Report of the Auditor-General on the statement of financial operations, 1994-95
Overview
This report on the audit of the Statement of Financial Operations highlights the success to date of the Government's financial reform measures involving a combination of revenue enhancement and expenditure reduction. A major challenge now faced by the Government is to maintain this momentum while at the same time improving the State's competitiveness. In this context, the Government has, as one of its longer-term budget aims, recognised the need 'to bring Victoria's overall tax effort into closer alignment with the average of the Australian States'. Up to the date of preparation of this Report, significant asset sales have occurred, or were in progress. Furthermore, a number of infrastructure arrangements involving private sector participation had been established or were in the process of finalisation. A significant issue addressed in reporting on these arrangements has been the inclusion in contracts of confidentiality clauses which have sought to restrict the parties to the contracts from publicly disclosing relevant details, except as required by law.