Tuesday, 14 May 2024

Budget 2024–25

Georgie CROZIER (Southern Metropolitan) (14:37): Last week’s budget was an absolute shocker for Victoria, with debt rising to $188 billion and interest payments going to $26 million each and every day. We are being called the debt and tax capital of the country, we are being called the basket case – the list goes on. Standard & Poor’s and other rating agencies are asking how we are going to service these debts, putting our finances further at stake.

Sonja Terpstra: On a point of order, Acting President, I am having a lot of trouble hearing. There are a lot of conversations that are happening in this room in multiple areas, and I cannot hear what Ms Crozier is saying. If anyone wants to have a conversation, maybe take it outside.

The ACTING PRESIDENT (Jeff Bourman): In fairness, you are right. Can we restart the clock. It was coming from both sides, in case anyone was wondering. Ms Crozier, from the top.

Georgie CROZIER: I am very happy to start again. I will repeat what I was saying. Last week’s budget was an absolute shocker. Our debt is going to $188 billion and our interest repayments to $26 million each and every day. We are the debt and tax capital of the country. We are called a basket case. The rating agencies are putting huge doubt on our capacity to even service that ongoing debt and what it will do to our future interest payments. What the government is doing is focusing all their priorities in the wrong areas. They are extending the Suburban Rail Loop at the same time they are cutting vital cancer research. The VCCC Alliance undertakes so much terrific work in cancer research, education and support. Well, this government is cutting it by 75 per cent. This is just absolutely ludicrous. At a time when our population is ageing and when cancer rates are going up, this mean government, which has got its priorities wrong, is cutting vital cancer research. They have got no plan to repay the debt. In addition, they are imposing further taxes on households, businesses and families at a time when there are cost-of-living pressures. This government has done nothing. It is saddling future generations with enormous debt. I urge the government to look at a plan to pay down debt and reverse these cruel cuts to vital cancer research and other areas, which are going to impact so many Victorians.