Strong balance sheet, with low financial liabilities. Government commitment to fiscal discipline. Sound economic base, with solid growth prospects. Extremely strong liquidity. Institutional framework, with a degree of structural imbalance between revenue powers and expenditure responsibilities. On July 26, 2004, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on Australia's State of Victoria. The rating action reflects Victoria's: Very strong balance sheet. A conservative measure of financial obligations, non-financial public sector net financial liabilities are only 55.5% of operating revenue. Less stringent measures show an even stronger position: net direct debt of the general government sector is only 6.4% of operating revenue. Strong management capacity. The government's commitment to fiscal discipline is evident in its traditionally prudent approach to
