Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nulla quis nibh risus. Pellentesque euismod, nisi id porttitor facilisis, enim lectus pulvinar leo, eu placerat elit mauris vitae sem. Quisque sagittis accumsan mi, non tristique orci viverra sit amet. Maecenas ac elit vitae sem scelerisque bibendum. Donec viverra augue mi, quis dapibus libero. Aliquam sit amet pretium orci. Maecenas fermentum lacus non massa sollicitudin tincidunt.

2010-11 Mid-Year Financial Report

Tuesday, 15 March 2011

The 2010-11 Mid-Year Financial Report presents the financial results for the Victorian public sector for the six months to 31 December 2010.



The net result from transactions for this period was $347 million for the State of Victoria and $482 million for the general government sector.

Treasurer Kim Wells said that since December 31, a number of risks to Victoria’s finances have emerged and the outlook for the Budget has become more challenging.

The Mid-Year Financial Report states:

Looking forward the financial results will come under significant pressure from both expenditure and revenue risks.

“Labor has left Victoria with a series of projects that have blown out in cost by millions of dollars, such as the Regional Rail Link project, the myki ticketing mess, and the West Gate Bridge strengthening project,” Mr Wells said.

“Victoria has also been singled out by Canberra for an unprecedented cut in GST revenue of $500 million in the 2011-12 financial year, and an estimated $2.5 billion over the forward estimates.

“The proposed GST distribution singles out Victoria for the biggest cut of any state and the Coalition Government will strongly oppose it,” Mr Wells said.

The Coalition Government announced a series of measures to provide immediate assistance to Victorians who have been impacted upon by the devastating flood events of January and February.

“These communities will need long-term support to recover, and currently there are a number of communities where flood waters have not subsided, so assessments for flood recovery and restoration are ongoing,” Mr Wells said.

Mr Wells said these are significant financial challenges for the 2011-12 Budget.

“The Coalition Government is committed to delivering our election commitments and achieving the financial parameters we set during the election,” Mr Wells said.

The 2010-11 Mid-Year Financial Report can be viewed at http://www.dtf.vic.gov.au/.

110315 - Wells 2010-11 Mid-Year Financial Report (PDF 36KB)

Joomla Plugin

Media Releases

Thursday 24 April 2014

New suburb names to honour our ANZACs

Victoria’s bravest soldiers, including our very own ANZACs, along with famous battles, significant events and landmarks from World War I and World War II, will be honoured as part of a process to name ...

Thursday 24 April 2014

Australian JSF order set to boost Victorian Manufacturing

Minister for Manufacturing David Hodgett welcomed the Commonwealth Government’s announcement that it would acquire an additional 58 F-35 Lightning Joint Strike Fighter (JSF) Aircraft.

Thursday 24 April 2014

New planning rules to protect the Shrine

One of Australia’s most important and iconic landmarks will be permanently protected from encroaching development, under permanent and mandatory planning controls introduced by the Minister for Planning ...

Thursday 24 April 2014

Support helps packaging plant in Melbourne’s North double its workforce

Federal Minister for Industry Ian Macfarlane, Victorian Minister for Manufacturing David Hodgett and Ford Australia’s Government Affairs Director Ian Mearns yesterday announced a $1.2 million investment ...

Wednesday 23 April 2014

Young people at risk of homelessness graduate at the Education First Youth Foyer in Holmesglen

Minister for Housing Wendy Lovell presented certificates to the first group of young people to graduate from the Developing Independence Certificate at the Holmesglen Youth Foyer, on Tuesday night.

Wednesday 23 April 2014

Victoria’s first Mental Health Complaints Commissioner

Minister for Mental Health Mary Wooldridge said today the appointment of Lynne Coulson Barr as Victoria’s first Mental Health Complaints Commissioner is a landmark in the delivery of public mental health ...

MORE MEDIA RELEASES