State debt doubles since 2019 as Australia faces mounting budget crisis
Australia has delayed economic reform and now faces a budget crisis, the Grattan Institute warns. State government debt has more than doubled since 2019, with interest costs set to double again as borrowing rates rise. The report urges both spending discipline and modest revenue increases, cautioning that delayed action will force higher taxes or worse public services on future Australians.
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Summary by OZbrief Editorial · ABC News – Top stories · Source
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Published 18 Oct 2026, 18:00 UTC · Updated 18 Oct 2026, 18:10 UTC
Summary by OZbrief Editorial. Original report: ABC News – Top stories. Editorial policy · Corrections
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