Vic Labor hiked taxes to pay down debt. Instead, it rose by $5b
The Victorian government's debt pile in 2026 will be $5 billion greater than forecast two years ago when then-treasurer Tim Pallas slapped businesses and investors with higher taxes to repay emergency funds borrowed at the height of the COVID-19 pandemic.
Budget papers show Victoria's net debt will grow to $167.6 billion in the next financial year, despite a 'COVID debt repayment plan' unveiled two years ago that forecast debt would climb to $162 billion in 2025-26, and Pallas declared the government had to bring the balance of emergency borrowings down to zero.
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Sydney Morning Herald
8 hours ago
- Sydney Morning Herald
‘We need to lift our game': How the AFL is bracing for an NRL invasion
The ongoing battle between Australia's biggest sporting codes is about to escalate as the AFL and NRL enter a new era of expansion with new teams entering both competitions in new markets before the decade ends. Although in somewhat of a phoney war right now, the codes' chase for eyeballs is on with spectators, sponsorship dollars, broadcasting revenue, talent, venues and reputations up for grabs. As the AFL, led by a slo-mo replay in chairman Richard Goyder, looks to the relatively safe harbour of footy-mad Tasmania to expand with the Tasmania Devils starting – subject to a stadium being built – in 2028, and keeps the pot boiling in the Northern Territory for a possible 20th team, the NRL's incursion into new territory is more aggressive. They have already made forays into Las Vegas with clashes opening the past two NRL seasons and unveiled a plan to create a team in Papua New Guinea by 2028; a move underpinned financially by the federal government partnering with the NRL in an ambitious piece of sports diplomacy. In 2027, the NRL will enter AFL-mad Perth with the Perth Bears, a membership-based team with a local chair to be born with seed funding of $65 million over seven years from Roger Cook's state government as they play at HBF Park near the centre of Perth. The energetic and determined approach of indefatigable NRL chairman Peter V'landys has generated hype for the new team in a state with just 5000 adult players and six teams in its division one competition. 'The sad thing is we can't do it tomorrow because of all the publicity and have to wait until 2027,' V'landys said. 'It has got momentum, it has got people excited, there is immense interest.' No one expects the NRL to dominate the AFL in Perth, so the interest is as much about what it means in the national strategic battle between the two codes and what inroads the Bears will make. But there is enough regard for the NRL's muscle and expertise in reaching consumers and sponsors to understand the impact they can have in a sport-oriented city that not only watches West Coast and Fremantle, but also fanatically supports cricket's Perth Scorchers and basketball's Perth Wildcats. 'It will have an impact, there is no doubt about that,' Michael Roberts, the CEO of WA Football, said. Competition for the corporate dollar will increase with another professional sporting team in town also seeking members and crowds. The NRL has also tapped into a growing awareness among state governments since COVID – and particularly since the advent of the AFL's Gather Round – that tent-pole events in their state can benefit their economy. The NRL's influence on WA government policy remains to be seen, but their mere presence means the competition for resources and program will intensify. The NRL is talking about co-existence, V'landys arguing that a rising tide floats all boats. But there's no need for niceties in a competitive landscape. 'As I said at the press conference (announcing the Bears), I am not really concerned as to what the AFL thinks because Kentucky Fried Chicken doesn't ask McDonald's when they open a franchise. We are concentrating on the NRL,' V'landys said. The AFL, confident of the position of its sport in Western Australia, wasn't taking the bait. 'Western Australia is a proud football state, and we will continue to invest in the game in WA as well as continue to hold big games and big events to drive participation across the state,' Dillon said. 'Footy fans in WA are as passionate and parochial as they come, with Optus stadium averaging 45,000 plus fans a week for West Coast and Fremantle matches, and now with the Kangaroos bringing two home games to Bunbury this year. You pair that with the recent success of the Indigenous All Stars game, the AFL content in WA is only on the rise. 