Governments across the nation are staring down a debt crisis that could hit $2 trillion by the end of the decade, with interest payments swallowing up massive chunks of budgets. States and territories are especially vulnerable, facing interest spikes of thousands of percent—Tasmania’s case is particularly alarming. While overall deficits may shrink, total debt is surging, with state debt set to jump nearly 400% and federal debt climbing too. By 2030, states could hold nearly 40% of all government debt—a dramatic shift from pre-pandemic times. Rising rates, infrastructure overruns, and a cooling property market could worsen the strain. Though experts say the situation remains manageable, each level of government must brace for unique financial risks, including fading federal support and volatile funding streams.
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