Robin Scott MPMinister for Finance2 June 2017

Victorian Budget 2017/18

Public Accounts and Estimates Committee –2017-18 Budget Estimates hearing

Minister for Finance responsibilities

• Whole of government Financial Management and Risk Management Frameworks

• Oversight of Essential Services Commission and VMIA• Victorian Government Purchasing Board• Land, property and Crown Land • WorkSafe and TAC• Government vehicle fleet• Emergency Services and State Superannuation• Regulation of Housing Agencies• DataVic and Government Intellectual Property• CenITex governance• Shared Service Provider

Portfolio highlights - Finance

• Amendments to the Financial Management Act 1994

• Greener Government Buildings program

• New Supplier Code of conduct from 1 July 2017

WorkSafe Victoria financial performance

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%

140%

150%

160%

170%

‐1500

‐1000

‐500

0

500

1000

1500

Jun‐06 Jun‐07 Jun‐08 Jun‐09 Jun‐10 Jun‐11 Jun‐12 Jun‐13 Jun‐14 Jun‐15 Jun‐16

PFIO ($M) NRAT ($M) Actuarial Release ($M) Funding Ratio (RHS) Economic Funding Ratio (RHS)

WorkSafe Victoria – OHS performance

In Victorian workplaces the number of claims per million hours continues to decrease.

In 2015-16:

• 46 259 inspector visits• 32 workplace fatalities

Improving workplace safety and wellbeing

• Quad bikes rebate scheme• WorkHealth program

TAC financial performance

40

60

80

100

120

140

160

-1200

-1000

-800

-600

-400

-200

0

200

400

600

800

1000

1200

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

per c

ent

$ m

illio

n

PFIO NRAT Accounting Funding Ratio Economic Funding Ratio

TAC initiatives

Residential Independence Pty Ltd

Recovery card

VMIA financial performance

0

50

100

150

200

-400

-300

-200

-100

0

100

200

300

400

500

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

per c

ent

$ m

illio

n

PFIO Net Result Accounting Funding Ratio Economic Funding Ratio

VMIA – PRactical Obstetric Multi-Professional Training (PROMPT)

Superannuation liability

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

-

5

10

15

20

25

30

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Top-

up p

aym

ents

($bi

llion

)

Supe

rann

uatio

n lia

bilit

y ($

bill

ion)

Liability on a Reporting Basis (left axis)

Liability on a Funding Basis(left axis)

Top-Up Payments (right axis)

© State of Victoria 2017

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