Today’s State Budget represents the culmination of a decade of financial mismanagement under the Labor Government.
Under Labor, Victoria’s net debt has increased from $21.8 billion to a projected $187.8 billion by 2028, while total tax revenue has increased from $17.8 billion to a projected $45 billion over the same period.
Yet for all this additional debt and revenue, outcomes continue to worsen for Victorians.
This budget shows the real-world consequences of Labor’s financial mismanagement and with interest repayments on Victoria’s record debt to reach over $25 million a day, Labor has been forced to cut critical services at a time Victorians can least afford it.
Cuts to health will force Victorian hospitals, many already operating in deficit, to reduce services, cut jobs and amalgamate.
Cuts to education will deny Victorian students the quality education they deserve and worsen education outcomes across science, mathematics and literacy.
Cuts to housing assistance, disability services, seniors programs, community crime prevention, waste and recycling, and wellbeing support for students will directly impact enormous sections of the Victorian community.
By further increasing property-based taxes and pressing ahead with the Health Tax and Schools Tax, households already struggling to make ends meet will suffer further cost-of-living pressures.
Despite cutting vital services and increasing taxes, Labor continues with an arrogant “things cost what they cost” approach to the $216 billion Suburban Rail Loop at the expense of all else.
This budget, Premier Jacinta Allan’s first, was an opportunity to make life easier for Victorians and change the direction of our state.
That opportunity has been squandered and instead Victorians will continue to pay the price of a Labor Government that simply cannot manage money.
Leader of the Opposition, John Pesutto, said: “This budget is the culmination of a decade of financial mismanagement under Labor.
“With record debt, record interest, record taxes, service cuts and poorer outcomes – it’s clear Labor cannot manage money and Victorians are paying the price.
“Whilst this budget makes cuts to health, education, disability, housing and basic community infrastructure projects, Labor arrogantly presses ahead with a $216 billion train line for Melbourne’s south-eastern and eastern suburbs. The priorities are all wrong.
“Premier Jacinta Allan’s first budget has failed to change the direction of our state, failed to address the mismanagement of the past decade and failed to make life easier for Victorians.”
Shadow Treasurer, Brad Rowswell, said: “This budget shows Labor is taxing more, spending more yet delivering less.
“For a decade Labor has run our economy on a credit card year after year and now Victorians are being made to pay the price.
“Higher taxes and cuts to frontline services are the real-world consequence of Labor’s financial mismanagement, which is only making life harder for Victorian families.
“Instead of repairing the damage of the past, Premier Jacinta Allan’s first budget has confirmed the waste, mismanagement, higher taxes and higher debt of the last ten years is only set to continue.”
