Financial Management Act 1994

The principles of sound financial management are that the Government must—

manage financial risks faced by the State prudently, having regard to economic circumstances;

pursue spending and taxing policies that are consistent with a reasonable degree of stability and predictability in the level of the tax burden;

set an expectation that each department and public body should operate within its budget;

maintain the integrity of the Victorian tax system;

ensure that its policy decisions have regard to their financial effects on future generations;

consider and promote gender equality and inclusivity in the pursuit of its spending and taxing policies;

provide full, accurate and timely disclosure of financial information relating to the activities of the Government and its agencies.

The financial risks referred to in subsection (1)(a) include—

risks arising from the level of the State's general government sector debt;

commercial risks arising from ownership of public non-financial corporations and public financial corporations;

risks arising from changes in the structure of the Victorian tax base;

risks arising from management of assets and liabilities of the State.

The consideration and promotion of gender equality and inclusivity referred to in subsection (1)(da) includes taking into account, where possible, that gender inequality may be compounded by other forms of disadvantage or discrimination that a person may experience on the basis of Aboriginality, age, disability, ethnicity, gender identity, race, religion, sexual orientation and other attributes.