1 - 011B, 670 Chapel St South Yarra VIC. 3141

Response to the Victorian Financial Report 2020/21

Listen to my comments here.

Statement from the Shadow Treasurer

In response to the Victorian Financial Report 2020/21 released earlier this week, Shadow Treasurer David Davis has stated;

“Victorians need to get out of lockdown, we need a proper roadmap and a Premier who sticks to it. Only in this way can we recover and rebuild.

Our budget has taken a hit with debt up from 44.3 billion dollars to 72.7 billion dollars up 28.4 billion on last year – 64 per cent in one year.

A revaluation of assets scoped a cool 24.9 billion in ‘uplift’ to cover or cloak the full extent of a debt surge; otherwise net debt would have been nudging 100 billion dollars.

The eyewatering deficit of 14.7 billion dollars should concern all Victorians and much of the large capital spend is being mismanaged with project cost blowouts now a sad norm under Labor.

Despite the COVID hit the Victorian government took more tax, from payroll, read employment, and 473 million dollars more in stamp duty.

A 1.2 billion lift in grant revenue from the Commonwealth Government was evident patching the states position.

Spending on employees is running a startling 10 per cent up at a time when employment and wages growth in the private sector are far lower.

Victoria’s population fell to the year ending March 2021 by 42,900 people – 0.6% – the only Australian state with a fall, all the rest had population growth.

The most recent lockdown has driven further job falls with 123,000 fewer Victorians employed between August and September this year.

The tired, long term, Labor Government can’t be trusted to bring Victorians out of the lockdowns and face the future with hope.”