At he moment, Victoria feels like the days of John Cain Jr immediately before he resigned in mid 1990: Stratospheric state debt, a narrow tax base (30% of govt revenue comes from housing stamp duty alone), excessively high house prices and unaffordable rent, declining standard of living and moribund state services. While the Cain government did not precipitate the 1990 recession, it was particularly deep in Victoria where a disproportionate share of the financial distress occurred.
