22,500 for every Victorian, and interest alone is costing Victorians $24 million a day.
Victoria's debt is approaching $200 billion – the highest of any state and around the same as NSW, Queensland and Tasmania combined.
It comes as the IMF and other international institutions warn that governments must strengthen their fiscal positions amid growing global financial and economic uncertainty.
AMPLIFY Executive Director Martin Codina said the findings highlighted the scale of Victoria's debt challenge and the need for a credible plan to bring it under control.
"Victoria's debt is no longer comparable to other Australian states. On several measures, it now sits alongside entire nations,” Mr Codina said.
“Anyone who thinks Victoria can continue borrowing without consequences should look closely at these figures. Debt comes at a cost, and Victorians are already paying for it through billions of dollars in interest payments every year.
"Victoria urgently needs all parties to agree to return the budget back to surplus within the next term of government and to put the state's finances back on a sustainable path."
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