Victorian Treasurer Tim Pallas Resigns from Office

Victorian Treasurer Tim Pallas has announced his surprise resignation after a decade in the role and 18 years in politics, which will trigger a by-election for his seat in Werribee. His resignation follows a mid-year budget update revealing a projected $3.6 billion deficit for the 2024-25 financial year and significant delays to over 100 major projects, including new hospitals. Pallas emphasized the need for 'renewal' within the government and acknowledged his tenure's challenges, particularly regarding financial limitations on ambitious projects. He defended the state's fiscal future, asserting it would achieve a surplus the following year despite increasing net debt projected to reach $155.2 billion. The departure of Pallas, who is among the longest-serving treasurers in Victoria's history, adds to a growing list of Labor MPs who have left politics recently. His resignation highlights ongoing scrutiny of the state's economic management amidst rising debt levels and infrastructure delays.