Thursday, 30 November 2023

Economy

David LIMBRICK (South-Eastern Metropolitan) (12:24): (387) My question is for the minister representing the Treasurer. The Auditor-General’s Report on the Annual Financial Report of the State of Victoria: 2022–23 highlighted some serious financial concerns looming on the horizon. State debt is at an all-time high, and Victorian general government sector debt is the worst in the country. It also said:

The government have not laid out a plan for when and how the state will pay down existing and future debt.

Without a plan:

… further additional unplanned debt may occur or announced government priorities may need to be curtailed.

My question to the Treasurer is: what is the government’s plan for addressing the state’s runaway debt?

Jaclyn SYMES (Northern Victoria – Attorney-General, Minister for Emergency Services) (12:25): Mr Limbrick, I will pass your question on to the Treasurer, and I am sure he will be not only happy to respond but more than happy to catch up with you on these matters.

David LIMBRICK (South-Eastern Metropolitan) (12:25): I thank the Attorney for passing that on. I would also like to point out a win that was identified in the Auditor-General’s report:

The general government sector’s … operating cash result … a surplus of $4.3 billion. This was only possible because of the $7.9 billion proceeds received from the VicRoads modernisation joint venture arrangement …

which is really a fancy, roundabout way of saying ‘partial privatisation’.

A $3.6 billion operating cash deficit would have resulted without these proceeds.

Will the government be considering any further privatisation to curtail this debt?

Jaclyn SYMES (Northern Victoria – Attorney-General, Minister for Emergency Services) (12:26): I will allow the Treasurer to add that to his response to Mr Limbrick.