Episode Details

South Australia’s Treasurer faces a $50 billion state debt—up from $6 billion in 2016—as major projects and rising interest rates strain finances. While he insists everything’s on track and contingency funds are in place, early cost overruns may already be eating into reserves. Historical parallels emerge with the 1980s economic crisis and John Bannon’s ambitious—but ultimately disastrous—State Bank venture, which left taxpayers with a $3 billion bill. Former ministers now question whether warnings were ignored, offering a sobering lesson: today’s financial decisions could define the state’s economic legacy for decades.

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