Under the Allan Labor Government, Victoria's net debt is growing by more than $2 million an hour and is expected to reach a record $194 billion by 2028-29.
Over coming years, Victorians will be paying more than $1 million an hour in interest alone on this record debt - meaning higher cost of living pressures on Victorians and less money for the things that really matter.
The proposed commission, known as the Victorian Commission for Fiscal Responsibility, would be made up mostly of former Victorian treasurers but could also include former senior figures from the Victorian Treasury and previous auditors-general.
The Commission would be tasked with providing recommendations to improve Victoria's fiscal position in the short, medium and long term and would report to Parliament ahead of the 2026 State Budget.
Proposed terms of reference include:
- The Commission would identify policies to address Victoria's debt crisis.
- The Commission would make recommendations designed to reduce the debt-to-GSP ratio over the short, medium and long term.
- The Commission would have the capacity to call for submissions and hold public hearings.
Any spending on frontline services and essential workers such as police, paramedics, doctors, nurses and teachers would be excluded from the Commission's scope.
Leader of the Opposition, Jess Wilson, said: "Today, my team has put forward a commonsense and bipartisan proposal to fix Victoria's debt crisis.
"With net debt growing by $2 million an hour - there isn't a day to waste to begin the process of reducing Victoria's record debt and turning our economy around.
"The parlous state of Victoria's finances are holding our state back and undermining the economic prosperity of future generations. As Leader, cleaning up the books is my first priority.
"My team is ready to work constructively with the Government now and I implore the Premier to put politics aside and support the establishment of a bipartisan Victorian Commission for Fiscal Responsibility."
