Tim Pallas, Victoria’s longest-serving standalone Treasurer, has announced his resignation from politics, marking the end of a 40-year career dedicated to public service.
The 14-year minister and 18-year Member for Werribee confirmed his decision to step down, citing a need for “new perspectives” in government.
Premier Jacinta Allan, a close friend and colleague of Pallas for 25 years, praised his contributions, calling him a driving force behind Victoria’s economic transformation.
“Tim and I first met in 1999 when I was a fresh-faced, newly-elected MP, and he was Chief of Staff to the Premier. Over the years, we worked together as MPs, collaborators, and mates, bonded by our shared passion for building infrastructure and steadfast belief that Labor Governments change lives.”.
Pallas has been pivotal in shaping Victoria’s economy, overseeing record business investment and jobs growth.
Under his tenure, the state achieved milestones such as removing 50 dangerous level crossings, implementing nation-leading wage theft laws, and driving pandemic economic recovery. He also played a key role in securing Moderna and BioNTech facilities in Victoria, making it a global hub for mRNA technology.
Reflecting on his career, Pallas said,
“It has been a great honour and privilege to serve. After 10 years as Treasurer, the time has come for renewal. The economy is solid, the fiscal position is improving, and we’ve laid the groundwork for a prosperous future.”
Premier Allan highlighted Pallas’ steady leadership during the pandemic, saying,
“He ensured our economy weathered an unprecedented challenge, keeping businesses afloat and Victorians employed.”
Pallas, who handed down his 10th and final budget earlier this year, acknowledged some missteps during his tenure but expressed pride in the lasting impact of his work. His resignation will trigger a by-election for the seat of Werribee, a highly contested electorate in recent elections.
As Victoria awaits the announcement of a new Treasurer, Pallas leaves behind a legacy of resilience, innovation, and an unwavering commitment to working people. “Tim has given far more than he’s received,” Allan concluded.
“I wish him, Karen, Jack and Grace all the best for the next chapter in their lives – including plenty of Werribee Tiger wins, and even more karaoke.”
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