Treasurer John Lenders today welcomed the Auditor General’s report on the recently tabled Annual Financial Report (AFR), which independently confirms Victoria’s strong economic performance.
Mr Lenders said the Auditor General confirmed that Victoria was in a strong financial position, reporting that “overall, the financial performance and position of the state has improved”.
The Auditor General also noted an improvement in the level and quality of disclosure provided in the AFR.
“The Brumby Government is committed to openness and transparency in financial reporting,” Mr Lenders said.
“The Annual Financial Report is one of a number of financial reports tabled each year under changes made by this Government to ‘open the books’ to all Victorians.”
The report also found that Victoria was ahead of the pack in releasing its financial results for the year 2006-07, coming second only to Western Australia.
“Since introducing changes to the Financial Management Act in 2000, this Government has been providing timely and regular information about the State’s finances throughout the year,” Mr Lenders said.
“This was one of a range of reforms to strengthen accountability in Victoria and the Government has since built on these reforms with changes to Freedom of Information announced yesterday.”
Mr Lenders said the Auditor General also noted the net result from transactions provided the most robust measure of the Government’s financial management.
“This measure excludes the impact of other economic flows – including superannuation liabilities – and gives the best picture of the State’s Budget position,” he said.