{"id":"public-authorities-dividends-act-1983","name":"Public Authorities (Dividends) Act 1983","slug":"public-authorities-dividends-act-1983","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173324,"registerId":"vic-public-authorities-dividends-act-1983-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Public Authorities (Dividends) Act 1983","content":"Version No. 028\n\n**Public Authorities (Dividends) Act 1983**\n\n**No. 10003 of 1983**\n\nVersion incorporating amendments as at  \n5 February 2025\n\n**table of provisions**\n\n*Section Page*\n\n1 Short title 1\n\n2 Commencement 1\n\n3 Objective of the Act 2\n\n4 Definitions 2\n\n5 Annual dividends to be paid by public authorities to Consolidated Fund 4\n\n6 Reporting of dividends 4\n\n6A Regulations 5\n\nEndnotes 6\n\n1 General information 6\n\n2 Table of Amendments 8\n\n3 Explanatory details 10\n\n**Version No.** **028**\n\n**Public Authorities (Dividends) Act 1983**\n\n**No. 10003 of 1983**\n\nVersion incorporating amendments as at  \n5 February 2025\n\nAn Act to require certain Public Authorities to pay Dividends to the State, to amend the **Public Authorities (Contributions) Act 1966**, the **Public Authorities (Contributions) (Amendment) Act 1983** and the **Port of Melbourne Authority Act 1958** and for other purposes.\n\n**BE IT ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):**\n\n\t1 Short title\n\nThis Act may be cited as the **Public Authorities (Dividends) Act 1983**.\n\n\t2 Commencement\n\nThe several provisions of this Act shall come into operation as follows—\n\n(a) Section 8 shall be deemed to have come into operation on 1 July 1982;\n\n(b) Sections 1, 2 and 9 shall come into operation on the day on which this Act receives the Royal Assent; and\n\n(c) The remaining provisions of this Act shall be deemed to have come into operation on 1 July 1983.\n\n\t3 Objective of the Act\n\nThe objective of this Act is to ensure that the people of Victoria receive a reasonable rate of return on their equity in certain commercial public authorities of the State.\n\n\t4 Definitions\n\n(1) In this Act—\n\nS. 4(1) def. of *public authority* amended by Nos 73/1992  \ns. 4, 130/1993 s. 120, 53/1994 s. 31, 110/1994 s. 38(a)(b), 112/1994  \ns. 114(Sch. 5 item 9), 31/1995  \ns. 52(Sch. 1 item 9), 91/1997  \ns. 49,  \n23/2003 s. 29, 84/2006 s. 15, 85/2006 s. 164, 11/2024 s. 108, 38/2024 s. 18.\n\n***public authority*** means—\n\n* * * * *\n\n(aa) the Gas Transmission Corporation;\n\n(ab) GASCOR;\n\n(ac) VENCorp;\n\n(b) the Melbourne and Metropolitan Board of Works;\n\n(c) the Victorian Convention and Event Trust; or\n\n* * * * *\n\n(e) the Grain Elevators Board; or\n\n(f) the Rural Water Corporation; or\n\n(fa) Electricity Services Victoria; or\n\n(fb) Generation Victoria; or\n\n(fc) Power Net Victoria; or\n\n(fd) Victorian Power Exchange; or\n\n* * * * *\n\n***public equity***—\n\n(a) in relation to a financial year of a public authority other than the Gas and Fuel Corporation of Victoria, means an amount calculated in accordance with the formula ![]() and\n\n(b) in relation to a financial year of the Gas and Fuel Corporation of Victoria, means an amount calculated in accordance with the formula ![]() where—\n\nA represents the current value of the assets of the public authority as at 30 June immediately preceding that financial year;\n\nB represents that part of the fixed assets that consists of capital work in progress;\n\nC represents the liabilities (whether current or non-current) of the public authority as at that date;\n\nD represents the liabilities incurred to finance capital work in progress; and\n\nE represents that part of the capital liabilities of the public authority as at that date that is in the form of shares held by persons other than the State of Victoria;\n\n***Treasurer*** means Treasurer of Victoria.\n\n(2) Subject to subsection (3), the value of \"A\", \"B\", \"C\", \"D\" and \"E\" in the formulae set out in the interpretation of ***public equity*** in subsection (1) shall be determined by the Treasurer after consultation with the Minister responsible for the public authority.\n\n(3) For the purposes of this Act advances or loans made to a public authority out of the Public Account in respect of which a return is being paid to the State of Victoria in the form of interest or in any other form shall not be treated as being part of the public equity of the public authority.\n\n\t5 Annual dividends to be paid by public authorities to Consolidated Fund\n\nS. 5(1) amended by No. 73/1992  \ns. 5(1)(a)(b).\n\n(1) There shall be transferred to the Consolidated Fund in the financial year ending on 30 June 1992 and in each subsequent financial year by each public authority a dividend of such percentage of the public equity of the authority as is determined by the Treasurer after consultation with the Minister responsible for the public authority.\n\nS. 5(1A) inserted by No. 73/1992  \ns. 5(2).\n\n(1A) If the Treasurer so determines in any financial year, there shall be transferred to the Consolidated Fund by each public authority, in addition to the dividend payable under subsection (1) in that year, a special dividend of such amount as is determined by the Treasurer after consultation with the Minister responsible for the public authority.\n\nS. 5(2) amended by No. 73/1992  \ns. 5(3).\n\n(2) The transfer of a dividend to the Consolidated Fund pursuant to subsection (1) or (1A) shall be made at such times and in such manner as is agreed to by the Treasurer and the public authority or as is in default of such agreement determined by the Governor in Council.\n\nS. 5(3)(4) repealed by No. 73/1992  \ns. 7(a).