The financial situation of Victoria’s alpine resorts remains precarious, as evidenced by the latest report from Alpine Resorts Victoria (ARV). The agency, which oversees resorts such as Falls Creek, Lake Mountain, and Mt Hotham, has disclosed that it continues to rely heavily on state government support to maintain operations.
In its recently released 2024 Annual Report, ARV confirmed that the Allan Labor Government provided over $13 million in financial assistance to ensure its ongoing viability throughout 2024. This funding follows a previous allocation of $15.7 million in 2023, highlighting the agency’s ongoing dependence on government aid. ARV has explicitly stated that it remains “dependent on the Victorian Government to ensure it can meet its obligations as and when they fall due.”
Despite these significant financial injections, the government has yet to offer a substantive update on its efforts to sell the Lake Mountain and Mt Baw Baw resorts. Initially, the government announced that the results of an Expression of Interest process would be available in 2025, but no further details have emerged.
The financial struggles of the alpine resorts are part of a broader issue of fiscal management under the Allan Labor Government. Recent reports indicate that Victoria’s net debt is escalating at an alarming rate of $1.7 million per hour, with projections estimating it will reach a staggering $192.6 billion by the end of the 2028-29 fiscal year.
Opposition Leader and Shadow Treasurer Jess Wilson expressed serious concerns regarding the situation, stating, “Under Labor, Victoria’s alpine resorts are on financial life-support and significant uncertainty surrounds their future.” Wilson emphasized the importance of these resorts to the regional economy, mentioning that they are vital for families and visitors.
Wilson also criticized the government’s management of state agencies, noting that ARV is just one of many entities that rely on emergency financial support to remain solvent. “Labor cannot manage money, and Victorians are paying the price,” she added.
As the financial landscape continues to be strained, stakeholders within the tourism and hospitality sectors are watching closely. The future of Victoria’s beloved alpine resorts hangs in the balance, raising questions about sustainability and long-term planning in the face of persistent financial challenges.