'We are obviously aware of a new sporting franchise being established in Perth from 2027, and while we respect their presence in such a great sporting city, we will continue to focus on investing and growing our game in WA.' This month that will act as a forerunner of what is to come in Perth, and around over the country, as regions vie for events to attract business and sports tourists. In June, an NRL premiership match will be played in Perth, as will the jewel in the NRL's crown – game two of State of Origin to be played in front of what is expected to be a soldout Optus Stadium. Although crowds for the NRL doubleheader at Optus Stadium in round six in April was underwhelming (about 30,000 spectators per match), the game was played during a low ebb in negotiations between the government and the NRL, so there was a backlash for the sport at that time. Confirmation of the Bears' entry in May prompted enthusiasm for the sport, lifting TV ratings to record levels for State of Origin game one broadcast on Nine – the owner of this masthead – with a national average audience of 3,755,000 backed by dramatically increased Perth viewership. From an AFL perspective, the WA government has spent close to $2.5 million a year over the next three years for North Melbourne to play two home games in the state against the Perth-based teams. They are also interested in hosting an AFL State of Origin game. AFL officials are aware that good local stories will be important in driving the success of the Bears. Two rugby league sources, who wished to remain anonymous, expect the Bears could attract up to 25,000 members from Perth in 2027 as well as those North Sydney Bears followers who are now aligned to the club. The AFL also knows that West Coast's poor performances of late have led to poor fixture timeslots that deliver below-par ratings which are less appealing to sponsors, so it is hoping the Eagles are on the improve by the time the Bears emerge from their hibernation. The NRL are being bold too, appointing Anthony De Ceglie, the former Seven West media executive who was editor-in-chief of The West Australian, to add some sports media intrigue to the perennial issues facing expansion teams in non-traditional states. The West Australian was a vocal objector to the Cook government's support of the NRL expansion team until that announcement. V'landys described the media coverage as biased, accusing Seven West Media of protecting their AFL interests. 'They don't want us to be here because they realise we are going to be competitive,' he said. Now everyone is watching the local media's response as the Bears' entry moves closer. The NRL are also closing in on Mal Meninga as their inaugural coach. There are few bigger names in Australian coaching than Meninga who, with all due respect, is a much bigger national brand than either Eagles coach Andrew McQualter or Justin Longmuir, of the Dockers. The need for recognition adds another element to the Eagles' desire to retain Harley Reid. What is of more concern for the AFL in Western Australia is how the NRL's presence will create a contest for elite talent that has not previously existed. This looms as a real issue for the AFL, more bound by the country's borders when searching for talent than the NRL who can draw on New Zealand, Papua New Guinea and the Pacific for players, as well as far-flung corners of England and South Africa. The AFL has Irish talent, a small-scale Pacific partnership and a reinvented combine in the USA to complement its reliance on homegrown players. AFL officials are not being complacent. They know the strength of the NRL as a brand and organisation and respect their willingness to take risks and work hard to get a result. Fremantle CEO Simon Garlick says both AFL clubs and WA Football need to be at the top of their game to guarantee the natural appeal of AFL among the corporate community is not taken for granted. He also understands the demands for talent means Western Australia must carry its weight. 'The critical element for the AFL and WA Football to work through is our pathways and talent development to ensure we continue to attract both participation numbers at the rates we need and talent coming through those ranks because that is the lifeblood of our competition and the foundation [of our game] that makes it so strong,' Garlick said. Although the Western Reds had no impact on the AFL during their short-lived time as WA's rugby league team, that project was derailed by the Super League wars in the late '90s. This re-entry has been a long time coming and will be more sophisticated. Already areas on the Perth map are being circled where rugby league teams might emerge. 'We do need to lift our game,' Roberts said. 