Administrated Schedule
Administrated Schedule of Comprehensive Income
|
2019 |
2018 |
Original Budget1 |
||
|
Notes |
$'000 |
$'000 |
$'000 |
|
|
NET COST OF SERVICES |
||||
|
EXPENSES |
||||
|
Suppliers |
1,417,965 |
1,375,432 |
1,407,129 |
|
|
Subsidies |
377,492 |
449,374 |
257,058 |
|
|
Personal benefits |
245,569 |
229,180 |
321,255 |
|
|
Grants |
69,769 |
98,755 |
71,673 |
|
|
Impairment loss allowance on financial instruments |
20 |
1 |
- |
|
|
Write-down and impairment of other assets |
112 |
15 |
642 |
|
|
Payments to corporate Commonwealth entities |
5,990 |
6,020 |
5,989 |
|
|
Total expenses administered on behalf of Government |
2,116,917 |
2,158,777 |
2,063,746 |
|
|
INCOME |
||||
|
Revenue |
||||
|
Taxation revenue |
||||
|
Other taxes |
121,192 |
151,966 |
113,150 |
|
|
Total taxation revenue |
121,192 |
151,966 |
113,150 |
|
|
Non-taxation revenue |
||||
|
Commonwealth asset recoveries |
59,225 |
39,626 |
74,126 |
|
|
Interest |
11,147 |
19 |
- |
|
|
Other revenue |
9,402 |
395,500 |
3,190 |
|
|
Total non-taxation revenue |
79,774 |
435,145 |
77,316 |
|
|
Total revenue |
200,966 |
587,111 |
190,466 |
|
|
Gains |
||||
|
Fair value gains from financial instruments |
96,131 |
- |
- |
|
|
Total gains |
96,131 |
- |
- |
|
|
Total income administered on behalf of Government |
297,097 |
587,111 |
190,466 |
|
|
Net cost of services |
(1,819,820) |
(1,571,666) |
(1,873,280) |
|
|
OTHER COMPREHENSIVE INCOME |
||||
|
Items not subject to subsequent reclassification to net cost of services |
||||
|
Changes in asset revaluation surplus |
- |
95,604 |
- |
|
|
Total other comprehensive income |
- |
95,604 |
- |
|
|
Total comprehensive loss |
(1,819,820) |
(1,476,062) |
(1,873,280) |
|
- The Department’s original budgeted financial statement that was first presented to Parliament in respect of the reporting period was the Portfolio Budget Statements 2018–19. The budgeted financial statements have not been audited.
Accounting Policy
Revenue
All administered revenues are revenues relating to the course of ordinary activities performed by the Department on behalf of the Australian Government. As such, administered appropriations are not revenues of the individual entity that oversees distribution or expenditure of the funds as directed.
Administered revenue is recognised when the service is provided. Collectability of the debt is reviewed at balance date. Impairment allowances are made when collectability of the debt is judged to be less, rather than more, likely.
Administrated Schedule of Assets and Liabilities
|
2019 |
2018 |
Original Budget1 |
||
|
Notes |
$'000 |
$'000 |
$'000 |
|
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and cash equivalents |
37 |
40 |
- |
|
|
Trade, taxation and other receivables |
1,071,822 |
43,353 |
38,001 |
|
|
Other investments |
- |
433,360 |
346,245 |
|
|
Total financial assets |
1,071,859 |
476,753 |
384,246 |
|
|
Non-financial assets |
||||
|
Prepayments |
6,122 |
6,314 |
6,034 |
|
|
Total non-financial assets |
6,122 |
6,314 |
6,034 |
|
|
Total assets administered on behalf of Government |
1,077,981 |
483,067 |
390,280 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Suppliers |
73,307 |
82,423 |
80,968 |
|
|
Subsidies |
37,734 |
73,171 |
36,890 |
|
|
Personal benefits |
478 |
1,422 |
3,521 |
|
|
Grants |
4,019 |
11,255 |
2,189 |
|
|
Other payables |
10,495 |
2,290,276 |
2,424,122 |
|
|
Total payables |
126,033 |
2,458,547 |
2,547,690 |
|
|
Total liabilities administered on behalf of Government |
126,033 |
2,458,547 |
2,547,690 |
|
|
Net assets / (liabilities) |
951,948 |
(1,975,480) |
(2,157,410) |
|
- The Department’s original budgeted financial statement that was first presented to Parliament in respect of the reporting period was the Portfolio Budget Statements 2018–19. The budgeted financial statements have not been audited.
Accounting Policy
Prepayments
All administered prepayments are current assets.
