Wednesday, 19 November 2025

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:43): I rise to inform the house – and I think there are particular members that will benefit from my ministers statement today – about the operations of the Victorian government’s financial institutions, after perhaps what has become evident: a few gaps need to be filled in relation to knowledge of how the state manages our money. The questions I have received in the last two days have indicated there perhaps needs to be some information filled in. The Treasury Corporation of Victoria, TCV, is the body that raises capital in the wholesale financial market to provide funding for the frontline services and infrastructure that Victorians need.

Nick McGowan interjected.

Jaclyn SYMES: TCV was established in legislation in 1992 and issued its first bonds under Premier Kennett in 1993, although the state has been issuing bonds for more than 100 years.

Nick McGowan interjected.

Jaclyn SYMES: They source capital and manage risks across the whole Victorian public sector –

The PRESIDENT: Treasurer, could you sit down for a second? Mr McGowan, it is endless.

Nick McGowan: I’m sorry.

The PRESIDENT: No, it is – it is endless.

Nick McGowan: Maybe I’m just closer to you now.

The PRESIDENT: No. Consider yourself on a yellow card. Treasurer, do you want to start from the start?

Jaclyn SYMES: No, I am all right. They source capital and manage risks across the whole Victorian public sector. Their clients include all government departments, local councils and water corporations. They represent and showcase Victoria to the domestic and international investor community. This is critical, as increasingly our bonds are being bought by international banks and US investors – like other states. At 30 June TCV had bonds totalling a value of $153 billion in the market. TCV is a professional and integral part of the Victorian public sector with a dedicated, talented workforce. I have joined TCV in meetings with international industry leaders and investors to promote Victoria as a world-leading place to invest. Some think that should not be the role of the Treasurer.

They are specialised experts and they have been very dismissed in recent days, which shows a very fundamental lack of understanding of what they do. In 2024–25 they had an operating expense of $81 million, a figure that was represented to me yesterday. It took me a while to clock it, because I have actually never heard anyone describe TCV as consultants and spin. As I said earlier, if I had an $11.1 billion black hole to cover up, I would need a lot more than TCV consultants and spin.

Melina Bath: On a point of order, President, on 29 October 2025 you were sent – and I was cc’ed into – a request for a right of reply by certain citizens that are in my electorate, and I just wonder if you could provide an update as to where that right of reply sits.

The PRESIDENT: I am not sure if that is a point of order, but I am happy to answer. It is still in consideration, so I will get to it.