Energy policy
David DAVIS (Southern Metropolitan) (12:29): (932) My question is to the Treasurer. I refer to comments today by the Santos chief executive Kevin Gallagher in a blistering critique of Victoria’s energy policy. He likened the state’s attitude toward investment to that of North Korea and warned the state’s approach is indicative of why major projects are going offshore. Treasurer, I ask: do you accept Victoria’s attitude to investment is like North Korea and that major projects are indeed going offshore?
The PRESIDENT: I am concerned that might be asking for an opinion.
David Davis: ‘Do you accept that Victoria’s attitude to investment is like North Korea and that major projects are going offshore?’ is a very direct question about factual matters.
The PRESIDENT: The second part might be. I still think it is an opinion, but the Treasurer can answer as she sees fit.
Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:30): I think the best response to Mr Davis’s question is just to go through some stats. Business growth and investment in Victoria are the largest of any state. That is Victoria – bigger than any other state in the country. Victoria’s economy is strong because we have added more than 113,000 businesses since June 2020. That is an increase of 18 per cent. Business investment has grown by 30 per cent in the past three years. We continue to ensure that business settings in our state are strong, because we have payroll tax free thresholds, which will increase again to $1 million from 1 July 2025, up from the $700,000 threshold of two years ago; we have abolished stamp duty on commercial and industrial property, replacing it with the more efficient annual tax base on unimproved land value, which is something that investors, including foreign investors, were interested to learn about; and businesses located in regional Victoria will receive a 75 per cent discount on payroll tax, being the lowest tax rate in the nation.
There are a number of initiatives that you might want to review in relation to the Economic Growth Statement, which I tend to carry with me because it is a counter to some of the rhetoric that comes. You referenced gas in the beginning of your question. I just want to point out that one of the initiatives in the Economic Growth Statement refers to exactly that point. It is all about fast-tracking new gas projects through the development facilitation program. This means that all new potential gas projects can access the accelerated assessment pathway for new planning permits, delivering faster decision-making and approvals for gas extraction, storage and transmission for important projects, helping to ensure reliable access to gas for Victorian businesses. Hopefully that is useful context for you.
David DAVIS (Southern Metropolitan) (12:32): The Treasurer might want to stick her head in the sand like an ostrich, but the fact is you have got a major investor here who is critical of the state’s investment framework and critical of the state’s approach. Mr Gallagher went further, highlighting the frustration of the resources sector – I am glad she mentioned that document, because he does not put much store in it – over Victoria’s aggressive stance on fossil fuels, even as the state remains reliant on gas to power industry and heat homes. Minister, isn’t it a fact that, whatever your document says, Victoria’s anti-gas stance, its war on gas, is driving away investment, and I ask: do you thereby accept responsibility for this anti-investment stance in parallel with North Korea?
The PRESIDENT: There were two questions. I will let the minister pick one.
Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:34): I know you have been around for some time, Mr Davis, but I have obviously been around long enough now that I can pre-empt your question before you ask it, because I answered it.
David DAVIS (Southern Metropolitan) (12:34): The minister might want to flippantly try and reject points that are put to her, but we have got a major investor here, and because of that I move:
That the minister’s answer be taken into account on the next day of meeting.
Motion agreed to.