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Australian Federal and State Budgets - An Overview

A year after gaining office in the 1999 state election, Steve Bracks’s ALP state government obtained passage of the Financial Management (Financial Responsibility) Act 2000. In financial year 2000-01, and in accordance with the legislation, as Kerry Carne has outlined, the Bracks government amended the budget sector surplus target “to a general government sector operating surplus of at least $100 million in each year.”52 John Brumby, who took over from Steve Bracks in 2007, has effectively retained the same fiscal strategy, the outcomes of which can be seen in the graphs and table below:

Victorian Government Budget Surpluses: 2000-01 to 2007-0853

millions of dollars

1,800 1,600 1,400 1,200 1,000

800 600 400 200 0

2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08

Victorian General Government Sector Net Debt: 2000-01 to 2008-0954

billions

4.5 4 3.5 3 2.5 2 1.5 1 0.5 0

2000

2001

2002

2003

2004

2005

2006

2007

2008

Sydney, 1999), pp.135-138, 204: Victorian Treasury, Financial Report for the State of Victoria: 2006-07, p.48.

52

Carne, n.21, pp. 117-118.

53

Victorian Budget: 2009-10, Budget Paper No.4, Appendix A, pp.268-269.

54

Victorian Department of Treasury and Finance, Financial Report: 2006-07, p.48; Victorian Department of Treasury and Finance, Financial Report: 2008-09, p.27.

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