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, competitivenessinnovation, 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 $b 22 12 months to September 2008 21.4 21.0 20 18 17.3 16 Victoria Source: Australian Bureau Statistics Queensland NSW 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 $ billion 5 4 3 2 1 0 1999-00 2002-03 2005-06 2008-09 2011-12 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?