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for the period ended 30 June 2020
Principal payments of lease liabilities
Total cash used
Net cash from/(used by) financing activities
Net increase in cash held
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Appropriation receipts were $10.3 million higher than budgeted due to the Australian Government's industry assistance package to assist fishers in response to the Covid-19 pandemic. There was a related decrease in levies and licence fees received of $7.6m for waivers granted to fishers.
Sales of goods and services and net GST received were $2.0 million higher than budgeted due to higher vessel monitoring services and observer fee for service income of $0.8 million, and net GST received of $1.0 million.Employee cash payments were lower than budgeted by $2.0 million due to lower average staffing levels in 2019-20. Supplier cash used were $3.9 million higher than estimated primarily due to $2.5 million Act of Grace payments for Covid-19 relief to fishers and gross up of GST payments of $1.4 million which was not budgeted for.
Total cash used were $0.2 million lower than estimated in the Original Budget primarily as a result of lower than anticipated IT project capital costs.
Total cash used were $0.9 million higher than budgeted due to the transition to AASB 16 Leases. The budget estimates were updated to reflect this standard in subsequent budget rounds.