Tim Pallas’ decade as Victorian treasurer: The key numbers in review
Victorian Treasurer Tim Pallas has been in charge of the state’s finances for the past decade, leaving the state with a record infrastructure spend and debt pile. Here are the key numbers.
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Victorian Treasurer Tim Pallas has been in charge of the state’s finances for the past decade, overseeing the state’s response to Covid and ploughing huge sums on money into major infrastructure projects.
Announcing is resignation on Monday, Mr Pallas defended his legacy — one which leaves the state with a record debt pile — saying “the economy is solid, the fiscal position is improving and sound”.
Here are the key numbers:
Government debt
2014-15: $22.3bn
2015-16: $22.3bn
2016-17: $15.7bn
2017-18: $21.6bn
2018-19: $25.5bn
2019-20: $44.3bn
2020-21: $72.7bn
2021-22: $99.9bn
2022-23: $115bn
2023-24: $135.9bn
2024-25: $155.2bn (revised)
2025-26: $168.5bn*
2026-27: $179bn*
2027-28: $187.3bn*
*Forecast
Government interest payments on debt
2014-15: $2.1bn
2015-16: $2bn
2016-17: $2bn
2017-18: $2bn
2018-19: $2.3bn
2019-20: $2.3bn
2020-21: $2.6bn
2021-22: $2.8bn
2022-23: $4.0bn
2023-24: $5.7bn
2024-25: $6.5bn*
2025-26: $7.6bn*
2026-27: $8.5bn*
2027-28: $9.4bn*
Public sector annual wages
2014-15: $18.8bn
2015-16: $20.0bn
2016-17: $21.5bn
2017-18: $23.3bn
2018-19: $25.0bn
2019-20: $27.2bn
2020-21: $30.0bn
2021-22: $32.2bn
2022-23: $33.8bn
2023-24: $34.3bn
2024-25: $36.5bn*
2025-26: $37.8bn*
2026-27: $39.4bn*
2027-28: $39.9bn*
Government’s tax take
2014-15: $18.1bn
2015-16: $19bn
2016-17: $21.6bn
2017-18: $21.8bn
2018-19: $24.1bn
2019-20: $24.3bn
2020-21: $20.9bn
2021-22: $26.5bn
2022-23: $30.5bn
2023-24: $34.8nm
2024-25: $38.9bn*
2025-26: $40.9bn*
2026-27: $42.9bn*
2027-28: $45.1bn*
MAJOR PROJECT BLOWOUTS
West Gate Tunnel
Initial cost: $6.3 billion
Revised cost: $10.2bn
Blowout: $3.9bn
Initial completion date: 2022
Current completion date: 2025
Melbourne Metro
Initial: $10.9bn
Revised: $14bn
Blowout: $3.1bn
Initial completion date: 2026
Current completion date: 2025
North East Link
Initial: $16bn
Revised: $26.1bn (Total budget TBC)
Blowout: $10.1bn
Initial completion date: 2028
Current completion date: 2028
Mordialloc Freeway
Initial: $375m
Revised: $523m
Blowout: $148m
Hoddle St Upgrades
Initial: $56m
Revised: $95m
Blowout: $39m
Footscray Hospital
Initial: $1.495bn
Revised: $1.999bn
Blowout: $504m
Initial completion date: 2025
Current completion date: 2025
Murray Basin Rail Project
Initial: $440m
Revised: $807m
Blowout: $367m
Initial completion: 2018
Current completion: TBC
City Loop Upgrade
Initial: $469m
Revised: $786m
Blowout: $317m
Suburban Roads Upgrade (north)
Initial: $2.51bn
Revised: $2.81bn
Blowout: $304m
High Capacity Metro Trains
Initial: $2.175bn
Revised: $2.248bn
Blowout: $73m
* 2024-25 State Budget
Source: Victorian budget documents, Auditor-General, government media releases
Originally published as Tim Pallas’ decade as Victorian treasurer: The key numbers in review
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