John Cain Jr.

John Cain Junior (mostly known simply as John Cain in his time in office as most people had not lived through his father John Cain Senior's time in politics) was a mildly mannered, personally parsimonious suburban solicitor who became Premier of Victoria in 1982 and was the first person from the Australian Labor Party to hold the post since his father John Cain Snr.[?] in 1955, and the first from that party to hold the post consecutively for multiple terms. He served three terms and was popular in his first two terms.

In the third term, during the "entrepreneurial 80s" there was a period of extraordinarily imprudent business activity. Aspects of this were the lending of billions of dollars of money to buy existing businesses and to promote rash business projects. The state owned "State Bank of Victoria" and the "Victorian Economic Development Corporation" or VEDC were both involved in this dubious activity.

The activities of the VEDC became a major political liability to the Labor Party and the State Bank of Victoria was only saved from collapse by being bought out by the Commonwealth Bank of Australia. The collapse of the Pyramid Building Society[?] was also distastrous, especially for its home city, Geelong and this contributed to the government's woes despite its lack of association with the private firm.

John Cain and Robert Jolly (the Treasurer) were perceived to be responsible for much of the economic disaster and the leadership of the Labor Party and the Premiership was passed onto Joan Kirner.

Preceded by: Lindsay Thompson[?]

List of Victorian Premiers

Followed by: Joan Kirner