Update shows Labor has done nothing to improve Victoria’s finances
Little in the latest budget update will reassure the rating agencies the Allan government is prepared to do what needs to be done to get on top of Victoria’s financial woes.
The Victorian government has done virtually nothing to improve its fiscal position since the presentation of its 2025-26 budget seven months ago. That’s the key message from the update of that budget presented by Treasurer Jaclyn Symes on Friday.
The budget update shows the Victorian government has made “policy decisions” over the past seven months that increase spending by $1387 million over the four years to 2028-29 and reduce revenues by $336 million over the same time. That’s a net negative to the bottom line of $1.4 billion.
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Saul Eslake is former chief economist of ANZ Bank and of Bank of America Merrill Lynch in Australia, and is now principal of Corinna Economic Advisory based in Hobart.
