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In 1987, the Victorian Health Promotion Foundation (VicHealth) was established with funding from government-collected tobacco taxes and mandated to promote health in the State of Victoria. [1] In 1988, VicHealth moved to buy out tobacco company sponsorship of sport and the arts.
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Health Provides information about planning, policy development, funding and regulation of health services and activities that promote and protect Victoria's health. This includes delivery of mental health and aged care services in Victoria. Housing Provides information about housing and housing assistance in Victoria.
The Fund suffered from poor investment decisions during the Global Financial Crisis of 2008 when money was invested in the Queensland-based company, Life Settlements Wholesale Fund. [2] Funds suffered, like many, during the Covid pandemic of 2020-2012, when funds under management dropped from AU$2.4 billion to $72.1bn in 2022.
Health insurance in Australia is community rated; health funds cannot take age, gender, pre-existing conditions or other underlying risk factors into account in the calculation of premiums. The largest health fund with a 26.9% market share is Medibank. Medibank was set up to provide competition to private "for-profit" health funds.
In May 2014, Fundingportal was registered by Canadian regulatory authorities as an Exempt Market Dealer (EMD) portal able to assist companies into both sources of government funding and capital markets. [4] In May 2016, Fundingportal's CEO, Terry Kirk, was presented the EY Sara Kirke Award for Entrepreneurship and Innovation. [5]
In Victoria, the public sector is defined by the Public Administration Act 2004. The Victorian public service is composed of ten departments , the head of each being a secretary . Each department can consist of a number of portfolios, each of which is the direct responsibility of a minister , who collectively form the ministry .
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