Media Release

11 March 2016

O’Brien: 2015-16 Mid-Year Financial Report

Friday 11 March 2016


2015-16 Mid-Year Financial Report (incorporating Quarterly Financial Report No. 2)

If it wasn’t propped up by a red hot property market and a Tatts court judgment windfall, this Labor budget would be on life-support.

With the last Labor budget found to be in deficit by the Auditor General, this current budget will be putting further pressure on jobs.

Daniel Andrews and Tim Pallas have lost control of the state budget which is putting further pressure on Victorian families and job security.

The latest quarterly financial report shows debt is up by $408 million with the debt figure now standing at $22.7 billion. This is $1.5 billion more than when Labor came to office.

The surplus has been slashed from a projected $2.3 billion at the election to a current projection of $1.2 billion excluding the Tatts windfall.

The quarterly financial report also shows that taxes are up over $400 million.  The Fire Services Property Levy brought in $660 million over first half of 2015-16. This has exceeded the 2015-16 Budget estimate of $628 million, and is $77 million more than was collected at the same time in 2014-15 ($583 million).

Now that Parliament has approved the government’s lease of the Port of Melbourne with an estimated $6-7 billion revenue, Labor has no excuse to continue with this debt and tax binge which is making life harder for Victorian families.

With the latest job figures showing that Daniel Andrews has achieved less than half of his full-time jobs target, this financial report shows that Labor’s budget of taxing and borrowing is damaging Victoria’s job market and undermining business confidence.