Former Reserve Bank board member Ian Harper has warned Victoria must return the budget to a cash surplus within four years and commission an independent audit of government spending to begin repairing the state’s finances.
Voters are increasingly worried about the state of Victoria’s budget as major parties splurge on promises in the lead up to the November 28 election, heaping further pressure on a budget already heaving under $160.7 billion of net debt – the highest of any state.
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