Mr PALLAS (Treasurer) — I rise to inform the house about the achievements of the Andrews Labor government in securing the finances of our state. Last week the government brought down the
2016–17 budget, which showed surpluses of $9.2 billion over the forward estimates period. Net debt is falling to 4.8 per cent, down from the high of 6.2 per cent that we inherited from those opposite.

And of course the good news does not stop there, because Moody’s and Standard & Poor’s both reaffirmed our AAA credit rating last week. Standard & Poor’s noted that Victoria’s budgetary performance and our debt levels remain consistent with such a rating. This is a boon for our economy, and it underlines our financial stability. Our credit rating has been achieved because we are spending wisely, spending on what Victorians voted for, to ensure that we get the visionary investments that maintain our livability, help us deal with population growth and enhance productivity.

We are lifting investment in infrastructure to an average of $7.4 billion a year over the forward estimates. Over $2 billion is being invested in infrastructure in regional Victoria — the highest on record. We are delivering a record $2.45 billion boost to our health system, and following on from our budget we are investing $924 million into schools. We are also undertaking all these investments while maintaining strong surpluses and keeping our own source revenue growth to 5 per cent, which is well below the 5.4 per cent seen under the previous government.