Statement from the Shadow Treasurer - New Treasurer admits massive increase in economic advice

Statement from the Shadow Treasurer – New Treasurer admits massive increase in economic advice

James Newbury, Shadow Treasurer

Victorian Treasurer, Jaclyn Symes has admitted, under questioning by the Public Accounts and Estimates Committee (PAEC), that her office and Department require a massive increase in economic advice.

Victorian budget papers reveal that the 2024–25 Budget originally allocated $60.3 million for economic advice, but that figure was quietly revised upwards to $75.2 million in the budget estimates — a $14.9 million blowout.

Now, the 2025–26 Budget has allocated $81.4 million to the same line item, a 34.9 per cent increase in a single year.

Despite this massive increase in expenditure, the Treasurer has offered no clear or credible explanation for the blowout — other than to blame the drafting of Victoria’s Economic Growth Statement.

However, that excuse does not explain why these massive increases in funding are now part of the ongoing support required for the Treasurer and her Department.

Victorian Shadow Treasurer, James Newbury, MP has slammed the Allan Labor Government for its ballooning expenditure on economic advice, saying Victorians deserves to know whether this funding surge is linked to Labor’s capacity to manage Victoria’s struggling economy.

“Victorians are being asked to foot the bill for yet another Labor budget blowout — this time to prop up the Allan Labor Government and its failure to manage Victoria’s finances,” Mr Newbury said.

“The government can’t explain why it suddenly needed almost $15 million more in economic advice in the last budget period — and now it has locked in an additional $21.1 million going forward. This is $36 million more than the previous Treasurer required.”

“The Treasurer’s office is meant to be running the economy, not outsourcing its thinking. Victorians know this government is not up to the job.”