Meet the Minister | Mr Tim Pallas MP
Ahead of the forthcoming October state budget, Committee for Melbourne Foundation members joined the Treasurer of Victoria, Tim Pallas MP in a round table discussion on our economic ‘Road to Recovery’. The discussion was hosted by members EY and NBN Co.
The Treasurer reflected on how we can collaboratively emerge from COVID-19 to repair the economic damage caused and get back to the thriving and dynamic city we all call home.
Joining Tim Pallas for the discussion on how we can collaborate was EY’s Chief Economist, Jo Masters and Stephen Rue, CEO of NBN Co.
Victoria’s second wave and stage 4 lockdowns are expected to lead to a $10 billion loss and unemployment rate of 11 per cent in the September quarter.
The discussion highlighted that there is some distance to run in dealing with the pandemic and re-opening the community will depend on keeping the virus in check. We need to control the rate of infection sufficiently to ensure that business does not have to deal with a stop-start approach to the recovery.
As numbers continue to fall, the Victorian Government is increasingly confident in its ability to track and trace infections, which will be vital to the re-opening on the community.
Debt and deficit will influence our recovery, but it will not constrain the Victorian Government’s ambitions. Targeted stimulus will prepare Victoria for the upswing.
What can we expect from the state budget?
- Targeting of multiple sectors in the economy to drive growth, which will build on strengths in medical technology, agri-business, and construction
- Investing in essential community infrastructure; including ten new schools and 57 school upgrades
- An increase in infrastructure investment, which will help stimulate the economy including critical work on the North-East Link and Metro Tunnel
This crisis has brought out the best in people and has brought communities together. Victoria will continue to collaborate with the Federal Government and other state governments to ensure Australia recovers well from the crisis.
Thank you EY and NBN Co for helping facilitate this forum.
Thank you also to Mr Pallas for recognising the Victoria Bushfire Appeal as the Annual Treasurers event’s charity of choice.
As this event was held under the Chatham House Rule, there will be no recording provided.