Tuesday, 17 March 2020

Budget

Mr ANGUS: The release of the Victorian budget 2019–20 midyear report last Friday has finally revealed some truth in relation to the condition of Victoria’s finances. The result for the first six months is disastrous, with a deficit of $1.146 billion recorded. It is important to note that this appalling result is even before the inevitable detrimental financial impact from the sum of bushfires and the coronavirus have been recorded in the financial statements. This result, coupled with the staggering increase in net debt of $10 billion, a 25 per cent increase in six months, shows just how out of control the finances are here in Victoria. We can now clearly see why the state Treasurer said recently that he would be cutting May’s state budget by $4 billion.

Labor has lost control of its spending, which is evidenced by the $25 billion in waste and budget blowouts on major projects. After recklessly spending taxpayers money for the last five years, the day of reckoning is now coming. In typical Labor form, the answer to the self-inflicted financial mess created by this financially irresponsible government is to introduce 28 new or increased taxes, thus hurting all Victorians. Instead of easing cost-of-living pressures for Victorians— (Time expired)