Library : Departments of Premier & Cabinet Treasury & Finance DEPARTMENT OF Level 5, 1 Macarthur St East Melbourne, VIC 3002 DX 210759 TREASURY AND FINANCE Ph: 03 9651 5660 Fax: 03 9651 5659 ANNUAL REPORT 2002-03 Email:
[email protected] Intranet: http://library.dtf.vic.gov.au^ ^ ttt.: I-HE > Q = > -a = = 00 lo , a : |N rUI ' cu : ! Qi 9 TERNIE ISÈSS CONTENTS THE YEAR IN REVIEW 3 THE DEPARTMENT 11 2002-03 PERFORMANCE 17 FINANCIAL STATEMENTS 45 APPENDICES 89 ABOVE LEFT TO RIGHT: SUZIE BRYANT, ED CHAN. 1 •' • • • • •••.. ROBERTiMCMIQWN IB .s, SECRETARY'S REPORT For all of its 164-year history, the Department In response to these demands, DTF of Treasury and Finance (DTF) has had a single continues to evolve from a more conventional reason for its existence: the future prosperity of guardian of the exchequer to one of a the State of Victoria. So as Victoria's economy pathfinder to Victoria's future prosperity. evolved from nineteenth century land and gold Today, DTF's vision remains a prosperous rushes to twentieth century agriculture and future for all Victorians. The realisation of this manufacturing, DTF transformed Itself to meet vision demands innovative, expert advice to the challenges of the time. deliver economic, social and environmental The challenges facing Victoria into the future goals within a framework of responsible are no less daunting and complex than those financial management. This focus is reflected faced by our forebears more than a century in DTF's operational objectives. and a half ago. The pace of globalisation, technological development and social change demand pioneering and innovative solutions.