No mention of the Labor Victorian Government being broke due to the activities of the VEDC (Victorian Economic Development Corporation) and the Tricontinental Merchant Bank which almost brought down the State Bank of Victoria. The Federal Labor Government then rescued the Victorian Labor Government with the Commonwealth Bank taking over the State Bank of Victoria. Due to skeletons in the closet the Labor Federal Government were then forced to sell the Commonwealth Bank. Paul Keating announced the sale of CSL in 1993 (listed on ASX in 1994) ) to raise more funds for the Labor Government to reduce the deficit.
With our surplus budget now going to an expected deficit of 1 Trillion Dollars we are at risk of becoming a Banana Republic. If our coal and mineral exports collapse our dollar will collapse. If anyone thinks VA will be bailed out, lent money or any other assistance they are in fairy land. There will be more important institutions/companies requiring assistance in the coming months.