Financial performance — departmental
For the 2018–19 financial year, the department recorded a deficit before depreciation and amortisation of $7.9 million (1.8 per cent of total departmental expenses). The recorded deficit includes technical loss adjustments of $8.5 million, consisting of:
- adjustments in leave provisions due to a decrease in the 10-year Treasury bond rate ($7.8 million)
- impairment of assets ($0.7 million).
Excluding the technical loss adjustments, the department recorded a surplus of $0.6 million, which is 0.2 per cent of total expenses.
Figure 14. Departmental financial performance
The department has maintained its sound financial position as at 30 June 2019, with financial assets of $137.4 million exceeding total liabilities of $129.8 million. Non-financial assets were $209.5 million at 30 June 2019, primarily reflecting the department’s IT systems, fit-outs and infrastructure.
Figure 15. Departmental financial position
Financial performance — administered
Due to the machinery-of-government (MoG) changes on 29 May 2019, the 2018–19 administered financial results includes both pre and post MoG financial impacts.
In 2018–19, total administered expenses on behalf of the Government was $2,117.0 million, consisting of:
- $1,418.0 million in supplier expenses primarily related to jobactive
- $377.5 million in subsidies, primarily related to payments made for jobactive wage subsidies and the Coal Mining Industry (Long Service Leave) Administration Act 1992
- $245.6 million in personal benefits associated with the New Enterprise Incentive Scheme and payments made under the Fair Entitlements Guarantee program
- $69.8 million in grants, primarily related to workers’ compensation payments to Comcare
- $6.0 million in payments for Comcare’s appropriation.
Total administered income in 2018–19 was $297.1 million, consisting of:
- $121.2 million in levy collections under the Coal Mining Industry (Long Service Leave) Administration Act 1992
- $59.2 million in Commonwealth asset recoveries mainly related to the Fair Entitlements Guarantee program
- $96.1 million in fair value gains associated with the valuation for VET Student Loans and Trade Support Loans income-contingent loans
- $20.5 million in interest and other revenue.
Administered assets at 30 June 2019 have increased to $1,078.0 million, predominately due to the transfer of the VET Student Loans and Trade Support Loans totalling $1,049.8 million, from the Department of Education.
Administered liabilities have reduced to $126.0 million, due the to Comcare payable totalling $2,280.0 million transferring to the Attorney-General’s Department.