Central banking system
Danny O’BRIEN (Gippsland South) (14:16): My question is to the Premier. Is Victoria’s central banking system account in overdraft today?
Jacinta ALLAN (Bendigo East – Premier) (14:16): In 2019 the government established the central banking system process, bringing together thousands of different bank accounts from across the government, and it is reported to have saved expenditure of up to $400 million by undertaking that process.
Danny O’BRIEN (Gippsland South) (14:17): In May 2023 the Treasurer approved the provision of $5 billion to repay a portion of the central banking system overdraft. How much of this $5 billion has been spent bailing out Victoria’s primary bank account to date?
Jacinta ALLAN (Bendigo East – Premier) (14:17): The member had 10 years on PAEC. He probably could have done with a year or two more, I think. I am not sure who is replacing the new Leader of the National Party on PAEC. Which one of the remaining geniuses in the National Party is replacing the member on PAEC?
James Newbury: On a point of order, Speaker, the Premier is debating the question, a question that the Premier should know the answer to – a very basic question.
The SPEAKER: Order! The Premier will come back to the question.
Jacinta ALLAN: The advice I have, for the benefit of the former member on PAEC, is that the funds from the account that were transferred have been transferred back into those departments. This is through a centralised banking account process that has saved hundreds of millions of dollars across government.