Government in 2008 were assessed against the Government's minimum-emissions ratings and new safety standards for passenger and commercial vehicles. This will mean a safer fleet of vehicles on Tasmanian roads and a reduced carbon footprint. We also contributed to various national studies that have been examining the economic impacts of climate change.

The divestment of Government businesses continued during 2007–08. Hobart International Airport Pty Ltd, the Printing Authority of Tasmania and the Southern Regional Cemetery Trust were sold, with gross sale proceeds exceeding $360 million. We facilitated the sale process, including the appointment of specialist consultants. The proceeds are to be reinvested in high-priority infrastructure projects. Twenty surplus Crown properties were also sold through the Major Sales Program, including two high-value office buildings and two parcels of crown land. The return to Government was $23.3 million.

The Government owns the 420-kilometre optic-fibre-cable backbone running from George Town to Hobart and across to Port Latta on the North-West Coast. We have been managing a project to ensure that this network is fit-for-purpose and to attract a suitable telecommunications-carrier partner to commercialise the network. In 2008 the network was declared fit-for-purpose. The Government's strategic partner, Aurora Energy, is pursuing further commercial opportunities, in line with the Government's objective of promoting competition in the wholesale market for telecommunications services.

We prepared the Deed setting out the details of the Launceston Flood Risk Management Project, including associated funding and governance arrangements. This was signed by the State Government and the Launceston City Council in April 2008. The Launceston City Council will be establishing a separate authority to take on responsibility for implementing measures to address the flood risks at Launceston.

We continued providing secretariat and research support to the Demographic Change Advisory Council. During the year we coordinated the development of two major reports that examine the economic, social, workforce and fiscal issues that Tasmania is likely to be facing in the future. We were also involved in developing population projections for Tasmania and its 29 local government areas.

Over the last few years we have reviewed our vision and mission, and strengthened our values. This year we developed a strategy for communicating to potential employees the essence of what it is like to work at Treasury. This strategy is now in place and links recruitment directly to our vision, mission and values.

Throughout this Annual Report there is ample evidence of how Treasury strives to make a difference to the well-being of Tasmanians through providing high-quality advice; best practice financial, regulatory and client services; and leadership in economic and financial reform. Our wide-ranging achievements this year would not have been possible without the hard work, dedication and skill of the Treasury and Finance team. I am very proud of Treasury's performance in 2007–08. I thank everyone for their efforts over the past 12 months and look forward to another highly productive year in 2008–09.