Tim Pallas resignation : Pallas, who described himself as the longest-serving standalone state treasurer, said serving the people of Victoria had been a “great honour and privilege.”
This announcement follows the release of the mid-year budget update just days ago, revealing a worsening deficit, increasing from $2.2 billion to $3.6 billion for 2024-25.
Looking back on his career and discussing his decision to step down, Pallas said he felt it was the right time for him to leave.
The answer, I believe, is straightforward. After 10 years as the state’s longest-serving standalone treasurer, having collaborated with the premier to deliver the economic growth statement and the recent mid-year budget update, I feel we can reflect on the work accomplished and say the economy is stable, the fiscal position is improving and sound. Ultimately, there’s never a perfect time to step away from the immense honour of holding high office.
“I’m stepping away from it all and moving forward.”
Tim Pallas Resigns as Victorian Treasurer After Decade of Service and Economic Challenges
Premier Jacinta Allan, a friend of Pallas for 25 years, expressed her gratitude for his service.
“Tim and I first crossed paths in 1999, when I was a fresh-faced, newly elected member for Bendigo East, and he was tackling one of the toughest roles – Chief of Staff to the Premier,” she said.
“Over the next 25 years, we worked together as MPs, Cabinet colleagues, collaborators,and builders. Most importantly, we became mates.”
Allan highlighted Pallas’s instrumental role in reshaping the Victorian economy over the past decade.
“Tim, as Treasurer, has overseen an economy growing faster than any other in relative terms. Business investment has reached its highest-ever share of economic activity in our state, and job growth is at a record high,” she said.
Pallas delivered his 10th and final budget in May, emphasizing “sensible decisions,” with only a select few emerging as clear beneficiaries.
Last week, Pallas disclosed in the mid-year budget that Victoria’s net debt was projected to reach $187 billion by 2027-28.
As a result, Pallas introduced higher and expanded taxes to generate an additional $2.5 billion over the next four years.
His resignation will prompt a by-election for the Werribee seat, which was fiercely contested in the last state election.
He assumed the role of Treasurer when former Premier Daniel Andrews came to power in 2014.
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