Statement of Receipts and Payments of the Consolidated Fund and ...

Overall, the Victorian community owns and controls assets amounting to at least $90.9
billion - the monetary assets, physical infrastructure, heritage and natural resource assets created
for use by Victorians.
However, this figure does not take into account the very substantial natural resources and
heritage assets owned by the State, such as oil, gas and brown coal reserves and art collections,
for which reliable values are yet to be calculated.
Budget Sector assets (schools, hospitals, public housing, police stafions, roads, public
transport system, public land, etc.) represent $56.9 billion or 62.6 per cent of the estimated total
public sector assets.
Non-Budget Sector assets account for $34.1 billion or 37.6 per cent of total public sector
assets. The bulk of these represent the fixed assets of five major agencies (Grain Elevators
Board, Gas and Fuel Corporation, Melbourne Water, Port of Melbourne Authority, and State
Electricity Commission of Victoria). The fixed assets of the SECV alone exceed $14.5 billion.
In creating this public assets base, the Victorian Government and its major agencies have
incurred future financial obligations and other liabilities amounting to an estimated $56.2 billion.
Of this amount, the gross public debt amounts to $29.1 billion, 51.7 per cent of the total. This is
made up of borrowings under the Australian Loan Council's 'global limit' arrangements and
outstanding advances from the Commonwealth Government together with drawings from the
'pooled' liquid assets of Victorian public bodies through the Victorian Development Fund.
The other major liability is for provisions of $19.4 billion, the bulk of which are to meet
accrued unfunded employee entitlements for superannuation and long service leave.
In summary, for each Victorian, this balance sheet represents assets of $20 683, liabilities
of $12 781 and a $7 902 share in net publicly created wealth.
3. DEBT
Table B.l details Gross and Net Debt for the Budget Sector and Non-Budget Sectors. A
summary table is also included to provide Total Net Debt of the Victorian Public Sector as at 30
June 1992.
Further discussion of the State's liabilifies is included in Budget Strategy and Review 1992-
93, Chapter 6. Apart from providing background to current debt levels and debt management
strategy, this chapter details the changes in both budget sector and non-budget sector debt during
1991-92.
Table B.l details the Budget Sector Net Debt, Non-Budget Sector Net Debt and the Net
Debt of the Victorian Public Sector as at 30 June 1991 and 1992.
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