Administered Reconciliation Schedule
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Opening assets less liabilities as at 1 July |
(1,975,480) |
(2,418,473) |
|
Net cost of services |
||
|
Income |
297,097 |
587,111 |
|
Expenses |
||
|
Payments to entities other than corporate Commonwealth entities |
(2,110,927) |
(2,152,757) |
|
Payments to corporate Commonwealth entities |
(5,990) |
(6,020) |
|
Other comprehensive income |
||
|
Revaluations transferred to reserves |
- |
95,604 |
|
Transfers (to)/from the Australian Government |
||
|
Appropriation transfers from the Official Public Account |
||
|
Annual appropriations |
||
|
Payments to entities other than corporate Commonwealth entities |
1,791,861 |
1,742,482 |
|
Payments to corporate Commonwealth entities |
5,990 |
6,019 |
|
Special appropriations (unlimited) |
||
|
Payments to entities other than corporate Commonwealth entities |
330,541 |
196,329 |
|
Payments to corporate Commonwealth entities |
55,152 |
179,816 |
|
Appropriation transfers to the Official Public Account |
||
|
Transfers to the Official Public Account |
(180,807) |
(205,591) |
|
Other Adjustments |
||
|
Restructuring |
2,744,511 |
- |
|
Closing assets less liabilities as at 30 June |
951,948 |
(1,975,480) |
Accounting Policy
Administered Cash Transfers to and from the Official Public Account
Revenue collected by the Department for use by the Government rather than the Department is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the Department on behalf of the Government and reported as such in the Schedule of Administered Cash Flows and in the Administered Reconciliation Schedule.
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
OPERATING ACTIVITIES |
||
|
Cash received |
||
|
GST received |
171,592 |
161,431 |
|
Levies |
122,814 |
149,082 |
|
Commonwealth asset recoveries |
59,225 |
39,626 |
|
Other |
9,494 |
8,658 |
|
Total cash received |
363,125 |
358,797 |
|
Cash used |
||
|
Suppliers |
1,594,729 |
1,539,839 |
|
Subsidies |
401,213 |
413,093 |
|
Personal benefits |
230,846 |
229,843 |
|
Grants |
79,180 |
89,689 |
|
Payments to corporate Commonwealth entities |
5,990 |
6,019 |
|
Total cash used |
2,311,958 |
2,278,483 |
|
Net cash used by operating activities |
(1,948,833) |
(1,919,686) |
|
INVESTING ACTIVITIES |
||
|
Cash received |
||
|
Repayments of advances and loans |
85 |
|
|
Total cash received |
85 |
- |
|
Cash used |
||
|
Loans made |
53,535 |
|
|
Total cash used |
53,535 |
- |
|
Net cash used by investing activities |
(53,450) |
- |
|
Net decrease in cash held |
(2,002,283) |
(1,919,686) |
|
Cash and cash equivalents at the beginning of the reporting period |
40 |
10 |
|
Cash from the Official Public Account |
||
|
Appropriations |
2,183,544 |
2,124,646 |
|
GST appropriations |
171,135 |
166,754 |
|
Total cash from the Official Public Account |
2,354,679 |
2,291,400 |
|
Cash to the Official Public Account |
||
|
Appropriations |
(180,807) |
(205,591) |
|
Return of GST appropriations |
(171,592) |
(166,093) |
|
Total cash to the Official Public Account |
(352,399) |
(371,684) |
|
Cash and cash equivalents at the end of the reporting period1 |
37 |
40 |
The above statement should be read in conjunction with the accompanying notes.
1. As shown in the Administered Schedule of Assets and Liabilities.
Budget Variance Commentary
The following table provides a comparison between the 2018–19 Portfolio Budget Statements (PBS) budget and the final financial outcome in the 2018–19 financial statements. The Budget and Revised Budget is not audited and does not reflect budget estimates presented to Parliament in respect of the 2019 financial year. However, major changes in budget have been explained as part of the variance analysis where relevant.
Variances are considered to be ‘major’ based on the following criteria:
- the variance between budget and actual is greater than 10 per cent; or
- an item that is below this threshold but is considered material for the analysis of the performance of the Department.
