Strong balance sheet Strong management and ongoing fiscal discipline Strong system support Diversified economy Like all Australian states, a degree of structural imbalance between revenue powers and expenditure responsibilities The ratings on Victoria are supported by the state's strong balance sheet, diversified economy, ongoing fiscal discipline and strong system support. These strengths are offset, as with all Australian states, by an institutional framework that contains a degree of vertical fiscal imbalance. Victoria's short-term rating is 'A-1+' and is supported by the state's strong liquidity. Victoria's short-term debt is more than offset by its liquid assets. At June 30, 2009, liquid assets were A$6.7 billion and short-term liabilities were A$3.2 billion. The Commonwealth Government has also offered to guarantee the state's
