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Note 1: Budget variances

The following table provides high-level commentary on major variances between budgeted information for the CGC as published in the Portfolio Budget Statements and the 2018–19 final outcome as presented in accordance with Australian accounting standards. Major variances are those deemed relevant to an analysis of the CGC’s performance and are not focused merely on numerical differences between the budget and actual amounts.

Explanations of major variances are as follows:

Explanation of major variances

Variance to budget

Affected line items

$’000

%

Repealing of unspent appropriation from prior years was not allowed for in budget.

(669)

-11%

Statement of financial position – Trade and other receivables

(252)

-81%

Statement of financial position – Contributed equity

The variance in reserves is due to a change in accounting policy (Note 6.2).

(288)

-52%

Statement of financial position – Reserves