NatStats08 Conference

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

2. 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

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

4. 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

5. 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

6. 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

7. 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

8. 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

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

10. 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

11. Victorian infrastructure investment

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

13. 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

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

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

16. Questions?