Tim Pallas, Victoria’s longest-serving treasurer, announced after almost two decades in parliament that he is resigning as Victorian Treasurer and Werribee MP. While Mr Pallas described his decision as part of a natural process of renewal, critics have accused him of abandoning ship amid mounting financial pressures on the state.
Victoria’s debt is projected to reach $187.8 billion by 2028, sparking concerns over the government’s fiscal management. Opposition figures and some commentators argue that Mr Pallas’s departure comes at a critical time when the state is grappling with skyrocketing debt and cost-of-living pressures.
Pallas Defends His Legacy
Reflecting on his tenure, Mr Pallas described his years of public service as an honour and privilege.
“There’s no great time to leave the great honour that is high public office,”
“We do need to present the opportunity for renewal, a new treasurer, a new perspective, new insights. All of those things I think are important.”
Premier Jacinta Allan praised Mr Pallas’s contributions, particularly his focus on job creation.
“That’s a remarkably long period of service in a really tough job,”
She said.
“There’s Victorians in a job right now because treasurer Tim Pallas has driven that focus on keeping Victorians in work.”
Opposition Not Celebrating
Shadow Treasurer Brad Rowswell MP acknowledged Mr Pallas’s years of service but criticised the government’s handling of state finances.
“After 10 years of Labor, Victoria’s finances have been poorly managed… with debt expected to skyrocket to $187.8 billion by 2028,”
he said.
Mr Rowswell further slamed the government that Mr Pallas was a part of for introducing 57 new and increased taxes since 2014.
“Victorians are paying the price for Labor’s financial recklessness and incompetence.”
He called for a shift in economic management to return confidence in the business sector and alleviate cost-of-living pressures.
Pallas’s departure will trigger a by-election in the seat of Werribee.
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