UPDATE: The Allan Labor Government in Victoria is facing intense scrutiny after it was revealed that $2.65 billion was spent through secretive Treasurer’s Advance allocations during the 2024-25 financial year. This alarming disclosure comes from a media release by Jess Wilson, Shadow Treasurer, highlighting ongoing financial mismanagement within the state government.
The Treasurer’s Advance allows the government to access funds that are not detailed in the official budget, intended for urgent and unforeseen expenditures like natural disasters. However, critics argue these funds are increasingly misused for routine expenses, undermining transparency and accountability.
According to the Financial Report for the State of Victoria 2024-25, tabled in Parliament yesterday, the report outlines substantial expenditures, including:
– $1.46 billion for additional hospital system support
– $124.3 million for the Social Housing Growth Fund
– $54.2 million for a Community Safety Package
– $44.3 million for the Metropolitan Tram Franchise Agreement
– $32 million for the delivery of the Australian Grand Prix
– $30.68 million for boosting economic growth through industry grants
– $9 million for a Free Camping Trial
– $4 million for wage indexation funding within the Department of Premier and Cabinet
– $2.4 million for regional car parks
In total, $10.9 billion has been allocated through Treasurer’s Advance payments for this financial year, including $8.26 billion related to contingency releases. This staggering figure raises concerns as Victoria’s net debt grows at an alarming rate of over $2 million per day, projected to reach a record $194 billion by mid-2029.
In January 2025, Treasurer Jaclyn Symes questioned the government’s reliance on this funding mechanism and requested the Department of Treasury and Finance to provide advice on its ongoing use. Yet, these latest figures reveal a troubling trend where the Labor Government continues to depend on opaque funding strategies to cover essential government services.
Jess Wilson stated, “For years, Labor has increasingly misused Treasurer’s Advances to avoid financial accountability and mislead the community over the true state of the budget bottom line. There is nothing ‘urgent and unforeseen’ about funding social housing, public transport, healthcare, or delivering the Grand Prix.”
Wilson further urged Treasurer Symes to clarify her apparent reversal on commitments to reduce the use of these secretive advances. She emphasized that a future Liberal and Nationals Government would work to restore community and investor confidence in Victoria’s finances by introducing a Charter of Budget Honesty and a real-time expenditure tracker.
As this situation develops, it remains critical for the public to stay informed about how these financial decisions will impact services and the overall economic stability of Victoria. The implications of these expenditures are significant, affecting communities and public trust in government accountability.
Stay tuned for updates as more information becomes available regarding the Labor Government’s financial strategies and their long-term effects on Victoria.