Administered Major Budget Variances for 2018-2019
|
Explanations of major variances |
Affected line items (and schedule) |
|---|---|
|
Suppliers expense is $10.8m higher than the original budget primarily due to jobactive providers achieving stronger employment outcomes. |
Suppliers (Administered Schedule of Comprehensive Income) |
|
Subsidies expense is $120.4m higher than the original budget due to stronger take-up of wage subsidies, particularly for mature age jobseekers. |
Subsidies (Administered Schedule of Comprehensive Income) |
|
Personal benefits expense is $75.7m lower than the original budget due to lower than expected take-up of some jobactive sub-programs, lower than forecast number of claims paid in the Fair Entitlements Guarantee (FEG) program, and the impact of Machinery of Government changes. |
Personal benefits (Administered Schedule of Comprehensive Income) |
|
The write-down and impairment of assets expense is $0.5m lower than the original budget primarily due to the transfer of the FEG program to the Attorney-General’s Department. |
Write-down and impairment of assets (Administered Schedule of Comprehensive Income) |
|
Other taxes revenue are $8.0m higher than the original budget due to higher than expected receipts for levies related to Coal Long Service Leave (LSL). |
Other taxes (Administered Schedule of Comprehensive Income) |
|
Commonwealth asset recoveries are $14.9m lower than the original budget due to the complex nature of recoveries in relation to the FEG program including activities in the FEG recovery program and the impact of Machinery of Government changes. |
Commonwealth Asset Recoveries (Administered Schedule of Comprehensive Income) |
|
Interest revenue is $11.1m higher than original budget due to Machinery of Government changes, including the impact of Trade Support Loans. |
Interest (Administered Schedule of Comprehensive Income) |
|
Other revenue is $6.2m higher than the original budget due to higher than planned asbestos related receipts through Comcare. |
Other revenue (Administered Schedule of Comprehensive Income) |
|
Fair Value gains are $96.1m higher due to Machinery of Government changes, including the impact of Trade Support Loans and VET Student Loans. |
Fair Value Gains (Administered Schedule of Comprehensive Income) |
|
Trade and other receivables are $1,033.8m higher than the original budget due to Machinery of Government changes, including the impact of Trade Support Loans and VET Student Loans. |
Trade, taxation and other receivables (Administered Schedule of Assets and Liabilities) |
|
Other investments are $346.2m lower than the original budget due to the transfer of Comcare and Coal Long Service Leave (LSL) to the Attorney-General’s Department. |
Other investments (Administered Schedule of Assets and Liabilities) |
|
Suppliers payable is $7.7m lower than the original budget due to a decrease in jobactive accruals, particularly for outcome fees and job seeker training. |
Suppliers payable (Administered Schedule of Assets and Liabilities) |
|
Personal benefits payable is $3.0m lower than the original budget due to the transfer of the FEG program to the Attorney-General’s Department. |
Personal benefits payable (Administered Schedule of Assets and Liabilities) |
|
Grants payable is $1.8m higher than the original budget due to grant accruals for milestones met but not paid at year-end. |
Grants payable (Administered Schedule of Assets and Liabilities) |
|
Other payables are $2,413.6m lower than the original budget due to the transfer of Comcare to the Attorney-General’s Department. |
Other payables (Administered Schedule of Assets and Liabilities) |
Note 18: Administered - Expenses
|
2019 |
2018 |
|
|
Note 18A: Suppliers |
$'000 |
$'000 |
|
Services rendered |
||
|
Provider services |
1,362,160 |
1,340,582 |
|
Memberships |
11,667 |
11,822 |
|
Legal |
16,243 |
7,537 |
|
Contractors and consultants |
6,843 |
5,041 |
|
Advertising |
20,080 |
9,914 |
|
Other |
972 |
536 |
|
Total suppliers |
1,417,965 |
1,375,432 |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Subsidies in connection with |
||
|
Labour market assistance to job seekers and industry |
256,300 |
297,408 |
|
Industrial relations |
121,192 |
151,966 |
|
Total subsidies |
377,492 |
449,374 |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Direct |
||
|
Labour market assistance to job seekers and industry |
66,408 |
64,222 |
|
Industrial relations |
148,661 |
164,910 |
|
Trade Support Loans discount |
30,500 |
- |
|
Indirect |
||
|
Industrial relations |
- |
48 |
|
Total personal benefits |
245,569 |
229,180 |
Accounting Policy
The Department administers personal benefit programs on behalf of the Government that provide entitlements to individuals. Payments are determined in accordance with provisions of the Fair Entitlements Guarantee Act 2012 and the funding agreements for the New Enterprise Incentive Scheme and Youth Jobs PaTH under jobactive. The Trade Support Loans discount represents the value of the discount that applies on successful completion of the apprenticeship as assessed by the actuary on new debt.
|
Note 18D: Grants |
2019 |
2018 |
|
$'000 |
$'000 |
|
|
Public sector |
||
|
Australian Government entities (related parties) |
55,252 |
55,413 |
|
Private sector |
||
|
Non-profit organisations |
11,350 |
37,054 |
|
Other |
3,167 |
6,288 |
|
Total grants |
69,769 |
98,755 |
Accounting Policy
The Department administers a number of grant and subsidy schemes on behalf of the Government.