'You can't just rest on your laurels. We know that the NRL is going to go heavy into schools, and we need to be sure that we lift our game. The fight for talent is one area that it will have an impact.' The NRL entry into schools is part of their seven-year agreement with the government, formalising a desire to enter 500 schools. They are also keen to partner with Clontarf, who work with Indigenous youth, in the west. Former NRL stars such as Johnathan Thurston and Preston Campbell are revered figures among Indigenous people in a time when the AFL has dropped the ball in attracting and retaining Indigenous talent. Just one Indigenous player was drafted last season. 'Rugby league would be part of the curriculum in WA absolutely and that is good for a number of reasons,' V'landys said. 'The beauty of rugby league is that you can play different formats of it, you can play touch, you can play tag, and you can play contact, so it is a sport that anyone can play at any level.' West Coast's inaugural coach Ron Alexander is upset that the WA government is using state money to support NRL in schools, calling it 'a betrayal', but remains relaxed as he doesn't expect the Bears' arrival will have the impact some anticipate. 'I don't think it will make much difference. The people who follow Aussie rules will keep following Aussie rules and those who are interested in NRL will go to the NRL,' Alexander said. The NRL has chosen a good time to strike, opening up new fronts when the AFL administration is weakened and struggling clubs in Victoria, such as St Kilda, are trying to limit Gold Coast's growth in Queensland, a state where the AFL is making significant progress increasing participation through development programs, headlined by the northern academies. The battle is more difficult in western Sydney, where local AFL teams are struggling to attract participants in the face of the dominance of the Penrith Panthers, the Parramatta Eels and the Wests Tigers. V'landys dismissed the presence of Greater Western Sydney, a club which has been competitive at AFL level. Loading 'They are not the Giants, put it that way. They have not had any impact on us at all,' V'landys said. The NRL also expects expansion will help its broadcast discussions, particularly as it walks that tightrope between ensuring Perth feels as though it has its own NRL team while keeping that team aligned to North Sydney fans in NSW. 'It is certainly going to have an effect because we are going to provide an extra game which is going to have its benefits ... it is certainly enhancing our broadcast pitch to the various broadcasters,' V'landys said. The AFL is in a strong position with ample broadcast revenue to attack or defend where it sees fit in the codes' 'cold war'. This month's action in Perth, will provide an insight into what that means before the competition gets real in 2027.
The Age
8 hours ago
- The Age
‘We need to lift our game': How the AFL is bracing for an NRL invasion
The ongoing battle between Australia's biggest sporting codes is about to escalate as the AFL and NRL enter a new era of expansion with new teams entering both competitions in new markets before the decade ends. Although in somewhat of a phoney war right now, the codes' chase for eyeballs is on with spectators, sponsorship dollars, broadcasting revenue, talent, venues and reputations up for grabs. As the AFL, led by a slo-mo replay in chairman Richard Goyder, looks to the relatively safe harbour of footy-mad Tasmania to expand with the Tasmania Devils starting – subject to a stadium being built – in 2028, and keeps the pot boiling in the Northern Territory for a possible 20th team, the NRL's incursion into new territory is more aggressive. They have already made forays into Las Vegas with clashes opening the past two NRL seasons and unveiled a plan to create a team in Papua New Guinea by 2028; a move underpinned financially by the federal government partnering with the NRL in an ambitious piece of sports diplomacy. In 2027, the NRL will enter AFL-mad Perth with the Perth Bears, a membership-based team with a local chair to be born with seed funding of $65 million over seven years from Roger Cook's state government as they play at HBF Park near the centre of Perth. The energetic and determined approach of indefatigable NRL chairman Peter V'landys has generated hype for the new team in a state with just 5000 adult players and six teams in its division one competition. 'The sad thing is we can't do it tomorrow because of all the publicity and have to wait until 2027,' V'landys said. 'It has got momentum, it has got people excited, there is immense interest.' No one expects the NRL to dominate the AFL in Perth, so the interest is as much about what it means in the national strategic battle between the two codes and what inroads the Bears will make. But there is enough regard for the NRL's muscle and expertise in reaching consumers and sponsors to understand the impact they can have in a sport-oriented city that not only watches West Coast and Fremantle, but also fanatically supports cricket's Perth Scorchers and basketball's Perth Wildcats. 