Wednesday, 19 November 2025

 Bev McARTHUR (Western Victoria) (12:02): My question is to the Treasurer. Victorians are paying $21 million a day in interest, yet you advised yesterday that you are once again jetting off to New York, cap in hand. Doesn’t this need for repeated meetings show that the government’s fiscal strategy is failing to rein in debt and restore confidence in Victoria’s finances?

Jaclyn Symes interjected.

The PRESIDENT: I do not think it is the same question. Can you repeat the question?

Bev McARTHUR: I certainly will. My question is to the Treasurer. Victorians are paying $21 million a day in interest, yet you advised yesterday that you are once again jetting off to New York, cap in hand. Doesn’t this need for repeated meetings show that the government’s fiscal strategy is failing to rein in debt and restore confidence in Victoria’s finances?

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:03): I thank Mrs McArthur for her question. The reason I asked you to repeat it is that you are literally suggesting that the Treasurer not meet with people about the interests of Victoria. You are concerned about the meetings that I am having. You are concerned about the range of meetings that I need to have to ensure that I am engaging with credit rating agencies and potential investors.

Bev McArthur: You wouldn’t need to go if you didn’t have such a debt.

Jaclyn SYMES: Do you think that is how it works? I do not know where to go with this; I honestly do not. I am a little concerned that you do not believe that a Treasurer should be an advocate for the state of Victoria. You do not believe that I should have meetings with people about our finances. Do you understand the role of TCV? Do you understand they have been selling bonds for decades, including under previous governments, and they need to do that on the international stage?

Mrs McArthur, perhaps the supplementary question that you could put to me is for a list of briefings that you would like from the Department of Treasury and Finance, because I think that would benefit you in your question development.

 Bev McARTHUR (Western Victoria) (12:05): Moody’s has warned that without genuine spending restraint and greater transparency Victoria risks a credit downgrade. How can the Treasurer claim that the state’s financial position is quite strong when she advised yesterday that she must again travel overseas to convince the ratings agencies that her government has control of the budget?

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:05): Mrs McArthur, Moody’s you pointed to recently, and I would like to quote from them:

[QUOTE AWAITING VERIFICATION]

… the state’s clear and demonstrated commitment to fiscal consolidation and prudent financial management in recent years, as well as the resilience of its large, diverse and wealthy economy that underpins the state’s capacity to service its debt.

This was in relation to their confirming our credit rating. You have talked about risks. You have talked about concerns that the rating agencies might have. I am reluctant to put words in the mouths of ratings agencies, but I would be pretty concerned about a conversation if I had to rock up and face the ratings agencies and try and explain $11.1 billion being ripped out of the budget. That would be a very difficult conversation to have.