As Victoria's Treasurer Tim Pallas steps down after a decade in the job, economists say he leaves a legacy of increased infrastructure spending and a tough task for his successor, who is yet to be announced.
As Victoria's Treasurer Tim Pallas steps down after a decade in the job, economists say he leaves a legacy of increased spending and a tough task for his successor., delivering 10 budgets.
The steady increase in the past few years has affected Victoria's credit rating with S&P Global Ratings, which was dropped by two notches to AA in 2020.In Mr Pallas's press conference on Monday, he suggested the debt figure was not his biggest concern — it was bringing down the ratio between debt and the economy.
"While we won't know what role Mr Pallas played in crafting those choices, he's had to wear the economic consequences of them for Victoria's public finances," Mr Eslake said. Public policy researcher David Hayward says worker shortages are a bigger issue than debt for Victoria's economy at the moment.While Professor Hayward said the state's finances were "a little bit brittle", he believed the economy was performing well overall, especially in the wake of the COVID-19 lockdowns." they created more jobs. The economy didn't go into recession.
Tim Pallas was appointed treasurer by Daniel Andrews and served in the role for 10 Victorian budgets.He said the state government did not have the option, or the appetite, to sell off large government business enterprises like Jeff Kennett's Liberal government did in the 1990s.
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