Financial Management Act 1994

Part 1—Preliminary

1 Purposes

The purposes of this Act are—

(a) to improve financial administration of the public sector;

(b) to make better provision for the accountability of the public sector;

(c) to provide for annual reporting to the Parliament by departments and public sector bodies.

2 Commencement

(1) Part 1 and sections 60 and 61 come into operation on the day on which this Act receives the Royal Assent.

(2) The remaining provisions of this Act come into operation on 1 July 1994.

3 Definitions

In this Act—

S. 3 def. of accountable officer amended by No. 75/1994 s. 5(1)(a)(i)(ii), substituted by No. 69/2013 s. 11(b).

accountable officer means—

(a) in relation to a department or public body, the accountable officer for the department or public body as determined under section 42;

(b) in relation to a specified entity that is not a department or public body, the chief executive officer (by whatever name called) of the specified entity;

accounting records includes—

(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry; and

(b) such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up;

S. 3 def. of authorised deposit-taking institution inserted by No. 11/2001 s. 3(Sch. item 26.1).

authorised deposit-taking institution has the same meaning as in the Banking Act 1959 of the Commonwealth;

authority means—

(a) a department; or

(b) a person or body prescribed as an authority for the purposes of this Act;

S. 3 def. of Board inserted by No. 75/1994 s. 5(1)(b), amended by No. 30/2025 s. 3(2).

Board, in Part 7A, means the Victorian Government Purchasing Board established by section 54A;

S. 3 def. of business day inserted by No. 43/2004 s. 4.

business day means a day other than a Saturday, a Sunday or a public holiday appointed under the Public Holidays Act 1993;

S. 3 def. of chief finance and accounting officer amended as chief finance officer by No. 30/2025 s. 3(3).

chief finance officer, in relation to an authority or public body, means the person designated as that officer for the purposes of section 43;

S. 3 def. of Court Services Victoria inserted by No. 1/2014 s. 63(b).

Court Services Victoria means Court Services Victoria established under section 5 of the Court Services Victoria Act 2014;

S. 3 def. of Courts Council inserted by No. 1/2014 s. 63(b).

Courts Council means the Courts Council established under section 10 of the Court Services Victoria Act 2014;

S. 3 def. of department substituted by No. 46/1998
s. 7(Sch. 1), amended by Nos 108/2004 s. 117(1) (Sch. 3 item 77.1), 37/2014 s. 10(Sch. item 62), 30/2025 s. 3(4).

department means—

(a) a department within the meaning of the Public Administration Act 2004;

(b) a prescribed office;

S. 3 def. of Department Head inserted by No. 30/2025 s. 3(1).

Department Head means—

(a) in relation to a department within the meaning of the Public Administration Act 2004, a person employed as the Department Head of that department under section 12 of that Act; and

(b) in relation to a prescribed office, the prescribed officer for the prescribed office;

enactment means a rule, regulation, by-law, order, Order in Council, proclamation or other instrument of a legislative character;

S. 3 def. of financial accommoda-tion
inserted by No. 43/1995 s. 8.

financial accommodation has the same meaning as in the Borrowing and Investment Powers Act 1987;

S. 3 def. of financial year amended by No. 75/1994 s. 5(1)(c).

financial year means—

(a) in relation to a public body—

(i) if the Minister has made a determination under section 6 with respect to the financial year of that public body, the period referred to in the determination;

(ii) if a period is determined by or under any other Act to be the financial year for that public body, that period;

(b) in any other case, the period of 12 months ending at midnight on 30 June;

S. 3 def. of gender equality inserted by No. 21/2024 s. 4.

gender equality has the same meaning as in section 3 of the Gender Equality Act 2020;

S. 3 def. of prescribed office inserted by No. 30/2025 s. 3(1).

prescribed office has the same meaning as in section 4(1) of the Public Administration Act 2004;

S. 3 def. of prescribed officer inserted by No. 30/2025 s. 3(1).

prescribed officer has the same meaning as in section 4(1) of the Public Administration Act 2004;

S. 3 def. of public body amended by Nos 75/1994 s. 5(1)(d)(i)(ii), 43/1995 s. 7(1)(a), 1/2014 s. 63(a).

public body means—

(a) a public statutory authority;

(b) a State business corporation or State body within the meaning of the State Owned Enterprises Act 1992;

(ba) Court Services Victoria;

(c) a body, office or trust body—

(i) established by or under an Act or enactment; or

(ii) established by the Governor in Council or a Minister—

and that is declared by the Minister, by notice published in the Government Gazette, to be a body or office to which Part 7 applies;

S. 3 def. of outputs inserted by No. 1/1998
s. 4(a).

outputs means goods produced or services provided by or on behalf of an authority or public body;

S. 3 def. of services repealed by No. 1/1998
s. 4(b).

S. 3 def. of specified entity inserted by No. 69/2013
s. 11(a).

specified entity means an entity specified under section 54AA for the purposes of Part 7A;

S. 3 def. of
the relevant Minister substituted by Nos 75/1994 s. 5(1)(e), 43/1995 s. 7(1)(b).

the relevant Minister means—

(a) in relation to a department, the Minister or Ministers for the time being responsible for any part of that department;

(b) in relation to a public body established by or under a provision of an Act or enactment, the Minister or Ministers for the time being administering that provision or enactment;

(c) in relation to any other public body, the Minister declared by Order under section 5 to be the relevant Minister;

(d) in relation to a body to which section 53A applies, the Minister declared by notice under section 53A(3) to be the relevant Minister in relation to the body for the purposes of section 53A;

trust body means a body (including a trustee or trustees) who or which, or any office the holder of which, is charged with the control or management of any trust, fund, account or superannuation scheme which is established by an Act or enactment or by the Governor in Council or a Minister.

S. 4
repealed by No. 75/1994 s. 5(2), new s. 4 inserted by No. 9/2000 s. 3.

4 Act binds the Crown

This Act binds the Crown not only in right of Victoria but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.

S. 5
amended by No. 43/1995 s. 7(1)(c).

5 Relevant Minister

The Governor in Council may, by Order, declare a Minister to be the relevant Minister in relation to a public body for the purposes of this Act.

S. 6 substituted by No. 75/1994 s. 6,
amended by No. 100/1995 s. 26(1).

6 Declaration of financial year

(1) The Minister may determine in writing that a period, other than the period of 12 months ending at midnight on 30 June or the period determined by or under any other Act, is the financial year for a public body for the purposes of its first or final report of operations and financial statements under Part 7.

S. 6(2) inserted by No. 100/1995 s. 26(2).

(2) Unless inconsistent with another Act, the Minister may, in relation to a public body or class of public bodies, in writing determine that a period, other than the period of 12 months ending at midnight on 30 June, is the financial year for that public body or public bodies of that class for the purposes of Part 7.

7 Delegation

The Minister may, by instrument, delegate to any person or class of persons employed in the administration of this Act any power of the Minister under this Act or the regulations, other than this power of delegation.

8 Directions

S. 8(1) substituted by No. 26/2006 s. 4(1), amended by No. 30/2025 s. 4(1).

(1) The Minister may give an authority, a public body, an accountable officer or a chief finance officer directions in writing for or with respect to any of the matters for or with respect to which regulations may be made under this Act.

Section 59 sets out the matters for or with respect to which regulations may be made under this Act.

(2) Directions referred to in subsection (1) must not be inconsistent with this Act or the regulations.

S. 8(3) inserted by No. 26/2006 s. 4(2).

(3) Directions—

(a) may be of a general or limited application;

(b) may differ according to differences in time, place or circumstances;

(c) may confer a discretionary authority or impose a duty on a specified person or class of person;

(d) may provide in a specified case or class of case for the exemption of persons or things or class of persons or things from any of the provisions of the directions, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified.

S. 8(4) inserted by No. 26/2006 s. 4(2).

(4) A direction may adopt, apply or incorporate the whole or any part of a statement of accounting standards or statement of accounting practice issued at any time before the direction is made by all or any of the persons or bodies referred to in section 59(3).

S. 8(5) inserted by No. 26/2006 s. 4(2).

(5) For the avoidance of doubt, the power to make directions under subsection (1) extends to directions with respect to money in a Trust Account in the Trust Fund that is established by or under another Act.

S. 8(6) inserted by No. 30/2025 s. 4(2).

(6) A person or body given a direction under subsection (1) must comply with the direction.

S. 8A inserted by No. 21/2024 s. 5.

8A Guidelines

The Minister may issue guidelines in relation to—

(a) statements of the gender impacts of budgets under Division 4A of Part 5; and

(b) gender impact assessments under section 40AA.

S. 8B inserted by No. 30/2025 s. 5.

8B Establishment or abolition of certain entities

(1) A Minister (other than the Minister administering this section) who intends to establish a body, office or trust body must consult the Minister administering this section before the body, office or trust body is established.

(2) A Minister (other than the Minister administering this section) who intends to abolish a body, office or trust body must consult the Minister administering this section before the body, office or trust body is abolished.

(3) Notice of the establishment or abolition of a body, office or trust body by a Minister must be published in the Government Gazette by that Minister.

Part 2—The Consolidated Fund

9 The Consolidated Fund

(1) There shall be established and kept an account to be known as the Consolidated Fund.

(2) There shall be credited to the Consolidated Fund—

(a) all money forming part of the Consolidated Revenue under the Constitution Act 1975;

(b) all money—

(i) raised by or on behalf of or received by the State; or

(ii) which by or under an Act is payable to a person holding an office or place in the public service—

and which is not, by or under an Act, required or authorised to be paid to the Trust Fund, or an account in the Trust Fund, or to any other fund.

(3) If the purpose for which money must be applied is defined by the Commonwealth, the Minister may accept the money and credit it to a suitable account in the Trust Fund and, without any other authority than this Act, authorise the disbursement of the money for that purpose.

10 Appropriation of Commonwealth grants etc.

If, under an Act of the Commonwealth or an arrangement between the Commonwealth and the State, money is or will be made available by the Commonwealth to the State by way of grant or otherwise, the Minister may, with approval of the Governor in Council, issue out of the Consolidated Fund such amount as is required to be expended in pursuance of the Act of the Commonwealth or the arrangement and the Consolidated Fund is to the necessary extent appropriated accordingly.

11 Liability under guarantees

If any borrowing or other contract or agreement or the performance of any other contract or agreement is by any Act declared to be guaranteed by the Government of Victoria, any sums required by the Minister or the Treasurer for fulfilling any such guarantee shall be paid out of the Consolidated Fund (which is to the necessary extent appropriated accordingly) and any sums received or recovered by the Minister or the Treasurer in respect of any sum so paid by the Minister or the Treasurer shall be paid into the Consolidated Fund.

12 Loans from Consolidated Fund

Despite anything in any Act, if a payment is made by way of a loan from the Consolidated Fund, the Minister may determine from time to time the terms and conditions of the loan.

Pt 3 (Heading) substituted by No. 1/1998
s. 5.

Part 3—Public ledger and Public Account

S. 13 substituted by No. 1/1998
s. 6.

13 Public ledger

The Minister must ensure that a ledger is established and maintained to record—

(a) transactions on the Public Account; and

(b) expenses and obligations incurred that are to be met out of the Public Account; and

(c) such other transactions and such account balances as the Minister determines.

S. 14
amended by No. 11/2001 s. 3(Sch. item 26.2).

14 Public Account

The Minister must open and maintain the Public Account with such authorised deposit-taking institution or institutions as the Minister determines.

15 Accounts of departments

S. 15(1)
amended by No. 11/2001 s. 3(Sch. item 26.3).

(1) A department may, with the approval in writing of the Minister, and in accordance with such terms and conditions as the Minister determines, open and maintain an account with an authorised deposit-taking institution or institutions.

S. 15(2)
amended by No. 11/2001 s. 3(Sch. item 26.4).

(2) Unless the Minister otherwise determines in writing, an account opened under this section does not form part of the Public Account.

S. 15(3)
amended by No. 11/2001 s. 3(Sch. item 26.4).

(3) Money must not be withdrawn from an account opened under this section except in accordance with the regulations and directions.

S. 16 amended by No. 11/2001 s. 3(Sch. item 26.4).

16 Receipt of public money

A person who collects or receives public money must, in accordance with the regulations and directions, daily or at such intervals as the Minister determines, pay the money into the Public Account or an account opened under section 15.

S. 17 repealed by No. 30/2025 s. 6.

18 Investment of money in Public Account

S. 18(1) amended by No. 104/1995 s. 6(Sch. 1 item 8(a)).

(1) Any money standing to the credit of the Public Account may be invested by the Minister in any manner in which trust funds may be invested under the Trustee Act 1958.

(2) Except where otherwise expressly provided, interest received from the investment of any money under subsection (1) shall be credited to the Consolidated Fund.

Part 4—The Trust Fund

19 The Trust Fund

(1) The Minister may establish Trust Accounts in the Trust Fund and define the purposes for which they are established.

(2) Subject to this section, Trust Accounts existing immediately before the commencement of this section (whether or not established by an Act) continue as Trust Accounts under this section.

(3) All money standing to the credit of an account which is a Trust Account for the purposes of this section is deemed to be money standing to the credit of the Trust Fund.

(4) The Minister may direct that a Trust Account be closed and, after all liabilities of the Trust Account have been met, the Trust Account must be closed accordingly.

S. 19(5) amended by No. 1/1998
s. 7.

(5) The Minister may direct that—

(a) any money standing to the credit of a Trust Account which is not required for the purposes of the Trust Account; and

(b) the balance of money standing to the credit of a Trust Account closed under this section—

be credited to another Trust Account or to the Consolidated Fund.

20 Deposits in Trust Fund

The Minister may—

(a) accept deposits and credit the deposits to an appropriate Trust Account in the Trust Fund; and

(b) allow interest on the deposits at such rates as are from time to time prescribed.

S. 21 amended by No. 104/1995 s. 6(Sch. 1 item 8(b)).

21 Investment of money in Trust Account

The Minister may invest money standing to the credit of a Trust Account in any manner in which trust funds may be invested under the Trustee Act 1958.

22 Expenditure of money in Trust Fund

The Minister must not expend any money standing to the credit of a Trust Account in the Trust Fund except for the purposes of that Account or under the authority of this or another Act.

23 Departmental Working Accounts

(1) The Minister may establish a Trust Account in the Trust Fund as a Working Account for each nominated department.

S. 23(2) amended by No. 1/1998

(2) There shall be paid into the Working Account of a nominated department amounts equal to amounts received from the provision of outputs by the nominated department to the extent, and on the conditions, agreed between the Minister administering this section and the Minister responsible for the nominated department.

