New Victorian Treasurer Jaclyn Symes vows to bring a ‘different approach’ as state battles soaring debts

Jaclyn Symes says she is a ‘very different person’ to her predecessor, Tim Pallas, but she ‘absolutely’ supports the $34bn Suburban Rail Loop project.

Victorian Premier Jacinta Allan with new Treasurer Jaclyn Symes at Government House on Thursday. Picture: Andrew Henshaw.

New Victorian Treasurer Jaclyn Symes has vowed to bring a “different approach” to her pre­decessor in her management of the state’s soaring debt levels but says she “absolutely” still supports the $34bn Suburban Rail Loop project.

“Having a transport network to get you to uni, to hospital, to work, is what the Suburban Rail Loop will do, and Victorians have voted for it, twice,” she said.

Ms Symes, who became Victoria’s first female Treasurer when she was sworn in at Government House on Thursday, said she had an “enormous amount of respect” for her predecessor, veteran treasurer Tim Pallas, but would bring a “different approach” because she was a “very different person”.

Ms Symes, who had been Victoria’s attorney-general and minister for emergency services, will take on the task of managing the state’s debt-riddled budget from the upper house.

Victoria’s latest budget update put the state’s net debt at $155.2bn by mid-2025, about $1bn better than what had been projected.

By mid-2028, Victoria’s net debt is expected to come in at $187.3bn, which is about $500m less than predicted in May.

The budget update, released earlier this month, showed the state was $1.4bn further in deficit than was forecast, spiralling from a projected $2.2bn to $3.6bn.

However, the government forecast a return to an operating surplus in 2025-26 of $1.6bn.

When asked how much debt was too much, Ms Symes said it was a “good question” but did not provide a figure.

She said investing in infrastructure was important.

“You have to spend money to grow the economy and to make Melbourne and regional Victoria the best place in the country to live,” Ms Symes said.

She said she was “under no illusions” the job would be easy but she liked a “challenge” and “fixing things”.

“I’ll be taking the summer to look at taxation, regulation, economic growth,” she said.

Opposition Treasury spokesman Brad Rowswell said Ms Symes’s support for the Suburban Rail Loop, which is forecast to cost $34bn for the first stage alone, was “economic vandalism”.

He called for a “legislated debt cap” in Victoria to “reinstate some form of economic prudence”.

Victorian Premier Jacinta Allan unveiled the rest of her new cabinet on Thursday in a significant reshuffle triggered by Mr Pallas’s resignation.

In addition to her role as ­Treasurer, Ms Symes will take on the portfolios of industrial relations and regional development and retain her position as leader of the government in the upper house.

Sonya Kilkenny will replace Ms Symes as Attorney-General while continuing as Minister for Planning.

Danny Pearson will lose his transport and Suburban Rail Loop portfolios and instead serve as Minister for Economic Growth and Jobs and Minister for ­Finance.

Gabrielle Williams will become the Minister for Transport Infrastructure and also serve as Minister for Public and Active Transport.

Harriet Shing will take on the Suburban Rail Loop, housing and building and Development Victoria and precincts, which the government has labelled a “super ministry aimed squarely at building more homes for families and young people”.

Among other changes, Vicki Ward will step in as Minister for Emergency Services, and Nick Staikos has joined the cabinet as Consumer Affairs Minister and Minister for Local Government.