MELBOURNE (Standard & Poor's) Dec. 14, 2005--Standard & Poor's Ratings Services today said the State of Victoria's 2005-2006 Budget Update supports Victoria's 'AAA' rating, with budgeted performance largely consistent with the government's previous forecasts. "Victoria's performance is expected to remain healthy, and has absorbed the additional average A$361 million a year expenditure to fiscal 2009 without significant financial deterioration," said credit analyst Danielle Westwater, Standard & Poor's Sovereign & International Public Finance Ratings group. The general government's income variations largely arise from government policy decisions, revised taxation, own-source revenue estimates, and Commonwealth grants, which average A$368 million per year to fiscal 2009. These income variations offset new policy initiatives announced by the government since the last budget, averaging about A$181