(3) For the purposes of the payment of an amount of money into a Working Account under subsection (2)—

(a) an amount equal to that amount of money is deemed to have been appropriated to that Account; and

(b) the Minister may issue the amount out of the Consolidated Fund and apply it for the purpose of that Account.

S. 23(4) amended by No. 1/1998

(4) Money in the Working Account of a nominated department may be expended for the provision of such outputs by the nominated department, and on such conditions, as are agreed between the Minister administering this section and the Minister responsible for the nominated department.

(5) In this section, nominated department means a department, or part of a department, that—

S. 23(5)(a) amended by No. 1/1998

(a) provides outputs to the public or an authority or public body; and

S. 23(5)(b) amended by No. 1/1998

(b) receives fees for those outputs that, in the opinion of the Minister, are not less than the cost of providing the outputs; and

(c) is declared by the Minister to be a nominated department for the purposes of this section.

Pt 5 (Heading and ss 24–27) amended by Nos 75/1994 s. 7(1)(a), 43/1995 s. 7(1)(d), 42/1997 ss 4(1)(2)
(a)–(g), 5, 93/1997 s. 25(1)–(6), 1/1998 s. 9(a)(b), 53/1999 s. 24(1)–(3) (ILA s. 39B(1)), substituted as Pt 5
(Heading and ss 23A–27F) by No. 9/2000 s. 4.

Part 5—Financial responsibility

Division 1—Introduction

S. 23A inserted by No. 9/2000 s. 4.

23A Definitions

budget means the State budget;

current financial policy objectives and strategies statement—

(a) in relation to the estimated financial statements for a financial year, means the financial policy objectives and strategies statement prepared under section 23E in association with the budget for that financial year;

(b) in relation to a budget update for a financial year, means the financial policy objectives and strategies statement prepared under section 23E in association with the budget update;

(c) in relation to a pre-election budget update, means the financial policy objectives and strategies statement prepared under section 23E in association with the most recent budget or budget update (as the case may be);

Government means the Government of the State of Victoria;

quarter of a financial year, means the period of 3 months ending on 30 September, 31 December, 31 March and 30 June in that year;

Secretary means Secretary to the Department of Treasury and Finance.

S. 23B inserted by No. 9/2000 s. 4.

23B Application of Part

This Part applies in respect of the financial year 2000/2001 and each subsequent financial year.

Division 2—Principles of sound financial management

S. 23C inserted by No. 9/2000 s. 4.

23C Government to operate in accordance with principles of sound financial management

It is the intention of the Parliament that the Government establish and maintain a budgeting and reporting framework that is consistent with the principles of sound financial management so as to form a basis for the provision of sustainable social and economic services and infrastructure fairly to all Victorians.

S. 23D inserted by No. 9/2000 s. 4.

23D Principles of sound financial management

(1) The principles of sound financial management are that the Government must—

(a) manage financial risks faced by the State prudently, having regard to economic circumstances;

(b) pursue spending and taxing policies that are consistent with a reasonable degree of stability and predictability in the level of the tax burden;

S. 23D(1)(ba) inserted by No. 30/2025 s. 7.

(ba) set an expectation that each department and public body should operate within its budget;

(c) maintain the integrity of the Victorian tax system;

(d) ensure that its policy decisions have regard to their financial effects on future generations;

S. 23D(1)(da) inserted by No. 21/2024 s. 6(1).

(da) consider and promote gender equality and inclusivity in the pursuit of its spending and taxing policies;

(e) provide full, accurate and timely disclosure of financial information relating to the activities of the Government and its agencies.

(2) The financial risks referred to in subsection (1)(a) include—

(a) risks arising from the level of the State's general government sector debt;

(b) commercial risks arising from ownership of public non-financial corporations and public financial corporations;

(c) risks arising from changes in the structure of the Victorian tax base;

(d) risks arising from management of assets and liabilities of the State.

S. 23D(3) inserted by No. 21/2024 s. 6(2).

(3) The consideration and promotion of gender equality and inclusivity referred to in subsection (1)(da) includes taking into account, where possible, that gender inequality may be compounded by other forms of disadvantage or discrimination that a person may experience on the basis of Aboriginality, age, disability, ethnicity, gender identity, race, religion, sexual orientation and other attributes.

Division 3—Financial policy objectives and strategies statements

S. 23E inserted by No. 9/2000 s. 4.

23E Financial policy objectives and strategies statement

(1) The Minister must prepare two financial policy objectives and strategies statements for each financial year.

(2) The first financial policy objectives and strategies statement for a financial year must be—

(a) prepared in association with the budget for that financial year;

(b) laid before each House of the Parliament in accordance with section 27E.

(3) The second financial policy objectives and strategies statement for a financial year must be—

(a) prepared in association with the budget update for that financial year;

S. 23E(3)(b) substituted by No. 43/2004 s. 5.

(b) transmitted to the Parliament in accordance with section 27D.

S. 23E(4) inserted by No. 30/2025 s. 8.

(4) Despite subsections (1) and (3), the Minister is not required to prepare a financial policy objectives and strategies statement referred to in subsection (3) for a financial year if a pre-election budget update prepared in accordance with Division 6 is released on or after 15 September and before 15 December in that financial year.

S. 23F inserted by No. 9/2000 s. 4.

23F Purpose of statement

The purpose of a financial policy objectives and strategies statement is to make transparent the Government's financial strategies and to establish a benchmark for evaluating the Government's conduct of financial policy.

S. 23G inserted by No. 9/2000 s. 4.

23G Content of statement

(1) A financial policy objectives and strategies statement must—

(a) specify the Government's long-term financial objectives within which financial policy for the financial year to which the budget or budget update relates and the following 3 financial years will be framed;

(b) explain the broad strategic priorities on which the budget or budget update is based;

(c) specify the key financial measures that the Government has identified as being important and against which financial policy will be set and assessed;

(d) specify, for the financial year to which the budget or budget update relates and the following 3 financial years—

(i) the Government's short-term financial objectives;

(ii) the targets for each specified key financial measure;

(e) explain how the financial objectives and strategic priorities specified or explained in paragraphs (a), (b) and (d) relate to the principles of sound financial management;

(f) specify any financial policy actions taken or to be taken by the Government that are temporary in nature, state the reasons for taking them and indicate the process for their revision;

(g) identify the reporting basis on which subsequent Government financial reports will be prepared;

(h) state the reasons for any changes from the previous financial policy objectives and strategies statement.

(2) A financial policy objectives and strategies statement must be based on the principles of sound financial management.

(3) If particular information required to be included in a financial policy objectives and strategies statement is unchanged from information set out in full in an earlier statement, the statement may instead summarise the information and state that it is unchanged from what was set out in the earlier statement.

Division 4—Estimated financial statements and budget update

S. 23H inserted by No. 9/2000 s. 4.

23H Estimated financial statements

(1) The Minister must prepare estimated financial statements for each financial year in association with the budget for that financial year.

(2) Estimated financial statements must be laid before each House of the Parliament in accordance with section 27E.

S. 23I
inserted by No. 9/2000 s. 4, amended by No. 43/2004 s. 6(1).

23I Purpose of estimated financial statements

The purpose of estimated financial statements is to set out the projected financial results for the Victorian general government sector calculated on the basis of the Government's stated financial policies and assumptions.

S. 23J
inserted by No. 9/2000 s. 4.

23J Content of estimated financial statements

(1) Estimated financial statements comprise—

(a) for the financial year in respect of which they are prepared and the following 3 financial years—

S. 23J(1)(a)(i) amended by No. 43/2004 s. 6(1).

(i) an estimated statement of financial performance of the Victorian general government sector for the year;

S. 23J(1)(a)(ii) amended by No. 43/2004 s. 6(1).

(ii) an estimated statement of financial position of the Victorian general government sector at the end of the year;

S. 23J(1)(a)(iii) amended by No. 43/2004 s. 6(1).

(iii) an estimated statement of cash flows of the Victorian general government sector for the year;

(b) a statement of the accounting policies on which the statements required by paragraph (a) are based and explanatory notes.

(2) The information in the estimated financial statements must take into account Government decisions and other circumstances that may have a material effect on the estimated financial statements.

S. 23J(3) substituted by No. 43/2004 s. 6(2).

(3) Estimated financial statements must be prepared—

(a) on a basis consistent with the current financial policy objectives and strategies statement; and

(b) in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks.

S. 23K inserted by No. 9/2000 s. 4.

23K Accompanying statement

(1) The Minister must prepare an accompanying statement in association with each set of estimated financial statements.

(2) An accompanying statement comprises—

(a) a statement of the material economic and other assumptions that have been used in preparing the estimated financial statements;

(b) a discussion of the sensitivity of the estimated financial statements to changes in those economic and other assumptions;

(c) an overview of the estimated tax expenditures for the financial years covered by the estimated financial statements;

(d) a statement of the risks, quantified where feasible, that may have a material effect on the estimated financial statements, including—

(i) contingent liabilities;

(ii) publicly announced Government commitments that are not yet included in the estimated financial statements.

(3) The information in an accompanying statement must take into account Government decisions and other circumstances that may have a material effect on the estimated financial statements.

(4) An accompanying statement must be laid before each House of the Parliament with the estimated financial statements to which it relates in accordance with section 27E.

S. 23L inserted by No. 9/2000 s. 4.

23L Budget update

(1) The Minister must prepare a budget update for each financial year.

S. 23L(2) substituted by No. 43/2004 s. 7(1).

(2) A budget update must be transmitted to the Parliament in accordance with section 27D.

S. 23L(3) inserted by No. 30/2025 s. 9.

(3) Despite subsection (1), the Minister is not required to prepare a budget update for a financial year if a pre-election budget update prepared in accordance with Division 6 is released on or after 15 September and before 15 December in that financial year.

S. 23M inserted by No. 9/2000 s. 4.

23M Purpose of budget update

The purpose of a budget update is to provide updated information to allow the assessment of the Government's financial performance against the financial policy objectives and strategies set out in its current financial policy objectives and strategies statement.

S. 23N inserted by No. 9/2000 s. 4.

23N Content of budget update

S. 23N(1) substituted by No. 43/2004 s. 7(2).

(1) A budget update comprises updated estimated financial statements.

(2) The updated estimated financial statements must—

(a) take into account Government decisions and other circumstances that may have a material effect on them;

(b) state the date on which the updating was undertaken.

S. 23N(3) substituted by No. 43/2004 s. 7(3).

(3) A budget update must be prepared—

(a) on a basis consistent with the current financial policy objectives and strategies statement; and

(b) in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks.

(4) If particular information required to be included in a budget update is unchanged from information set out in full in the estimated financial statements, the update may instead summarise the information and state that it is unchanged from what was set out in the estimated financial statements.

Pt 5 Div. 4A (Heading and ss 23O–23Q) inserted by No. 21/2024 s. 7.

Division 4A—Gender equality and the budget

S. 23O inserted by No. 21/2024 s. 7.

23O Statement of gender impacts of the budget

(1) The Minister must prepare a statement of the gender impacts of the budget for each financial year in association with the budget for that financial year.

(2) A statement of the gender impacts of the budget must be laid before each House of the Parliament in accordance with section 27E.

S. 23P inserted by No. 21/2024 s. 7.

23P Purpose of statement of gender impacts of the budget

The purpose of a statement of the gender impacts of the budget is to recognise and describe the expected impact of the budget on gender equality and inclusivity.

S. 23Q inserted by No. 21/2024 s. 7.

23Q Content of statement of gender impacts of the budget

A statement of the gender impacts of the budget must set out—

(a) the expected impact of the budget on gender equality and inclusivity; and

(b) such other information as the Minister determines.

Division 5—Disclosure of financial results

S. 24 substituted by No. 9/2000 s. 4.

24 Annual financial report

(1) The Minister must prepare an annual financial report for each financial year.

(2) The annual financial report—

S. 24(2)(a) amended by No. 43/2004 s. 8(1)(a).

(a) must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks;

S. 24(2)(b) amended by No. 43/2004 s. 8(1)(b).

(b) must present fairly the financial position of the State and the Victorian general government sector at the end of the financial year and—

(i) the transactions on the Public Account;

S. 24(2)(b)(ii) amended by No. 43/2004 s. 8(1)(b).

(ii) the transactions of the Victorian general government sector;

(iii) other financial transactions of the State—

in respect of the financial year;

(c) must include details of amounts paid into Working Accounts under section 23;

(d) must include details of amounts allocated to departments during the financial year under section 28;

(e) must include details of money credited under section 29 to an item in a Schedule to an appropriation Act for that financial year;

(f) must include particulars of amounts transferred in accordance with determinations under section 30 or 31;

S. 24(2)(g) substituted by No. 26/2006 s. 5.

(g) must include details of—

(i) amounts appropriated in respect of the financial year as a result of a determination under section 32 in respect of unused appropriation for the preceding financial year;

(ii) the application during the financial year of amounts referred to in subparagraph (i);

(iii) amounts appropriated in respect of the next financial year as a result of a determination under section 32 in respect of unused appropriation for the financial year;

(h) must include—

(i) details of expenses and obligations met from money advanced to the Minister under section 35(1) during the financial year;

(ii) a statement of the reasons for carrying forward any part of an unused advance to the next financial year under section 35(4);

(i) must include details of payments made during the financial year out of money advanced to the Treasurer in an annual appropriation Act for that year to meet urgent claims;

(j) must include details of—

(i) payments made during the financial year in fulfilment of any guarantee by the Government under any Act;

(ii) money received or recovered by the Minister or Treasurer during the financial year in respect of any guarantee payments;

(k) must include details, as at the end of the financial year, of—

(i) the liabilities (including contingent liabilities under guarantees and indemnities or in respect of superannuation payments and all other contingent liabilities) and assets of the State; and

(ii) prescribed assets and prescribed liabilities of prescribed bodies;

(l) may include any other information the Minister considers appropriate;

(m) must be audited by the Auditor-General.

(3) The Minister must cause a copy of each annual financial report to be given to the Auditor-General on or before 20 September next following the financial year to which it relates.

S. 24(4) substituted by No. 43/2004 s. 8(2).

(4) An audited annual financial report must be transmitted to the Parliament in accordance with section 27D.

S. 25 substituted by No. 9/2000 s. 4.

25 Mid-year report

(1) The Minister must prepare a mid-year report for each financial year.

