Tim Pallas to resign as Victorian treasurer and Werribee MP
Tim Pallas has announced he is standing down as Victorian treasurer and quitting politics.
Mr Pallas has served as treasurer since 2014, and has been an MP since 2006.
"It has been a great honour and a privilege to have the honour to serve," he said.
Mr Pallas said he came to the decision to stand down in the past week after discussions with his family.
"There's no great time to leave the great honour that is high public office, but that time for me I think has come if I have to accept the basic proposition that I don't have exclusive tenure on the role," he said.
Victorian Treasurer Tim Pallas has revealed he is retiring. (AAP: Erik Anderson)
"We do need to present the opportunity for renewal, a new treasurer, a new perspective, new insights. All of those things I think are important.
"I don't believe I have any responsibility or any right to prohibit that opportunity for this government."
Premier Jacinta Allan paid tribute to Mr Pallas, who has been Victoria's longest-serving treasurer.
"That's a remarkably long period of service in a really tough job, a challenging job," she said.
"There's Victorians in a job right now because treasurer Tim Pallas has driven that focus on keeping Victorians in work."
Mr Pallas declined the opportunity to name his preferred successor as Victorian treasurer.
Danny Pearson has been in the role of assistant treasurer since 2020.
"My successor, the person I prefer to fill the role after me, is the person the premier appoints to be the person who fills the role after me," Mr Pallas said.
"The one thing I don't want to be is one of those politicians who now sits back and prognosticates about how great they were and gratuitously provides advice to governments once they've left."
Ms Allan would not say who she was likely to choose as Mr Pallas's replacement.
"I will be very shortly providing advice on who, from the incredibly talented group of people that sit around the cabinet table, who will be coming onboard as treasurer," she said.
Mr Pallas acknowledged there had been occasional moments of tension between himself and both of the premiers under whom he served.
"You've got to have creative tension or you don't create anything, and I've always appreciated the fact that the premiers let me have that opportunity," he said.
Tim Pallas was appointed treasurer by Daniel Andrews and served in the role for 10 Victorian budgets. (AAP: Daniel Pockett)
Federal treasurer Jim Chalmers paid tribute to Mr Pallas, calling him "a fine Victorian and a great Australian".
"He's made an enormous contribution to the state that he loves. He's wonderful company and I'll be sad to see him go," he said.
"From time to time, we butt heads about issues, that's fine, that's to be expected, but nobody could doubt his commitment over 10 years and 10 budgets and all of his experience before then, he has been a huge contributor to the state of Victoria."
