Wednesday, 15 October 2025

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:34): Today I rise to inform the house about the release of Victoria’s annual financial report for 2024–25, which is available for members to have a look through.

Members interjecting.

Jaclyn SYMES: Mr Batchelor is part way through his reading. I would have thought Mr Davis would be really interested in this.

The report shows that the government’s plan to create more jobs by backing business and state-shaping infrastructure investment is strengthening Victoria’s economy. Over the last decade Victoria’s economy has grown faster than any other state’s and is 31 per cent larger than when we came to government. Our economic growth is underpinned by a strong labour market, with both the share of working-age Victorians in employment and the participation rate at record levels in 2024–25. Employment growth is also strong in this period, and the unemployment rate remains low by historical standards, averaging 4.4 per cent, below the 20-year prepandemic average of 5.5. Business investment grew by 1.2 per cent in 2024–25, compared to an increase of just 0.7 per cent nationally, and has increased 53 per cent in 10 years – the strongest growth again of all of the states.

The report shows that we have continued progress towards our five-step fiscal strategy, and it shows that it is working. The government has delivered an operating cash surplus of $3.2 billion for the general government sector. That is $2.6 billion, Mr Davis, higher than the forecast in the 2025–26 budget. This is our third consecutive operating cash surplus. Net debt was $4.7 billion lower than what the May budget forecasted, demonstrating we remain on track to meet steps 4 and 5 of the strategy over the forward estimates, which involves stabilising and then reducing net debt as a share of the economy. As the report shows, the Victorian economy is strong, and it continues to grow. As I said, our fiscal strategy is delivering. Victoria is a great place to work, a great place to invest – (Time expired)