Taxpayers' money and Victoria's public finances will be managed with greater integrity, accountability and transparency, under a new commitment announced today by the Victorian Liberals and Nationals.
Over the past decade under the Labor Government, standards of proper financial management have been eroded as cost blowouts are hidden in opaque contingency funds and Treasurer's Advances – meant to be for emergency and unforeseen expenditure – are increasingly used to fund core government programs.
This continued mismanagement is contributing to cost overruns and delays on projects and programs across government, while undermining public confidence in the state's finances.
Therefore, a future Pesutto Liberals and Nationals Government will implement a Financial Integrity Plan built on three key commitments:
A legislated Charter of Budget Honesty.
- A detailed fiscal strategy and plan to be published at the beginning of each Parliamentary term and reported against in Budget and Mid-Year Financial Updates.
- Concrete benchmarks, including a net debt cap as a percentage of Gross State Product (GSP) and a capped, transparent amount for contingencies.
A real-time public expenditure tracker.
- A new website will report government expenditure at the portfolio level, allowing Victorians to see how their taxpayer funds are being spent in real time.
A Victorian first Intergenerational Report to be completed by the newly established Victorian Productivity Commission.
- The Intergenerational Report will provide a long-term outlook for the Victorian economy and State and be updated every five years.
The Liberals and Nationals' Financial Integrity Plan is the first stage in our three-part response to the Tax Review Discussion Paper launched in mid-2023, with further announcements on fiscal strategy and tax reform to be made in 2025.
Leader of the Opposition, John Pesutto, said: "Labor cannot manage money, and their budget mismanagement has contributed to the blowouts, waste and cost-overruns that every Victorian is paying the price for.
"We've listened to Victorians, and they've told us they want greater integrity and transparency in the way their hard-earned money is being collected, managed, and spent by Government.
"Only the Liberals and Nationals will clean up the books and manage Victorians' money, so we can deliver what really matters."
Shadow Treasurer, Brad Rowswell, said: "After ten years of Labor and ten Labor budgets, Victoria's financial position has never been more parlous.
"Victorians deserve a budget they can trust and that's exactly what a Pesutto Liberals and Nationals Government will deliver."
Shadow Minister for Finance, Jess Wilson, said: "Labor's financial mismanagement has consequences. It means more money wasted on debt and interest and less money for health, education, roads maintenance and community safety services.
"Our plan is about restoring proper financial management, so every hard-earned taxpayer dollar goes further and we better deliver the services Victorians simply aren't getting under Labor."