(2) The mid-year report—

S. 25(2)(a) amended by No. 43/2004 s. 9(1)(a).

(a) must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks;

S. 25(2)(b) amended by No. 43/2004 s. 9(1)(b).

(b) must present fairly the financial position of the State and the Victorian general government sector at midnight on 31 December in the financial year and—

(i) the transactions on the Public Account;

S. 25(2)(b)(ii) amended by No. 43/2004 s. 9(1)(b).

(ii) the transactions of the Victorian general government sector;

(iii) other financial transactions of the State—

in respect of the period of 6 months ending on that day;

S. 25(2)(ba) inserted by No. 30/2025 s. 9A.

(ba) must include details of payments made during the period of 6 months ending on 31 December in the financial year out of money advanced to the Treasurer in an annual appropriation Act for that year to meet urgent claims;

(c) may include any other information the Minister considers appropriate.

S. 25(3) substituted by No. 43/2004 s. 9(2).

(3) A mid-year report must be transmitted to the Parliament in accordance with section 27D.

S. 26
inserted by No. 9/2000 s. 4.

26 Quarterly financial report

(1) The Minister must prepare a quarterly financial report for each quarter of each financial year.

(2) A quarterly financial report comprises—

S. 26(2)(a) amended by No. 43/2004 s. 10(1).

(a) a statement of financial performance of the Victorian general government sector for the quarter;

S. 26(2)(b) amended by No. 43/2004 s. 10(1).

(b) a statement of financial position of the Victorian general government sector at the end of the quarter;

S. 26(2)(c) amended by No. 43/2004 s. 10(1).

(c) a statement of cash flows of the Victorian general government sector for the quarter;

(d) a statement of the accounting policies on which the statements required by paragraphs (a), (b) and (c) are based;

(e) any other information the Minister considers appropriate.

S. 26(2A) inserted by No. 43/2004 s. 10(2).

(2A) A quarterly financial report must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks.

S. 26(2B) inserted by No. 43/2004 s. 10(2).

(2B) The quarterly financial report for the quarter ending on 31 December in a financial year must include, in addition to the statements referred to in subsection (2)(a) to (d) for that quarter, those statements for the period of 6 months ending on that 31 December.

(3) The quarterly financial report for the quarter ending on 31 March in a financial year must include, in addition to the statements referred to in subsection (2)(a) to (d) for that quarter, those statements for the period of 9 months ending on that 31 March.

S. 26(3A) inserted by No. 43/2004 s. 10(3).

(3A) The quarterly financial report for the quarter ending on 30 June in a financial year must include, in addition to the statements referred to in subsection (2)(a) to (d) for that quarter, those statements for the period of 12 months ending on that 30 June.

S. 26(4) substituted by No. 43/2004 s. 10(4).

(4) A quarterly financial report must be transmitted to the Parliament in accordance with section 27D.

S. 26(5) inserted by No. 30/2025 s. 10.

(5) Despite subsection (1), the Minister is not required to prepare a quarterly financial report for the quarter ending on 30 September in a financial year if a pre‑election budget update is released on or after 15 September and before 15 December in that financial year.

Division 6—Pre-election budget update

S. 27 substituted by No. 9/2000 s. 4, amended by No. 2/2003 s. 52 (as amended by No. 44/2006 s. 15).

27 Pre-election budget update

If a writ is issued for a general election within the meaning of section 3 of the Electoral Act 2002, the Secretary must prepare a pre-election budget update in accordance with this Division.

S. 27A inserted by No. 9/2000 s. 4.

27A Purpose of pre-election budget update

The purpose of a pre-election budget update is to provide updated information on the estimated financial statements.

S. 27B inserted by No. 9/2000 s. 4.

27B Contents of pre-election budget update

(1) A pre-election budget update comprises—

S. 27B(1)(a) amended by No. 43/2004 s. 11(1).

(a) updated estimated financial statements for the Victorian general government sector for the financial year in respect of which they are prepared and the following 3 financial years;

(b) a statement of the material economic and other assumptions that have been used in preparing the updated statements;

(c) discussion of the sensitivity of the updated statements to changes in those economic and other assumptions;

(d) a statement of the risks, quantified where feasible, that may have a material effect on the updated statements, including—

(i) contingent liabilities;

(ii) publicly announced Government commitments that are not yet included in the updated statements.

(2) The information in a pre-election budget update must take into account, to the fullest extent possible, all Government decisions and all other circumstances that may have a material effect on the estimated financial statements.

S. 27B(3) substituted by No. 43/2004 s. 11(2).

(3) A pre-election budget update must be prepared on a basis consistent with—

(a) the current financial policy objectives and strategies statement; and

(b) the most recent estimated financial statements or budget update, as applicable.

(4) If particular information required to be included in a pre-election budget update is unchanged from information set out in full in earlier estimated financial statements and accompanying statement or an earlier budget update, the pre-election budget update may instead summarise the information and state that it is unchanged from what was set out in the earlier statements or budget update.

S. 27C inserted by No. 9/2000 s. 4.

27C Release of pre-election budget update

The Secretary must publicly release the pre-election budget update within 10 days after the issue of the writ for the election.

Division 7—Release of reports, statements and updates

S. 27D inserted by No. 9/2000 s. 4, amended by No. 36/2003 s. 25, substituted by No. 43/2004 s. 12.

27D Transmission of documents to Parliament

(1) This section applies to the following documents—

(a) an audited annual financial report;

(b) a mid-year report;

(c) a quarterly financial report;

(d) a budget update;

(e) the financial policy objectives and strategies statement prepared in association with a budget update.

(2) The Minister must cause a document to be transmitted to each House of the Parliament on or before the due date for that document.

(3) The due date for a document specified in column 1 of the following table is the date set out in column 2 of the table opposite that document.

S. 27D(3) (Table) amended by No. 30/2025 s. 11.

TABLE

| Column 1 Document | Column 2 Due date | | audited annual financial report for a financial year | 15 October next following that financial year | | mid-year report for a financial year | 15 March in that financial year | | quarterly financial report for the quarter ending on 30 September in a financial year | 15 December in that financial year | | quarterly financial report for the quarter ending on 31 December in a financial year | 15 March in that financial year | | quarterly financial report for the quarter ending on 31 March in a financial year | 15 May in that financial year | | quarterly financial report for the quarter ending on 30 June in a financial year | 15 October next following that financial year | | budget update for a financial year and financial policy objectives and strategies statement prepared in association with it | 15 December in that financial year |

S. 27D(3A) inserted by No. 72/2005 s. 3(1).

(3A) Despite subsection (3), if in any financial year the budget for the following financial year (or, if applicable, the current financial year) is delivered within 30 days after the due date set out in Column 2 of the Table for a document (other than the budget update), the due date for the document is extended so as to allow the document to be transmitted to each House of the Parliament on the day on which the budget is delivered.

(4) The clerk of each House of the Parliament must cause the document to be laid before the House on the day on which it is received or on the next sitting day of the House.

S. 27D(5) amended by No. 72/2005 s. 3(2).

(5) If the Minister proposes to transmit a document to the Parliament on a day on which neither House of the Parliament is actually sitting, the Minister must—

(a) give one business day's notice of his or her intention to do so to the clerk of each House of the Parliament; and

(b) give the document to the clerk of each House on the day indicated in the notice; and

(c) publish the report on a Government Internet website as soon as practicable after giving it to the clerks.

(6) The clerk of each House must—

(a) notify each member of the House of the receipt of a notice under subsection (5)(a) on the same day that the clerk receives that notice; and

(b) give a copy of a document to each member of the House as soon as practicable after the document is received under subsection (5)(b); and

(c) cause the document to be laid before the House on the next sitting day of the House.

S. 27D(7) repealed by No. 72/2005 s. 3(3).

S. 27DA inserted by No. 43/2004 s. 12.

27DA Publication of documents protected

(1) A document that is given to the clerks under section 27D(5)(b) is taken to have been published by order, or under the authority, of the Houses of the Parliament.

(2) The publication of a document by the Minister under section 27D(5)(c) is absolutely privileged and the provisions of sections 73 and 74 of the Constitution Act 1975 and any other enactment or rule of law relating to the publication of the proceedings of the Parliament apply to and in relation to the publication of the document as if it were a document to which those sections applied and had been published by the Government Printer under the authority of the Parliament.

S. 27E inserted by No. 9/2000 s. 4[1], substituted by No. 21/2024 s. 8.

27E Release of statements

(1) The Minister must cause the documents set out in subsection (2) to be laid before—

(a) the Legislative Assembly on or before the day on which the second readings of the annual appropriation Bills for that year are moved; and

(b) the Legislative Council on the same day that they are laid before the Legislative Assembly or, if the Council is not sitting on that day, on the next sitting day of the Council.

(2) For the purposes of subsection (1), the documents are—

(a) the estimated financial statements for a financial year; and

(b) the accompanying statement prepared in association with that set of estimated financial statements; and

(c) the financial policy objectives and strategies statement prepared in association with the budget for that financial year; and

(d) the statement of the gender impacts of the budget prepared in association with the budget for that financial year.

S. 27F inserted by No. 9/2000 s. 4, repealed by No. 43/2004 s. 13.

Part 6—Budget management

28 Appropriation for borrowing against future appropriation

S. 28(1) amended by No. 1/1998
s. 10(a)(i).

(1) The Governor in Council, on the recommendation of the Minister, may by Order published in the Government Gazette approve the allocation to a department of amounts in addition to the amounts appropriated for the purposes of that department in the annual appropriation.

(2) The Minister must not recommend an allocation under this section unless satisfied—

S. 28(2)(a) amended by No. 1/1998
s. 10(a)(ii).

(a) that it is for purposes considered prudent and advantageous in the current financial year; and

S. 28(2)(b) amended by No. 1/1998
s. 10(a)(iii).

(b) that the benefit of that allocation will accrue, or continue, in the next financial year.

S. 28(3) amended by No. 1/1998
s. 10(a)(iv).

(3) An amount approved for allocation to a department in a financial year must not exceed an amount equal to 3 per centum of the amount appropriated for the purposes of the department in the annual appropriation for that year.

(4) The Minister may issue out of the Consolidated Fund amounts not exceeding in a financial year a total amount equal to one half of one per centum of the annual appropriation for that year and the Consolidated Fund is appropriated accordingly.

S. 28(5) inserted by No. 25/2015 s. 6.

(5) In this section—

department includes Court Services Victoria.

S. 29 amended by Nos 75/1994 s. 7(1)(b), 43/1995 s. 7(1)(e), 1/1998
s. 10(b)(c), substituted by No. 26/2006 s. 6.

29 Appropriation of certain revenue and asset proceeds

(1) This section applies if a Schedule to an appropriation Act provides that this section applies in relation to an item in respect of a department set out in that Schedule.

(2) If this section applies—

(a) revenue receivable—

(i) from the provision of outputs by the department; or

(ii) by way of specific purpose payment by the Commonwealth; or

(iii) by way of specific purpose payment by a municipal council; or

(b) proceeds received from the disposal of assets shown in the accounts of the department—

may be credited to the item to the extent, and on the conditions, agreed between the Minister administering this section and the Minister responsible for the administration of the item.

(3) For the purposes of subsection (2)—

(a) an amount equal to an amount credited under that subsection is deemed to have been appropriated for the purposes of the item; and

(b) the Minister may issue that amount out of the Consolidated Fund and apply it accordingly.

S. 29(4) inserted by No. 1/2014 s. 64.

(4) In this section—

department includes Court Services Victoria.

S. 30 amended by No. 43/1995 s. 7(1)(f)(i)(ii) (g)(i)(ii), substituted by No. 1/1998

30 Transfer between items of departmental appropriation

(1) The relevant Minister in relation to a department, with the consent of the Treasurer, may determine that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of the department may be transferred to, and applied for the purposes of, another such item.

(2) The relevant Minister must be of the opinion, before making a determination under subsection (1), that—

(b) the amount assigned to the item to which the amount is to be transferred is insufficient for the purposes of that item.

(3) A relevant Minister (other than the Minister administering this section) who makes a determination under subsection (1) must ensure that particulars of the transfer are given to the Minister administering this section as soon as possible.

S. 31 amended by No. 43/1995 s. 7(1)(h)(i)(ii) (i)(i)(ii), substituted by No. 1/1998

31 Transfer between items of Parliamentary appropriation

(1) The Presiding Officers—

(a) may determine that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of a department of the Parliament may be transferred to, and applied for the purposes of, a corresponding item in that Schedule in respect of another department of the Parliament;

(b) may determine, with the consent of the Treasurer, that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of a department of the Parliament may be transferred to, and applied for the purposes of, another item in that Schedule in respect of that or another department.

(2) The Presiding Officers must be of the opinion, before making a determination under subsection (1), that—

(b) the amount assigned to the item to which the amount is to be transferred is insufficient for the purposes of that item.

(3) The Presiding Officers must ensure that particulars of a transfer under subsection (1) are given to the Minister administering this section as soon as possible.

(4) In this section, a reference to the Presiding Officers is a reference to—

(a) in relation to a transfer referred to in subsection (1)(b) in respect of the Department of Legislative Council, the President of the Legislative Council;

(b) in relation to a transfer referred to in subsection (1)(b) in respect of the Department of Legislative Assembly, the Speaker of the Legislative Assembly;

(c) in any other case, the President of the Legislative Council and the Speaker of the Legislative Assembly acting jointly.

S. 31A inserted by No. 1/2014 s. 65.

31A Transfer between items of Court Services Victoria appropriation

(1) The Courts Council, with the consent of the Treasurer and Attorney-General, may determine that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of Court Services Victoria may be transferred to, and applied for the purposes of, another item in that Schedule.

(2) The Courts Council must be of the opinion, before making a determination under subsection (1), that—

(b) the amount assigned to the item to which the amount is to be transferred is insufficient for the purposes of that item.

(3) The Courts Council must ensure that particulars of a transfer under subsection (1) are given to the Attorney-General and the Minister administering this section as soon as possible.

S. 32 substituted by No. 1/1998

32 Unused appropriation

(1) If an amount appropriated for a financial year for an authority or for a department of the Parliament is not applied, or is not likely to be applied, in that year, the Minister may determine that the amount, or part of it, may not be applied in that financial year but may be applied for the authority or department (as the case requires) in the next financial year.

S. 32(2) repealed by No. 26/2006
s. 7(1).

(3) If the Minister makes a determination under subsection (1), the amount appropriated for the authority or for the department of the Parliament (as the case requires) in respect of the next financial year is deemed to have been increased accordingly.

S. 32(4) substituted by No. 26/2006
s. 7(2).

(4) A statement under section 40 must include the estimated amounts for which determinations under this section may be made in respect of unused appropriation for the preceding financial year.

S. 32(5) inserted by No. 25/2015 s. 7.

(5) In this section—

authority includes Court Services Victoria.