Grant and subsidy liabilities are recognised to the extent that:
– the services required to be performed by the grantee have been performed; or
– the grant eligibility criteria have been satisfied, but payments due have not been made. A commitment is recorded when the Government enters into an agreement to make these grants and subsidies but services have not been performed or criteria satisfied.
Payment to corporate Commonwealth entities from amounts appropriated for that purpose are classified as administered expenses, equity injections or loans of the relevant portfolio department. The appropriation to the Department is disclosed under the Note 25 – Appropriation.
All administered revenues are revenues relating to ordinary activities performed by the Department on behalf of the Australian Government. As such, administered appropriations are not revenues of the individual entity that oversees distribution or expenditure of the funds as directed.
Note 19: Administered - Income
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Note 19A: Interest |
||
|
Trade Support Loans |
11,055 |
- |
|
Other sources |
92 |
19 |
|
Total interest |
11,147 |
19 |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Other |
9,402 |
395,500 |
|
Total other revenue |
9,402 |
395,500 |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Fair value gains |
96,131 |
- |
|
Total fair value gains from financial instruments |
96,131 |
- |
Note 20: Administered - Financial Assets
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Note 20A: Receivables |
||
|
Goods and services receivable |
||
|
Taxation receivables |
- |
13,338 |
|
Personal benefits receivable |
7 |
6,782 |
|
Goods and services receivable |
4,269 |
3,192 |
|
GST receivable from the ATO |
17,850 |
22,174 |
|
Total goods and services receivable |
22,126 |
45,486 |
|
Advances and loans |
||
|
VET Student Loans |
439,487 |
- |
|
Trade Support Loans |
610,343 |
- |
|
Total advances and loans |
1,049,830 |
- |
|
Total receivables (gross) |
1,071,956 |
45,486 |
|
Less impairment loss allowance for goods and services |
||
|
Goods and services |
(134) |
(2,133) |
|
Total impairment loss allowance for goods and services |
(134) |
(2,133) |
|
Total receivables (net) |
1,071,822 |
43,353 |
|
Credit terms are within 30 days. |
||
Accounting Policy
Receivables
Where receivables are not subject to concessional treatment, they are carried at amortised cost using the effective interest method. Gains and losses due to impairment, derecognition and amortisation are recognised through profit or loss.
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Concessional Loans |
||
|
VET Student Loans |
||
|
Nominal value |
621,302 |
- |
|
Impairment |
(181,815) |
- |
|
Carrying amount |
439,487 |
- |
|
Trade Support Loans |
||
|
Nominal value |
732,018 |
- |
|
PAYG estimate for 2018-19 |
(40,000) |
|
|
Unexpired discount and discount on completion (new loans) |
(52,138) |
- |
|
Impairment |
(74,216) |
- |
|
Deferral adjustment |
44,679 |
- |
|
Carrying amount |
610,343 |
- |
|
Total concessional loans |
1,049,830 |
- |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Note 20B: Other Investments |
||
|
Other Investments |
||
|
Coal Mining Industry (Long Service Leave Funding) Corporation1 |
- |
410,418 |
|
Comcare2 |
- |
22,942 |
|
Total other investments |
- |
433,360 |
The Commonwealth retains 100 per cent ownership of the listed investment. The principle activity of the administered investment is as follows:
1. Coal Mining Industry (Long Service Leave Funding) Corporation (Coal LSL) – the administration of the Coal Mining Industry Long Service Leave Fund (The Fund). The Fund has operated since 1949 to provide reimbursement payments to employers paying long service leave to persons employed in the black coal industry in New South Wales, Queensland, Western Australia and Tasmania on the basis of industry employment service.
2. Comcare – the minimisation of human and financial costs in relation to workplace injury in Commonwealth Employment.
The Department’s investment in Comcare was not recorded in the 2017-18 financial statements; the amount of
$22.942 million (Comcare’s net asset position in 2017-18) has been restated.
The listed investments have been removed from the Administered Schedule of Assets and Liabilities as a result of the Administrative Arrangements Order of 29 May 2019 that transferred them to the Attorney-General’s Department.
Accounting Policy
Administered Investments
Administered investments in subsidiaries, joint ventures and associates are not consolidated because their consolidation is relevant only at the Whole of Government level.
Administered investments other than those held for sale are classified as amortised cost and are measured at their fair value as at 30 June 2019. Fair value has been taken to be the Australian Government's proportional interest in the net assets of the entities as at the end of the reporting period.
Note 21: Administered - Payables
|
2019 |
2018 |
||
|
$'000 |
$'000 |
||
|
Note 21A: Suppliers |
|||
|
Trade creditors and accruals |
73,307 |
82,423 |
|
|
Total suppliers |
73,307 |
82,423 |
Settlement was made within 30 days.
