在澳大利亚维多利亚州即将于11月28日举行大选之际，尽管该州净债务规模巨大，但其整体财务状况并未如表面数字所示那般恶化 1。预计2025-26财年，维州的净债务将达到1610亿澳元，这一数额超过了新南威尔士州和昆士兰州净债务之和（1500亿澳元） 1。然而，同期维州的资产价值为4650亿澳元，远高于其2680亿澳元的总负债 1。此外，维州预计在2025-26财年实现24亿澳元的净运营盈余，表现优于南澳的1.89亿、昆士兰的负88亿、新南威尔士的负30亿以及塔斯马尼亚的负9.23亿 1。从债务增长趋势来看，未来四年维州净债务预计增长约390亿澳元（增幅24%），增速低于塔斯马尼亚（34%）、南澳（69%）和昆士兰（193%） 1。
尽管宏观财务指标稳健，选民的关注点可能更多集中在治理效能而非单纯的债务数据上 1。目前，工党执政12年后面临政权更替的可能性 1。皇家委员会正在调查维州重大基础设施项目中的腐败和不当行为指控 1。审计长办公室指出，疫情期间个人防护装备出现超过7.5亿澳元的减记，同时存在欺诈性和浪费性拨款达7200万澳元的情况 1。
With the Victorian state election scheduled for November 28, the Labor government faces a potential change in leadership after twelve years in power. 1 A central point of debate is the state’s financial health, with net debt projected to reach A$161 billion in the 2025-26 fiscal year, surpassing the combined net debts of New South Wales and Queensland, which total A$150 billion. 1 However, despite these high liability figures, Victoria holds assets valued at A$465 billion against total liabilities of A$268 billion for the same period. 1
Beyond balance sheet metrics, the state’s operational performance shows strength relative to its peers. Victoria is expected to record a net operating surplus of A$2.4 billion in 2025-26, contrasting sharply with deficits in Queensland (A$8.8 billion), New South Wales (A$3 billion), and Tasmania (A$923 million), while South Australia posts a smaller surplus of A$189 million. 1 Furthermore, Victoria’s net debt is forecast to grow by approximately A$39 billion, or 24%, over the next four years, a rate significantly lower than that of Tasmania (34%), South Australia (69%), and Queensland (193%). 1
Voters’ attention may be more focused on governance issues than raw debt numbers, particularly amid ongoing investigations into corruption and misconduct in major infrastructure projects by a royal commission. 1 Scrutiny has also been directed at pandemic-era spending, where the Auditor-General’s office identified over A$750 million in personal protective equipment write-downs alongside A$72 million in fraudulent and wasteful grants. 1
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