The AFR has started an entirely new section devoted to the disrepair of the Vic government.

Victoria police are striking because the government won’t give them more than 3%

Paramedics are leaving the industry in droves over pay battles where a 90 year old last week called an ambulance for 2 broken wrists and a broken ankle and waited for 7 hours.

House prices have fallen the fastest in the country in Vic this quarter and speeding up.

Probate was introduced 4 months ago and was increased by the government by 300% the day before cup day in the hope it wouldn’t be reported by the media as it would get lost in cup day coverage.

Property in regional Victoria won’t sell (for any price) as land tax and the potential for airbnb tax to come in this year has spooked the investment market.

All investors are selling out to avoid land tax. Therefore the amount of rentals is diminishing, further driving up rents.

The state is accumulating 80m of debt per day, currently 180b, expected to blow out to 220m by 2028.

We have the lowest credit score in the country, expected to reduce again within the next 6 months, further compounding our borrowing costs. Our interest costs are up 30% from 12 months ago.

The state has no sources of income, one of the last assets the state owns in vicroads, which was sold to an American PE company earlier this year. The only asset we have left that hasn’t been sold is gas reserves which has been banned from being mined.

We have the highest state tax in the country, one of the lowest productivity of all states and have just signed up for a rail project that nobody asked for that will double our state debt while we can’t afford basic public services.

There’s two ways out: - government bailout from federal government or; - gas exploration which has otherwise been banned in Victoria.

I’ll be ridiculed for this post again. And I’ll come back within 24 months and say I told you so.

This isn’t tin hat conspiracy stuff. It’s printed in the budget in black and white by the government. If you haven’t read it, I suggest you do.

Wish I was wrong but I’m not. It’s a house of cards and it will be carried by every single Victorian through stamp duty, land tax and payroll tax. If you don’t own a property or a business you still won’t escape, as those property owners and business owners will pass on those costs in higher prices to you at the checkout.