00:00He's managed Victoria's finances as Treasurer for a decade and now Tim Pallis says he's
00:07retiring from politics.
00:09He says he asked his wife when the right time was and her reply was about five years ago.
00:14Now Tim Pallis was first elected to the seat of Werribee in Melbourne's West in 2006 before
00:19taking on the Treasury portfolio in 2014.
00:22I've never let a second go by without trying to take the opportunity that this great office
00:30has provided, this great opportunity has provided and turn it into something of very substantial
00:36value for the wellbeing of the people of Victoria, particularly those who need government support
00:43and assistance.
00:44His legacy will be a mixed one.
00:46Victoria's net debt currently sits at $155 billion or 20% of Victoria's gross state product.
00:53Major projects in Victoria have faced cost and time overruns and a funding question mark
00:58hangs over Labor's signature rail project, the Suburban Rail Loop, despite the government
01:03signing contracts already.
01:05On all key measures, Tim Pallis's legacy will be one of enormous debt that Victorians in
01:13the present generation and in future generations will be saddled with.
01:17It is a legacy of the highest taxes in the country.
01:21It is a legacy of the highest unemployment in the country today.
01:26The Premier says she'll announce a replacement for Mr Pallis in the coming days and has promised
01:30that will happen before Christmas but who that will be remains a mystery at the moment
01:34as also it remains a mystery of who will replace Mr Pallis as the candidate in Werribee.
01:40His resignation does spark a by-election in that seat and many will see this as a referendum
01:46on how Labor's going in government and how Jacinta Allen is going as Premier.
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