Five-year financial summary

2023 $ 2022 $ 2021 $ 2020 $ 2019 $
Total income from transactions 40,141,888  39,866,515 17,925,861 19,932,142 17,792,385
Total expenses from transactions 34,706,630 40,907,4251 20,388,510 20,091,717 19,434,276
Net result from transactions 5,435,258 (1,040,880) (2,462,649) (159,575) (1,641,891)
Other economic flows included in net result2 (15,669) (209,745) (220,915) (26,568) (90,827)
Net result for the period 5,419,589 (831,135) (2,242,454) (186,143) (1,732,718)
Net cash flow from operating activities 189,037 (2,490,148) 718,478 712,109 360,839
Total assets 21,104,281 16,653,760 11,583,033 13,783,258 13,023,799
Total liabilities 8,108,237 9,077,305 5,847,223 5,825,576 4,885,613

End of table.


  1. Total expenses from transactions were published incorrectly in the five-year financial summary of the Annual Report 2021-22 as $4,0907,425. This did not affect the financial statements. The correct figure is $40,907,395 in the table above.
  2. Includes gains or losses from disposal of non-financial assets and revaluation of leave liabilities for changes in the government bond rate.

Current financial year review and significant changes in financial position

In 2022-23, the Commission reported a $5.44 million net surplus, primarily attributed to the Graduate Recruitment Scheme, Innovation Network and People Matter Survey transactions. Under Public Entity Executive Classification, the majority of projects were commenced in earlier years. However, the surplus has arisen subsequent to the completion of projects and the accounting recognition of $1.90 million in revenue for the present year.

Financial position – balance sheet

The Commission’s net asset base as at 30 June 2023 is $13.00 million. There is an increase of $5.42 million from 2021-22. The increase in net asset base can be attributed mainly to a $4.45 million rise in receivables and a $0.90 million decrease in unearned income within the liabilities.

Significant changes in the financial position and major factors affecting performance

There were no significant changes which affected the Commission’s performance during the reporting period.

Capital projects

During 2022-23 financial year, the Commission has not completed any capital projects.

Disclosure of grants and transfer payments

During 2022-23 financial year, the Commission provided a total grant of $1,548,838. A sum of $80,000 was provided to the CSIRO, $ 1,463,838 to the Department of Education and Training and $5,000 to Non-Profit Organisation Life Saving Victoria.

Subsequent events

No significant events have occurred since 30 June 2023 that will have a material impact on the information disclosed in the financial statements.

Financial performance

Target Actual Achieved
Operating position
Net result from transactions is within budget
(Y/N +/- 5%) 1
5% 5% Yes
Liquidity position
Current ratio
(current assets / current liabilities >1)
1% 2.47% Yes
Average accounts receivable collection period (target 30 days) 90% 68% No
Average time for accounts payable (target 30 days) 90% 80% No

End of table.


  1. Net results of output appropriation and does not include trust funds.

Non-financial performance

The section provides information about the Commission’s performance against our output performance measures. Commentary is provided where there are variances of more than five per cent between targets and actual results for performance measures.

Promote workforce reform

Provide WoVG people, data, analytics and insights, support a digitally enabled and flexible workforce, provide workforce planning advice.

Strategic Priority 2022-23 Target 2022-23 Actual Variance Achieved
Percentage of process completion of Victorian public sector annual workforce data within target timeframes 95% 95% 0% Yes
Percentage of agencies that rated VPSC’s leadership of the People Matter survey as good, very good or excellent 70% 98% 40%1 Yes
Percentage of Innovation Network event attendees who indicate satisfaction with the delivered event 85% 95.4% 12.2%2 Yes
Percentage of users who indicated they were satisfied with their Suburban Hubs experience 90% 99% 10%3 Yes

End of table.

Support a positive employee experience

Promote diverse, inclusive and healthy workplaces, support employment and career pathways, develop leading practice to support WoVG people initiatives.

Strategic Priority 2022-23 Target 2022-23 Actual Variance Achieved
Proportion of graduates participating in the Aboriginal and disability streams 10% 16% 60%4 Yes
Overall satisfaction with engagement, consultation and responsiveness from the VPSC GRADS team 85% 94% 10.6%5 Yes
Number of engagement and promotion activities undertaken by the JSE 20 31 55%6 Yes
Satisfaction with response to user queries on the JSE 80% 95% 15%7 Yes
Percentage of Victorian Public Service workforce registered with the JSE 70% 87% 24.3%8 Yes
Percentage of Victorian Public Service jobs advertised through the JSE 90% 95% 5.6% Yes

End of table.

Develop outstanding leadership and stewardship

Support high quality leadership development and strengthen executive leadership capability, promote a connected and collaborative senior executive service, support executive mobility and career pathways.

Strategic Priority 2022-23 Target 2022-23 Actual Variance Achieved
Proportion of survey respondents expressing satisfaction with the Executive Leadership Program overall, relevance and suitability 80% 96% 20% Yes
Percentage of new to VPS executives participating in the induction program 78% 89% 14.1%9 Yes

End of table.

Promote public trust

Promote and advocate for an impartial and professional public sector, drive a preventative approach to integrity and governance issues, strengthen integrity and governance capability.

Strategic Priority 2022-23 Target 2022-23 Actual Variance Achieved
Percentage of agencies that indicated that VPSC advice assisted in improving their integrity capability 90% 90% 0% Yes

End of table.


  1. Ratings for the Commission’s People Matter survey leadership this year were overwhelmingly positive.
  2. Reflects both the increased appetite for learning and collaboration across the VPS, and the increased maturity and sophistication of the Innovation Networks offerings.
  3. Reflects the prioritised focus on user experience by the Suburban Hubs team, spanning both VPSC and DTF/DGS.
  4. 2,311 applications to the 2024 Victorian Government graduate program were received in March/April 2023. Of these applicants 6.8% applied via either the Aboriginal and/or Disability pathway. The portion of the graduates participating in the Aboriginal and/or Disability pathway at assessment centres increased to 16.5%. The number of graduates commencing the 2023 Victorian Government graduate program via the Aboriginal and/or Disability pathway was 14.7% of the total cohort.
  5. At the end of each rotation, graduates are surveyed on their satisfaction with engagement, consultation and responsiveness from the GRADS team. The increase from the target to the actual result is due to the proportion of graduates that completed the survey. The most recent survey (May 2023) included 69 responses from 141 graduates representing 49% of the overall population.
  6. This variance is primarily due to an increased usage of the JSE platform for surge and other recruitment campaigns.
  7. The variance is mostly due to further customer service and technology training for staff, review and improvement of internal processes and technology remediations focused on improved user experience.
  8. This variance is due to the increased usage and awareness of the JSE platform across the VPS.
  9. This variance is due to an increased uptake of participants in the program with few program withdrawals/deferrals.