'It will have an impact, there is no doubt about that,' Michael Roberts, the CEO of WA Football, said. Competition for the corporate dollar will increase with another professional sporting team in town also seeking members and crowds. The NRL has also tapped into a growing awareness among state governments since COVID – and particularly since the advent of the AFL's Gather Round – that tent-pole events in their state can benefit their economy. The NRL's influence on WA government policy remains to be seen, but their mere presence means the competition for resources and program will intensify. The NRL is talking about co-existence, V'landys arguing that a rising tide floats all boats. But there's no need for niceties in a competitive landscape. 'As I said at the press conference (announcing the Bears), I am not really concerned as to what the AFL thinks because Kentucky Fried Chicken doesn't ask McDonald's when they open a franchise. We are concentrating on the NRL,' V'landys said. The AFL, confident of the position of its sport in Western Australia, wasn't taking the bait. 'Western Australia is a proud football state, and we will continue to invest in the game in WA as well as continue to hold big games and big events to drive participation across the state,' Dillon said. 'Footy fans in WA are as passionate and parochial as they come, with Optus stadium averaging 45,000 plus fans a week for West Coast and Fremantle matches, and now with the Kangaroos bringing two home games to Bunbury this year. You pair that with the recent success of the Indigenous All Stars game, the AFL content in WA is only on the rise. 'We are obviously aware of a new sporting franchise being established in Perth from 2027, and while we respect their presence in such a great sporting city, we will continue to focus on investing and growing our game in WA.' This month that will act as a forerunner of what is to come in Perth, and around over the country, as regions vie for events to attract business and sports tourists. In June, an NRL premiership match will be played in Perth, as will the jewel in the NRL's crown – game two of State of Origin to be played in front of what is expected to be a soldout Optus Stadium. Although crowds for the NRL doubleheader at Optus Stadium in round six in April was underwhelming (about 30,000 spectators per match), the game was played during a low ebb in negotiations between the government and the NRL, so there was a backlash for the sport at that time. Confirmation of the Bears' entry in May prompted enthusiasm for the sport, lifting TV ratings to record levels for State of Origin game one broadcast on Nine – the owner of this masthead – with a national average audience of 3,755,000 backed by dramatically increased Perth viewership. From an AFL perspective, the WA government has spent close to $2.5 million a year over the next three years for North Melbourne to play two home games in the state against the Perth-based teams. They are also interested in hosting an AFL State of Origin game. AFL officials are aware that good local stories will be important in driving the success of the Bears. Two rugby league sources, who wished to remain anonymous, expect the Bears could attract up to 25,000 members from Perth in 2027 as well as those North Sydney Bears followers who are now aligned to the club. The AFL also knows that West Coast's poor performances of late have led to poor fixture timeslots that deliver below-par ratings which are less appealing to sponsors, so it is hoping the Eagles are on the improve by the time the Bears emerge from their hibernation. The NRL are being bold too, appointing Anthony De Ceglie, the former Seven West media executive who was editor-in-chief of The West Australian, to add some sports media intrigue to the perennial issues facing expansion teams in non-traditional states. The West Australian was a vocal objector to the Cook government's support of the NRL expansion team until that announcement. V'landys described the media coverage as biased, accusing Seven West Media of protecting their AFL interests. 