S. 33 substituted by No. 1/1998

33 Appropriation to meet certain obligations

(1) If an amount is applied in a financial year for the purpose of an item in Schedule 1 to the annual appropriation Act for that year, the Consolidated Fund is appropriated to the extent necessary to enable money, not exceeding the total of the amount applied or such lesser amount as is determined by the Minister under section 34, to be paid in a future financial year in discharge of the expenses or obligations, or in furtherance of the arrangements, to which the amount applied relates.

(2) If an amount is applied in a financial year for the purpose of an item in Schedule 1 to the annual appropriation Act for that year in respect of depreciation of an asset, the Consolidated Fund is appropriated to the extent necessary to enable money, not exceeding the total of the amount applied or such lesser amount as is determined by the Minister under section 34, to be paid in a future financial year in respect of the acquisition of assets.

(3) Subsections (1) and (2) apply in respect of an amount applied under an annual appropriation Act for 1998/99 or a subsequent financial year.

S. 34 substituted by No. 1/1998

34 Reduction in amount applied to meet future payments

(1) If the Minister is satisfied that all or part of an amount applied in a financial year for the purpose of an item in Schedule 1 to the annual appropriation Act for that year is no longer required for that purpose, the Minister may determine that the amount so applied be reduced accordingly.

(2) If the Minister makes a determination under subsection (1), the amount appropriated for the purpose of the relevant item is reduced by an amount equal to the amount reduced in accordance with that determination.

S. 35 substituted by No. 1/1998

35 Temporary advances

(1) There may be issued temporarily out of the Public Account in a financial year any money (not exceeding in total 0⋅5% of the total amount appropriated by the annual appropriation Act for that year) required to be provided for advances to the Minister to enable him or her to meet urgent claims before Parliamentary sanction is obtained.

(2) All money issued under subsection (1) must be paid back into the Public Account immediately Parliamentary sanction is obtained.

(3) All expenses and obligations met from money issued under subsection (1) must be included in the expenses and obligations of the financial year in respect of which the advances were made.

S. 35(4) amended by No. 9/2000 s. 5(1)(a).

(4) If—

(a) Parliamentary sanction has not been obtained for the expenses or obligations during the financial year in which an advance under this section was made; and

(b) the Minister considers it necessary or expedient to carry forward any part of the unused advance to the accounts of the next financial year—

the Minister may do so.

S. 36 substituted by No. 1/1998

36 Temporary advances to authorities

(1) There may be issued temporarily out of the Public Account any money required to provide—

(a) advances to authorities not exceeding at any time an amount estimated by the Minister to be sufficient to meet one month's expenses, but no such advances may be made unless Parliamentary sanction has been obtained (whether under this or any other Act) for the incurring of those expenses;

(b) special advances to authorities of specific amounts for specific purposes pending adjustment when payment is made.

(2) All money issued under this section must be paid back into the Public Account in the financial year in which the money was issued unless otherwise approved by the Minister.

S. 36(3) inserted by No. 25/2015 s. 8.

(3) In this section—

authority includes Court Services Victoria.

37 Issue of money out of Public Account

S. 37(1) amended by Nos 75/1994 s. 7(1)(c), 1/1998
s. 12(1)(a).

(1) There may be issued out of the Public Account—

(a) money required for payment by the Minister by agreement with or on account of any other Government;

S. 37(1)(b) amended by No. 75/1994 s. 7(1)(c).

(b) money required for payment by the Minister to or on account of an authority or public body—

pending repayment by the Government or authority or public body.

S. 37(2) amended by Nos 75/1994 s. 7(1)(c), 1/1998
s. 12(1)(b)(i).

(2) If the Minister so determines, interest must be paid by an authority or public body on money issued to it under this section—

(a) at such rate or rates calculated on such basis or bases as are determined by the Minister from time to time; and

S. 37(2)(b) amended by No. 1/1998
s. 12(1)(b)(ii).

(b) when the money is refunded and paid into the Public Account.

38 Application of money in Public Account to meet appropriations

(1) If at any time the money in the Consolidated Fund is insufficient to meet appropriations authorised by any Act, the Minister may apply other moneys in the Public Account to meet the appropriations.

S. 38(2) amended by No. 1/1998
s. 12(1)(c).

(2) Moneys applied under subsection (1) shall be deemed to be a temporary advance and shall be refunded and paid back into the Public Account immediately upon receipt of moneys under section 39.

39 Arrangements for temporary advances

(1) If at any time the Minister is of the opinion that the money in the Consolidated Fund is likely to be insufficient to meet appropriations authorised by any Act, the Governor in Council, on the recommendation of the Minister, may authorise the Minister to make arrangements for obtaining temporary advances.

(2) Advances arranged under subsection (1) shall be deemed to be money legally available to meet appropriations from the Consolidated Fund authorised by any Act.

(3) Subject to subsection (5), money raised by temporary advance during any financial year under this section—

(a) must be credited to a special account in the Trust Fund; and

(b) must be issued and applied solely for the purposes for which the Consolidated Fund has been appropriated by any Act; and

(c) must be repaid with interest during the financial year in which the temporary advance is obtained.

(4) The interest on a temporary advance under this section shall be at a rate not exceeding that for the time being fixed by order of the Minister and shall be chargeable upon the Consolidated Fund, which is to the necessary extent appropriated accordingly.

(5) If, in a financial year, money received in the Consolidated Fund is insufficient to provide for the repayment of a temporary advance in whole or in part during that year, the temporary advance or part not repaid shall be repaid out of money received into the Consolidated Fund during a succeeding financial year.

40 Annual budget estimates

(1) The Minister must prepare, in association with the annual appropriation Bills, a statement of information under departmental headings setting out—

(a) a description of the goods and services to be produced or provided by each department during the period to which the statement relates, together with comparative information for the preceding financial year;

S. 40(1)(b) amended by No. 1/1998
s. 12(1)(d)(i).

(b) a description of the amount available or to be available to each department during the period to which the statement relates, whether appropriated by the Parliament for that purpose or otherwise received or to be received by the department, together with comparative figures for the preceding financial year;

S. 40(1)(c) amended by No. 1/1998
s. 12(1)(d)(ii).

(c) the estimated amount of the receipts and receivables of each department during the period to which the statement relates, together with comparative figures for the preceding financial year;

(d) any other information required by this Act to be included in the statement;

(e) such other information as the Minister determines.

S. 40(2) substituted by No. 26/2006 s. 8.

(2) The Minister must cause the statement to be laid before—

(a) the Legislative Assembly on or before the day on which the second readings of the annual appropriation Bills are moved; and

(b) the Legislative Council on the same day that it is laid before the Legislative Assembly or, if the Council is not sitting on that day, on the next sitting day of the Council.

S. 40(3) inserted by No. 1/1998
s. 12(2).

(3) In this section—

department includes a department of the Parliament.

S. 40AA inserted by No. 21/2024 s. 9.

40AA Gender impact assessments

(1) The Minister may request a gender impact assessment in relation to any matter under this Act.

(2) A gender impact assessment under this section must comply with section 9(2) of the Gender Equality Act 2020.

(3) Compliance with section 9(1) of the Gender Equality Act 2020 in relation to a policy, program or service is sufficient compliance with a request under subsection (1) in relation to that policy, program or service.

(4) Nothing in this section limits the operation of the Gender Equality Act 2020.

S. 40AAB inserted by No. 30/2025 s. 12.

40AAB Minister may determine certain provisions of this Part apply to public body

The Minister, by notice published in the Government Gazette, may determine that any one or more of the following sections applies to a public body as if the public body were a department—

(a) section 28;

(b) section 29;

(c) section 30.

Pt 6A (Heading and ss 40A–40H) inserted by No. 110/1994 s. 43.

Part 6A—Indemnities

S. 40A inserted by No. 110/1994 s. 43.

40A Definitions

S. 40A def. of company substituted by No. 44/2001 s. 3(Sch. item 43.1).

company means a company within the meaning of the Corporations Act that is taken to be registered in Victoria;

eligible director means an officer of a State company or statutory authority;

officer, in relation to a statutory authority or State company, means director or member of the board of management of the authority or company or secretary, executive officer or person concerned in, or who takes part in, the management of the authority or company;

State company means a company—

(a) a majority of the shares in which are held by, or on behalf of, the State or a statutory authority; or

(b) a majority of the directors of which is appointed by, or by a person acting on behalf of, the State or a statutory authority;

statutory authority includes a State body within the meaning of the State Owned Enterprises Act 1992.

S. 40B inserted by No. 110/1994 s. 43.

40B Provisions of this Part in addition to all other powers

The provisions of this Part are in addition to, and do not in any way restrict or limit, and must not be taken to restrict or limit, any other powers (whether under an Act or otherwise) of the Treasurer or the State to give, or authorise the giving of, indemnities.

S. 40C inserted by No. 110/1994 s. 43, amended by No. 73/1996 s. 24(a)(b).

40C Indemnity for directors

The Treasurer may, on behalf of the Government of Victoria, give an indemnity to a person who is or has been an eligible director, on such terms and conditions as the Treasurer determines, and, despite anything to the contrary in any Act, against such liabilities as the Treasurer determines, being liabilities that by law may attach to the person as an officer, or former officer, of a statutory authority or State company.

S. 40D inserted by No. 110/1994 s. 43.

40D Indemnity for statutory authorities and State companies

The Treasurer may, on behalf of the Government of Victoria, give an indemnity to a statutory authority or State company, on such terms and conditions as the Treasurer determines, against such liabilities as the Treasurer determines, being liabilities that by law may attach to the authority or company in carrying out or purporting to carry out its functions and powers.

S. 40E inserted by No. 110/1994 s. 43.

40E Indemnity for owner of goods

The Treasurer may, on behalf of the Government of Victoria, give an indemnity, on such terms and conditions as the Treasurer determines, to the owner of goods that are lent for temporary exhibition or are otherwise made available for a limited period to the State or to a statutory authority or an agency or instrumentality of the State against such loss or damage to the goods as the Treasurer determines.

S. 40F inserted by No. 110/1994 s. 43.

40F Charge for indemnities

The Treasurer, as a condition of giving an indemnity under this Part, may require the payment to the Treasurer of an amount determined by the Treasurer for payment into a trust account in the Trust Fund established under section 19.

S. 40G inserted by No. 110/1994 s. 43.

40G Confirmation of certain indemnities

(1) This section applies to an indemnity given by the Treasurer before the commencement of this section to—

(a) an officer of an electricity corporation, Victorian Power Exchange or distribution company within the meaning of the Electricity Industry Act 1993;

(b) the Administrator for the restructuring of the electricity supply industry appointed under section 48 of the Electricity Industry Act 1993;

(c) a person in respect of his or her position as an officer of the Totalizator Agency Board established under the Racing Act 1958;

(d) a person in respect of his or her position as an officer of TABCORP Holdings Limited, A.C.N. 063 780 709.

(2) If a person to whom an indemnity to which this section applies was given makes a written request to the Treasurer for a certificate under this section confirming the indemnity, the Treasurer may issue such a certificate, and upon the giving of the certificate, the indemnity has effect for the purposes of section 40H as if it had been given under this Part.

S. 40H inserted by No. 110/1994 s. 43.

40H Appropriation

(1) Any sums required by the Treasurer in fulfilling any liability arising under an indemnity given by the Treasurer under this Part shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).

(2) Any sums received or recovered by the Treasurer from a person who is or has been an eligible director or from a statutory authority, State company or any other person or otherwise in respect of any sums paid by the Treasurer under an indemnity given under this Part shall be paid into the Consolidated Fund.

Pt 6B (Heading and ss 40I–40L) inserted by No. 43/1995 s. 9.

Part 6B—Guarantee charge

S. 40I
inserted by No. 43/1995 s. 9.

40I Definitions

State guarantee means—

(a) a guarantee under an Act; or

(b) a guarantee executed by the Treasurer—

guaranteeing the due satisfaction of amounts payable in respect of financial accommodation.

S. 40J
inserted by No. 43/1995 s. 9.

40J Application of Part

This Part does not apply in relation to financial accommodation obtained before the commencement of this section.

S. 40K inserted by No. 43/1995 s. 9.

40K Guarantee charge

(1) The Treasurer may determine, before financial accommodation to which a State guarantee is to apply is provided to a person, that an annual guarantee charge is payable by that person in respect of the financial accommodation at an annual percentage rate specified in the determination, being a rate that, in the opinion of the Treasurer, does not exceed the difference between—

(a) the annual interest or discount rate and other costs of the financial accommodation; and

(b) the estimated annual interest or discount rate and other costs of the financial accommodation that would apply if the State guarantee did not apply.

(2) A person who is required to pay a guarantee charge in respect of financial accommodation must pay to the Treasurer, for payment into the Consolidated Fund—

(a) if the financial accommodation is provided for less than 12 months, an amount determined—

(i) if the guarantee is under an Act, by multiplying the amount of the financial accommodation by the rate referred to in subsection (1); or

(ii) if the guarantee is executed by the Treasurer, by multiplying the amount of the limit of the guarantee by the rate referred to in subsection (1); or

(b) if the financial accommodation is provided for 12 months or more, an amount in respect of each financial year during which the guarantee is in force determined by multiplying the sum of the person's liabilities in respect of the financial accommodation as at the end of that financial year by the rate referred to in subsection (1).

(3) A guarantee charge is payable on or before 31 December next following the financial year, or part of a financial year, to which it relates and may be recovered as a debt due to the State.

S. 40L inserted by No. 43/1995 s. 9.

40L Information to be supplied

A person who is required to pay a guarantee charge must give to the Treasurer, or a person authorised by the Treasurer, such information as the Treasurer or authorised person reasonably requires for the purpose of determining the amount of the charge in respect of a financial year.

Pt 6C (Heading and ss 40M–40O) inserted by No. 43/1995 s. 9.

Part 6C—Financial accommodation levy

S. 40M inserted by No. 43/1995 s. 9.

40M Leviable authority

(1) In this Part, leviable authority means an authority in respect of which an Order under subsection (2) is in force.

(2) The Governor in Council may, by Order published in the Government Gazette, declare a public authority within the meaning of the Treasury Corporation of Victoria Act 1992 to be a leviable authority for the purposes of this Part.

S. 40N inserted by No. 43/1995 s. 9.

40N Financial accommodation levy

(1) A leviable authority must pay to the Treasurer for payment into the Consolidated Fund a levy, in respect of each leviable period, in respect of financial accommodation provided to the authority, or in respect of such part of that accommodation as the Treasurer determines from time to time.

