Victorian Auditor-General's Office

2. Financial outcomes for the GGS

Conclusion

The operating cash result turned around this year, with a surplus of $4.3 billion ($8.9 billion deficit in 2021–22). However, this includes the $7.9 billion proceeds from the VicRoads modernisation joint-venture arrangement. The GGS would have reported an operating cash deficit of $3.6 billion without this inflow. It also loses some of the future cash inflows from the registration and licensing activities that it controlled before the joint-venture arrangement.

1. Audit outcomes

Conclusion

Our clear opinion provides reasonable assurance that the financial performance and position of the State of Victoria, and within that the general government sector, as reported in the 2022–23 Annual Financial Report of the State of Victoria (AFR), is reliable.

Auditor-General’s Report on the Annual Financial Report of the State of Victoria: 2022–23

Body

The 2022–23 Annual Financial Report of the State of Victoria (AFR) is free from material errors and we issued an unmodified (clear) audit opinion on it.

Audit outcomes

We issued clear opinions on 28 of the 29 material entities’ financial reports.

We continue to modify our audit opinion on the financial report of Victorian Rail Track, because of how it accounts for assets it leases to the Department of Transport and Planning.

Responses to Performance Engagement Recommendations: Annual Status Update 2023

This dashboard provides transparency to the Victorian public and parliamentarians on agencies’ responses to our performance engagement recommendations.

Our performance engagements assess whether government agencies are effectively and efficiently meeting their objectives, using resources economically and complying with legislation. They often identify opportunities for improvement, which are reflected in our recommendations.

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