Development Victoria is a statutory authority governed by a Board of Directors.
For the period from 1 July until 22 November 2018, the Minister for Major Projects had primary responsibility for Development Victoria under the Development Victoria Act 2003.
Since 22 November 2018, the Minister for Priority Precincts has primary responsibility for Development Victoria under the Development Victoria Act 2003.
The Treasurer is responsible for oversight of Development Victoria’s finances in accordance with the Financial Management Act 1994.
This role requires the Treasurer to manage and monitor Development Victoria’s financial position including its capital structure and operating performance.
Debt finance for projects is approved by the Treasurer on a case-by-case basis, and the organisation’s aggregate financial assumptions and forecasts are approved annually by the Treasurer through the Corporate Plan.
Development Victoria Board
The role and function of the Development Victoria Board is established under the Development Victoria Act 2003.
The Board has responsibility for strategic oversight of the organisation and considers projects presented by management for approval, before they are presented to the Minister.
Development Victoria is established as a Public Non-Financial Corporation (PNFC) in accordance with guidelines established by the Australian Bureau of Statistics. These guidelines define the following business characteristics for entities classified as a PNFC:
- All or the majority of the entity’s total production costs should be covered by total sales
- Primary activities of the entity should involve the market production of goods at economically significant prices (economically significant prices are defined as prices that have a significant effect on the amounts that producers are willing to supply and, on the amounts, purchasers are willing to buy)
- The entity should compete with other providers and the customer’s choice of provider is not influenced by government interventions; and
- The entity is controlled by government in terms of its general corporate policy (and strategic direction). This is proxied by ownership, the ability to appoint/remove board members and government provision of debt.
Development Victoria was established on 1 April 2017 and operates under the Development Victoria Act 2003.
The functions of the organisation set out in the Act include:
- Carrying out property development and social and economic capital works projects in accordance with government policies and strategies
- Providing advisory services
- Developing declared projects
The Act requires Development Victoria to carry out its functions using commercial disciplines.
Development Victoria also has powers under the Docklands Act 1991 to undertake the Docklands project.
Development Victoria Act 2003
1 April 2017
8 Exhibition Street
ABN: 61 868 774 623