'They don't want us to be here because they realise we are going to be competitive,' he said. Now everyone is watching the local media's response as the Bears' entry moves closer. The NRL are also closing in on Mal Meninga as their inaugural coach. There are few bigger names in Australian coaching than Meninga who, with all due respect, is a much bigger national brand than either Eagles coach Andrew McQualter or Justin Longmuir, of the Dockers. The need for recognition adds another element to the Eagles' desire to retain Harley Reid. What is of more concern for the AFL in Western Australia is how the NRL's presence will create a contest for elite talent that has not previously existed. This looms as a real issue for the AFL, more bound by the country's borders when searching for talent than the NRL who can draw on New Zealand, Papua New Guinea and the Pacific for players, as well as far-flung corners of England and South Africa. The AFL has Irish talent, a small-scale Pacific partnership and a reinvented combine in the USA to complement its reliance on homegrown players. AFL officials are not being complacent. They know the strength of the NRL as a brand and organisation and respect their willingness to take risks and work hard to get a result. Fremantle CEO Simon Garlick says both AFL clubs and WA Football need to be at the top of their game to guarantee the natural appeal of AFL among the corporate community is not taken for granted. He also understands the demands for talent means Western Australia must carry its weight. 'The critical element for the AFL and WA Football to work through is our pathways and talent development to ensure we continue to attract both participation numbers at the rates we need and talent coming through those ranks because that is the lifeblood of our competition and the foundation [of our game] that makes it so strong,' Garlick said. Although the Western Reds had no impact on the AFL during their short-lived time as WA's rugby league team, that project was derailed by the Super League wars in the late '90s. This re-entry has been a long time coming and will be more sophisticated. Already areas on the Perth map are being circled where rugby league teams might emerge. 'We do need to lift our game,' Roberts said. 'You can't just rest on your laurels. We know that the NRL is going to go heavy into schools, and we need to be sure that we lift our game. The fight for talent is one area that it will have an impact.' The NRL entry into schools is part of their seven-year agreement with the government, formalising a desire to enter 500 schools. They are also keen to partner with Clontarf, who work with Indigenous youth, in the west. Former NRL stars such as Johnathan Thurston and Preston Campbell are revered figures among Indigenous people in a time when the AFL has dropped the ball in attracting and retaining Indigenous talent. Just one Indigenous player was drafted last season. 'Rugby league would be part of the curriculum in WA absolutely and that is good for a number of reasons,' V'landys said. 'The beauty of rugby league is that you can play different formats of it, you can play touch, you can play tag, and you can play contact, so it is a sport that anyone can play at any level.' West Coast's inaugural coach Ron Alexander is upset that the WA government is using state money to support NRL in schools, calling it 'a betrayal', but remains relaxed as he doesn't expect the Bears' arrival will have the impact some anticipate. 'I don't think it will make much difference. The people who follow Aussie rules will keep following Aussie rules and those who are interested in NRL will go to the NRL,' Alexander said. The NRL has chosen a good time to strike, opening up new fronts when the AFL administration is weakened and struggling clubs in Victoria, such as St Kilda, are trying to limit Gold Coast's growth in Queensland, a state where the AFL is making significant progress increasing participation through development programs, headlined by the northern academies. The battle is more difficult in western Sydney, where local AFL teams are struggling to attract participants in the face of the dominance of the Penrith Panthers, the Parramatta Eels and the Wests Tigers. V'landys dismissed the presence of Greater Western Sydney, a club which has been competitive at AFL level. Loading 'They are not the Giants, put it that way. They have not had any impact on us at all,' V'landys said. The NRL also expects expansion will help its broadcast discussions, particularly as it walks that tightrope between ensuring Perth feels as though it has its own NRL team while keeping that team aligned to North Sydney fans in NSW. 'It is certainly going to have an effect because we are going to provide an extra game which is going to have its benefits ... it is certainly enhancing our broadcast pitch to the various broadcasters,' V'landys said. The AFL is in a strong position with ample broadcast revenue to attack or defend where it sees fit in the codes' 'cold war'. This month's action in Perth, will provide an insight into what that means before the competition gets real in 2027.
