for the period ended 30 June 2020

The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Appropriation revenues were higher than budgeted by $10.3 million, write-off of debts were $7.9 million higher than budgeted and act of grace payments were $2.5 million higher than budgeted due to the Australian Government's industry assistance package to fishers in response to the Covid-19 pandemic.

Employee expenses were lower than budgeted by $2.2 million due to lower average staffing levels throughout 2019- 20. Resources received free of charge were higher than budgeted by $1.5 million due to Department of Finance transferring land and buildings on Thursday Island to AFMA in 2019-20 for no consideration. Own-source revenues were higher than budgeted by $0.9 million primarily due to higher services income for Vessel Monitoring Systems for States & Territory Governments and higher observer fee for service income.

Depreciation and amortisation was $0.6 million higher than budgeted primarily due to the amortisation of Right of Use lease assets of $1.1 million due to the transition to AASB 16 Leases. The budget estimates were updated to reflect this standard in subsequent budget rounds.