Victorian Financial Management Act 1994

Victoria's fiscal transparency framework is anchored in the Financial Management Act 1994 (No. 18 of 1994) and the Audit Act 1994 (No. 2 of 1994), with both confirmed accessible on the Victorian legislation website. The FMA 1994 governs the Consolidated Fund, requires quarterly financial reports to the Treasurer (s 26), mandates annual financial statements under AASB standards, and establishes departmental accountable officers. The Audit Act 1994 establishes the Victorian Auditor-General's Office (VAGO) with full independence — VAGO is one of Australia's most active SAIs for performance audit (publishing 20-30 performance reports annually). The Parliamentary Budget Officer Act 2012 (No. 60 of 2012) established the Parliamentary Budget Office as an officer of parliament (legislative_budget_office = True, fiscal_oversight_body = True). Victoria is one of three Australian states with a confirmed standalone PBO. Victoria also publishes a Tax Expenditure Statement as part of annual budget papers (Budget Paper No. 2), making it one of the more transparent states on revenue transparency (tax_expenditure_reporting = True). Victoria has a bicameral parliament with a proportional representation upper house (Legislative Council), giving the PBO particular relevance for cross-bench analysis. Currency: AUD; fiscal year: 1 July-30 June. Source: legislation.vic.gov.au confirmed accessible (HTTP 200) for FMA 1994 and Audit Act 1994.

Transparency Requirements