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Subsidies |
37,734 |
73,171 |
|
Total subsidies |
37,734 |
73,171 |
|
Note 21C: Personal Benefits |
2019 |
2018 |
|
$'000 |
$'000 |
|
|
Labour market assistance to job seekers and industry - Direct |
478 |
498 |
|
Industrial relations - Direct |
- |
924 |
|
Total personal benefits |
478 |
1,422 |
|
Note 21D: Grants |
2019 |
2018 |
|
$'000 |
$'000 |
|
|
Private sector |
||
|
Non-profit organisations |
3,312 |
9,381 |
|
Other |
707 |
1,874 |
|
Total grants |
4,019 |
11,255 |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Comcare payable1 |
- |
2,278,802 |
|
Withholding payable |
- |
505 |
|
GST payable |
10,495 |
10,969 |
|
Total other payables |
10,495 |
2,290,276 |
1. The amount payable to Comcare represents amounts payable by the Commonwealth for:
– workers compensation claims resulting from injuries that occurred prior to 1 July 1989, referred to as ‘pre-premium’ claims;
– workers compensation claims resulting from injuries that have occurred since 1 July 1989, referred to as ‘premium’ claims; and
– the management of asbestos related personal injury common law disease claims against the Commonwealth.
Full details of the amounts payable may be found in the Comcare annual report.
Note 22: Administered - Contingent Assets and Liabilities
|
Claims for damages or costs |
Total |
|||
|
2019 |
2018 |
2019 |
2018 |
|
|
$'000 |
$'000 |
$'000 |
$'000 |
|
|
Contingent assets |
||||
|
Balance from previous period |
2,486 |
39,032 |
2,486 |
39,032 |
|
Re-measurement |
2,529 |
38,791 |
2,529 |
38,791 |
|
Assets realised |
(3,150) |
(39,635) |
(3,150) |
(39,635) |
|
Total contingent assets |
1,865 |
38,188 |
1,865 |
38,188 |
|
Contingent liabilities |
||||
|
Balance from previous period |
- |
32,112 |
- |
32,112 |
|
Re-measurement |
- |
(5,837) |
- |
(5,837) |
|
Total contingent liabilities |
- |
26,275 |
- |
26,275 |
|
Net contingent assets |
1,865 |
11,913 |
1,865 |
11,913 |
Quantifiable Administered Contingencies
The above table reports contingent assets and liabilities in respect of estimated payments and recoveries in relation to dividends for the General Employee Entitlements and Redundancy Scheme (GEERS). Following Machinery of Government changes announced on 29 May 2019, contingent assets and liabilities for 2018-19 relating to the Fair Entitlements Guarantee (FEG) Program will be reported in the financial statements of the Attorney-General’s Department. The 2019 opening balance does not include items that relate to the FEG program.
Note 23: Adminstered - Financial Instruments
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Note 23A: Categories of Financial Instruments |
||
|
Financial Assets under AASB 139 |
||
|
Available-for-sale financial assets |
||
|
Investments |
433,360 |
|
|
Total available-for-sale financial assets |
433,360 |
|
|
Receivables |
||
|
Cash and cash equivalents |
40 |
|
|
Goods and services receivable |
1,059 |
|
|
Total receivables |
1,099 |
|
|
Total financial assets |
434,459 |
|
|
Financial Assets under AASB 9 |
||
|
Financial assets at fair value through other comprehensive income (FVOCI) |
||
|
Investments |
- |
|
|
Total financial assets at fair value through other comprehensive income |
- |
|
|
Financial assets at amortised cost |
||
|
Cash and cash equivalents |
37 |
|
|
Goods and services receivable |
4,135 |
|
|
Total financial assets at amortised cost |
4,172 |
|
|
Financial assets at fair value through profit or loss |
||
|
Concessional loans |
||
|
VET Student Loans |
439,487 |
|
|
Trade Support Loans |
610,343 |
|
|
Total financial assets at fair value through profit or loss |
1,049,830 |
|
|
Total financial assets |
1,054,002 |
|
|
Financial Liabilities |
||
|
Financial liabilities measured at amortised cost |
||
|
Trade creditors and accruals |
73,307 |
82,423 |
|
Total financial liabilities measured at amortised cost |
73,307 |
82,423 |
|
Total financial liabilities |
73,307 |
82,423 |
|
Classification of financial assets on the date of initial application of AASB 9 |
|||||
|
Financial assets class |
Notes |
AASB 139 original classification |
AASB 9 new classification |
AASB 139 carrying amount at 1 July 2018 |
AASB 9 carrying amount at 1 July 2018 |
|
$'000 |
$'000 |
||||
|
Investments |
20B |
Available-for-sale financial assets |
