In a stunning admission, the Allan Labor Government has today refused to rule out axing the beleaguered $2 billion investment fund, Breakthrough Victoria.
Minister for Economic Growth, Danny Pearson MP, was asked directly at a Public Accounts and Estimates Committee hearing whether the Allan Labor Government had plans to shut down Breakthrough Victoria. While refusing to answer, the Minister admitted it was subject to "review".
This comes as the Silver Review is exploring a "wind down of entities" and reform opportunities where there is duplication in government or the private sector, as well as calls from the innovation industry to wind down Breakthrough Victoria.
Shadow Minister for Trade and Investment, Bridget Vallence MP, said: "The $2 billion Breakthrough Victoria fund has been a catastrophe from the beginning, and due to Labor's financial incompetence it now has an uncertain future."
"Breakthrough Victoria has continued to spend tens of millions of taxpayer dollars on extremely risky ventures and cannot show any return on investment," Ms Vallence said.
"In last year's Budget, the Labor Government deferred $360 million in funding to Breakthrough Victoria because its spending was becoming unsustainable."
"The Minister for Finance's evidence before a Parliamentary inquiry today shows that, after years of controversy and poor performance, Breakthrough Victoria is on borrowed time."
