Coalition’s plan for Victorians to monitor the use of taxpayers’ money

Victorians would be able to monitor the use of taxpayers’ money in real time under a Coalition plan to help prevent cost blowouts, rorts and waste being hidden from the public.

Victorians would be able to monitor the use of taxpayers’ money in real time under a Coalition plan to improve financial transparency.

The powers of the independent Parliamentary Budget Office would also be boosted, and new fiscal reporting obligations for government would be implemented.

Opposition Leader John Pesutto said the reforms would underpin a Coalition Financial Integrity Plan built to be released on Wednesday.

Mr Pesutto said the plan was the first stage of a three-part response to a Coalition tax review which was launched last May.

Further announcements, including on tax reform, would be made next year.

“Our plan is about cleaning up the books and better managing Victorians’ money,” Mr Pesutto said.

“Our expenditure tracker will provide greater transparency over how Victorians’ money is being spent, as is it being spent.

“This is an important measure to restore trust in Victoria’s finances and will help prevent cost blowouts, rorts and waste being hidden from the public.”

Victorians would be able to monitor the use of taxpayers’ money in real time under the Coalition’s plan. Picture: David Geraghty

Official forecasts show Victoria’s net debt is on track to peak at $188bn by 2026-27, but government sources said that figure would likely blow out in December’s budget update.

While treasurer Tim Pallas has been urging colleagues to curb their spending, he has been forced to find an additional $1.5bn in health funding, as well as at least another $1bn to cover a new pay deal for the state’s nurses.

Mr Pesutto said his plan would see public finances managed with greater integrity, accountability and transparency following a decade of mismanagement and cost overruns and delays on projects and programs across government under Labor.

The real-time expenditure tracker would feature as part of a new website that would allow Victorians to see how their taxpayer funds were being spent in real time.

Road and rail projects have blown out. Picture: David Crosling

A Victorian first Intergenerational Report would provide a long-term outlook for the Victorian economy, and a detailed fiscal strategy and plan would be published at the beginning of each Parliamentary term.

Mr Pesutto also recommitted to reintroducing a net debt cap if elected to government.

Government forecasts show the net debt to GSP ratio is expected to peak at 25.2 per cent by 2027, more than four times the 6 per cent GSP debt cap target when the Andrews government first came to office in 2014.

Mr Pesutto said he would also expand the powers of the Parliamentary Budget Office which has long complained about the limit of its scope.

It comes as the Allan government prepares to make public a suite of major economic reforms in which it will declare Victoria “open for business”.

As revealed by the Sunday Herald Sun, the bold new plan will be aimed at encouraging new business investment across the state and easing the burden on existing businesses.

Cutting bureaucratic red tape and centralising regulation and planning schemes are expected to form a key part of the government’s new Economic Growth Statement, as is a renewed focus on manufacturing.

Originally published as Coalition’s plan for Victorians to monitor the use of taxpayers’ money