Wednesday, 18 February 2026

 Richard WELCH (North-Eastern Metropolitan) (18:34): (2328) My adjournment matter is for the Treasurer. It is a truism in business, and I think in government as well, that reputational risk can very rapidly become operational risk. A business that loses its reputation can find that that cascades into genuine financial problems for it as it loses the faith of its supply chain, the faith of its financiers and the faith of its customers. Reputational risk can become, very, very rapidly and very, very seriously, operational risk, and I fear today that Victoria has actually reached a tipping point in which that has occurred for the state. There is only so much scaffolding you can put around the lies of the Victorian economy and the management of our finances, only so much hubris you can put in through nothing more than bluster, to defend the state of our finances, the serious financial strife we are in through debt, until the thing starts to implode upon itself. There is already an acronym going around: ABM. This is what the building and development community says – anywhere but Melbourne – because it is a reputational risk that has become real as an operational risk.

Today, apart from all the corruption we have heard about, apart from the fact that we have somehow lost $15 billion from under our noses and the Treasurer cannot even tell you that – was not even aware of that – on top of that today, we have lost the grand prix. Not everyone loves the grand prix. The grand prix is not about everyone, but it is symbolic, isn’t it? It is really symbolic of where we are at, because reputational risk means the people who run that MotoGP did not believe in us; they believed in South Australia, and that is where it is going, and the people of Bass and the people of regional Victoria will pay the price. Where are we going? Nowhere good. I fear today is a tipping point, and I fear today Victorians’ eyes will be open to the true state of affairs. The action I seek from the Treasurer is to explain how she is going to get that $15 billion back to fund hospitals and schools and roads and education and community houses around our community. Where is it coming from, and how are you getting it back?