Losses at Western Health are more extensive than first thought and the Health Minister Daniel Andrews continues to fail to reveal the full extent of potential future losses.

“The annual report released last week revealed Western Health, which includes Western, Williamstown and Sunshine hospitals, recorded a $10.7 million deficit, a significant loss from a $5 million surplus in 2005/06,” said Helen Shardey, Shadow Health Minister.

“A $2 million loss by Western Health in the subprime crisis was also revealed, on which the Auditor-General signed off on 17 August 2007, adding further pressure to precious hospitals resource.

“The $2 million was lost in just six weeks between 30 July and 9 August.

“It is unclear what has happened since 9 August and how much money has been lost from the $8 million investment.

“However, when questioned in Parliament about the extent of further losses, the Health Minister refused to answer questions about losses sustained by Western Health in secret high risk offshore market speculation.

“The Health Minister would have been aware of this substantial loss, yet refused to answer questions about potential future losses.

“At Western Hospital two operating theatres and 56 ward beds were closed as a result of budget cuts – the hospital has 1,253 patients on surgery waiting lists and the highest urgent surgery waiting list ever recorded.

“Last year, 4,923 patients waited more than eight hours on trolleys in the emergency department at Western Hospital.

“The gynecology unit at Williamstown has closed and budget cuts are also occurring in obstetrics, paediatrics, ear, nose and throat, stroke, heart and asthma services.

“The lost millions could have been used to re-open beds and operating theatres, however the Labor Government has decided to gamble with patients’ lives.

“The Brumby Government and the Health Minister must be held accountable for funds lost on the high risk offshore subprime market. This is money which could have been used to pay for resources and staff across the already stretched Western Health system, but instead the government chose to stake it on high risk, secret investments.

“The Victorian Government currently provides the lowest level of per capita funding to public hospitals, it spends the least per head of population on hospitals and has the fewest number of beds per head compared to all the other state and territories, yet it is willing to gamble with hospital funds,” said Mrs Shardey.