Latest news with #Symes
Sky News AU
20-06-2025
- Business
- Sky News AU
Victorian Treasurer Jaclyn Symes slammed as state set to remain at the lowest credit rating in Australia
The Victorian opposition has delivered a brutal rebuke of Treasurer Jaclyn Symes as the state's credit rating remains the lowest in the country, despite her meeting with credit rating agencies. Ms Symes made the trip to New York during the week to meet with S & P Global and Moody's as she attempted to plead her case for why Victoria's credit rating shouldn't be downgraded again. As it stands, Victoria has the worst credit rating out of all of the Australian states, after being dropped twice, initially from AAA to AA+ and then again to AA. The visit to the United States came after warnings the rating could be downgraded once more, with the state's debt set to reach $194bn by 2028. After the meetings, the Treasurer described Victoria as a city offering "stability and opportunity" in comparison to a "sense of doom for America" from a geopolitical perspective, comments shadow treasurer James Newbury says were contradicted by the credit agencies' assessment of the state's budget management. "The credit rating agencies contradicted everything she said. They said there are fundamental issues which we know with the government's mismanagement... so completely contradicted, everything she's said. "I mean, frankly, the Treasurer can't help but fall over her own feet. She went overseas to beg for our credit rating not to be downgraded. And of course, we don't want it to be downgraded, we want it to be fixed. "I just think that the entire state and probably the whole country knows this government hasn't got a good track record of making sure that happens. I think we all know with a nearly two hundred billion dollar debt, that's 1.2 million dollars an hour in interest, they're not going to fix it." Mr Newbury also recalled the Treasurer's awkward moment last month where she asked a room of property developers and investors what their "favourite tax" was. "I think the fact that they've put us on a credit rating watch tells us why we have the worst credit rating in the this is the same treasurer who only a couple of weeks ago went into a really big event and said, to industry, what's your favourite tax? "I mean, is this treasurer serious? We have the worst taxes in the country, the most taxes in country, and the Treasurer thinks that the room is sitting there gagging to pick the best one. Well, they all know which, they've all got a favourite that they don't like. In fact, they've probably got a list of what they don t like." The shadow treasurer said the budget's blowouts under the Victorian Labor government have been "astonishing". "This government multiple times over multiple years has said before a budget and around budget time, 'we're gonna reduce the size of the public service'. And guess what happens come the next budget? They've spent more money on the public service, not less, more money," he said. "I mean, to give you a view of some context, the amount between what they promise at budget time to spend and the amount they actually spend, is $14 billion in blowouts on average every year they've been in government "Just think about that. I mean, it's nearly 15 per cent more than the entire budget they have every year in blowouts. The blowouts are astonishing. So what they put in writing at the start of the year and what they spend 15 per cent above, $14 billion on average in blowouts. You can't believe anything they say."
AU Financial Review
17-06-2025
- Business
- AU Financial Review
Victorian treasurer courts Wall Street investors
Victorian Treasurer Jaclyn Symes courted some of Wall Street's most prominent investors, including JPMorgan and BlackRock, to lure more capital – especially for data centres and renewable energy projects – into the state, which is heavily relying on economic growth to fix the budget bottom line. Symes was in New York between June 4 and June 12 to meet investors, credit rating agencies and businesses after handing down her first state budget that showed Victoria's net debt will grow to $194 billion by 2028-29, making up 24.9 per cent of the economy.
