Financial Assistance to Industry
Overview
The release of the economic strategy by the Victoria Government in April 1984 provided an innovative framework for the development of the State for the next decade. Substantial claims have since been made by the Government concerning the broader success of the strategy in various published documents.
The purpose of this report is to ensure that the mistakes of the past are not repeated and the various recommendations and observations in this report have been framed with this in mind. A major concern arising from the findings of this review is the lack of adequate performance indicators at the Victorian Economic Development Corporation (VEDC) and the Department of Industry, Technology and Resources (DITR). While these agencies have a number of quantitative performance indicators, they seldom adopted indicators relating to quality of performance. It is essential that programs relating to the strategy are adequately monitored and evaluated to ensure that the Treasurer is supplied at all times with the information necessary to make sound economic decisions.