DEBT TRACKER 2026

State & Territory
Debt Monitor

Net debt from highest to lowest — with live interest cost clocks, per-capita figures and debt-to-GSP ratios for all 8 Australian jurisdictions.

$372.0BCombined Net Debt
8Jurisdictions
$13,985Avg. Per Australian
4/8Debt Rising
Net Debt = total borrowings minus financial assets (cash & investments). Positive = liabilities exceed assets. The standard measure in Australian state budget papers.
Debt-to-GSP expresses net debt as a % of Gross State Product — the state’s economic output. The key metric for comparing sustainability across differently-sized economies.
Daily Interest Clock shows how much interest has accrued on that state’s debt today (since midnight local time), based on estimated average borrowing costs. Resets at midnight.
#1
VIC

Victoria

State
Labor Treasurer: Jaclyn Symes
Total Net Debt
$165B
$23,900 Per Capita
31.7% of GSP
$520B GSP
5.2% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$23.49M/day total · $8,580M/year · resets midnight

Victoria carries Australia's highest state debt — driven by the Big Build infrastructure program including Metro Tunnel and North East Link.

↗
Rising
Debt trend
Revenue $98B
Expenditure $97B
Population 6.9 million
Full Budget →
#2
NSW

New South Wales

State
Labor Treasurer: Daniel Mookhey
Total Net Debt
$103B
$12,400 Per Capita
15.4% of GSP
$670B GSP
5% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$14.10M/day total · $5,150M/year · resets midnight

NSW net debt is rising to fund housing, transport and hospital infrastructure across Australia's most populous state.

↗
Rising
Debt trend
Revenue $112B
Expenditure $116B
Population 8.3 million
Full Budget →
#3
QLD

Queensland

State
LNP Treasurer: David Janetzki
Total Net Debt
$28B
$5,100 Per Capita
6.8% of GSP
$410B GSP
4.8% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$3.68M/day total · $1,344M/year · resets midnight

QLD debt is declining rapidly off the back of record coal royalties and consecutive budget surpluses.

↘
Falling
Debt trend
Revenue $75B
Expenditure $74B
Population 5.5 million
Full Budget →
#4
SA

South Australia

State
Labor Treasurer: Stephen Mullighan
Total Net Debt
$26B
$14,400 Per Capita
22.6% of GSP
$115B GSP
4.9% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$3.49M/day total · $1,274M/year · resets midnight

SA maintains a stable debt profile with modest surpluses, a large defence pipeline and renewable energy investment.

→
Stable
Debt trend
Revenue $27B
Expenditure $27B
Population 1.8 million
Full Budget →
#5

Western Australia

State
Labor Treasurer: Rita Saffioti
Total Net Debt
$22B
$7,600 Per Capita
6.9% of GSP
$320B GSP
4.7% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$2.83M/day total · $1,034M/year · resets midnight

WA has the lowest debt-to-GSP of the major states, with iron ore royalties funding rapid debt reduction.

↘
Falling
Debt trend
Revenue $47B
Expenditure $43B
Population 2.9 million
Full Budget →
#6
ACT

Australian Capital Territory

Territory
Labor–Greens Treasurer: Chris Steel
Total Net Debt
$14B
$29,800 Per Capita
29.2% of GSP
$48B GSP
5% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$1.92M/day total · $700M/year · resets midnight

ACT net debt per capita is among the highest in Australia, driven by light rail Stage 2, hospital expansion and social housing.

↗
Rising
Debt trend
Revenue $6.8B
Expenditure $7.5B
Population 470,000
Full Budget →
#7
NT

Northern Territory

Territory
CLP Treasurer: Bill Yan
Total Net Debt
$8.5B
$34,000 Per Capita
35.4% of GSP
$24B GSP
5.3% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$1.23M/day total · $451M/year · resets midnight

The NT carries the highest debt-to-GSP ratio nationally, reflecting reliance on Commonwealth grants and significant remote infrastructure needs.

→
Stable
Debt trend
Revenue $5.8B
Expenditure $7.2B
Population 250,000
Full Budget →
#8
TAS

Tasmania

State
Liberal Treasurer: Michael Ferguson
Total Net Debt
$5.5B
$9,500 Per Capita
16.2% of GSP
$34B GSP
5.1% Avg. Rate
⏱
📅 Today’s Interest Cost (since midnight)
$0.00
$0.77M/day total · $281M/year · resets midnight

TAS net debt is rising as the state funds the AFL stadium, Macquarie Point development and Royal Hobart Hospital upgrades.

↗
Rising
Debt trend
Revenue $8.5B
Expenditure $9.3B
Population 580,000
Full Budget →
Low risk (<15% of GSP)
Moderate (15–25%)
Elevated (>25%)
↗ Rising debt
→ Stable
↘ Falling debt

Net debt estimates based on published state budget papers and mid-year reviews. Interest clock uses indicative average borrowing rates — actual costs vary. All amounts in Australian dollars.

Frequently Asked Questions — Australian State Debt 2026

Which Australian state has the highest net debt?
Based on 2026 budget papers, Victoria and New South Wales carry the largest nominal net debt loads, reflecting their size and infrastructure investment programmes. Debt as a percentage of GSP is a better measure of relative burden — see the full rankings above.
What is net debt in Australian state budgets?
Net debt = total borrowings minus financial assets (cash & investments). A positive figure means financial liabilities exceed financial assets. Net debt is the standard fiscal measure used in all Australian state and territory budget papers.
What does debt-to-GSP mean?
Debt-to-GSP expresses a state's net debt as a percentage of its Gross State Product — the state's total economic output. It enables fair comparison across differently-sized economies. A ratio above 25% is considered elevated; below 15% is considered low risk.
How does state debt affect everyday Australians?
State debt interest repayments consume a share of annual revenue that could otherwise fund hospitals, schools, and public transport. The daily interest cost clocks on this page show how much interest accrues on each state's debt every 24 hours — illustrating the real fiscal cost of borrowing.