Victoria’s financials are up the creek, and it’s not all COVID’s fault

The release of the state’s financial result makes for sorry reading with net debt nearly doubling to $44.3 billion in 2019-20, up from $22.4 billion in 2018-19. Yet of the $21.9 billion increase in debt, $16.5 billion was incurred before COVID spending kicked in.

This massive debt is only set to get worse due to Daniel Andrews and his government’s utter incompetence in managing major projects.

The Metro Tunnel, West Gate Tunnel, level crossing removals, between them, and more, account for billions and billions of dollars of wasted taxpayer money.

The 2019-20 deficit is $6.5 billion, down from an expected over $1 billion surplus—a $7.6 billion negative turnaround from where Labor forecasted the state’s financials to be.

This $6.5 billion deficit is not just because of COVID, or the bushfires, as the budget was already in deficit before these events.

The state’s financials are bad as they are because Labor can’t manage major projects and the Treasurer has absented himself from financial oversight of these projects.

These 2019-20 financials also don’t account for the bulk of economic devastation thrust upon the Victorian economy by Daniel Andrews’ second wave of coronavirus.

These ugly numbers today send a clear and direct message to Daniel Andrews – it’s time to ease your harsh restrictions and allow Victorians to get back to work and back in business.

Just yesterday, Labor’s Treasurer, Tim Pallas refused to rule out new and increased taxes in next month’s state budget despite the carnage Daniel Andrews’ second wave has already cause to Victoria’s economy.

Once again, when Labor runs out of money, they come after yours.

Comments attributable to Shadow Treasurer, Louise Staley:

“Today’s financials are made much worse than necessary due to Labor’s incompetent management of major projects.

“As ugly as these numbers are, the worst of the pain of Daniel Andrews’ lockdowns are yet to be seen in the state’s financials.

“Daniel Andrews must allow Victorians to get back to work now safely; otherwise, there just won’t be jobs for thousands of Victorians to return to.”

Share this post