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Tim Pallas to resign as Victorian treasurer and Werribee MP

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In short:

Victorian Treasurer Tim Pallas has revealed he is retiring from politics.

Mr Pallas is the Member for Werribee and has served as treasurer since 2014.

What's next?

The state's next treasurer has yet to be chosen, with Mr Pallas declining to name his preferred successor.

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."

New treasurer yet to be revealed

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.

Tim Pallas to resign as Victorian treasurer and Werribee MP

Tim Pallas was appointed treasurer by Daniel Andrews and served in the role for 10 Victorian budgets. (AAP: Daniel Pockett)

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.

Opposition says resignation allows for 'new approach'

Liberal MP and Shadow Treasurer Brad Rowswell said that despite political differences, he had always found the outgoing treasurer to be a decent man and respected his years of service.

However he said the resignation was a chance for the Victorian government to take a different approach to economic management, by helping to ease cost-of-living pressures.

"After 10 years of Labor, Victoria's finances have been poorly managed by the Labor government with debt expected to skyrocket to $187.8 billion by 2018," he said.

Mr Rowswell said Victorians had been "paying the price for Labor's financial recklessness and incompetence", with 57 new and increased taxes since 2014.

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."

Victorian Chamber of Commerce and Industry chief executive Paul Guerra thanked the treasurer for his "service, commitment and leadership", including in his roles as Minister for Industrial Relations and Minister for Economic Growth.

"Spanning almost two decades in office, including 10 years as treasurer, Tim has been an integral partner in fostering economic growth and ensuring Victoria remains a thriving place to live, work and do business," he said.

"Tim's sincere and proactive engagement with the business community has always been a hallmark of his approach."

Mr Guerra said Mr Pallas's support for the chamber's Business Mentoring Program during the pandemic had been instrumental in helping many small and medium-sized enterprises navigate challenges and grow.

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