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Finance | December 16, 2024

Pallas legacy - turning a $22 billion debt into a $180 billion nightmare

Treasurer Tim Pallas has abandoned the sinking ship that is Victoria under a Labor government, just like his equally complicit former boss Daniel Andrews, before the whole state economy hits the fan says Member for Lowan and Deputy Leader of The Nationals, Emma Kealy.

Ms Kealy said the writing is clearly on Labor’s wall – they’ve got the numbers so wrong none of them want to be around when their house of cards collapses. 

“Andrews cut and run, just as you would expect, before handing the power to his co-conspirator Jacinta Allan. Now Tim Pallas, the man who stood idly by as Labor added almost $17 billion a year – every year – to the Victorian government’s debt is bolting before his day of reckoning arrives,” Ms Kealy said. 

“When Labor was elected in 2014 the Liberals Nationals government was managing a very conservative $22 billion state debt. 

“After ten years of Labor, this debt now stands at almost $190 billion and climbing, and it’s Victorians that will pay the price for generations to come. 

“It is one thing to be Victoria’s longest-serving Treasurer but paying for that legacy will be the longest financial crisis in our state’s history.” 

Ms Kealy said Victorians have been endlessly paying the price for Labor’s financial recklessness and incompetence with 57 new and increased taxes introduced since 2014.  

“Each new tax is an attack on aspiration, investment and choice.  

“You can only squeeze so much blood out of a stone and the Allan Labor government has bled us all dry. But that’s what Labor does best - taxing you more so you pay the price for Labor’s mismanagement of the state.”