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'My greatest regret': Pallas resigns as Victoria's debt grows

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The state treasurer says Labor's ambitions were always bigger than the budget would allow, but he "never" questioned the $100 billion Suburban Rail Loop.
Tim Pallas, Victoria's longest-serving treasurer, has announced his resignation, expressing regret over the state's escalating debt, which has grown to $171.4 billion. In his final budget, Pallas highlighted the financial challenges facing Victoria, including a projected net debt of 25.2% of the state's gross product by 2027-28. Despite his efforts to manage the state's finances, Pallas admitted that the debt level was his "greatest regret." His resignation comes at a time when the state is grappling with significant economic recovery efforts post-COVID, with infrastructure projects and public sector wage deals contributing to the debt. Pallas, who has been in the role since 2014, will step down after the budget is handed down, leaving behind a legacy of navigating through economic turbulence but also a substantial financial burden for his successor.

Read the Full The Australian Financial Review Article at:
[ https://www.afr.com/politics/my-greatest-regret-pallas-resigns-as-victoria-s-debt-grows-20241216-p5kyni ]