Tuesday, 27 May 2025

Economy

David DAVIS (Southern Metropolitan) (12:44): (923) Treasurer, your first budget was the subject of a negative report by the independent umpire Moody’s credit rating agency. Within days of that budget the international credit agency highlighted the need to stabilise the budget and the challenge of achieving this without Labor committing to – and I quote again:

… more restrained spending and sustained momentum on reform.

Why is restrained spending and sustained reform momentum not part of your budget, given the risk to Victoria’s credit rating?

Jaclyn Symes interjected.

David DAVIS: Well, it is not – not according to the agency.

Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:44): I reject the premise and accuracy of Mr Davis’s question. Mr Davis is wrong.

David DAVIS (Southern Metropolitan) (12:45): Now we hear from the Treasurer that Moody’s is wrong, that the quotes are wrong and that they did not say these things. In recent statements Moody’s has called you and the Allan government out, stating:

Moderating expenditure growth may prove difficult, given expenses grew at an estimated 5.5 per cent per annum …

Treasurer, I ask: why would Moody’s, or indeed any Victorian, believe a word you say, given Labor’s atrocious record of delivering higher taxes, waste and failing to deliver on previous budget promises?

Members interjecting.

Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:45): I will pick up on the interjection of my colleague Ms Shing. There is an opportunity for you to read the budget if you have not done so, because it would indicate to you that many of the assumptions that you are trying to put on the record do not stand up. But I will repeat: Moody’s have said:

The government’s cost-saving measures and continued re-profiling of capital expenditure sustain Victoria’s track record of strong fiscal management and governance.