Development Victoria is a statutory authority governed by a Board of Directors.
LegislationDevelopment 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.
Responsible MinistersCurrently, the Minister for Transport Infrastructure has primary responsibility for Development Victoria under the Development Victoria Act 2003 and the Minister for Business Precincts is responsible for the Docklands Act 1991.
TreasurerThe 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 BoardThe 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).
Statutory AuthorityDevelopment Victoria
Governing ActDevelopment Victoria Act 2003
Incorporated1 April 2017
Registered addressLevel 9, 8 Exhibition Street
ABN: 61 868 774 623