The financial performance of both the state and the GGS deteriorated significantly compared to last year as the state responded to the COVID-19 pandemic.
In 2019–20, the state generated revenue of $77.3 billion ($78.6 billion in 2018–19) and outlaid $86.3 billion ($80.4 billion in 2018–19). This reflects a net loss from transactions of $9.0 billion ($1.8 billion in 2018–19).
The Treasurer of Victoria tabled the AFR in Parliament on 15 October 2020.
We provided a clear audit opinion on the AFR again this year.
Except for VicTrack, we provided clear opinions on the other 25 material entities, whose results are consolidated in the AFR. Our qualification on VicTrack did not flow through to the AFR because the State of Victoria adjusted its results on consolidation.
The AFR contains the audited financial statements of the State of Victoria and the GGS.
Our report, which is required by section 57 of the Audit Act 1994, contains matters we judge as significant that arise from the audit and pertain to either the effective and efficient management of public resources or the keeping of proper accounts and records.
The Treasurer’s Advance was used to fund a wide range of services, initiatives and projects in 2019–20, including:
Figure D1 itemises departments’ use of Treasurers Advances in their response to the COVID-19 pandemic. The most significant items in this list include:
| Who we reviewed | What we assessed | What the review cost |
|---|---|---|
| DET, DELWP, DHHS, DJCS, DJPR, DoT, DPC, DTF | We assessed whether applications by accountable officers to use the Treasurer’s Advance and approvals to use the Treasurer’s Advance (regardless of the source of the request) complied |
| Acronyms | |
|---|---|
| AFR | Annual Financial Report (of the State of Victoria) |
| DET | Department of Education and Training |
| DELWP | Department of Environment, Land, Water and Planning |
| DHHS | Department of Health and Human Services |
| DJCS |
We have consulted with DTF, Department of Education and Training (DET), DELWP, DHHS, DJCS, DJPR, Department of Transport (DoT), Department of Premier and Cabinet (DPC) and Victoria Police, and we considered their views when reaching our conclusions. As required by the Audit Act 1994, we gave a draft copy of this report, or relevant extracts, to those agencies and asked for their submissions and comments.
Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
The Treasurer’s Advance disclosures in the state’s Annual Financial Report for 2019–20 are complete, accurate and fairly presented.
DTF enhanced transparency and accountability by disclosing if individual Treasurer’s Advance items for 2019–20 were attributable to government COVID-19 responses.
Agencies could further enhance transparency by disclosing the amounts they spend against each approval in their financial reports.