Wednesday, 22 June 2022

Economy

Mr DAVIS (Southern Metropolitan—Leader of the Opposition) (09:41): I want to draw the chamber’s and the community’s attention to the Victorian debt bomb left by Daniel Andrews and Tim Pallas—$167.5 billion is the number we are heading to according to the official figures, and we know that since budget day there have been further rises in interest rates that will hit hard and hit further. When we look at the New South Wales budget delivered yesterday, we see Victoria’s gross-state-product-to-debt ratio is actually twice that of New South Wales, a massive, massive difference—a larger state with a smaller debt. We have a much bigger debt, and that is going to be of consequence for our children and the future. It will limit the ability to do many of the programs that we would all want to do. I say that it is a disgrace that Daniel Andrews has allowed these projects to blow out—massively blow out—by more than $28 billion, and that has directly added to the state’s debt. It is his fault. His incompetence and Tim Pallas’s incompetence have left Victoria in this position. All of this debt was racked up in the first instance through the period before COVID, and obviously COVID spending has added to it, but Victoria’s position was weaker going into COVID because of the cost blowouts left by this government. The debt in Victoria will be greater than the debt of Tasmania, Queensland and New South Wales put together. It is a disgrace. It is a debt bomb left by Daniel Andrews, and he should hang his head in shame.