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Financial performance

The AAT’s complete financial results for 2018–19 are available in the Financial statements which commence on page 75 of this annual report. The Australian National Audit Office issued an unqualified audit opinion for the financial statements on 11 September 2019.

The 2018–19 financial statements for the AAT report total revenue from ordinary activities of $164.7 million and expenses of $154.7 million. Excluding depreciation of $10.4 million, this resulted in a surplus of $10 million. This surplus was largely accounted for by lower than anticipated operating costs, particularly in relation to members and staff. We expect costs in this area to increase in 2019–20 and the forward years to address our increasing workloads.

At 30 June 2019, the AAT was in a sound position in relation to net worth and liquidity, reporting net assets of $89 million, represented by assets of $150.8 million and liabilities of $61.8 million. We had unspent appropriations totalling $87 million of which $1.1 million was held in cash. Unspent appropriations are available to settle liabilities as and when they fall due and for future asset replacements and improvements.

We continued to administer application fees on behalf of the Government in the reporting year. The AAT’s 2018–19 administered income was $49.4 million. Details of administered revenue are set out in the financial statements.

The tables summarising our total resourcing, total payments and total expenses for the reporting year are in Appendix 3: Resourcing tables.