How bad is the debt level?
It is set to expand to $11.4 billion by the end of the forward estimates period in 2024/25, when taxpayers will be forking out $478 million in annual interest repayments.While it is a $2.3 billion improvement on last year's forecast, the net debt-to-revenue ratio by then will be 181 per cent — significantly higher than the government's target ratio of 50 per cent.The main reason the budget books are looking better than last year is due to extra GST revenue.
A total of $120 million over two years has also been set aside for a Local Jobs Fund to provide concessional loans and equity finance to small and emerging businesses.
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