Calls for more transparency around Victoria's state-run $2 billion venture capital fund

JOHN BRUMBY, CHAIR, BREAKTHROUGH VICTORIA: Breakthrough Victoria is investing $5 million.DANIEL ANDREWS, VICTORIAN PREMIER: $100 million university innovation platform.

RHIANA WHITSON: Some see it is a high-risk gamble at a time when Victoria already has the highest debt level of any state at $126 billion and growing. RHIANA WHITSON: Back in 2020 at the height of COVID when money was cheap due to record low interest rates, the Victorian Government announced a bold new initiative that promised to create 15,700 jobs over 10 years.

RHIANA WHITSON: 7.30 can reveal after mass job losses at Seer Medical amid a funding crisis, Breakthrough Victoria has propped up the company with another $4 million. STEPHEN MAYNE: Well, the Treasurer is Tim Pallas who is obviously the shareholding minister, but John Brumby, former premier was Tim Pallas’ boss back in the day. He's the chairman. So I would have thought that the chair should be out talking and the Treasurer should be out talking and the fact that they've battened down the hatches and they're refusing to talk sends a message that you know, it's not a pretty story and where there's smoke, there's fire.

RHIANA WHITSON: The Zena vest is made offshore and designed to protect women’s breasts during contact sports. BRIDGET VALLENCE, SHADOW INNOVATION MINISTER: This is public funds. If the government refuses to answer any questions about how they're using that money, what return on investment they are getting, what value for money is this for taxpayers, what benefit is it bringing to the Victorian economy? I think there's serious questions to be answered.

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