FVOCI |
433,360 |
433,360 |
|
Cash and cash equivalents |
Loans and receivables |
At amortised cost |
40 |
40 |
|
|
Goods and services receivable |
20A |
Loans and receivables |
At amortised cost |
1,059 |
1,059 |
|
Total financial assets |
434,459 |
434,459 |
|||
|
Reconciliation of carrying amounts of financial assets on the date of initial application of AASB 9 |
||||
|
Financial assets class |
AASB 139 carrying amount at 1 July 2018 |
Reclassification |
Re-measurement |
AASB 9 carrying amount at 1 July 2018 |
|
$'000 |
$'000 |
$'000 |
$'000 |
|
|
Financial assets at fair value through other comprehensive income |
||||
|
Available-for-sale financial assets |
||||
|
Investments |
433,360 |
- |
- |
433,360 |
|
Total fair value through other comprehensive income |
433,360 |
- |
- |
433,360 |
|
Financial assets at amortised cost |
||||
|
Loans and receivables |
||||
|
Cash and cash equivalents |
40 |
- |
- |
40 |
|
Goods and services receivable |
1,059 |
- |
- |
1,059 |
|
Total financial assets at amortised cost |
1,099 |
- |
- |
1,099 |
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Note 23B: Net Gains or Losses on Financial Assets |
||
|
Financial assets at fair value through other comprehensive income |
||
|
Gains recognised in equity |
- |
95,604 |
|
Net gain on financial assets at fair value through other comprehensive income |
- |
95,604 |
|
Financial assets at amortised cost |
||
|
Interest revenue |
92 |
19 |
|
Write-down and impairment |
-132 |
-16 |
|
Net gains / (losses) on financial assets at amortised cost |
-40 |
3 |
|
Financial assets at fair value through profit or loss |
||
|
Interest revenue |
11,055 |
- |
|
Trade Support Loans discount |
-30,500 |
- |
|
Fair value gains |
96,131 |
- |
|
Net gains/(losses) at fair value through profit or loss |
76,686 |
- |
|
Net gains on financial assets |
76,646 |
95,607 |
Note 24: Administered - Fair Measurement
|
Fair value measurements at the end of the reporting period |
||
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Financial assets |
||
|
Administered investments |
- |
433,360 |
|
Total financial assets |
- |
433,360 |
|
Total fair value measurements of assets in the Administered Schedule of Assets and Liabilities |
- |
433,360 |
There are a number of administered assets and liabilities not measured at fair value in the Administered Schedule of Assets and Liabilities. The carrying amounts of these assets and liabilities are considered to be a reasonable approximation of their fair value.
The Department’s administered investments are classified at fair value through other comprehensive income and are measured at their fair value as at 30 June 2019. Fair value is assessed as the Australian Government's proportional interest in the net assets of the entity at balance date. The methods and valuation techniques used for the purpose of measuring fair value of assets and liabilities in 2019 are unchanged from the prior year.
Changing inputs to the level 3 hierarchy valuations to reasonably possible alternate assumptions would not significantly change amounts recognised in net cost of service or other comprehensive income.
|
Note 24B: Valuation Technique and Inputs for Level 2 and Level 3 Fair Value Measurements |
|||||
|
Fair value measurement as at 30 June |
|||||
|
2019 |
2018 |
Valuation technique3 |
|||
|
$'000 |
$'000 |
Level2 |
Inputs used |
||
|
Financial assets |
|||||
|
Concessional loans |
|||||
|
VET Student Loans |
439,487 |
- |
3 |
Loan conditions |
Principal due |
|
Trade Support Loans |
610,343 |
- |
3 |
Loan conditions |
Principal due |
|
Total1 |
1,049,830 |
- |
|||
1. The book value of these assets equals the fair value.
2. There have been no transfers between levels during the period.
3. The methods and valuation techniques used for the purpose of measuring fair value of assets in 2019 are unchanged from the previous reporting period.
|
Financial assets |
|
|
Concessional loans |
|
|
2019 |
|
|
$'000 |
|
|
As at 29 May 2019 |
919,694 |
|
Total gains recognised in comprehensive income |
76,686 |
|
Loans made |
53,450 |
|
As at 30 June 2019 |
1,049,830 |
1. As a result of the Administrative Arrangements Order of 29 May 2019, the VET Student Loans and Trade Support Loans transferred to the Department from the Department of Education.
