news item
Independent Review of State Finances Interim Report
27 Apr, 2011
Treasurer Kim Wells today released the interim report of the Independent Review of State Finances.
Mr Wells said the interim report of the Independent Review of State Finances prepared by three of Australia's most respected public finance experts reinforces the analysis of the Victorian Economic and Financial Statement released earlier this month.
Key findings of the report include:
- Victoria's current financial position is unsustainable into the medium term;
- Trend growth in expenses has outpaced trend revenue over the past decade; this has been obscured by the accounting treatment of the significant additional Commonwealth-sourced revenue received for specific infrastructure programs;
- On the current trajectory, the level of net infrastructure investment is insufficient to deliver high quality public services to Victoria into the medium and longer term; and
- Victoria's stock of debt has risen markedly over the past three years.
The interim report can be viewed and downloaded at www.dtf.vic.gov.au
