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Treasurer Tim Pallas quits politics after 18 years as state bogged down in debt

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Tim Pallas will step down after delivering his 10th budget, which left Victoria with a forecast net debt of $187.8 billion and led to Labor taking a hit in the polls.
Treasurer Tim Pallas has announced his retirement from politics after serving for 18 years, during a period when Victoria's state debt has significantly increased. Pallas, who has been the state's Treasurer since 2014, made this decision amidst ongoing challenges with the state's finances, which have been exacerbated by the economic impacts of the global health crisis, infrastructure spending, and other fiscal pressures. His tenure saw Victoria's debt rise to one of the highest levels in the country, prompting criticism from opposition parties about financial mismanagement. Pallas, however, defended his record by highlighting investments in infrastructure and social programs aimed at long-term benefits for the state. His departure is set to occur before the next state election, leaving a significant vacancy in the government's economic leadership at a critical time.

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[ https://www.msn.com/en-au/politics/government/treasurer-tim-pallas-quits-politics-after-18-years-as-state-bogged-down-in-debt/ar-AA1vUJpd ]