Note 25: Administered - Appropriation
|
Note 25A: Administered Annual Appropriations ('Recoverable GST exclusive') |
|||||
|
2019 Appropriations |
Appropriation applied in 2019 (current and prior years) |
||||
|
Annual appropriation |
Adjustments to appropriation |
Total appropriation |
Variance1 |
||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|
|
ADMINISTERED |
|||||
|
Ordinary annual services |
|||||
|
Administered items |
1,751,062 |
- |
1,751,062 |
1,788,729 |
(37,667) |
|
Payments to corporate Commonwealth entities |
5,989 |
- |
5,989 |
5,989 |
- |
|
Total administered |
1,757,051 |
- |
1,757,051 |
1,794,718 |
(37,667) |
1. The administered variance relates to higher than planned administered expenditure.
Accounting Policy
Payments to Corporate Commonwealth Entities
Payments to Comcare from amounts appropriated for that purpose are classified as administered expenses of the Department.
|
2018 Appropriations |
Appropriation applied in 2018 (current and prior years) |
||||
|
Annual appropriation |
Adjustments to appropriation1 |
Total appropriation |
Variance2 |
||
|
$'000 |
$'000 |
$'000 |
$'000 |
$'000 |
|
|
ADMINISTERED |
|||||
|
Ordinary annual services |
|||||
|
Administered items |
1,718,876 |
9,222 |
1,728,098 |
1,737,471 |
(9,373) |
|
Payments to corporate Commonwealth entities |
6,020 |
- |
6,020 |
6,019 |
1 |
|
Total administered |
1,724,896 |
9,222 |
1,734,118 |
1,743,490 |
(9,372) |
1. The administered adjustments to appropriation relate to PGPA Act Section 75 transfers as a result of transferred functions to the Department.
2. The administered variance relates to higher than planned administered expenditure.
|
Note 25B: Unspent Administered Annual Appropriations ('Recoverable GST exclusive') |
||
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Administered |
||
|
Appropriation Act (No. 1) 2017-18 |
4,932 |
8,022 |
|
Appropriation Act (No. 3) 2017-18 |
680 |
41,416 |
|
Appropriation Act (No. 5) 2017-18 |
- |
36,928 |
|
Appropriation Act (No. 1) 2018-19 |
11,656 |
- |
|
Appropriation Act (No. 3) 2018-19 |
31,430 |
- |
|
Cash at bank |
37 |
40 |
|
Total |
48,735 |
86,406 |
|
Note 25C: Special Appropriations ('Recoverable GST exclusive') |
||||
|
Authority |
Type |
Purpose |
Appropriation applied |
|
|
2019 |
2018 |
|||
|
$'000 |
$'000 |
|||
|
Fair Entitlements Guarantee Act 2012 - Section 50 1 |
Unlimited Amount |
An Act to provide for financial assistance for workers who have not been fully paid for work done for insolvents or bankrupts, and for related purposes. |
113,767 |
131,918 |
|
Coal Mining Industry (Long Service Leave Funding) Act 19921 |
Unlimited Amount |
An Act to manage the long service leave entitlement of the Coal Mining Industry. |
122,815 |
149,081 |
|
Safety, Rehabilitation and Compensation Act 1988 (SRC Act)1 |
Unlimited Amount |
An Act to provide for the payment of workers compensation claims and associated expenses in accordance with the provisions of the SRC Act. |
27,130 |
30,734 |
|
Asbestos-related Claims (Management of Commonwealth Liabilities) Act 20051 |
Unlimited Amount |
An Act to assign responsibility for the management of certain liabilities relating to asbestos-related claims, and for related purposes. |
28,022 |
24,675 |
|
Public Governance, Performance and Accountability Act 2013, section 772 |
Refund |
To provide an appropriation where an Act or other law requires or permits the repayment of an amount received by the Commonwealth and apart from this section there is no specific appropriation for the repayment. |
2 |
2 |
|
VET Student Loans Act 2016, section 113 |
Unlimited Amount |
An Act to provide students with loans for tuition fees for vocational education and training (VET). |
32,577 |
- |
|
Trade Support Loans Act 2014, section 1043 |
Unlimited Amount |
An Act to provide loans to assist apprentices with costs of living while training towards their qualification. |
20,872 |
- |
|
Total special appropriations applied |
345,185 |
336,410 |
||
- There were four section 77 payments made with a total value of $1,950.31.
- As a result of the Administrative Arrangements Order of 29 May 2019, skills, vocational education and training programs transferred to the Department from the Department of Education.
The Department of Education processed payments and receipts on behalf of the Department under the VET Student Loans Act and the Trade Support Loans Act for the period 29 May to 30 June 2019.
