Download a PDF copy of Appendix F: Financial measures and targets.

Download a PDF copy of Appendix E: VicTrack lease arrangements.

Download a PDF copy of Appendix D: Results of material entity audits.

Download a PDF copy of Appendix C: Audit opinion on the AFR.

Download a PDF copy of Appendix B: About this report, the AFR and our financial audits.

Download a PDF copy of Appendix A: Submissions and comments.

Conclusion

In 2020 the former Department of Jobs, Precincts and Regions (the department) had to respond rapidly to implement a large scale grants program to support businesses during the COVID 19 pandemic. This grants program was unprecedented in its experience.

Conclusion

DTF implemented effective internal controls to support the preparation of a complete and accurate AFR.

VicTrack has made significant progress in improving its internal control framework that relates to asset accounting.

The internal control frameworks of the other material entities were adequate to support preparation of complete and accurate financial reports. However, some entities need to strengthen some internal controls to ensure their financial reports remain reliable.

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.

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.