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Tim Bull slams retiring Treasurer Tim Pallas for leaving Victoria in financial turmoil despite claims of improvement

Gippsland East Nationals MP Tim Bull criticises retiring Treasurer Tim Pallas for leaving Victoria's economy in crisis, citing rising debt, taxes, and underfunding of regional infrastructure, despite claims of improvement.

By news@gippsland - 16th December 2024 - Back to News

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.

Gippsland East MP Tim Bull slams retiring Treasurer Tim Pallas for worsening Victoria's economy and escalating debt despite claims of improvement

Victoria's rising debt

Mr Bull said, "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 percent

Net debt to gross state product

• 2014: 6.0 percent
• 2024-25 Budget Update: 24.2 per cent
• Increase: 303.3 percent

Tax revenue

• 2014: $16.9 billion
• 2024-25 Budget Update: $39.2 billion
• Increase: 131.7 percent

Land tax revenue

• 2013-14 Annual Financial Report: $1.7 billion
• 2024-25 Budget Update: $7.7 billion
• Increase: 365.2 percent

Payroll tax revenue

• 2013-14 Annual Financial Report: $4.9 billion
• 2024-25 Budget Update: $11.1 billion
• Increase: 124.9 percent

Government employee expenses

• 2014: $18.0 billion
• 2024-25 Budget Update: $37.5 billion
• Increase: 108.3 percent

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

Budget mismanagement

Mr Bull added, "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 spent 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.

Pictures from Tim Bull MP Facebook page.

Source: www.gippsland.com

Published by: news@gippsland.com