(2) The levy payable by a leviable authority in respect of each leviable period is determined by multiplying the liabilities of the authority in respect of the financial accommodation to which the levy relates as at the end of that leviable period by a percentage rate determined in relation to that authority by the Treasurer, or a person authorised by the Treasurer, in respect of the financial year in which the leviable period falls, being a rate that, in the opinion of the Treasurer or authorised person, does not exceed the difference between—

(a) the annual interest or discount rate and other costs of the financial accommodation; and

(b) the estimated annual interest or discount rate and other costs of the financial accommodation that would apply if the leviable authority were not a public authority.

(3) The Treasurer or authorised person may, in determining the levy in accordance with subsection (1), have regard to such matters as the Treasurer or person determines.

(4) The levy is payable at such times, and in such manner, as the Treasurer determines and may be recovered as a debt due to the State.

(5) In this section, leviable period, in relation to a leviable authority, means a financial year or such shorter period as the Treasurer determines from time to time in relation to that authority.

S. 40O inserted by No. 43/1995 s. 9.

40O Leviable authority not liable to pay guarantee charge

A leviable authority that is liable to pay a financial accommodation levy under this Part in respect of financial accommodation is not liable to pay a guarantee charge under Part 6B in respect of that financial accommodation.

Part 7—Accountability and reporting

S. 41
repealed by No. 9/2000 s. 5(1)(b), new s. 41 inserted by No. 30/2025 s. 13.

41 Definitions

board, in relation to a public body or
prescribed office that has a governing body (by whatever name called), means that governing body;

declared body means a prescribed office or public body specified in an Order made under section 41A;

overarching obligation—

(a) of the accountable officer of a department or public body (other than a declared body), means the obligation set out in section 43B(1); or

(b) of the accountable officer of a declared body, means the obligation set out in section 43E(1);

relevant department chief finance officer, for a prescribed office or public body, means the chief finance officer of the department which has responsibility to the relevant Minister for that prescribed office or public body.

S. 41A inserted by No. 30/2025 s. 13.

41A Declared body

The Governor in Council, by Order published in the Government Gazette, may declare a prescribed office or a public body to be a declared body for the purposes of this Part.

42 Accountable officer

S. 42(1) amended by No. 75/1994 s. 7(1)(d).

(1) For the purposes of this Act, there must be an accountable officer for each department and public body.

(2) Unless the Minister otherwise determines—

S. 42(2)(a) amended by No. 30/2025 s. 14.

(a) the accountable officer for a department is the Department Head of that department; and

(b) the accountable officer for a public body is the chief executive officer, by whatever name called, of that body.

S. 43 (Heading) inserted by No. 30/2025 s. 15(1).

43 Chief finance officer

(1) The accountable officer of a department or public body must designate, in respect of the financial administration of the department or public body—

S. 43(1)(a) amended by No. 30/2025 s. 15(2)(a).

(a) a position of chief finance officer.

S. 43(1)(b)(c) amended by No. 46/1998
s. 7(Sch. 1), repealed by No. 30/2025 s. 15(2)(b).

S. 43(2) amended by No. 30/2025 s. 15(3).

(2) The chief finance officer is responsible to the accountable officer for ensuring that proper accounting records and systems and other records are maintained in accordance with the regulations and directions.

S. 43A inserted by No. 30/2025 s. 16.

43A Financial management responsibilities—board of prescribed office or public body

(1) The board (if any) of a prescribed office or a public body must ensure that the accountable officer of the prescribed office or public body fulfils the accountable officer's overarching obligation.

(2) The board is responsible to the relevant Minister for the public body or prescribed office in fulfilling the board's obligation under subsection (1).

(3) The board must report on the board's obligation under subsection (1) to—

(b) in the case of a public body, the Department Head of the department which has responsibility to the relevant Minister for that public body.

(4) This section does not apply to the board of a declared body.

S. 43B inserted by No. 30/2025 s. 16.

43B Financial management responsibilities—accountable officer of department or public body

(1) The accountable officer of a department or public body must manage the following in a financially effective, economical, efficient and sustainable manner—

(a) the operations of the department or public body;

(b) the public resources for which the department or public body is responsible.

(2) Without limiting subsection (1), the accountable officer of a department or public body must—

(a) establish and maintain effective controls and reporting mechanisms for matters relating to the financial management of the department or public body; and

(b) ensure that the person who holds the position of chief finance officer of the department or public body can meet the responsibilities of that position under this Act or any other Act.

(3) In fulfilling the accountable officer's overarching obligation, the accountable officer of a department or public body is responsible to—

(a) the relevant Minister for the department or public body; and

(b) in the case of a public body, the board (if any) of the public body.

(4) The accountable officer must report on the accountable officer's overarching obligation to—

(b) in the case of a public body, the Department Head of the department which has responsibility to the relevant Minister for that public body.

(5) This section does not apply to the accountable officer of a declared body.

S. 43C inserted by No. 30/2025 s. 16.

43C Financial management responsibilities—chief finance officer

(1) In assisting the accountable officer in fulfilling the accountable officer's overarching obligation, the chief finance officer of a department or public body is responsible to—

(a) the accountable officer; and

(b) the relevant Minister for the department or public body.

(2) In assisting the accountable officer in reporting on their overarching obligation, the chief finance officer of a department or public body is responsible to—

(b) in the case of a public body, the Department Head of the department which has responsibility to the relevant Minister for that public body.

(3) This section does not apply to the chief finance officer of a declared body.

S. 43D inserted by No. 30/2025 s. 16.

43D Financial management responsibilities—board of declared body

The board (if any) of a declared body must ensure that the accountable officer of the declared body fulfils the accountable officer's overarching obligation.

S. 43E inserted by No. 30/2025 s. 16.

43E Financial management responsibilities—accountable officer of declared body

(1) The accountable officer of a declared body must manage the following in a financially effective, economical, efficient and sustainable manner—

(a) the operations of the declared body;

(b) the public resources for which the declared body is responsible.

(2) In fulfilling the accountable officer's overarching obligation, the accountable officer is responsible to the board (if any).

(3) The accountable officer must report to the board (if any) of the declared body on the accountable officer's overarching obligation.

44 Accounts to be kept

The accountable officer of a department or public body must ensure that there are kept proper accounts and records of the transactions and affairs of the department or public body and such other records as sufficiently explain the financial operations and financial position of the department or public body.

S. 44A inserted by No. 1/1998
s. 13, substituted by No. 30/2025 s. 17.

44A Accountable officer must provide financial information

(1) The accountable officer of a department or public body must provide financial information to a person or body specified in subsection (2) as soon as practicable after—

(b) determining that the person or body should be made aware of the information.

(2) For the purposes of subsection (1), the following are specified—

(a) the relevant Minister for the department or public body;

(b) the Department Head of the Department of Treasury and Finance;

(c) in the case of a public body, the Department Head of the department which has responsibility to the relevant Minister for that public body;

(d) in the case of a public body or prescribed office, the board (if any) of the public body or prescribed office.

(3) This section does not apply to the accountable officer of a declared body.

S. 44AB inserted by No. 30/2025 s. 17.

44AB Accountable officer of declared body must provide financial information

(1) The accountable officer of a declared body must provide financial information to a person or body specified in subsection (2) as soon as practicable after—

(b) determining that the person or body should be made aware of the information.

(2) For the purposes of subsection (1), the following are specified—

(a) the Department Head of the Department of Treasury and Finance;

(b) the board (if any) of the declared body.

S. 44AC inserted by No. 30/2025 s. 17.

44AC Chief finance officer must provide information on material risks

(1) The chief finance officer of a department or public body must provide the information specified in subsection (2) to a person specified in subsection (3) as soon as practicable after—

(b) determining that the person should be made aware of the information.

(2) For the purposes of subsection (1), the following information is specified—

(a) details of the risks relating to the department or public body that may have a material impact on the financial position or performance of the State;

(b) any other financial information.

(3) For the purposes of subsection (1), the following persons are specified—

(a) in the case of a prescribed office or public body, the relevant department chief finance officer;

(b) the Department Head of the Department of Treasury and Finance.

(4) As soon as practicable after receiving information under subsection (1)(a), the relevant department chief finance officer must provide that information to the Department Head of the Department of Treasury and Finance.

(5) This section does not apply to the chief finance officer of a declared body.

S. 44AD inserted by No. 30/2025 s. 17.

44AD Chief finance officer of declared body must provide information on material risks

(1) The chief finance officer of a declared body must provide the information specified in subsection (2) to the Department Head of the Department of Treasury and Finance as soon as practicable after—

(b) determining that the Department Head should be made aware of the information.

(2) For the purposes of subsection (1), the following information is specified—

(a) details of the risks relating to the declared body that may have a material impact on the financial position or performance of the State;

(b) any other financial information.

S. 44B inserted by No. 50/2001 s. 9

44B Asset registers and risk management strategies

(1) A department or public body must—

(a) maintain a register of assets held or managed by it; and

(b) develop, implement and keep under review a risk management strategy.

(2) The register of assets is to be in the form, and contain the information, determined by the Minister after consultation with the Victorian Managed Insurance Authority.

S. 44C inserted by No. 30/2025 s. 18.

44C Department or public body to report if likely to exceed budget

(1) A department or public body must give written notification to the Department Head of the Department of Treasury and Finance if the department or public body is likely to exceed its budget.

(2) Notification under subsection (1) must be accompanied by a plan, in the form determined by the Department Head of the Department of Treasury and Finance, of how the department or public body intends to manage the risk that it exceeds its budget and other identified issues and risks.

(3) The Department Head of the Department of Treasury and Finance may require the department or public body to give the Department Head of the Department of Treasury and Finance any further information regarding the risk that the department or public body is likely to exceed its budget or any matter contained in the plan.

(4) This section does not apply to a declared body.

S. 45 amended by No. 75/1994 s. 7(2), substituted by No. 43/1995 s. 4.

45 Report of operations and financial statements to be prepared

(1) As soon as practicable after the end of each financial year—

(a) the relevant Minister of a department must cause to be prepared, in accordance with this Part, a report of the operations of the department during the financial year;

(b) a public body must cause to be prepared, in accordance with this Part, a report of its operations during the financial year;

(c) the accountable officer of each department and public body must cause to be prepared, in accordance with this Part, financial statements of the department or public body for the financial year.

(2) The accountable officer of each department and public body must submit the financial statements of the department or public body to the Auditor-General within 8 weeks after the end of the financial year.

S. 45(3) amended by Nos 93/1997
s. 28(Sch. item 13), 53/1999 s. 24(3)(c).

(3) Subsection (2) does not apply to a public body that is not required under the Audit Act 1994 or any other Act to have its financial statements or accounts audited by the Auditor-General.

S. 45(3A) inserted by No. 53/1999 s. 24(4).

(3A) A public body or the relevant Minister of a department must submit the report of operations of the public body or department (as the case may be) to the Auditor-General as soon as practicable after it has been prepared.

S. 45(4) amended by Nos 46/1998
s. 7(Sch. 1), 108/2004 s. 117(1) (Sch. 3 item 77.2).

(4) The financial statements of an Administrative Office within the meaning of the Public Administration Act 2004 (other than the Environment Protection Authority) must be incorporated in and consolidated with the financial statements for that financial year of the department.

S. 45(5) inserted by No. 53/1999 s. 24(5).

(5) This section does not apply to the Victorian Auditor-General's Office[2].

S. 46 amended by No. 75/1994 s. 7(3), substituted by No. 43/1995 s. 4.

46 Tabling requirements

S. 46(1) substituted by Nos 42/1997 s. 6, 30/2025 s. 18A(1).

(1) Subject to subsections (2) and (3), the relevant Minister of a department or public body must cause the report of operations and audited financial statements of the department or public body for a financial year to be transmitted to each House of the Parliament on or after the next following 15 October and before the earlier of—

(a) the end of the next following fourth month of the financial year; or

(b) either—

(i) the expiration of the fourth sitting day of that House after the report is received by the relevant Minister; or

(ii) if the first sitting day of a House of the Parliament after the report is received by the relevant Minister is more than 14 days after the date of receipt of the report, the expiration of the fourteenth day after the report is received by the relevant Minister.

S. 46(1A) inserted by No. 30/2025 s. 18A(1).

(1A) On transmitting a report under subsection (1), the relevant Minister must report to each House of Parliament the date of receipt by the relevant Minister of the report.

S. 46(1B) inserted by No. 30/2025 s. 18A(1).

(1B) The relevant Minister must not direct a department or public body to submit its report of operations and audited financial statements to the relevant Minister on a particular date.

S. 46(2) amended by No. 1/1998
s. 14(a).

(2) If it appears to the relevant Minister from the financial statements of the department or public body that the expenses and obligations of the department or public body in respect of the financial year do not exceed $5 000 000, the relevant Minister—

(a) must report to each House of the Parliament the receipt by him or her of the report of operations and financial statements of the department or public body; and

S. 46(2)(b) amended by No. 30/2025 s. 18A(2).

(b) if a member of either House of the Parliament so requests, must cause the report of operations and financial statements to be transmitted to each House of the Parliament on or before—

S. 46(2)(b)(i) inserted by No. 30/2025 s. 18A(2).

(i) the expiration of the fourth sitting day of that House after the request; or

S. 46(2)(b)(ii) inserted by No. 30/2025 s. 18A(2).

(ii) if the first sitting day of a House of the Parliament after the request is more than 14 days after the request, the expiration of the fourteenth day after that request.

(3) If the relevant Minister of a department or public body has not received the report of operations and financial statements of the department or public body in time for him or her to comply with subsection (1), the relevant Minister—

(a) must cause that fact and the reasons for it to be reported to each House of the Parliament; and

(b) must cause the report of operations and financial statements to be laid before each House of the Parliament as soon as practicable after they are received by him or her.

S. 46(3A) inserted by No. 30/2025 s. 18A(3).

(3A) The clerk of each House of the Parliament must cause a report transmitted under subsection (1) or (2) to be laid before the House on the day on which it is received or on the next sitting day of the House.

S. 46(3B) inserted by No. 30/2025 s. 18A(3).

(3B) If the relevant Minister proposes to transmit a report to the Parliament on a day on which neither House of the Parliament is sitting, the relevant Minister must—

(a) give at least one business day's notice of the relevant Minister's intention to do so to the clerk of each House of the Parliament; and

(b) give the report to the clerk of each House on the day indicated in the notice.

S. 46(3C) inserted by No. 30/2025 s. 18A(3).

(3C) The clerk of each House must—

(a) notify each member of the House of the receipt of a notice under subsection (3B)(a) on the same day that the clerk receives that notice; and

(b) give a copy of the report to each member of the House as soon as practicable after the report is received under subsection (3B)(b); and

(c) cause the report to be laid before the House on the next sitting day of the House.