The Age
08-06-2025
- Business
- The Age
Bots to help fill Victoria's budget hole: State hopes AI can slash costs
Artificial intelligence and automation will be a cornerstone of the Victorian government's $3.3 billion cost-slashing plan as Treasurer Jaclyn Symes pledges to free up public servants from repetitive and time-consuming tasks. Symes told budget estimates hearings last week that automation and new technology would be key ways the government looks to make savings and create a more efficient public service. Asked if this meant losing jobs to AI, Symes said she 'probably' wouldn't characterise it like that. 'We're not replacing humans with robots but we are certainly looking at efficiencies with technologies and ensuring that people can do their job as effectively as possible,' she said. 'In relation to the opportunities with AI, the ability for people to be assisted to do their job, I think there are some great opportunities in that respect. 'I know the Department of Government Services is leading the way in that regard. Freeing up people from repetitive tasks so they can really target their work into the things that matter most to the Victorian community, I think, is worthwhile work to do.' The AI efficiency push comes after the government pledged to make $3.3 billion – the equivalent of 1200 jobs – in public sector savings over the forward estimates in last month's budget. Symes has conceded the government is far too large and the state's more than 500 entities and 3400 boards and committees need to be scaled back. The State Revenue Office already uses AI to detect unpaid taxes and fraud, while staff also use the tools to process 'routine administrative tasks' like meeting transcripts. The new digital revamp will initially focus on making licensing and other government approvals smoother and faster, as well as fast-tracking students with prior experience through TAFE courses. The Community and Public Sector Union has warned the government against using AI as a tool to cut costs and jobs, saying it should only enhance public servants' work.
Sydney Morning Herald
08-06-2025
- Business
- Sydney Morning Herald
Bots to help fill Victoria's budget hole: State hopes AI can slash costs
Artificial intelligence and automation will be a cornerstone of the Victorian government's $3.3 billion cost-slashing plan as Treasurer Jaclyn Symes pledges to free up public servants from repetitive and time-consuming tasks. Symes told budget estimates hearings last week that automation and new technology would be key ways the government looks to make savings and create a more efficient public service. Asked if this meant losing jobs to AI, Symes said she 'probably' wouldn't characterise it like that. 'We're not replacing humans with robots but we are certainly looking at efficiencies with technologies and ensuring that people can do their job as effectively as possible,' she said. 'In relation to the opportunities with AI, the ability for people to be assisted to do their job, I think there are some great opportunities in that respect. 'I know the Department of Government Services is leading the way in that regard. Freeing up people from repetitive tasks so they can really target their work into the things that matter most to the Victorian community, I think, is worthwhile work to do.' The AI efficiency push comes after the government pledged to make $3.3 billion – the equivalent of 1200 jobs – in public sector savings over the forward estimates in last month's budget. Symes has conceded the government is far too large and the state's more than 500 entities and 3400 boards and committees need to be scaled back. The State Revenue Office already uses AI to detect unpaid taxes and fraud, while staff also use the tools to process 'routine administrative tasks' like meeting transcripts. The new digital revamp will initially focus on making licensing and other government approvals smoother and faster, as well as fast-tracking students with prior experience through TAFE courses. The Community and Public Sector Union has warned the government against using AI as a tool to cut costs and jobs, saying it should only enhance public servants' work.
The Age
26-05-2025
- General
- The Age
The cake-shaped home that reimagines what a beach house can be
A 60-year-old beach house shaped like a slice of cake without icing has been a Mollymook landmark for generations, particularly for surfers looking for a break on that stretch of the NSW South Coast. Shortlisted in two categories in the 2025 NSW Architecture awards, the redesign of Cake House could become an exemplar for how to turn a draughty beach house that was expensive to heat and cool into a solar-powered home habitable year-round. Architect Alexander Symes said the home's distinctive roofline had made it a beacon. 'Because it is a cake-shaped piece, it became affectionately known as the break in front of Cakey. Surfers would say 'the surf is breaking really well in front of Cakey', or '100 metres to the north of Cakey'.' The design of the 175 square metre holiday home by Alexander Symes Architect that sleeps 17 people makes sustainable architecture fun. Sliding double-glazed doors open in living areas to turn a semicircular dining table into a full circle that seats more than a dozen. Nets for children to climb on hang high above the bunk beds. Gold leaf paint on the peak of the roof makes the local icon sparkle in the morning sun. Wide steps lead to a fire pit and the beach. A spread of surfboards lean against the Australian hardwood. Shortlisted in the alterations/additions and the sustainable categories of the NSW awards, Cakey was once clad in aluminium – 'like living in a tent', Symes said. 'Now it is super-insulated, with high-performance glazing, and airtight with a heat recovery ventilation system for constant fresh air so it is healthy and warm.'
