Victoria remains in surplus despite global economic turmoil
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13 November 2008
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Victoria’s finances remain sound despite the impacts of the global financial crisis according to the first quarterly financial report for 2008-09, Treasurer John Lenders said today.
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Mr Lenders said that the September Quarterly Financial Report showed a net result from transactions for the first three months of the financial year of $96 million in surplus. This puts the Victorian Government on track to meet its commitment of delivering a budget of at least one per cent of revenue.
“Victoria remains in a sound budget position, because of a decade of sound financial management,” Mr Lenders said.
“The fundamentals of the Victorian economy are sound fundamentals and the State is as well positioned as any for tougher global economic times.”
The first quarter result primarily reflects an easing of conveyancing duty, as well as normal seasonal variations in other revenue and the timing of expenses.
“We predicted an easing of economic growth at the time of the Budget. Globally, the economy has slowed and this has happened relatively quickly. Victoria has the right strategy in place for these times," he said.
Mr Lenders said the Victorian Government would continue its record infrastructure investment program.
“The Brumby Government has continued to invest in infrastructure to deliver jobs today and build for the future,” Mr Lenders said.
Mr Lenders also said the 2008-09 Budget Update would be released by 15 December.
The Quarterly Financial Report for the three months to 30 September can be viewed at www.dtf.vic.gov.au
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