TLDR:
Victorian Treasurer Tim Pallas is facing criticism for the state’s $2 billion venture capital fund, Breakthrough Victoria. Despite calls to wind up the fund due to ballooning debt and inefficient spending, Pallas insists the fund is necessary to support start-up development in the state. The fund, chaired by John Brumby, has made investments in companies like Seer, but layoffs and management changes have raised concerns.
- Tim Pallas rejects calls to wind up the $2 billion venture capital fund, Breakthrough Victoria.
- The fund has faced criticism for inefficient spending and lack of returns on investments.
Despite concerns, Pallas defends the fund, stating that it is modeled after successful global investment companies and will not impact state debt. The government insists that the fund is crucial for promoting innovation and economic growth, although opposition parties are calling for greater transparency and oversight. The future of Breakthrough Victoria remains a topic of debate in Victorian politics.
