The commentary from retiring Treasurer, Tim Pallas, that he has left the Victorian economy in a “solid and improving” position is laughable, according to Gippsland East Nationals MP, Tim Bull.

“While I find Mr Pallas to be a personable and friendly individual and wish him all the best, the reality is he has left the state as a financial basket case. He, like Daniel Andrews, now rides off into the sunset leaving the train wreck for others,” said Mr Bull.

“The following figures tell the story from when he inherited Government from the Liberals and Nationals in 2014, who had reduced State debt in their term.

Net Debt
2014: $21.2 billion
2024-25 Budget Update: $155.2 billion (forecast to hit $187b)
Increase: 632.1 per cent

Net Debt to Gross State Product
2014: 6.0 per cent
2024-25 Budget Update: 24.2 per cent
Increase: 303.3 per cent

Tax Revenue
2014: $16.9 billion
2024-25 Budget Update: $39.2 billion
Increase: 131.7 per cent

Land Tax Revenue
2013-14 Annual Financial Report: $1.7 billion
2024-25 Budget Update: $7.7 billion
Increase: 365.2 per cent

Payroll Tax Revenue
2013-14 Annual Financial Report: $4.9 billion
2024-25 Budget Update: $11.1 billion
Increase: 124.9 per cent

Government Employee Expenses
2014: $18.0 billion
2024-25 Budget Update: $37.5 billion
Increase: 108.3 per cent

“Now he walks out the door two days after telling us the Fire Services Property Levy on households, businesses and farmers will skyrocket.

“Other states like NSW and Queensland went through Covid and natural disasters, arguably to a higher level than Victoria, but have managed their debt levels by having greater control over spending and not being dictated to by unions, which has caused massive blow outs.

“In addition, he has been no friend of country Victoria. We hold 25% of the state’s population but have received only 13% of the infrastructure spend over recent years.

“Sadly, like we experienced when Daniel Andrews departed, it will be the same old Labor heading us down the wrong path,” he said.

Monday, 16 December 2024