Victoria Treasurer Michael O’Brien
Victorian Coalition Government On Track To Deliver Surplus
Victor P Taffa
Victorian Treasurer Michael O’Brien released the 2012-13 Mid-Year Financial Report today, saying the Victorian Coalition Government remained on track to achieve its targeted surplus of more than $100 Million in 2013-14.
The report outlines the financial results for the State of Victoria for the six months to 31 December 2012.
The general government sector recorded a net result from transactions of a deficit of $349 Million. This is consistent with the $341 Million deficit figure recorded at the same time last year, which concluded in a surplus figure of $571 Million for the full year.
The six-month results are consistent with forecasts, taking into account that they do not include significant revenue items that occur in the second half of the year, such as land tax and delayed Commonwealth Grants.
“The mid-year results further demonstrate the Coalition Government’s strong economic management and that Victoria continues to have the strongest finances of any State.” Mr. O’Brien said.
“We continue to be the only State to hold a AAA credit rating with a stable outlook from both international ratings agencies.”
“The AAA credit rating means less of our taxes are being used to pay interest bills, leaving more funds for infrastructure and essential services.”
The Coalition Government’s responsible approach to economic management was endorsed by Moody’s Investor Services in a report earlier this month.
“The Moody’s report underscores that Victoria has the strongest finances of any State in Australia.” Mr. O’Brien said.
“Victoria’s strong financial performance provides increased capacity for current and future investment in infrastructure and essential services, including the world-class children’s hospital at the Monash Medical Centre, 900 Protective Services Officers and a record 1,700 extra Police officers.”