Wednesday, 13 May 2026

 Richard WELCH (North-Eastern Metropolitan) (12:06): (1318) My question is to the Treasurer. I refer to the government’s 40-year extension of the lottery licence given to a Labor Party donor without public tender. On 5 May the Lottery Corporation told the ASX that the payment of $1.145 billion would be made in two parts – on 3 July 2026 and 1 October 2026. Will you confirm to this house that you told the media last week that it does not deliver the government an operating surplus in 2026–27, contradicting what your own advisers told the Herald Sun in the budget lock-up?

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Development Victoria and Precincts) (12:07): I thank Mr Welch for his question.

A member interjected.

Jaclyn SYMES: Yes, it was a contribution. What I will take the opportunity to do is explain this as simply as I can, Mr Welch. The issue that arose last week is that the opposition is attributing the lotto licensing to the surplus, and that is just false. I think we went there in the documents motion, because the information was provided to our speakers. I am not sure if you heard them, but what they would have said, I am quite confident, is that Australian accounting standards mean that we recognise the revenue from the extension of the lottery licence in the operating statement over the life of the licence. There is nothing inconsistent in that with what I have said on the public record.

 Richard WELCH (North-Eastern Metropolitan) (12:08): Thank you, Treasurer. Yes, the payments just happen to arrive this year! Will the Treasurer then also confirm to the house that the $1.1 billion-plus has been applied to state debt – the billion that has been received – meaning that the net debt would have passed $200 billion without this deal?

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Development Victoria and Precincts) (12:08): Mr Welch, I am not accepting any assertions that you try and put to the chamber. When you look at budget papers, when you look at all of the things that go in and go out, you can never attribute one particular input to an outcome in any way, shape or form, because when you are compiling a budget it is all about choices and it is all about priorities.

I would take the opportunity to put on the record some of the benefits of the extension of this lottery licence. First of all, it is the highest price ever paid to operate an Australian lottery licence. This was a very, very good deal for Victorians. The proceeds from the lottery licence go into a fund known as the Australian Hospitals and Charities Fund, which goes to world-class health care. What I would also put on the record is that what this does is give certainty to small businesses, which Ms Lovell is very familiar with. The small businesses right across the state – (Time expired)