Note 26: Admnistered - Regulatory Charging
As a result of the Administrative Arrangements Order of 29 May 2019, skills, vocational education and training programs transferred to the Department from the Department of Education.
From 29 May 2019 the Department undertook regulatory charging activities relating to:
- certain programs managed by Trades Recognition Australia (TRA); and
- the VET Student Loans program.
The Department of Education receipted $2.29m of TRA and $24,682 of VET Student Loans external revenue for the period
29 May to 30 June 2019 on behalf of the Department.
Further information on the above activities is available at:
- TRA: www.tradesrecognitionaustralia.gov.au
- VET Student Loans program: www.employment.gov.au
Note 27: Adminstered - Aggregate Assets and Liabilities
|
2019 |
2018 |
|
|
$'000 |
$'000 |
|
|
Note 27A: Administered Aggregate Assets and Liabilities |
||
|
Assets expected to be recovered in: |
||
|
No more than 12 months |
90,739 |
49,707 |
|
More than 12 months |
987,242 |
433,360 |
|
Total assets |
1,077,981 |
483,067 |
|
Liabilities expected to be settled in: |
||
|
No more than 12 months |
126,033 |
179,745 |
|
More than 12 months |
- |
2,278,802 |
|
Total liabilities |
126,033 |
2,458,547 |
Note: 28: Administered - Restructuring
|
2019 |
|||
|
Industrial Relations |
Skills and Training |
Total |
|
|
Attorney-General's |
Department of Education2 |
||
|
FUNCTIONS RELINQUISHED |
Department1 |
||
|
$'000 |
$'000 |
||
|
Assets relinquished |
|||
|
Financial assets |
|||
|
Trade, taxation and other receivables |
33,909 |
- |
33,909 |
|
Other investments |
433,359 |
- |
433,359 |
|
Total assets relinquished |
467,268 |
- |
467,268 |
|
Liabilities relinquished |
|||
|
Payables |
|||
|
Suppliers |
879 |
- |
879 |
|
Subsidies |
11,716 |
- |
11,716 |
|
Personal benefits |
436 |
- |
436 |
|
Other payables |
2,279,054 |
- |
2,279,054 |
|
Total liabilities relinquished |
2,292,085 |
- |
2,292,085 |
|
Net liabilities relinquished |
-1,824,817 |
- |
-1,824,817 |
|
FUNCTIONS ASSUMED |
|||
|
Assets recognised |
|||
|
Financial assets |
|||
|
Trade, taxation and other receivables |
- |
919,694 |
919,694 |
|
Total assets recognised |
- |
919,694 |
919,694 |
|
Liabilities recognised |
- |
- |
- |
|
Total liabilities recognised |
- |
- |
- |
|
Net assets recognised |
- |
919,694 |
919,694 |
|
Income assumed |
|||
|
Recognised by the receiving entity |
- |
107,186 |
107,186 |
|
Recognised by the losing entity |
- |
- |
- |
|
Total income assumed |
- |
107,186 |
107,186 |
|
Expenses assumed |
|||
|
Recognised by the receiving entity |
- |
30,500 |
30,500 |
|
Recognised by the losing entity |
- |
- |
- |
|
Total expenses assumed |
- |
30,500 |
30,500 |
- The Industrial Relations functions were transferred to the Attorney-General’s Department due to the Administrative Arrangements Order dated 29 May 2019.
- The Skills and Training functions were assumed by the Department due to the Administrative Arrangements Order dated 29 May 2019.
|
2018 |
|||
|
Small Business and Small Business Ombudsman Functions |
Deregulation Functions |
Total |
|
|
Department of Treasury 1 |
Department of the Prime Minister and Cabinet 2 |
||
|
$'000 |
$'000 |
$'000 |
|
|
FUNCTIONS ASSUMED |
|||
|
Assets recognised |
- |
- |
- |
|
Total assets recognised |
- |
- |
- |
|
Liabilities recognised |
- |
- |
- |
|
Total liabilities recognised |
- |
- |
- |
|
Net liabilities recognised |
- |
- |
- |
|
Income assumed |
- |
- |
- |
|
Total income assumed |
- |
- |
- |
|
Expenses assumed |
|||
|
Recognised by the receiving entity |
4,290 |
- |
4,290 |
|
Recognised by the losing entity |
- |
- |
- |
|
Total expenses assumed |
4,290 |
- |
4,290 |
- The small business functions were assumed by the Department due to the Administrative Arrangements Order dated 19 April 2018.
- The regulatory policy functions were assumed by the Department due to the Administrative Arrangements Order dated 19 April 2018.
Visit
https://www.transparency.gov.au/annual-reports/department-employment-skills-small-and-family-business/reporting-year/2018-2019-63