Jeff Kennett: Victoria’s debt crisis enough to ruin an optimist’s day

Victorians simply don’t know which organisations, or countries, hold our state debt. We have a right to know this basic information about billions borrowed in our name.

I am a born optimist. For the last few weeks, I have been expressing my profound concern and disappointment at the management of our state and the ramifications of our increasing debt, the implications of which are now being felt by many sectors within the community.

Therefore, I have asked myself, knowing what I know, and don’t know, how can I be more positive about our collective future.

I know that the greatest gift we have is simply to wake up each morning. Given I have woken up, I am grateful, and give thanks that I have done so. Then I get real pleasure not only from my garden, but the colours of autumn that I see everywhere when I travel to work.

The leaves of mature trees as their leaves turn claret and then various shades of gold. Colours captured, and changing, by the rising of the sun.

I like to listen to good music, and I certainly appreciate the fundamental good health of family and friends.

So, I start the day in the best of mental condition.

My mind then turns to the issues of the day. Often by the jerk of the car when a wheel hits a pothole in the road. I think of those groups in society who have been singled out for punishment by the government as they blame others for their, the government’s, mismanagement.

Treasurer Tim Pallas and Premier Jacinta Allan are steering Victoria to a debt-laden future. Picture: Getty

Groups like our veterans who have seen their funding cut by 40 per cent, or those doing medical research whose budgets have been substantially cut.

My mind turns to how are we, any government, going to responsibly deal with the increasing debt and interest payments that will most heavily fall, for longer periods on younger Victorians than me.

I have been there before, but this time I do not have the information and answers to the questions that might guide my thinking.

For instance, today I don’t know who holds Victoria’s debt, to whom we are paying – today and in future years – as much as $25 million a day.

I think we should know!

So, Treasurer Tim Pallas, which organisations, or countries currently hold Victoria’s debt, and please identify the owner and the quantum of how much they hold in dollar amounts and percentages.

This debt is not the government’s, they have borrowed in our name, it is our debt. We are entitled to know.

Second, we need to know what is the total value of the actual contracts that have to date been entered into by Premier Jacinta Allan for the Suburban Rail Loop to nowhere.

Why do I want to know?

Because this project is right now basically unfunded by the state or the Commonwealth. The first stage will cost billions that will have to be borrowed. The government should also release the so-called business case for this project.

Victorians are entitled to see the business case for the Suburban Rail Loop, says Jeff Kennett. Picture: Wayne Taylor

The public is entitled to know to what extent the government has committed Victorians to at this stage of the project, and on what basis.

Sadly, they have again appointed one of their own, a former minister in James Merlino, to chair the Suburban Rail Authority, who has no commercial experience.

That said, I am sure many readers of this column will ask, as I am, how are we going to get the state back to a position of economic growth, stabilise our debt and build opportunities for those who want to work?

You see, while I am an optimist, I am also a realist, and third, I like a challenge.

To be honest, there is no bigger challenge in Victoria than developing a plan, and then actioning it, to stabilise and re-grow the state.

The current government is not doing that. Its recent budget is living proof that they will continue to borrow more, in our name, without having the courage to substantially reduce spending and focus on the things that a government should give priority.

Services like the quality of our public schools and hospitals, our roads, our emergency services, in the main our cultural institutions and higher education assets.

With an election two-and-a-half years away, it appears the Allan government is only going to make matters worse. Whoever forms the government after that election must be ready to govern.

So yes, I am an optimist and like a challenge, but we have one hell of a mountain to climb. We need more information now; we need to have a plan ready to implement when the opportunity arises.

Ask yourself, what would you do if you were part of the governing body?

After all, it is our state, and our debt, that this government is adding to in our name.

For now, stay healthy, and here’s to waking up tomorrow.