Jun 4, 2026 – 3.30pmSouth Australian Treasurer Tom Koutsantonis has blamed a projected record net debt level of almost $54 billion by 2029 – four times higher than when he presented his last budget in 2017 – on pandemic spending and large infrastructure projects, and insisted it was not built on “folly”.Koutsantonis defended the soaring debt levels as he handed down a state budget on Thursday that included $319 million in extra funding for the administrators of the Whyalla steelworks as a new owner is sought, and forecasts of a slowing residential housing market.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
SA’s subtle dig at Chalmers as budget heads for record debt of $54b
South Australian Premier Peter Malinauskas says there are no surprises for business in his government’s budget, drawing a contrast to the federal treasurer’s offering.
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