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1、Strategy and Outlook 2006 07 Presented by The Honourable John Brumby M P Treasurer of the State of Victoria for the information of Honourable Members Budget Paper No 2 i TABLE OF CONTENTS Chapter 1 Financial Policy Objectives and Strategy 1 Financial strategy objectives and priorities 2 Objective on
2、e operating surplus 4 Objective two infrastructure 6 Objective three service delivery 10 Objective four taxation 13 Objective five net financial liabilities 16 Chapter 2 Economic Conditions and Outlook 19 Victorian economic projections 19 Economic overview 20 Chapter 3 Budget Position and Outlook 33
3、 Budget estimates and outlook 33 Fiscal overview 39 Service delivery 43 Sources of revenue 47 Use of cash resources 48 Chapter 4 Balance Sheet Management and Outlook 51 Balance sheet 52 Total assets 55 Total liabilities 62 Financial analysis 66 Chapter 5 Commonwealth State Financial Relations 73 Pot
4、ential gains from cooperative federalism 73 How GST funds are distributed 75 Reform of how GST revenue is shared between the states 77 Review of state taxes under the intergovernmental agreement 80 Impact of grants on Victoria s financial position 81 Chapter 6 Statement of Risks 85 Economic risks 85
5、 Fiscal risks 91 Contingent assets and liabilities 95 Chapter 7 Productivity Participation and the Reform Agenda 109 Meeting the challenges to economic growth 109 A reform blueprint 111 Conclusion 119 Style Conventions 121 Index 123 ii Strategy and Outlook 2006 07Chapter 11 CHAPTER 1 FINANCIAL POLIC
6、Y OBJECTIVES AND STRATEGY The Government will meet its 100 million budget surplus target ensuring that businesses and families in Victoria have a stable financial environment in which to invest and plan for their future The target will be achieved with a surplus of 317 million in 2006 07 and averagi
7、ng 316 million over the forward estimates period The Government is helping create greater capacity for economic growth through significant investments in infrastructure projects This budget provides new asset investment funding with total estimated investment of 3 6 billion In addition to the 1 3 bi
8、llion announced in the 2005 06 Budget Update this brings total 2006 07 TEI to 4 9 billion Over the next four years general government real capital stock will grow by 11 0 per cent more than double the expected rate of population growth The Government continues to make significant progress against it
9、s key social objectives including rebuilding schools hospitals police stations aged care facilities and community centres All of the Government s election output and asset commitments have now been funded with the remaining 112 million of funding provided in this Budget This budget finances a number
10、 of major policy statements Moving Forward Making Provincial Victoria the Best Place to Live Work and Invest Maintaining the Advantage Skilled Victorians investing in our training system Healthy Futures delivering better health research and jobs for Victorians and Meeting Our Transport Challenges co
11、nnecting Victorian communities Victoria has continued to reform payroll tax land tax and WorkCover premiums All of these have been further reduced in this budget As a result of these cuts Victoria s overall tax level is around the Australian average and significantly below that of New South Wales 2C
12、hapter 1Strategy and Outlook 2006 07 Victoria is maintaining modest and sustainable levels of net financial liabilities consistent with its triple A rating The Government is using its strong balance sheet and budget position to fund key investment projects that generate long term benefits FINANCIAL
13、STRATEGY OBJECTIVES AND PRIORITIES This chapter sets out the Government s financial policy objectives and strategies as required by the Financial Management Financial Responsibility Act 2000 The Act includes a set of sound financial management principles These are to manage financial risks faced by
14、the State prudently taking into consideration economic circumstances pursue spending and taxation policies that are consistent with a reasonable degree of stability and predictability in the level of the tax burden maintain the integrity of the Victorian tax system ensure that government policy deci
15、sions have regard to their effects on future generations and provide full accurate and timely disclosure of financial information relating to the activities of the Government and its agencies In its 2002 election policy statement Delivering Financial Responsibility the Government announced its finan
16、cial strategy objectives and priorities A sound financial position provides a stable financial basis from which growth can be promoted across the whole State through delivering world class infrastructure to drive economic growth and improving the quality access and equity in key services to all Victorians Strategy and Outlook 2006 07Chapter 13 In the edition of Growing Victoria Together released on 29 March 2005 the Government considered Victoria s changing environment and identified some crucia