S. 46(3D) inserted by No. 30/2025 s. 18A(3).

(3D) A copy of a report that is given to the clerks under subsection (3B)(b) is taken to have been published by order, or under the authority, of the Houses of Parliament*.*

S. 46(3E) inserted by No. 30/2025 s. 18A(3).

(3E) The publication of a document by the relevant Minister under subsection (3B)(b) is absolutely privileged and the provisions of sections 73 and 74 of the Constitution Act 1975 and any other enactment or rule of law relating to the publication of the proceedings of the Parliament apply to and in relation to the publication of the document as if it were a document to which those sections applied and had been published by the Government Printer under the authority of the Parliament.

S. 46(4) inserted by No. 53/1999 s. 24(6).

(4) This section does not apply to the Victorian Auditor-General's Office[3].

Note to s. 46 inserted by No. 30/2025 s. 18A(4).

Section 4 of the Members of Parliament (Standards) Act 1978 sets out values that a Minister should demonstrate in the carrying out of the Minister's public duties. These values include accountability.

S. 47 substituted by No. 43/1995 s. 4.

47 Minister may vary reporting requirements

(1) Subject to subsection (2), the Minister, in writing, may grant an exemption to the accountable officer of a department or public body from any provision of this Part relating to the contents, form or preparation of the financial statements of that department or public body.

(2) The Minister must not grant an exemption from the requirement to cause financial statements to be prepared and submitted to the Auditor-General, but may extend the period within which they must be so submitted.

(3) An exemption under this section continues to apply in relation to an accountable officer until the Minister advises the accountable officer in writing that it no longer applies.

(4) An accountable officer must include in financial statements particulars of any exemption given under this section in respect of those statements.

S. 48 amended by No. 43/1995 s. 7(1)(j).

48 Report of operations

A report of operations referred to in section 45—

(a) must be in a form and contain information determined by the accountable officer to be appropriate; and

(b) must contain any other information required by the Minister.

S. 49 amended by No. 43/1995 s. 7(1)(k).

49 Financial statements

The financial statements referred to in section 45—

(a) must contain such information as is required by the Minister; and

(b) must be prepared in a manner and form approved by the Minister; and

(c) must present fairly the financial transactions of the department or public body during the financial year to which they relate; and

(d) must present fairly the financial position of the department or public body as at the end of that year; and

(e) must be certified by the accountable officer for the department or public body in the manner approved by the Minister.

50 Information

Information that may be prescribed or required under or for the purposes of section 48 or 49 extends to information relating to previous financial years and to proposals and forecasts for future years.

S. 51 amended by No. 43/1995 s. 7(1)(l).

51 Relevant Minister may require additional information

The relevant Minister may in writing direct a public body to include in a report of operations or financial statements such additional information as he or she considers necessary or appropriate in the public interest.

52 Minister may direct public body to submit financial statements

S. 52(1) repealed by No. 43/1995 s. 7(1)(m).

(2) If the Minister considers it necessary or appropriate in the public interest, he or she may in writing direct a public body to prepare and submit within 4 weeks after the date of the direction financial statements in respect of any part of a financial year of the public body together with such further information as he or she so directs.

S. 52A inserted by No. 30/2025 s. 19.

52A Minister may dispense with financial statements

If, under section 10(2) of the Audit Act 1994, the Auditor-General dispenses with all of an audit of a public body's financial statements for a year, the Minister may, by written notice given to the accountable officer of the public body, dispense with any requirement for those financial statements to be prepared and submitted to the Auditor-General.

53 Composite reports

S. 53(1) amended by No. 75/1994 s. 7(4).

(1) If the Minister so determines, a Minister who is the relevant Minister in respect of 2 or more departments or public bodies or both may, in respect of those departments or public bodies or both, cause to be prepared in respect of a financial year, in addition to, or instead of, any other report required to be prepared under this Act or any other Act—

S. 53(1)(a) amended by No. 75/1994 s. 7(4).

(a) an annual report containing the reports of operations and financial statements of those departments or public bodies or both; or

S. 53(1)(b) amended by No. 75/1994 s. 7(4).

(b) an annual report containing a report of operations and financial statements consolidating information provided by those departments or public bodies or both.

(2) The Minister administering this section may make a determination at the request of the relevant Minister or otherwise.

S. 53(3) inserted by No. 53/1999 s. 24(7).

(3) This section does not apply to the Victorian Auditor-General's Office[4].

S. 53A inserted by No. 43/1995 s. 6.

53A Annual reports of State-owned corporations and other bodies

(1) This section applies to the following bodies—

S. 53A(1)(a) amended by No. 44/2001 s. 3(Sch. item 43.2).

(a) a corporation within the meaning of the Corporations Act (other than a State owned company within the meaning of the State Owned Enterprises Act 1992) all the shares in which are owned by or on behalf of the State or a statutory authority (whether or not a public statutory authority), whether directly or indirectly; and

(b) a body corporate declared by the Governor in Council under subsection (2) to be a body to which this section applies.

(2) The Governor in Council, by notice published in the Government Gazette, may declare a body corporate to be a body to which this section applies if—

(a) a member, or a member of the governing body, of the body corporate is appointed by the Governor in Council or a Minister; or

(b) the Governor in Council is satisfied that a primary object of the body corporate is to carry out a public function in relation to which it is registered, or holds a licence or other authority granted or issued, under an Act.

(3) The Governor in Council, by notice published in the Government Gazette, must declare a Minister to be the relevant Minister in relation to a body to which this section applies for the purposes of this section.

(4) A body to which this section applies must, as soon as practicable after the end of each financial year, submit to the relevant Minister of that body its annual report, including its audited financial statements, in respect of that financial year.

S. 53A(4A) inserted by No. 30/2025
s. 19A(1).

(4A) The relevant Minister must not direct the body to submit its annual report to the relevant Minister on a particular date.

S. 53A(5) substituted by No. 30/2025
s. 19A(2).

(5) Subject to subsections (6) and (7), the relevant Minister must cause the annual report to be transmitted to each House of the Parliament on or after the next following 15 October and before the earlier of—

(a) the next following 31 October; or

(b) either—

(i) the expiration of the fourth sitting day of that House after the annual report is received by the relevant Minister; or

(ii) if the first sitting day of a House of the Parliament after the annual report is received by the relevant Minister is more than 14 days after the date of receipt of the annual report, the expiration of the fourteenth day after the annual report is received by the relevant Minister.

S. 53A(5A) inserted by No. 30/2025
s. 19A(2).

(5A) On transmitting a report under subsection (5), the relevant Minister must report to each House of Parliament the date of receipt by the relevant Minister of the report.

S. 53A(6) amended by No. 1/1998
s. 14(b).

(6) If it appears to the relevant Minister from the annual report that the expenses and obligations of the body in respect of the financial year do not exceed $5 000 000, the relevant Minister—

(a) must report to each House of the Parliament the receipt by him or her of the annual report; and

S. 53A(6)(b) amended by No. 30/2025 s. 19A(3).

(b) if a member of either House of the Parliament so requests, must cause the annual report to be transmitted to each House of the Parliament before—

S. 53A(6)(b)(i) inserted by No. 30/2025 s. 19A(3).

(i) the expiration of the fourth sitting day of that House after that request; or

S. 53A(6)(b)(ii) inserted by No. 30/2025 s. 19A(3).

(ii) if the first sitting day of a House of the Parliament after that request is more than 14 days after the date of the request, the expiration of the fourteenth day after that request.

S. 53A(6A) inserted by No. 30/2025 s. 19A(4).

(6A) The clerk of each House of the Parliament must cause a report transmitted under subsection (5) or (6) to be laid before the House on the day on which it is received or on the next sitting day of the House.

S. 53A(6B) inserted by No. 30/2025 s. 19A(4).

(6B) If the relevant Minister proposes to transmit a report to the Parliament on a day on which neither House of the Parliament is sitting, the relevant Minister must—

(a) give at least one business day's notice of the relevant Minister's intention to do so to the clerk of each House of the Parliament; and

(b) give the report to the clerk of each House on the day indicated in the notice.

S. 53A(6C) inserted by No. 30/2025 s. 19A(4).

(6C) The clerk of each House must—

(a) notify each member of the House of the receipt of a notice under subsection (6B)(a) on the same day that the clerk receives that notice; and

(b) give a copy of the report to each member of the House as soon as practicable after the report is received under subsection (6B)(b); and

(c) cause the report to be laid before the House on the next sitting day of the House.

S. 53A(6D) inserted by No. 30/2025 s. 19A(4).

(6D) A copy of a report that is given to the clerks under subsection (6B)(b) is taken to have been published by order, or under the authority, of the Houses of Parliament*.*

S. 53A(6E) inserted by No. 30/2025 s. 19A(4).

(6E) The publication of a document by the relevant Minister under subsection (6B)(b) is absolutely privileged and the provisions of sections 73 and 74 of the Constitution Act 1975 and any other enactment or rule of law relating to the publication of the proceedings of the Parliament apply to and in relation to the publication of the document as if it were a document to which those sections applied and had been published by the Government Printer under the authority of the Parliament.

(7) If the relevant Minister has not received the annual report in time for him or her to comply with subsection (5), the relevant Minister—

(a) must cause that fact and the reasons for it to be reported to each House of the Parliament; and

(b) must cause the annual report to be laid before each House of the Parliament as soon as practicable after it is received by him or her.

Note to s. 53A inserted by No. 30/2025 s. 19A(7).

Section 4 of the Members of Parliament (Standards) Act 1978 sets out values that a Minister should demonstrate in the carrying out of the Minister's public duties. These values include accountability.

S. 54 amended by No. 75/1994 s. 7(5).

54 Part to prevail

If the provisions of an Act requiring a public body to keep or prepare accounts, or arrange the audit of accounts or to submit an annual report, or requiring an annual report to be laid before the Legislative Assembly or the Legislative Council or both, are inconsistent with this Part, the provisions are void to the extent of the inconsistency.

Pt 7A (Heading and ss 54A–54M) inserted by No. 75/1994 s. 4.

Part 7A—Supply management

S. 54AA inserted by No. 69/2013
s. 12.

54AA Specified entities

(1) The Governor in Council, by Order, may declare that an entity, or a class of entities, is a specified entity or entities for the purposes of this Part.

(2) The Governor in Council may declare that an entity or class of entities is a specified entity or entities only if the entities, or all entities of the class, are entities the transactions of which form part of the transactions of the State for the purposes of section 24(2)(b).

(3) An Order under this section may declare that an entity or class of entities is a specified entity for all the purposes of this Part or only in relation to specified provisions of this Part or specified provisions of a supply policy made under section 54L.

S. 54A inserted by No. 75/1994 s. 4.

54A Establishment of Victorian Government Purchasing Board

(1) The Victorian Government Purchasing Board is established.

(2) The Board—

(a) is a body corporate with perpetual succession;

(b) has a common seal;

(c) may sue and be sued in its corporate name;

(d) may acquire, hold and dispose of real and personal property;

(e) may do and suffer all things that a body corporate may, by law, do and suffer.

(3) The common seal must be kept as directed by the Board and must not be used except as authorised by the Board.

(4) All courts must take judicial notice of the common seal on a document and, until the contrary is proved, must presume that the seal was properly affixed.

S. 54B inserted by No. 75/1994 s. 4.

54B Functions of Board

The Board has the following functions—

S. 54B(a) amended by Nos 1/1998
s. 14(c), 69/2013 s. 13(a).

(a) in relation to the supply of goods and services to departments and specified entities and the management and disposal of goods by departments and specified entities—

(i) to develop, implement and review policies and practices; and

(ii) to provide advice, staff training and consultancy services;

S. 54B(b) amended by No. 69/2013
s. 13(b).

(b) to monitor compliance by departments and specified entities with supply policies and Ministerial directions and to report irregularities to the relevant Minister and the Minister;

(c) to foster improvements in the use and application of purchasing systems and electronic trading;

S. 54B(d) amended by No. 69/2013
s. 13(c).

(d) to establish and maintain a comprehensive data base of purchasing data of departments and specified entities and supply markets for access by departments and specified entities;

(e) any other functions conferred on the Board by this Part.

S. 54C inserted by No. 75/1994 s. 4.

54C Powers of Board

(1) The Board has all the powers necessary to perform its functions.

(2) Without limiting subsection (1), the Board may—

S. 54C(2)(a) amended by No. 69/2013
s. 13(d).

(a) enter into contracts or arrangements on its own behalf, on behalf of the State or on behalf of departments or specified entities;

(b) call and award tenders and advertise;

S. 54C(2)(c) amended by No. 69/2013
s. 13(d).

(c) consider and approve requisitions for the purchase of goods and services by departments or specified entities;

S. 54C(2)(d) amended by No. 69/2013
s. 13(e).

(d) require accountable officers to audit compliance by departments and specified entities with supply policies and Ministerial directions and provide audit reports to the Board;

S. 54C(2)(e) amended by No. 1/1998
s. 14(c).

(e) require accountable officers to provide information and data relating to the supply of goods and services and the management and disposal of goods;

(f) exercise any other powers conferred on the Board by this Act or the regulations.

(3) An accountable officer must provide to the Board on request—

(a) audit reports referred to in subsection (2)(d);

(b) information and data referred to in subsection (2)(e).

S. 54D inserted by No. 75/1994 s. 4.

54D Membership of Board and terms of office

(1) The Board consists of a chairperson and not less than 6 other members appointed by the Governor in Council.

(2) A member of the Board holds office for the term, not exceeding 3 years, that is specified in the instrument of appointment and is eligible for re-appointment.

S. 54D(3) amended by No. 46/1998
s. 7(Sch. 1), substituted by Nos 108/2004 s. 117(1) (Sch. 3 item 77.3), 80/2006 s. 26(Sch. item 38).

(3) The Public Administration Act 2004 (other than Part 3 of that Act) applies to a member in respect of the office of member.

S. 54E inserted by No. 75/1994 s. 4.

54E Payment of members

S. 54E(1) amended by Nos 46/1998
s. 7(Sch. 1), 108/2004 s. 117(1) (Sch. 3 item 77.4).

(1) A member of the Board, other than a member who is an employee in the public service within the meaning of the Public Administration Act 2004, is entitled to receive the fees that are fixed from time to time by the Governor in Council.

(2) Each member of the Board is entitled to receive the allowances that are fixed from time to time by the Governor in Council.

