Victorian Treasurer Tim Pallas has resigned and is to leave politics altogether.
Treasurer for a decade – the longest-serving standalone treasurer in Victorian history – and an MP for the western seat of Werribee since 2006, Pallas announced his resignation Monday morning.
“It has been an honour and a privilege to serve the Allan Labor government and the governments of former premiers Bracks, Brumby and Andrews,” Pallas said in a statement.
“Renewal is important,” added Pallas, “and after 10 years as treasurer it is time for me to hand over the reins.”
During a media appearance, Pallas reiterated the importance of change: “We need to have a new perspective, new insights.”
“Good governments know they have to renew themselves,” he said.
Pallas said his resignation will “allow the government to establish a strong team that will contest the 2026 election”.
Pallas’ announcement follows the mid-year state budget update that revealed a deficit of $3.6 billion – up from $2.2bn a year before.
Wishing Pallas and his family well, Victorian Premier Jacinta Allan reflected on 25 years’ of friendship.
“Tim and I first met in 1999 …Over the next 25 years, we would work together as MPs, cabinet colleagues, collaborators and builders. Most importantly, as mates,” she said.
Allan said the pair had bonded over their shared passion for building infrastructure, karaoke – “and our steadfast belief that Labor governments change lives”.
As well as treasurer, Pallas also held the industrial relations and economic growth portfolios.
“As minister for industrial relations, he drove nation-leading reform: criminalising wage theft, cracking down on unscrupulous labour hire and introducing portable long service leave,” said Allan. “As minister for economic growth, he’s helped build an innovative, inclusive and future-facing economy.”
But Pallas’ most important achievement, said Allan, was his “steady guidance” through the pandemic. “The word ‘unprecedented’ is thrown around a lot. But Tim stared down a challenge unlike any we’ve ever seen before.”
Allan concluded by wishing Pallas and his family all the best for the next chapter in their lives – “including plenty of Werribee Tiger wins, and even more karaoke”.
While a successor has yet to be announced, Pallas is expected to be gone by the end of the week.
Leave a Reply