UPDATE: New reports confirm that the Allan Labor Government in Victoria has spent an astonishing $2.65 billion through secretive Treasurer’s Advance payments for the 2024-25 financial year. This alarming revelation, made public by Jess Wilson, the Shadow Treasurer, raises serious questions about the government’s financial management and transparency.
The Treasurer’s Advance allows the state government to access funds not included in the official budget, meant for urgent and unforeseen expenditures like natural disaster responses. However, the latest financial report, tabled in the Victorian Parliament yesterday, reveals that significant portions of this funding were allocated to ongoing government projects, stirring criticism among opposition leaders.
Among the expenditures, $1.46 billion was earmarked for “Additional hospital system support,” while $124.3 million went to the “Social Housing Growth Fund.” Other allocations included $54.2 million for a “Community Safety Package” and $32 million for the “Delivery of the Australian Grand Prix.” The full list of expenditures raises eyebrows about what constitutes ‘urgent’ funding.
The total expenditure under the Treasurer’s Advance, including contingency releases, has now surpassed $10.9 billion for the year, further straining Victoria’s financial credibility as net state debt grows at a staggering rate of $2 million per day. Current projections estimate that this debt will hit a record $194 billion by mid-2029.
Shadow Treasurer Jess Wilson stated:
“For years, Labor has increasingly misused Treasurer’s Advances to avoid financial accountability and mislead the community over the true state of the budget bottom line.”
Wilson criticized the government for its reliance on this funding mechanism, which she argues undermines fiscal responsibility. She emphasized that funding for essential services like social housing and healthcare should not be classified as ‘urgent and unforeseen.’
In January 2025, Treasurer Jaclyn Symes questioned the continued use of these advances, seeking advice from the Department of Treasury and Finance regarding their ongoing application. Despite these inquiries, the government’s reliance on these opaque funding methods appears to have intensified, undermining public trust in financial governance.
As political tensions rise, Wilson promises that a future Liberal and Nationals Government would restore public and investor confidence by implementing a Charter of Budget Honesty and introducing a real-time expenditure tracker.
What happens next? With calls for transparency growing louder, the government will face increasing pressure to justify its financial strategies. Citizens and stakeholders alike are left wondering how these developments will affect essential services and the state’s overall economic health.
Stay tuned for further updates as this story develops, and the implications of these financial maneuvers unfold. This situation is critical for all Victorians as they navigate the economic landscape ahead.
