Wednesday, 19 November 2025

 Richard WELCH (North-Eastern Metropolitan) (12:26): (1146) My question is to the Treasurer. Treasurer, what is the budget for the Treasurer’s proposed mission to New York to make new representations to the rating agencies?

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:26): Mr Welch, and indeed off the back of some questions from Mrs McArthur, I think there are a range of reasons that members of Parliament and ministers travel overseas. I went to New York this year. That is the first time I have left the country for work purposes and indeed had any taxpayer expenditure this term. I know that there are many members of this Parliament that travel annually to other countries for important work, and we have reports that are issued, and some important policy ideas and decisions can come from that too. I mentioned yesterday that it was really appropriate for me to travel to New York and meet with ratings agencies, but there are only three ratings agencies. I was gone for eight days. I did not meet with just rating agencies. I also met with JP Morgan, Millennium, the New York Fed, Sixth Street, Bridgewater, BlackRock, Bank of America, Merrill Lynch, Apollo Global infrastructure partners and PIMCO.

The trip allowed me as Treasurer to strengthen Victoria’s relationship with people who are doing business in Victoria and people who want to do business in Victoria. I would expect that members of Parliament in particular would expect this of the Treasurer and in fact other members of Parliament – that this is part of the job. It is to ensure that you are promoting the state, attracting investment and creating jobs and better outcomes for all Victorians. The US is Victoria’s largest source of foreign direct investment and the second-largest two-way merchandise trading partner. So to have –

Richard Welch: On a point of order, President, unless it was lost in the noise from over there, I have not heard an answer to the question or anything remotely approaching the question, which was in regard to the cost of the trip.

The PRESIDENT: I think the minister has been relevant to the question.

Jaclyn SYMES: The implication of the question is that it is inappropriate for the Treasurer to ever leave the country and engage with people about investment and opportunities here in Victoria. In relation to the comments that I made yesterday, I literally said it would be my expectation that I would probably go again. I have not booked any tickets yet, Mr Welch. There are a range of people that I speak to in a range of countries. Sometimes it might involve a visit, sometimes it might involve a letter, sometimes it might involve a Zoom meeting. There are a range of opportunities. Any time that I have a meeting it is reported; I have a diary disclosure. Any time that I leave the country, which has only been once this term, it is required to be accompanied with a travel report. I suspect that I will – actually, no, I more than expect, I confirm that I will comply with my obligations as a minister of the state.

 Richard WELCH (North-Eastern Metropolitan) (12:29): Thank you, Treasurer, for your answer. Generally speaking, if you are having to explain your accounts, there is a problem. So, Minister, I will be interested: in the process of explaining the state’s accounts to the rating agencies, how many staff from your office and how many external consultants will the Treasurer be taking on that trip?

The PRESIDENT: The supplementary has got to be a question related to the first question or in particular the answer. If you had listened to the answer, there is no plan for a trip yet – without paraphrasing people. But I am happy for the Treasurer to answer the way she sees fit.

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:30): There is so much in this. Mr Welch, I am not quite sure what your issue is with the Treasurer explaining the accounts of the state; it is kind of part of the role. I honestly cannot see where you are coming from in relation to travel, unless it is going to be the opposition’s policy that they never leave the state of Victoria. It beggars belief. In relation to transparency and accountability, I have gone through the processes of reporting. There is also PAEC, which is an opportunity to interrogate a range of these things, particularly in relation to the budget papers. I would also urge those opposite perhaps not to mislead the house and say things like they are a confirmation of things that I have not said.