Courier-Mail
13 hours ago
- Courier-Mail
Buying a home 5 times harder now than in 1980
It is now five times harder for young Queenslanders to buy their first home than it was for their Boomer and Gen-X parents, according to shock new analysis exposing the enduring impact of the nation's longest property boom. Extensive PropTrack analysis over 45 years shows a typical house in Brisbane, which cost just $32,750 in 1980, is now valued at an astounding 420 per cent more in 2025 when adjusted for inflation. That's because the $32,750 spent on a home in 1980 equates to about $174,600 today, but the current median house price has skyrocketed to $910,000. The analysis reveals how much harder it is for the current generation to buy property compared to their parents' era, and has prompted experts to sound the alarm for first home buyers as saving for a deposit becomes more out of reach than ever before. SEE WHAT HOMES REALLY USED TO COST IN YOUR SUBURB PropTrack economist Angust Moore said young people were taking longer to enter the market, relying more on family support, or accessing government incentives to buy with a smaller deposit. 'The deposit hurdle is just unequivocally harder than it was four or five decades ago, and that has manifested in home ownership rates which have fallen over those years,' Mr Moore said. He said lower interest rates now than the 1980s and early 1990s, when they surged to a high of 17 per cent, had helped drive up property prices in that time due to greater competition and demand. Brisbane's median value surged from $32,750 in December 1980 to $95,000 in December 1990, $152,000 in 2000, $465,000 in 2010, and $910,000 by March 2025. Brisbane units show a slightly less dramatic trend, rising from $38,750 in 1980 to $636,000 today. The trend played out differently across suburbs, with blue-chip as well as entry-level areas included among the most striking examples of real price growth. A typical home in inner-city Hawthorne, priced at $2.125m in 2025, is worth more than ten times its inflation-adjusted 1980 value of $164,500. In Woodridge, homes cost $24,950 45 years ago – equal to about $133,000 today. But the Logan suburb's current median house price is $650,000. The long boom on the back of the Covid-19 pandemic has seen prices rise even more sharply than in the 1990s, when rates plummeted and the real estate market flourished. Newstead locals and engineers Toby Tremain and Georgia Stel, both 25, said they were being pushed out of their preferred suburb by astronomical house prices and currently preferred to rent and live in the city. 'We are both open to owning an apartment, we're not like we must have a house and live in the city,' Mr Tremain said. 'I understand that's not feasible. 'But I think the trade-off is, like living in this area right now for us is really enjoyable.' Rising prices aren't exclusive to the capital, with regional and coastal centres also recording huge real growth. On the Gold Coast, houses in Surfers Paradise were already more expensive than Brisbane in 1980 at $74,500. That figure would be equivalent to $397,200 considering rising living costs, yet a typical home in the Glitter Strip now costs $1.35m. Another Gold Coast example, Ashmore, was closer to Brisbane's median in 1980 at $43,950 — $234,300 in today's dollars. Its current house price is $1.138m. Further north, a house in Aitkenvale, Townsville had a median of $29,625 in December 1980, or $158,000 adjusted. It's now worth more than three times that amount at $514,000. Real Estate Institue of Queensland (REIQ) CEO Antonia Mercorella said price growth was driven by a chronic undersupply of housing. 'Scarcity continues to put upward pressure on prices, particularly impacting first-home buyers who now face a vastly different affordability landscape than previous generations,' Ms Mercorella said. 'If we want to enable sustainable price growth and ensure future generations the same opportunity to own a home, housing policy must be squarely focused on supply. 'Any attempt to improve affordability without significantly increasing housing stock is doomed to fall short.' MORE NEWS Secret tactics of dodgy agents exposed Real estate playboy spills on Aussie market Byron Bay's Beach Hotel sold for $140m Buyers agent Alex Pope said Baby Boomer and Gen X homeowners were unlocking equity in their properties to help younger family members buy through a guarantor loan. 'First-home buyers are often getting support from mum and dad, and in some ways it's very easy for the older generation who have fared really well from the market to do this,' Mr Pope said. 'As a young person who may have just started in a career, recently moved out of home and paying rent, you're in a really expensive time of life while your income is probably still quite low, so getting the deposit is the hardest part.' Mr Pope advised young buyers to treat their first home as a stepping stone – 'your first home isn't your last, but it does catapult you to the next'. By starting in a duplex, unit, or renovator, young buyers could build equity and eventually move into a more ideal property as their careers and incomes grew, he said. Only a tiny number of suburbs across Greater Brisbane remained at 2000 or even 1990 prices. Russell Island was most frequently highlighted in the data as having current prices comparable to historical values of various other suburbs. Prices in a handful of other outer suburbs including North Booval, Logan Central, Goodna and South Brisbane units were now on par with some values from 20-plus years ago. But the overwhelming majority of homes had now well-surpassed those old benchmarks, cementing a major decline in affordability.
