for the first time, said the pandemic had delivered a $140 billion blow to the finances of every state and territory over the next three years.Debt levels were on their way to $583 billion by 2024, more than double the $270 billion states and territories were carrying in 2019.
But S&P warns even this will be difficult. Infrastructure spending this year is expected to be more than $24 billion or 40 per cent up on last year, with Mr Walker warning states were unlikely to get all their projects completed on time. The RBA started buying a first tranche of $100 billion in federal and state government debt last month in a bid to drive down the interest rates on that debt.
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