S. 54F inserted by No. 75/1994 s. 4.

54F Procedure of Board

(1) The chairperson of the Board, or in his or her absence a member elected by the members present, must preside at a meeting of the Board.

(2) The quorum of the Board is 4 members.

(3) The person presiding at a meeting of the Board has a deliberative vote only and if voting is equal the motion is lost.

(4) Subject to this Part the Board may regulate its own proceedings.

S. 54G inserted by No. 75/1994 s. 4.

54G Validity of Board decisions

An act or decision of the Board is not invalid by reason only—

(a) of a vacancy in its membership; or

(b) of a defect or irregularity in the appointment of any member.

S. 54H inserted by No. 75/1994 s. 4.

54H Members' pecuniary interests

(1) A member who has a pecuniary interest in a matter being considered or about to be considered by the Board must, as soon as practicable after the relevant facts have come to his or her knowledge, declare the nature of the interest at a meeting of the Board.

1. 5 penalty units.

(2) The person presiding at a meeting at which a declaration is made must cause a record of the declaration to be made in the minutes of the meeting.

(3) After a declaration is made—

(a) unless the Board directs otherwise, the member must not be present during any deliberations on the matter; and

(b) the member is not entitled to vote on the matter; and

(c) if the member does vote, the vote must be disallowed.

(4) For the purposes of this section, a member is not to be regarded as having a pecuniary interest in a contract or arrangement only because that contract or arrangement may benefit—

S. 54H(4)(a) amended by No. 69/2013
s. 13(f).

(a) a department, specified entity or public body in which the member is employed or of which he or she is a member;

(b) a company or other body in which the member has a beneficial interest that does not exceed 1% of the total nominal value of beneficial interests in that company or body.

S. 54I
inserted by No. 75/1994 s. 4.

54I Improper use of information

A person who is, or has been, a member of the Board must not make improper use of any information acquired in the course of his or her duties to obtain directly or indirectly any pecuniary or other advantage for himself or herself or for any other person.

1. 5 penalty units.

S. 54J
inserted by No. 75/1994 s. 4.

54J Delegation

The Board may delegate in writing to a member of the Board any of its powers except—

(a) the power to require compliance audits to be undertaken under section 54C(2)(d);

(b) the power to make, amend or revoke supply policies under section 54L;

(c) this power of delegation.

S. 54K inserted by No. 75/1994 s. 4.

54K Minister's directions

(1) The Minister may give directions in writing to the Board in relation to any of its functions or powers.

(2) A copy of any direction must be included in the Board's annual report under section 54M.

(3) The Board must comply with directions of the Minister.

S. 54L inserted by No. 75/1994 s. 4.

54L Supply policies

S. 54L(1) amended by Nos 1/1998
s. 14(c), 69/2013 s. 13(g).

(1) The Board may prepare, make, amend and revoke instruments, to be known as "supply policies", with respect to policies and practices relating to the supply of goods and services to departments and specified entities and the management and disposal of goods by departments and specified entities.

(2) A supply policy—

(a) must be consistent with directions under section 8 and the regulations;

(b) may be of general or limited application;

(c) may differ according to differences in time, place or circumstance;

(d) may confer a discretionary authority or impose a duty on a specified person or class of persons;

(e) may leave anything for the approval or satisfaction of a specified person or class of persons;

(f) may apply, adopt or incorporate any matter contained in any document, code, standard, rule, specification or method formulated, issued, prescribed or published by any person whether—

(i) wholly or partially or as amended by the policy; or

(ii) as formulated, issued, prescribed or published at the time the policy is made or at any time before then; or

(iii) as formulated, issued, prescribed or published from time to time;

S. 54L(2)(g) amended by No. 69/2013
s. 13(h).

(g) may provide in a specified case or class of cases for the exemption of departments, specified entities, persons or things or classes of persons or things from any of the provisions of the policy, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified.

(3) The Board must cause notice of the making, amendment or revocation of supply policies to be published in the Government Gazette.

S. 54L(4) amended by No. 69/2013
s. 13(i).

(4) All accountable officers and other members of staff of departments and specified entities must comply with supply policies.

S. 54M inserted by No. 75/1994 s. 4.

54M Annual report

(1) On or before 30 September each year the Board must give the Minister a report of its work and activities for the year ending on 30 June that year.

(2) The report must also contain any information specifically requested by the Minister.

(3) The Minister must cause each annual report of the Board to be laid before each House of Parliament before the expiration of the 7th sitting day of that House after the report is received by the Minister.

Pt 7B (Heading and ss 54N–54P) inserted by No. 75/1994 s. 8.

Part 7B—Acquisition, leasing and licensing of land and premises

S. 54N inserted by No. 75/1994 s. 8.

54N Minister may acquire land

(1) The Minister may purchase by agreement or compulsorily acquire any land required for the construction, completion or extension of any public works or for any related purpose.

(2) The Land Acquisition and Compensation Act 1986 applies to this Act and for that purpose—

(a) the Financial Management Act 1994 is the special Act;

(b) the Minister is the Authority.

S. 54O inserted by No. 75/1994 s. 8.

54O Minister may lease land or premises for other Ministers

In addition to all other powers of the Minister, the Minister may take on lease, on any terms and conditions the Minister thinks fit, any land or premises required for the purposes of any department or Minister.

S. 54P inserted by No. 75/1994 s. 8, substituted by No. 26/2006 s. 9.

54P Licensing and leasing of surplus Crown land and buildings

(1) The Minister may grant any person a lease over, or a licence to enter and use—

(a) any Crown land; or

(b) any building or other structure, or part of a building or structure, on Crown land—

that is not required for the purposes of a department or a Minister or any other public purpose.

(2) A lease or licence may be granted under this section on any terms and conditions the Minister thinks fit.

(3) This section applies despite anything in the Land Act 1958.

Pt 7C (Heading and ss 54Q–54V) inserted by No. 13/2022 s. 31.

Part 7C—Power to waive, defer, refund or reduce fees and charges under Acts, statutory rules and other subordinate instruments

S. 54Q inserted by No. 13/2022 s. 31.

54Q Application of this Part

This Part applies during any emergency period.

S. 54R inserted by No. 13/2022 s. 31.

54R Definitions for this Part

emergency means—

(a) a state of disaster declaration under section 23 of the Emergency Management Act 1986;

(b) a state of emergency declared under the Public Health and Wellbeing Act 2008 or any pandemic declaration or pandemic order under that Act;

(c) a proclamation of emergency under section 4(1) of the Essential Services Act 1958;

emergency period means the period commencing with an emergency and ending 6 months after the end of the emergency;

fee or charge collector means any entity that collects fees or charges under any Act, statutory rule or other subordinate instrument where the fees or charges are payable into—

(a) the Consolidated Fund; or

(b) any other fund established by or under an Act.

S. 54S inserted by No. 13/2022 s. 31.

54S Fee or charge collector may waive, defer, refund or reduce fees and charges

(1) A fee or charge collector may waive, defer, refund or reduce any fees and charges payable to the fee or charge collector under any Act, statutory rule or other subordinate instrument if, due to an emergency—

(a) an entity or class of entity is suffering financial hardship; or

The Interpretation of Legislation Act 1984 provides that entity includes a person and an unincorporated body.

(b) special circumstances exist.

(2) A waiver, deferral, refund or reduction under subsection (1)—

(a) must be in accordance with any guidelines published by the Treasurer for the purposes of this Part; and

(b) subject to those guidelines and any regulations—

(i) is at the discretion of the fee and charge collector in relation to the following—

(A) the type of fee or charge to which the waiver, deferral, refund or reduction applies;

(B) the timing or duration of any waiver, deferral, refund or reduction, including dates for any deferred payments;

(ii) may be a waiver, deferral, refund or reduction in whole or in part or any combination of those actions; and

(iii) may apply to any entity or a class of entity.

(3) A fee or charge may be waived, deferred, refunded or reduced in accordance with this Part regardless of whether it falls due or is payable in whole or in part during any emergency period.

S. 54T inserted by No. 13/2022 s. 31.

54T Payment of refunds

If a refund of a fee or charge is made under this Part—

(a) if the fee or charge had been paid into the Consolidated Fund, the Consolidated Fund is, to the necessary extent, appropriated accordingly; or

(b) if the fee or charge had been paid into another fund or account, it is to be refunded from that fund or account.

S. 54U inserted by No. 13/2022 s. 31.

54U Treasurer may make and publish guidelines

(1) The Treasurer may make guidelines on—

(a) the application of the powers of a fee and charge collector under this Part; and

(b) the waiver, deferral, refund or reduction in whole or in part of any fee or charge payable under any Act, statutory rule or other subordinate instrument either—

(i) in accordance with this Part; or

(ii) generally; and

(c) any other matter relating to the operation of this Part.

(2) The guidelines under subsection (1) must be published on an appropriate Internet site.

S. 54V inserted by No. 13/2022 s. 31.

54V Part does not limit other powers

(1) Nothing in this Part limits any other power under any Act, statutory rule or other subordinate instrument which a fee and charge collector or any other entity may have to waive, defer, refund or reduce any fees and charges.

(2) If a power to waive, defer, refund or reduce any fees and charges payable to a fee or charge collector under any Act, statutory rule or other subordinate instrument exists under that Act, statutory rule or other subordinate instrument, this Part only applies to the extent that the fee and charge collector cannot exercise that power under that Act, statutory rule or other subordinate instrument.

Part 8—General

S. 55 amended by Nos 43/1995 s. 7(1)(n), 30/2025 s. 20.

55 Writing off

An amount in respect of a loss or deficiency in a public account or account of an authority, or an amount of revenue or a debt may be written off in accordance with the regulations by the chief finance officer, the accountable officer or the relevant Minister.

56 Recovery of overpayments

(1) In this section, officer means a person who is or was employed in the service of the State or a department.

(2) Despite any Act or rule of law to the contrary, an officer is liable to repay to the State any money paid to him or her by the State to which he or she was not entitled (in this section called an overpayment).

(3) Without limiting or affecting the right of the State to recover an overpayment by any legal or other process, the State may recover the overpayment from the officer by deduction or deductions from any amount due by the State to that officer.

(4) A deduction under subsection (3) from salary or wages due to the officer must not exceed one tenth of the salary or wages, before any deductions, whether under this section or otherwise, to which the officer is entitled.

(5) If deductions are made under this section from the salary or wages of an officer—

S. 56(5)(a) amended by No. 43/1995 s. 7(1)(o).

(a) the officer may apply to the relevant Minister for the weekly amount of the deductions to be reduced; and

S. 56(5)(b) amended by No. 43/1995 s. 7(1)(o).

(b) the relevant Minister may give such directions as he or she thinks fit as to the amount of deductions to be made from the salary or wages of the officer.

S. 56(6) amended by No. 43/1995 s. 7(1)(o).

(6) An officer may apply in writing to the relevant Minister to be relieved from all or any of the liability with respect to the repayment of an overpayment and the relevant Minister may at any time in his or her absolute discretion by writing relieve the officer from all or any of such liability.

(7) Without derogating from the rights conferred on the State by this section, the State must before making any deduction under this section consider any proposal made by the officer with respect to the repayment of the overpayment.

S. 56(8) inserted by No. 75/1994 s. 9(1).

(8) Subsection (4) does not apply to a deduction in respect of an overpayment that has not been repaid at the date the officer ceases for any reason to be employed in the service of the State or a department.

57 Liability in respect of loss or damage

(1) In this section, officer means a person who is or was employed in the service of an authority.

(2) An officer who, by misconduct or by performing any duties in a grossly negligent manner, causes or contributes to a loss or deficiency in public money or the loss or destruction of or damage to other property of the State is liable to pay to the State an amount equal to the amount of the loss or deficiency or the value of the property lost or destroyed.

S. 57(3) amended by No. 30/2025 s. 20.

(3) If an accountable officer, or the chief finance officer, of an authority is of the opinion that an officer of the authority may be liable for a loss, deficiency, destruction or damage under subsection (2), the accountable officer or chief finance officer may direct that an investigation be held.

(4) An investigation for the purposes of subsection (3) must be conducted in accordance with, and by a person appointed under, the regulations.

S. 57(5) amended by No. 30/2025 s. 20.

(5) After considering the report of an investigation under this section, the accountable officer or chief finance officer must determine whether or not to seek to recover an amount specified in the report of the investigation from the officer.

58 Unclaimed property

S. 58(1) amended by No. 44/2008 s. 110.

(1) If the Crown is entitled to any property whether real or personal as unclaimed property (otherwise than by reason of the Unclaimed Money Act 2008), the Minister on behalf of the Crown may, subject to and in accordance with subsection (3), grant, convey, transfer, assign or deliver that property on such terms as the Minister thinks fit.

(2) If any money or the proceeds of the realisation of any property has been paid into the Consolidated Fund as unclaimed property, the Minister may, subject to and in accordance with subsection (3), authorise the payment of the whole or any part of the money out of the Consolidated Fund (which is to the necessary extent appropriated accordingly).

(3) A grant, conveyance, transfer, assignment, delivery or payment of property under this section may be made by the Minister—

(a) if the Crown became entitled to the property as the result of the death of any person—

(i) to any person whether related to the deceased or not who was dependent upon the deceased; or

(ii) to any person for whom in the opinion of the Minister the deceased might reasonably have been expected to make provision; and

(b) in any other case to any person who in the opinion of the Minister has a just claim in relation to that property or money.

59 Regulations

(1) The Governor in Council may make regulations for or with respect to—

S. 59(1)(a) substituted by No. 26/2006 s. 10(a).

(a) financial governance and oversight, including financial risk management and internal audit;

S. 59(1)(b) substituted by No. 26/2006 s. 10(a).

(b) structures, systems and procedures in authorities and public bodies to ensure proper financial management;

S. 59(1)(ba) inserted by No. 30/2025 s. 21.

(ba) matters relating to financial planning for authorities and public bodies;

S. 59(1)(bb) inserted by No. 30/2025 s. 21.

(bb) policies, systems and procedures for managing the financial performance of authorities and public bodies;

S. 59(1)(bc) inserted by No. 30/2025 s. 21.

(bc) policies, systems and procedures for the management of public resources by authorities and public bodies;

S. 59(1)(bd) inserted by No. 30/2025 s. 21.

(bd) policies, systems and procedures for implementing a response to an audit conducted under the Audit Act 1994;

S. 59(1)(be) inserted by No. 30/2025 s. 21.

(be) policies, systems and procedures for recording and reporting on the application of appropriations;

S. 59(1)(bf) inserted by No. 30/2025 s. 21.

(bf) subject to consultation with the Minister responsible for the administration of Part 4 of the Project Development and Construction Management Act 1994, policies, systems and procedures for the procurement of any public construction by or on behalf of the State or by or on behalf of departments or public bodies;

(c) the issue, control and disbursement of money applied temporarily from the Public Account;

S. 59(1)(d) substituted by No. 26/2006 s. 10(b).

(d) financial reporting, including the form and content of reports of operations, financial statements and information required under Part 7;

S. 59(1)(da) inserted by No. 75/1994 s. 9(2)(a), repealed by No. 26/2006 s. 10(b), new s. 59(1)(da) inserted by No. 13/2022 s. 32.

