Net Debt — Methodology and Sources
What this measures
Net debt of the general government sector as reported in the Victorian Treasury's Budget Paper 2, Statement of Finances. NSW and QLD comparators use the equivalent general-government-sector measure from each state's annual budget papers.
How values are derived
| Toggle | Field used | Calculation |
|---|---|---|
| Default (nominal) | valueNominal | Direct $bn figure as published |
| Inflation-adjusted | valueReal | nominal × (CPI[base] / CPI[year]) |
| Per capita | valuePerCapita | (nominal × 10^9) / ERP[year, state] |
| Per capita + inflation-adjusted | valueRealPerCapita | per-capita applied to real value |
CPI base year: 2023-24, RBA Statistical Table G1, annual financial-year average. Population: ABS Estimated Resident Population at 30 June (ABS 3101.0 / 3218.0).
Caveats
- Net debt definition changed in FY18 for Victoria; the published series is consistent post-FY18.
- General-government-sector excludes public non-financial corporations (PNFC). When commentators cite "Victoria's total debt" they often mean general government plus PNFC; this chart shows the narrower general-government measure for cross-state comparability.
- Real values shift each annual refresh as the CPI base year is re-pinned to the latest complete FY. The shift is documented in the change log.
Verification status
Verified end-to-end against primary sources: Victorian net debt against the DTF Historical Financial Aggregates spreadsheet (2026-27 Budget release, "Net Debt – Gen Govt from 1987" sheet), NSW against Budget Paper 1 Appendix D (Table D.2), and Queensland against its Reports on State Finances and Budget Paper 2 Outcome columns. See the data sources page for full provenance.
The Victorian trajectory is independently corroborated by the Victorian Auditor-General's own financial-outcomes dashboard, which shows the same path (e.g. net debt of ~$115bn / 20.3% of GSP at 30 June 2023).
Sources
- Victoria: DTF Vic — State Budget (Budget Paper 2)
- New South Wales: NSW Budget (Budget Paper 1)
- Queensland: Queensland Budget (Budget Strategy and Outlook)
- CPI: RBA Statistical Tables (Table G1)
- Population: ABS Regional Population
- Independent corroboration: VAGO — financial outcomes dashboard (Victorian Auditor-General)
Annotations on this chart
- 2019-20: COVID-19 — onset of pandemic spending, fiscal year ending 30 June 2020.
- 2020-21: S&P downgrade AAA to AA — Standard & Poor's downgraded Victoria's long-term credit rating.
- 2021-22: Big Build acceleration — peak year of capital programme drawdown.
Change log
| Date | Change |
|---|---|
| 2026-05 | Verified against DTF / NSW BP1 / QLD RSF + BP2 primary sources; Vic extended to 2024-25 ($150.9bn) |