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2013-14 Financial Report (Incorporating Quarterly Financial Report No 2013-14 Financial Report (incorporating Quarterly Financial Report No. 4) Financial Quarterly (incorporating 2013-14 Financial Report Building for Growth 2013-14 Financial Report (incorporating Quarterly Financial Report No. 4) Presented by The Hon. Michael O’Brien MP Treasurer of the State of Victoria 2013-14 Financial Report (incorporating Quarterly Financial Report No. 4) dtf.vic.gov.au The Secretary Department of Treasury and Finance 1 Treasury Place Melbourne Victoria, 3002 Australia Telephone: +61 3 9651 5111 Facsimile: +61 3 9651 2062 dtf.vic.gov.au Authorised by the Victorian Government 1 Treasury Place, Melbourne, 3002 Printed by On Demand, Port Melbourne © State of Victoria 2014 This work, the 2013-14 Financial Report (incorporating Quarterly Financial Report No. 4), is licensed under a Creative Commons Attribution 3.0 Australia licence. You are free to re-use the work under that licence, on the condition that you credit the State of Victoria (Department of Treasury and Finance) as author and comply with the other licence terms. The licence does not apply to any images, photographs or branding, including the Victorian Coat of Arms, the Victorian Government logo and the Department of Treasury and Finance logo. Copyright queries may be directed to [email protected] ISSN 1440-6969 If you would like to receive this publication in an accessible format, Published October 2014 please telephone (03) 9651 0909 or email [email protected] Printed on recycled paper This document is also available in PDF and Word format at dtf.vic.gov.au. Financial Report (incorporating Quarterly Financial Report No. 4) 2013-14 Presented by The Hon. Michael O’Brien MP Treasurer of the State of Victoria for the information of Honourable Members _______________________ Ordered to be printed _______________________ October 2014 No 382, Session 2010-14 TABLE OF CONTENTS Chapter 1 – Foreword ............................................................................................................ 1 Chapter 2 – General government sector outcome ................................................................... 5 Fiscal objectives ....................................................................................................................................... 5 Financial performance ............................................................................................................................. 8 Financial position ................................................................................................................................... 11 Cash flows .............................................................................................................................................. 13 Infrastructure investment ...................................................................................................................... 14 Chapter 3 – State of Victoria outcome .................................................................................. 17 Financial performance ........................................................................................................................... 17 Financial position ................................................................................................................................... 21 Cash flows .............................................................................................................................................. 22 Financial sustainability (non-financial public sector) ............................................................................. 23 Chapter 4 – Annual Financial Report..................................................................................... 25 Report of the Auditor General ............................................................................................................... 26 Notes to the financial statements ......................................................................................................... 36 Chapter 5 – Supplementary Uniform Presentation Framework tables ................................. 225 The accrual Government Finance Statistics presentation ................................................................... 225 Generally accepted accounting principles/Government Finance Statistics harmonisation ................ 225 Victoria’s 2013-14 Loan Council Allocation ......................................................................................... 235 Appendix A – General government sector quarterly financial report ................................... 237 Appendix B – Financial Management Act 1994 – Compliance index .................................... 241 Appendix C – Scope and style conventions ......................................................................... 245 i CHAPTER 1 – FOREWORD Purpose The 2013-14 Financial Report for the State of Victoria presents the consolidated financial outcomes for the State of Victoria, including the general government sector, the public non-financial corporations sector and the public financial corporations sector. This chapter outlines the economic and fiscal context for the State’s financial performance and position, and summarises the 2013-14 results. Chapter 2 analyses the results for the general government sector, comparing them with the revised estimates for the year presented in the 2014-15 Budget. Chapter 3 presents the 2013-14 results for the State of Victoria. Chapter 4 contains the audited financial statements as required under the Financial Management Act 1994. These are presented in line with applicable Australian accounting standards and pronouncements, in particular AASB 1049 Whole of Government and General Government Sector Financial Reporting. Chapter 5 provides supplementary information required under the Uniform Presentation Framework, as agreed under the Australian Loan Council arrangements. Appendix A includes the Quarterly Financial Report for the general government sector as required by Section 26 of the Financial Management Act 1994. The Financial Management Act 1994 requires the relevant Minister to prepare an annual financial report for each financial year. Since the first audited annual financial statements for the State of Victoria prepared in 1996-97 under the Financial Management Act 1994, they have been prepared and certified by the Department of Treasury and Finance for the relevant Minister(s), given the highly technical nature of the document. This long-standing administrative arrangement was formalised in 2009 by the then Treasurer and Minister for Finance under delegation authority provided by the Act. Notwithstanding this arrangement, the 2013-14 Financial Report for the State of Victoria remains a document within the Treasurer’s responsibility and accountability, duly prepared in accordance with the requirements of the Financial Management Act 1994. Economic context Victoria’s economy grew steadily in 2013-14 despite challenging conditions. State final demand grew by 2.5 per cent over the year to June 2014. This growth was driven by improved business investment and household consumption, including stronger retail trade underpinned by higher consumer sentiment and a moderation in households’ savings rate over the first half of the year. Rising property and stock prices in a low interest rate environment buoyed household wealth. Demand for new housing increased in 2013-14, consistent with rising property prices. Residential building approvals rose markedly in the first half of 2013-14 and remained at elevated levels throughout the year. While dwelling investment was unchanged in 2013-14 overall, it was stronger over the second half of the year as the rise in approvals flowed through to increased construction. Employment expanded modestly in 2013-14, and Victoria’s growth exceeded that of the other non-mining states. The national unemployment rate rose, and the rise in the year-average unemployment rate in Victoria was consistent with the national trend. Victoria’s participation rate continued to be the highest of the non-mining states. 2013-14 Financial Report Chapter 1 1 Population growth was strong over the year to December 2013, with Victoria seeing the largest gains from net interstate migration in over three decades. Business investment activity strengthened towards the end of 2013-14, consistent with higher levels of business conditions and confidence reported over the year. A lower exchange rate provided some relief for Victoria’s merchandise exporters in 2013-14, but remained high compared with historical levels. Victoria is benefiting from rising demand from Asia, particularly for agricultural goods. Improving economic conditions in the US also led to a sharp increase in demand for Victorian products over the year. Victoria is the only state holding both a triple-A credit rating with a stable outlook from both major international credit rating agencies and also forecasting strong budget surpluses each year over the budget and forward estimates. A strong ongoing financial position allows more of the State’s investment in infrastructure to be funded through cash surpluses, rather than unsustainable levels of debt. Fiscal outcomes The net result from transactions for the general government sector was a surplus of $2.0 billion in 2013-14, $1.0 billion higher than the revised estimate for the year. The difference was mainly due to the early receipt of Commonwealth grants payments which were not known or reflected in the revised estimate for 2013-14 prepared at
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