At the Public Accounts and Estimates Committee (PAEC), Breakthrough Victoria CEO Rod Bristow was unable to answer basic questions about the government's $37 million investment in World View, a U.S. based stratospheric balloon company.
Former Treasurer Tim Pallas announced in 2024 that the investment would deliver 200 Victorian jobs and a new manufacturing facility. Nearly two years on, Mr Bristow could not say whether any of those commitments have been met.
Victorians were promised a return on the use of public money and that World View would establish its Asia Pacific headquarters in Melbourne. Mr Bristow also appeared unaware of the fund's progress toward its own target of creating 15,700 jobs over ten years. He could not say how many jobs Breakthrough Victoria has created in its four years of operation.
The fund posted a $5.7 million loss in 2024-25, up from a $3 million loss the previous year, and spent almost $1 million on consultants for market research, strategic advice, media services, and an industry benchmark review.
PAEC also heard today that the Department of Jobs, Skills, Industry and Regions would not confirm whether the government has considered winding up Breakthrough Victoria as part of its Innovation and Commercialisation review.
Shadow Minister for Finance Bridget Vallence said Victorians deserve transparency.
"Breakthrough Victoria has spent public money like drunken sailors with no scrutiny or obligation to reveal the real performance of its decisions or its failure to deliver a return on investment for the Victorian economy," Ms Vallence said.
"Now we find out the CEO has no idea about Breakthrough Victoria's largest investment of $37 million into a U.S. based balloon company and Labor's promise it would provide 200 jobs and a manufacturing facility.
"After four years of operations, Breakthrough Victoria has posted a significant loss of $5.7 million and has spent over $1 million on consultants, which is just more evidence of financial mismanagement and waste of taxpayers' money under the Allan Labor Government.
"Victorians deserve to know whether Labor will dump its venture capital frolic and wind-up Breakthrough Victoria - the government must release its Innovation and Commercialisation review without further delay."
