Public Accounts

1
Public Accounts Estimates Committee2006-07
Budget Estimates Hearing

• The Hon. John Brumby MP
• Treasurer

2
Sound financial management
Source Victorian Budget Papers
3
Net financial liabilities at prudent levels AAA
billion
of GSP
Source Victorian Budget Papers
4
Victorian economy going forward
Source Victorian Budget Papers
5
Terms of Trade
Source Australian Bureau of Statistics
6
Victorian economic growth in context
GSP growth

Estimate
Sources Australian Bureau of Statistics, Budget
Papers
7
Business investment growing
Source Australian Bureau of Statistics
8
Building approvals strong
Value of building approvals ( year ended) per
capita
Victoria
Australia
Source Australian Bureau of Statistics
9
Non-residential construction pipeline
billion
Year-end, Pipeline includes roads,
non-residential building, heavy industry and
other engineering
Source Australian Bureau of Statistics
10
Construction Activity
million
Source Australian Bureau of Statistics
11
Record net infrastructure investment

• 12.6 billion of investment over 4 years to
  2009-10

Department of Treasury and Finance
12
Land tax rates compared
Victorias Land Tax rates compared to NSW
Queensland 1999-00 to 2006-07
Land Tax Payable ()
3.425m
1.541m
0.380m
Unimproved Value of Landholdings
Source Department of Treasury and Finance
Using Queensland land tax rates on companies
13
Payroll tax rates compared

• Reduces payroll tax rate to 5 over next two
  financial years cuts costs by 533 million for
  over 20,000 businesses

Source Department of Treasury and Finance
14
A further cut to WorkCover premiums

• Third consecutive 10 reduction in WorkCover
  premiums (170 million savings per year)

2004-05 cut
2005-06 cut
2006-07 cut
Source Victorian Budget Papers
15
Public Accounts Estimates Committee2006-07
Budget Estimates Hearing

• The Hon. John Brumby MP
• Treasurer

16
Historical infrastructure spending
Infrastructure Spending (selected years)
Sources ABS time series data to 2004-05
Treasury and Finance budget forward estimates
17
Tax, revenue and GSP

• Under this Government, strong economic growth has
  resulted in GSP growing at a faster rate than
  taxation and total revenue.

18
Tax as of GSP
Source Victorian Budget Papers
19
Payroll tax rates compared

• Reduces payroll tax rate to 5 over next two
  financial years cuts costs by 533 million for
  over 20,000 businesses

Source Department of Treasury and Finance
20
Victoria's 5 payroll tax rate (1 July 2008) -
Difference from tax payable in Queensland
21
Land tax rates compared
Victorias Land Tax rates compared to NSW
Queensland 1999-00 to 2006-07
Land Tax Payable ()
3.425m
1.541m
0.380m
Unimproved Value of Landholdings
Source Department of Treasury and Finance
Using Queensland land tax rates on companies
22
A further cut to WorkCover premiums

• Third consecutive 10 reduction in WorkCover
  premiums (170 million savings per year)

2004-05 cut
2005-06 cut
2006-07 cut
Source Victorian Budget Papers
23
GST subsidies to other States 2006-07
Source Department of Treasury and Finance
24
First Home Buyers - Victoria NSW
Monthly First Home Buyers - January 2005 to
February 2006