NatStats08 Conference John Lenders MP Treasurer of Victoria 20th November 2008

Early Data +“And it came to pass in those days, that there went out a decree from Caesar Augustus that all the world should be taxed ….. And all went to be taxed, every one into his own city” +Luke 2, 1:3

OVERVIEW +Importance of statistics +Facts on the Victorian economy +The measurable concept of Liveability +State and Commonwealth alliance

Importance of Statistics +Statistics are important for the formulation of Victorian economic policy –Greater certainty and evidence base +Statistics are also important for evaluating the outcomes of government economic policies –Output measures +Official statistics are also very important for macro policy makers, helping us gauge the state of the economy –Cause & effect of policy decisions

Growing Victoria Together +The Victorian Government's vision is that by 2010 Victoria will be a state with: –A thriving economy –Quality health and education –A healthy environment –Caring communities –A vibrant democracy +An annual progress report is produced outlining achievements

The Annual GVT Report +88 indicators +36 indicators use ABS statistics – Crime will be reduced by 5 per cent from 2003 to 2008, and Victorians will feel safer – Greenhouse gas emissions from the production and use of energy will be reduced – The proportion of Victorian primary students achieving the national benchmark levels for reading, writing and numeracy will be at or above the national average. +ABS data critical to monitoring achievement of the Growing Victoria Together goals

Triple bottom line Apart from the per capita items the main categories that data are used for are: +Economic – –employment, productivity, earnings, competitiveness- innovation, exports +Social wellbeing – –average life expectancy, housing affordability, kindergarten participation +Environmental – –greenhouse gas emissions

Victoria’s economic fundamentals sound +Solid labour market –Unemployment rate 4.4% –32,900 jobs created in the year to the end of October +Record levels of investment –Private capital expenditure –Building approvals +Strong Government budget position –AAA rating maintained since 1999 –Nine consecutive years of budget surpluses +High population growth

Highest value of total building approvals in the nation Source: Australian Bureau Statistics 12 months to September 2008

Global financial market developments +Governments world-wide have taken action… –Central banks have cut target rates –Governments have guaranteed bank deposits and have injected capital into the banking sector –Some large financial institutions bailed-out +… but, global financial markets remain stressed –Equity and commodity markets weak and volatile –Credit remains restricted –Borrowing costs high

Victorian infrastructure investment

Liveability Definition: “Liveability reflects the wellbeing of a community and comprises the many characteristics that make a location a place where people want to live.” Source: VCEC draft report

Key themes of VCEC draft report +Enhancing information provision to better inform decision making +Best practice regulation to ensure only appropriate and necessary government intervention +Effective integration of government efforts – across all levels of government with appropriate community consultation

Key components of liveability +Liveability and strong communities +Provincial Victoria +Urban planning and design +Transport +Environmental quality

State alliance with Commonwealth +Strong links to Commonwealth Treasury and Finance departments +Victorian departments work closely with ABS +CoAG November

Questions?