Auditor-general slams reactive state budget with no long-term plan [Video]

The watchdog also warned that gross debt was spiralling at a pace “faster than revenue and economic growth”, projected to reach $228.2 billion by June 30, 2028. Net debt is expected to hit $187.8 billion by this time.

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“While strategies and objectives are in place, the state has not articulated a clear plan for long-term fiscal management,” the report found.

“Current strategies are short term, reactive and do not address both the existing financial challenges and emerging financial risks … A more comprehensive approach is needed to ensure long-term fiscal sustainability and proactive management of the state’s finances.

“Sound financial management is foundational to fiscal sustainability. A clear and well-defined long-term financial plan is required and integral to a robust and mature financial management framework.”

The report comes ahead of the government’s mid-year financial report for the 2024-25 budget year, where it will have to account for and offset an …