Tom Elliott Lays into Political Leaders, RBA, and Victorian Government Over Economic Failures
"So many holes" in state budget as interest payments become fastest-growing line item.
Melbourne radio host Tom Elliott has delivered a blistering critique of Australia's political leadership, the Reserve Bank of Australia (RBA), and the Victorian state government, labeling them all incompetent. His comments came after the Victorian government released a budget projecting high debt on the same day the RBA raised interest rates.
Elliott highlighted a troubling coincidence. The state budget, he said, had "so many holes," noting that interest payments are now the fastest-growing line item, projected to increase by 50% in four years. This, he argued, reflects poor fiscal management.
The radio host also took aim at Reserve Bank Governor Michele Bullock for raising interest rates and for attributing the need for restraint to federal Treasurer Jim Chalmers. Chalmers, Elliott noted, disagreed with Bullock's assessment. He pointed to a 2025 report that the Victorian Treasurer had asked staff to avoid economic terms, suggesting she lacked understanding of finance.
"Net debt is approaching $200 billion," Elliott warned, adding that the suburban rail project lacks committed federal funds and an updated business case. He also flagged increases in land tax, payroll tax, and mortgage costs, saying economic growth figures in the state budget were poor.
Key Criticisms at a Glance:
- State Budget: "So many holes" with interest payments rising 50% in four years.
- RBA Governor: Criticized for raising rates and for misattributing blame to the federal treasurer.
- Treasurer's Competence: Cited report that she avoided economic terms, suggesting lack of financial understanding.
- Debt & Projects: Net debt near $200 billion; suburban rail project lacks federal funding and updated business case.
- Taxes & Growth: Increased land tax, payroll tax, mortgage costs; poor economic growth figures.
Elliott's sharp commentary underscores growing frustration with economic management at both state and federal levels.