\n\n* * * * *\n\n\t6 Reporting of dividends\n\nNotwithstanding anything in any Act, the financial statements prepared by a public authority in respect of a financial year shall record in such manner as the Treasurer may direct the payment of a dividend required to be transferred to the Consolidated Fund by that public authority in that financial year pursuant to section 5.\n\nS. 6A  \ninserted by No. 73/1992  \ns. 6.\n\n\t6A Regulations\n\nThe Governor in Council may make regulations for or with respect to any matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.\n\nSs 7–9 repealed by No. 73/1992  \ns. 7(b).\n\n* * * * *\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\nThe **Public Authorities (Dividends) Act 1983** was assented to on 13 December 1983 and came into operations as follows:\n\nSection 8 was deemed to have come into operation on 1 July 1982: section 2(a); sections 1, 2, 9 on 13 December 1983 section 2(b); rest of Act was deemed to have come into operation on 1 July 1983: section 2(c).\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original section or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.  \nSee section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThis publication incorporates amendments made to the **Public Authorities (Dividends) Act 1983** by Acts and subordinate instruments.\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n**Public Authorities (Dividends) (Amendment) Act 1992, No. 73/1992**\n\n| Assent Date: | 24.11.92 |\n| --- | --- |\n| Commencement Date: | 24.11.92 |\n| Current State: | All of Act in operation |\n\n\n**Electricity Industry Act 1993, No. 130/1993**\n\n| Assent Date: | 14.12.93 |\n| --- | --- |\n| Commencement Date: | S. 120 on 3.1.94: Special Gazette (No. 97) 23.12.93 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Electricity Industry (Amendment) Act 1994, No. 53/1994**\n\n| Assent Date: | 15.6.94 |\n| --- | --- |\n| Commencement Date: | S. 31 on 3.10.94: Special Gazette (No. 64) 27.9.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Electricity Industry (Further Amendment) Act 1994, No. 110/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | S. 38 on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Gas Industry Act 1994, No. 112/1994**\n\n| Assent Date: | 20.12.94 |\n| --- | --- |\n| Commencement Date: | S. 114(Sch. 5 item 9) on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Gas and Fuel Corporation (Repeal) Act 1995, No. 31/1995**\n\n| Assent Date: | 6.6.95 |\n| --- | --- |\n| Commencement Date: | S. 52(Sch. 1 item 9) on 21.6.95: Special Gazette (No. 49) 14.6.95 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Gas Industry (Further Amendment) Act 1997, No. 91/1997**\n\n| Assent Date: | 9.12.97 |\n| --- | --- |\n| Commencement Date: | S. 49 on 11.12.97: Special Gazette (No. 155) 9.12.97 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Port Services (Port of Melbourne Reform) Act 2003, No. 23/2003**\n\n| Assent Date: | 13.5.03 |\n| --- | --- |\n| Commencement Date: | S. 29 on 3.11.03: Government Gazette 30.10.03 p. 2744 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**State Taxation Legislation (Miscellaneous Amendments) Act 2006, No. 84/2006**\n\n| Assent Date: | 10.10.06 |\n| --- | --- |\n| Commencement Date: | S. 15 on 11.10.06: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Water (Governance) Act 2006, No. 85/2006**\n\n| Assent Date: | 17.10.06 |\n| --- | --- |\n| Commencement Date: | S. 164 on 1.7.07: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**State Electricity Commission Amendment Act 2024, No. 11/2024**\n\n| Assent Date: | 26.3.24 |\n| --- | --- |\n| Commencement Date: | S. 108 on 1.7.24: Special Gazette (No. 319) 18.6.24 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n**Melbourne Convention and Exhibition Trust Amendment Act 2024, No. 38/2024**\n\n| Assent Date: | 22.10.24 |\n| --- | --- |\n| Commencement Date: | S. 18 on 5.2.25: Special Gazette (No. 29) 4.2.25 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Public Authorities (Dividends) Act 1983** |\n\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n3 Explanatory details\n\nNo entries at date of publication.","sortOrder":0}],"analysis":{"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Insufficient legislative text was provided to assess whether the scope changed from the original intent. The Act appears to remain in force in its consolidated form, suggesting it continues to serve its original purpose of enabling dividend extraction from public authorities."},"complexity_factors":["Insufficient legislative text was provided to assess detailed complexity — only metadata and version history were included","The underlying concept (government extracting dividends from public bodies) is relatively straightforward in principle","Interaction with other legislation governing specific public authorities may add hidden complexity in practice","Determination of what counts as a 'dividend' and how profits are calculated for government entities can involve technical accounting and financial law considerations","The 1983 vintage means it may have been amended or overlaid by other laws over time, potentially creating interpretive complexity not visible from this extract"],"plain_english_summary":"The Act lets the Victorian government require government-owned bodies to pay a portion of their profits as dividends into state revenue. It affects public authorities and, indirectly, taxpayers and service users because dividend demands can change how those entities operate or set prices. It gives the state a legal way to reclaim surplus earnings for public spending."