This article is from the Australian Property Journal archive
THE nation’s most indebted state has announced its new Treasurer, while the Housing portfolio will be rolled into a “super ministry” that will take charge the Victorian government declares as the “nation’s biggest housing project”.
Jaclyn Symes becomes Victoria’s first woman to serve in the role of Treasurer, taking over from long-term incumbent Tim Pallas who is stepping away from politics.
His resignation announcement this week has forced a reshuffling of the Premier Jacinta Allan’s Cabinet.
Symes has been Attorney-General since 2020 and will take on the task of grappling with a debt that will hit $155.2 billion next year.
Ahead of the 2014 election, Victoria’s net debt was $21.8 billion.
Symes will also serve as Minister for Industrial Relations and Minister for Regional Development.
Minister for Housing Harriet Shing will take on the portfolios of Suburban Rail Loop, Housing and Building, Development Victoria and Precincts, “creating a super ministry aimed squarely at building more homes for families and young people”, the Victorian government said.
The $100 billion Suburban Rail Loop aims to link every major train service from the Frankston line in the south-east, threading through the eastern suburbs and arcing around the norther, via Melbourne Airport in the north-west, and on to the Werribee line in the western suburbs.
There will be transport “super hubs” at Clayton, Broadmeadows and Sunshine.
Construction works have started on the “SRL East” phase, which will see underground stations built at Cheltenham, Clayton, Monash, Glen Waverley, Burwood and Box Hill. The government says the new stations will support the delivery of 70,000 additional homes.
Looking to define itself on housing policy amid a national housing crisis, the Allan went on an announcement spree from late October that included a plan to turbocharge supply across 50 new “train and tram zone” Activity Centres it says will deliver more than 300,000 additional homes across Melbourne by 2051.
Melbourne’s vacancy rate currently sits at just 1.64%, according to the most recent data from PropTrack.
Gabrielle Williams was named to lead an integrated transport Ministry, as Minister for Transport Infrastructure and Minister for Public and Active Transport. Williams will oversee the opening of the Metro Tunnel and West Gate Tunnel in 2025.
Minister for Planning Sonya Kilkenny will continue in the role, and in addition serve as the state’s new Attorney General in Symes’ place.
Victoria is in the early stages of its ambitious Housing Statement initiative, which aims to deliver 800,000 new homes over 10 years.
