The Transport Accident Commission (TAC) Annual Report dumped by Labor in Parliament today has revealed that the organisation has incurred a net operating loss of $3.8 billion over the 2018-19 financial year.
The result places the TAC on a terrible financial trajectory, and has eroded its capacity to fund the Andrews Government’s planned budget raid announced earlier this year that was due to rip $2.9 billion from the TAC’s bottom line by 2021-22.
The first of the Andrews Government’s unprecedented financial raids on the TAC ($890 million) was due to occur in July 2019. It is unclear whether the government has already seized this payment.
If the government is unable to take funds from the TAC this year it will likely to cause the State Budget to fall into deficit.
This is the worst financial outcome ever recorded by the TAC and coincides with the TAC reporting a dramatic increase in fatalities in the six months to June 30
This is a desperate outcome for the TAC and those who rely on its payments, services and road safety initiatives.
Daniel Andrews should tell Victorians how much of the $890 million in ‘amounts equivalent to dividends’ his government has ripped out of the TAC since July 2019.
Comments attributable to Shadow Minister for Road Safety and the TAC, Gordon Rich-Phillips:
“The road toll is 34 per cent higher than the same time last year and the Andrews Labor Government stripped $2.9 billion out of the TAC to prop up its failing budget.”
“Labor’s document dump has revealed that the TAC has made a $3.8 billion loss thanks to Daniel Andrews’ plundering.”
Media Contact: Simon Watson 0484 000 051 Simon.Watson@opposition.vic.gov.au