In 1989 he moved to Transport and also became Deputy Leader of the Opposition, but in 1990 he lost those roles and was Shadow Minister for Manufacturing Industry and Commerce.
Following the 1992 state election, which was won by the Coalition, Pescott became Minister for Industry Services, serving until 1996.
[1] Pescott’s final speech in parliament featured a blistering attack on Premier, Jeff Kennett who he accused of not listening to advice and not fostering debate within the party room.
Pescott's resignation from Parliament is widely referenced as the beginning of the end of the Kennett Government.
[3] In September 2008, Enviroinvest an Australian Securities Exchange listed company founded by Pescott that owned blue gum timber plantations in Victoria collapsed with the Pescott family having a substantial shareholding.