Amplify's unlikely fiscal hawks
Paul Bassat's advocacy group has attracted some awkward autographs.
Any close observer of Victoria's state election campaign – now 19 days from its denouement – has been unable to miss the interventions of Amplify, an advocacy organisation established in 2024 by prominent Melbourne businessman Paul Bassat. Without spending a dollar on advertising, the organisation has made itself a loud voice of protest against Victoria's unsustainable debt position. On the face of it, this is to be applauded.
On October 29, Amplify published an open letter signed by more than 100 of its high-profile supporters. It was addressed to "all parties contesting the Victorian election" and asked them "a simple question: what is your plan to pay down Victoria's massive debt?"
It is faintly ridiculous to ask this question of all parties contesting the election rather than the only party – Labor – that has been in power for 12 years and turned a net debt position of $21 billion in 2014 into one of $160 billion (and forecast to hit $200 billion by 2030). But studious political neutrality is required in order to avoid being captured by Victoria's strict third-party campaigning laws.
What really made me splutter in shock were the identities of some of these signatories. For instance, the letter bemoaning state debt and demanding restraint is signed by Sammy Kumar and Russel Howcroft, partners in Tenet Advisory – the firm formerly known as Sayers Group. Kumar was Luke Sayers' right-hand man from their days atop PricewaterhouseCoopers.
