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Victorian Economic and Financial Statement
The Victorian Economic and Financial Statement, April 2011 provides an update of the economic context and financial impacts on Victoria's finances.
Premier Ted Baillieu said the report showed that Victoria’s finances will experience a downward revision of more than $5 billion as a result of at least $2 billion in capital cost blowouts inherited from the Brumby Labor Government, a $2.5 billion GST revenue cut and a $550 million deferral of project funding by the Gillard Government.
Treasurer Kim Wells said there were massive black holes in a series of major projects and programs that the Brumby Labor Government knew about and hid from the Victorian public.
Mr Baillieu said the government had introduced a rigorous process to ensure that major projects would now have proper governance, management, design and financial costing to ensure that these projects were delivered on time and on budget.
Find out more about Victorian Economic and Financial Statement, April 2011.