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":true,"description":"The original 1983 Act appears to have covered a narrower set of public authorities focused on traditional utilities (gas, water, grain). Over 40 years of amendments, the scope has expanded significantly to include electricity market entities (VENCorp, Power Net Victoria, Victorian Power Exchange), convention centres (Victorian Convention and Event Trust), and most recently the revived State Electricity Commission entities (2024). The definition of 'public authority' has been repeatedly amended—11 times according to the footnotes—to add and remove entities as government structures changed. The 1992 amendments also introduced special dividends and removed previous restrictions, giving the Treasurer broader discretionary powers than originally intended."},"complexity_factors":["Mathematical formulae for calculating 'public equity' with five defined variables (A, B, C, D, E)","Multiple nested definitions in section 4(1) with separate formulae for the Gas and Fuel Corporation of Victoria versus other authorities","Extensive amendment history with 11 amending Acts since 1983, requiring cross-referencing to understand current scope","Conditional logic in section 5: Treasurer determines percentage 'after consultation' with responsible Minister; Governor in Council intervenes if no agreement on timing/manner of payment","Exception in section 4(3) excluding certain loans/advances from public equity calculations","Discretionary power in section 5(1A) for 'special dividends' with no statutory limits or criteria"],"plain_english_summary":"This Victorian law requires certain government-owned businesses (called 'public authorities') to pay dividends—essentially, a share of their profits—back to the State government.\n\n**Who it affects:**\n- **Public authorities** listed in the Act, including entities like the Gas Transmission Corporation, the Rural Water Corporation, and various electricity bodies (Electricity Services Victoria, Generation Victoria, etc.)\n- **The Treasurer of Victoria**, who determines how much each authority must pay\n- **The responsible Ministers**, who must be consulted on dividend amounts\n\n**What it does:**\n- Requires covered public authorities to pay an annual dividend to the State's Consolidated Fund (the government's main bank account)\n- The dividend is calculated as a percentage of the authority's 'public equity'—a formula-based measure of the State's investment in the authority (assets minus liabilities, with some adjustments)\n- The Treasurer can also demand 'special dividends' in addition to the regular annual payment\n- Public authorities must report these dividend payments in their financial statements\n\n**Why it matters:**\nThe law ensures that when the Victorian government invests taxpayer money in commercial enterprises, the public gets a financial return on that investment—similar to how shareholders expect dividends from companies they own shares in. It prevents government businesses from hoarding profits that could otherwise fund public services."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The Act’s core objective (s.3) remains, but the operational scope has changed since enactment. The list and meaning of \"public authority\" in s.4 have been amended repeatedly (see Table of Amendments: 1992–2024), adding, removing or renaming entities across gas, electricity, water and port sectors. Those amendments alter which bodies must pay dividends and how \"public equity\" is calculated, while leaving the dividend mechanism (ss.4–5) intact."},"complexity_factors":["Discretionary setting of dividend percentage and special dividends by the Treasurer after consultation (s.5) increases executive discretion.","Statutory formula for \"public equity\" uses multiple variables (A–E) whose values are determined by the Treasurer after consultation, adding technical valuation complexity (s.4(1)–(3)).","Power for Governor in Council to determine timing/manner if Treasurer and authority do not agree introduces administrative fallback (s.5(2)).","Mandatory financial‑statement recording subject to Treasurer’s directions creates compliance and reporting obligations (s.6).","Regulations power allows further prescription of details, leaving scope for delegated rule‑making (s.6A).","Definition of \"public authority\" has been amended repeatedly across sectoral reform Acts, complicating scope and application (s.4; Table of Amendments).","Multiple historical amendments and repeals across gas, electricity, water and port legislation create interpretive and transitional complexity."],"plain_english_summary":"This Act requires certain state-owned commercial public authorities to transfer annual dividends to the Consolidated Fund. The Treasurer, after consulting the responsible Minister, sets the dividend percentage, can require additional special dividends, and determines each authority’s \"public equity\" under a statutory formula (ss.4–5).\n\nThe Act’s stated objective is to secure a reasonable return on the State’s equity in those authorities (s.3). Mechanically, it creates a predictable cash flow to the State, vests rate and timing discretion in the Treasurer, and imposes reporting directions on authorities (ss.5–6)."}},"importantCases":[],"_links":{"self":"/api/acts/public-authorities-dividends-act-1983","history":"/api/acts/public-authorities-dividends-act-1983/history","analysis":"/api/acts/public-authorities-dividends-act-1983/analysis","conflicts":"/api/acts/public-authorities-dividends-act-1983/conflicts","importantCases":"/api/acts/public-authorities-dividends-act-1983/important-cases","documents":"/api/acts/public-authorities-dividends-act-1983/documents"}}