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Financial review

Year in review

In 2019–20, the government provided Austrade with $213.2 million in funding for ordinary annual services. Revenue from government increased by $8.4 million compared to 2018–19. This increase was to cover foreign exchange movements ($0.7 million) and to provide resourcing so that Austrade could deliver against the following government priorities:

  • new deregulation agenda ($3.7 million), with which Austrade is funding the Trade Information Service.
  • bushfire response – international surge support ($0.9 million).
  • Australia – United Kingdom Season 2020–21 (cultural exchange) ($1.4 million).

The government also provided Austrade with $16.6 million to fund capital expenditure, comprising $14.1 million in the departmental capital budget and $2.5 million in net equity injections.

During 2019–20, Austrade generated $26.2 million in own-source revenue through client engagement fees and sponsorships, a decrease of $0.8 million compared to 2018–19.

Figure 3 summarises Austrade’s financial results over the last four years, and Figure 4 summarises Austrade’s financial position at 30 June 2020.

Austrade’s financial statements for 2019–20 are provided at Part 4 of this report, and Austrade’s financial and staffing resource tables are provided at Appendix C.

Outlook for 2020–21

The challenging economic environment arising from the COVID-19 pandemic has led to Austrade working in line with government priorities to assist Australian businesses in the recovery efforts. This is illustrated in the continuation of assistance to the tourism sector through the zoos and aquariums support package, as well as supporting Australian exporters by maintaining Australia’s connection to global supply chains (both agricultural export and medical import) through the International Freight Assistance Mechanism.

Austrade regularly reviews its allocation of resources (both budget and people) in response to the government’s strategic priorities. Activities targeting economic recovery from the impact of bushfires and COVID-19 are a current priority. These are consistent with Austrade’s overarching focus on the growth of Australia’s prosperity. This focus means that Austrade will continue to support Australian businesses to participate in global supply chains, and to connect into global investment flows.

Financial performance in 2019–20

Figure 3: Austrade’s financial performance, 2019–20 (including four-year trends) Austrade’s financial performance, 2019–20 (including four-year trends)

Note: Figures have been rounded. Comparative percentage movements are in relation to the 2018–19 financial year. An increase in dollar value is shown as a positive percentage movement (upward arrow) and a decrease in dollar value is shown as a negative percentage movement (downward arrow).

Figure 4: Austrade’s financial position, 2019–20  Austrade’s financial position, 2019–20

Note: Figures have been rounded. Comparative percentage movements are in relation to the 2018–19 financial year. An increase in dollar value is shown as a positive percentage movement (upward arrow) and a decrease in dollar value is shown as a negative percentage movement (downward arrow).