for the period ended 30 June 2020

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

Budget Variances Commentary

Operating Activities

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.

Investing Activities

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.

Financing Activities

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.