(da) prescribing any matter for the purposes of Part 7C, including, but not limited to, the following—

(i) matters to be considered before a decision is made on waiver, deferral, refund or reduction under Part 7C;

(ii) when waiver, deferral, refund or reduction under Part 7C is appropriate or not appropriate;

(iii) communication regarding waiver, deferral, refund or reduction under Part 7C;

(iv) additional requirements in relation to collection of certain types of fees or charges or fees and charges above or below a specified monetary threshold;

(v) any procedural matters relating to waiver, deferral, refund or reduction under Part 7C;

S. 59(1)(e) substituted by No. 26/2006 s. 10(b).

(e) policies and procedures to ensure that authorities and public bodies comply with obligations imposed on them by or under this Act;

S. 59(1)(f) substituted by No. 1/1998
s. 15(1)(a).

(f) the management and disposal or writing off of the assets (other than money) and liabilities of the State and the recording of and accounting for those assets and liabilities;

(g) prescribing forms for the purposes of this Act or the regulations;

(h) the method of dealing with and accounting for securities coming into the possession of an accountable officer or other person;

S. 59(1)(i) substituted by No. 75/1994 s. 9(2)(b), amended by No. 1/1998
s. 15(1)(b).

(i) systems and procedures for the purchase and supply of goods and services for or on behalf of the State;

S. 59(1)(ia) inserted by No. 21/2024 s. 10.

(ia) statements of the gender impacts of budgets prepared under Division 4A of Part 5;

S. 59(1)(ib) inserted by No. 21/2024 s. 10.

(ib) gender impact assessments under section 40AA;

S. 59(1)(ic) inserted by No. 21/2024 s. 10.

(ic) without limiting paragraphs (ia) and (ib), prescribing any other matter for the purposes of Division 4A of Part 5 or section 40AA, including, but not limited to, the form, content of, or requirements (including timing) in relation to, statements of the gender impacts of budgets or gender impact assessments;

(j) generally prescribing any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.

S. 59(1A) inserted by No. 1/1998
s. 15(2), amended by No. 26/2006 s. 10(c).

(1A) For the avoidance of doubt, the power to make regulations under subsection (1) extends to regulations with respect to money in a Trust Account in the Trust Fund that is established by or under another Act.

(2) The regulations—

(a) may be of a general or limited application;

(b) may differ according to differences in time, place or circumstances;

(c) may confer a discretionary authority or impose a duty on a specified person or class of person;

(d) may provide in a specified case or class of case for the exemption of persons or things or class of persons or things from any of the provisions of the regulations, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified;

(e) may impose a penalty not exceeding 5 penalty units for a contravention of the regulations.

(3) Any regulation may adopt, apply or incorporate the whole or any part of any statement of accounting standards or statement of accounting practice issued at any time before the regulation is made by all or any of the following—

S. 59(3)(a) substituted by No. 43/2004 s. 14(a).

(a) CPA Australia;

(b) Institute of Chartered Accountants in Australia;

S. 59(3)(c) substituted by No. 44/2001 s. 3(Sch. item 43.3).

(c) Australian Securities and Investments Commission;

(d) Australian Accounting Standards Board;

S. 59(3)(e) substituted by No. 43/2004 s. 14(b).

(e) Australian Bureau of Statistics;

(f) any other prescribed person or body.

S. 59(4)(5) repealed by No. 43/1995 s. 7(1)(p).

Part 9—Transitional and consequential

Ss 60, 61 repealed by No. 1/1998
s. 16.

62 Transitional provisions

(1) Sections 46 and 47 of the Audit Act 1958 continue to apply in respect of the financial year ending on 30 June 1994 as if that Act had not been repealed by this Act.

(2) A person who, immediately before the commencement of this section, was a receiver of revenue under the Audit Act 1958 continues, until his or her appointment is revoked by the Minister, to be a person whose duty it is to receive public money.

S. 62(3) inserted by No. 75/1994 s. 9(3).

(3) Each contract or other document in effect immediately before the commencement of this subsection that refers to the Tender Board continues to have effect according to its tenor on and after that commencement as if a reference in the document to the Tender Board were a reference to the Board.

S. 62(4) inserted by No. 75/1994 s. 9(3).

(4) In this section Tender Board means the Tender Board established by Regulation 7 of the Supply Management Regulations 1994.

S. 62A inserted by No. 42/1997 s. 7, amended by No. 1/1998 s. 17 (ILA s. 39B(1)).

62A Further transitional provisions

(1) Despite the amendment of section 46 by the Financial Management (Amendment) Act 1997, section 46 has effect, in relation to a public body the financial year of which ends in 1997 before 30 June, as if it had not been so amended.

S. 62A(2) inserted by No. 1/1998
s. 17.

(2) Despite the commencement of the Financial Management (Amendment) Act 1998—

(a) the financial statement under section 24 in respect of the financial year 1997/98; and

(b) the report of operations and financial statements of a department or public body under Part 7 in respect of that financial year—

must be prepared as if that Act had not come into operation.

S. 62A(3) inserted by No. 9/2000 s. 5(2).

(3) Despite the commencement of the Financial Management (Financial Responsibility) Act 2000, Part 5 and section 35(4), as in force immediately before that commencement, continue to apply in respect of the financial year 1999/2000.

63 References to receiver of revenue

A reference in an Act or in regulations under an Act to a receiver of revenue is to be taken to be a reference to a person, or persons included in a class of persons, declared by order of the Minister published in the Government Gazette to be an officer whose duty it is to receive payment of fees by way of money or otherwise to collect public money.

S. 64
repealed by No. 43/1995 s. 7(1)(q), new s. 64 inserted by No. 73/2005 s. 4(Sch. 2 item 2).

64 Saving of payments under Mint Act 1958

Despite the repeal of the Mint Act 1958 by the Treasury Legislation (Repeal) Act 2005, any obligation under that 1958 Act to pay an amount to Her Majesty in England continues to apply as if that 1958 Act had not been repealed.

Ss 65, 66 repealed by No. 42/1997 s. 8(a).

Schs (Heading) repealed by No. 30/2025 s. 22(1).

Sch. 1 repealed by No. 30/2025 s. 22(2).

Sch. 2 amended by Nos 75/1994 s. 7(6), 43/1995 s. 7(2)(a)(b), 106/1995 s. 53, repealed by No. 42/1997 s. 8(b).

Endnotes

1 General information

See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

Minister's second reading speech—

Legislative Assembly: 19 November 1993

Legislative Council: 19 April 1994

The long title for the Bill for this Act was "A Bill relating to financial management, to repeal the Public Account Act 1958 and the Annual Reporting Act 1983, to make consequential amendments to other Acts and for other purposes.".

The Financial Management Act 1994 was assented to on 10 May 1994 and came into operation as follows:

Part 1 (sections 1–8), sections 60, 61 on 10 May 1994: section 2(1); rest of Act on 1 July 1994: section 2(2).

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes 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.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

• Headings

All 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).

• Examples, diagrams or notes

All 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).

• Punctuation

All 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).

• Provision numbers

All 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).

• Location of "legislative items"

A "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.

• Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.
See section 36(3)(3D)(3E).

2 Table of Amendments

This publication incorporates amendments made to the Financial Management Act 1994 by Acts and subordinate instruments.

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Financial Management (Amendment) Act 1994, No. 75/1994

| Assent Date: | 22.11.94 | | Commencement Date: | S. 7(6) on 10.5.94: s. 2(1); rest of Act on 1.1.95:<br>s. 2(2) |

Electricity Industry (Further Amendment) Act 1994, No. 110/1994

| Assent Date: | 20.12.94 | | Commencement Date: | S. 43 on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1 |

Financial Management and Audit Acts (Amendment) Act 1995, No. 43/1995

| Assent Date: | 14.6.95 | | Commencement Date: | S. 7(2) on 10.5.95: s. 2(1); ss 1–6, 7(1), 8, 9 on 14.6.95: s. 2(6) |

Miscellaneous Acts (Omnibus Amendments) Act 1995, No. 100/1995

| Commencement Date: | S. 26 on 5.12.95: s. 2(1) |

Trustee and Trustee Companies (Amendment) Act 1995, No. 104/1995

| Commencement Date: | 1.1.96: s. 2 |

Zoological Parks and Gardens Act 1995, No. 106/1995

| Commencement Date: | S. 53 on 30.4.96: Special Gazette (No. 45) on 30.4.96 p. 1 |

Miscellaneous Acts (Further Omnibus Amendments) Act 1996, No. 73/1996

| Assent Date: | 17.12.96 | | Commencement Date: | S. 24 on 17.12.96: s. 2(1) |

Financial Management (Amendment) Act 1997, No. 42/1997

| Assent Date: | 11.6.97 | | Commencement Date: | 11.6.97: s. 2 |

Audit (Amendment) Act 1997, No. 93/1997

| Assent Date: | 16.12.97 | | Commencement Date: | Ss 25, 28 (Sch. item 13) on 1.7.98: s. 2(2) |

Financial Management (Amendment) Act 1998, No. 1/1998

| Assent Date: | 31.3.98 | | Commencement Date: | 1.7.98: s. 2 |

Public Sector Reform (Miscellaneous Amendments) Act 1998, No. 46/1998

| Assent Date: | 26.5.98 | | Commencement Date: | S. 7(Sch. 1) on 1.7.98: s. 2(2) |

Audit (Amendment) Act 1999, No. 53/1999

| Assent Date: | 14.12.99 | | Commencement Date: | S. 24 on 1.1.00: Government Gazette 23.12.99 p. 2764 |

Financial Management (Financial Responsibility) Act 2000, No. 9/2000

| Assent Date: | 18.4.00 | | Commencement Date: | Ss 3–5 on 19.4.00: s. 2 |

Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001

| Assent Date: | 8.5.01 | | Commencement Date: | S. 3(Sch. item 26) on 1.6.01: s. 2(2) |

Corporations (Consequential Amendments) Act 2001, No. 44/2001

| Assent Date: | 27.6.01 | | Commencement Date: | S. 3(Sch. item 43) on 15.7.01: s. 2 |

Victorian Managed Insurance Authority (Amendment) Act 2001, No. 50/2001

| Assent Date: | 27.6.01 | | Commencement Date: | S. 9 on 28.6.01: s. 2 |

Constitution (Parliamentary Reform) Act 2003, No. 2/2003 (as amended by No. 44/2006)

| Assent Date: | 8.4.03 | | Commencement Date: | S. 52 on 31.10.06: s. 2(3) |

Audit (Amendment) Act 2003, No. 36/2003

| Assent Date: | 11.6.03 | | Commencement Date: | S. 25 on 1.7.03: s. 2(2) |

Financial Management (Amendment) Act 2004, No. 43/2004

| Assent Date: | 16.6.04 | | Commencement Date: | Ss 4–14 on 17.6.04: s. 2 |

Public Administration Act 2004, No. 108/2004

| Assent Date: | 21.12.04 | | Commencement Date: | S. 117(1)(Sch. 3 item 77) on 5.4.05: Government Gazette 31.3.05 p. 602 |

Treasury Legislation (Miscellaneous Amendments) Act 2005, No. 72/2005

| Assent Date: | 25.10.05 | | Commencement Date: | S. 3 on 26.10.05: s. 2 |

Treasury Legislation (Repeal) Act 2005, No. 73/2005

| Assent Date: | 25.10.05 | | Commencement Date: | S. 4(Sch. 2 item 2) on 26.10.05: s. 2 |

Financial Management (Miscellaneous Amendments) Act 2006, No. 26/2006

| Assent Date: | 6.6.06 | | Commencement Date: | 7.6.06: s. 2 |

Public Sector Acts (Further Workplace Protection and Other Matters) Act 2006, No. 80/2006

| Assent Date: | 10.10.06 | | Commencement Date: | S. 26(Sch. item 38) on 11.10.06: s. 2(1) |

Unclaimed Money Act 2008, No. 44/2008

| Assent Date: | 26.8.08 | | Commencement Date: | S. 110 on 1.1.09: s. 2(2) |

State Taxation and Financial Legislation Amendment Act 2013, No. 69/2013

| Assent Date: | 19.11.13 | | Commencement Date: | Ss 11–13 on 20.11.13: s. 2(1) |

Court Services Victoria Act 2014, No. 1/2014

| Assent Date: | 11.2.14 | | Commencement Date: | Ss 63–65 on 1.7.14: s. 2(2) |

Victoria Police Amendment (Consequential and Other Matters) Act 2014, No. 37/2014

| Assent Date: | 3.6.14 | | Commencement Date: | S. 10(Sch. item 62) on 1.7.14: Special Gazette (No. 200) 24.6.14 p. 2 |

Court Services Victoria and Other Acts Amendment Act 2015, No. 25/2015

| Assent Date: | 29.6.15 | | Commencement Date: | Ss 6–8 on 30.6.15: Special Gazette (No. 183) 30.6.15 p. |

Regulatory Legislation Amendment (Reform) Act 2022, No. 13/2022

| Assent Date: | 29.3.22 | | Commencement Date: | Ss 31, 32 on 30.3.22: s. 2(3) | | Current State: | This information relates only to the provision/s amending the Financial Management Act 1994 |

Financial Management Amendment (Gender Responsive Budgeting) Act 2024, No. 21/2024

| Assent Date: | 4.6.24 | | Commencement Date: | Ss 4–10 on 5.6.24: s. 2 |

Financial Management Legislation Amendment Act 2025, No. 30/2025

| Assent Date: | 19.8.25 | | Commencement Date: | Ss 3–22 on 20.8.25: s. 2 |

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3 Explanatory details

1. S. 27E: The Minister is also required, under section 16B (repealed) of the Audit Act 1994, to cause the report of the Auditor-General's review of the estimated financial statements under that section to be laid before each House of the Parliament with the estimated financial statements. ↑

2. S. 45(5): The requirements for the report of operations and financial statements of the Victorian Auditor-General's Office are contained in section 7B of the Audit Act 1994. ↑

3. S. 46(4): See note 2. ↑

4. S. 53(3): See note 2. ↑