Go to top of page

D. Operating Resources

This section provides further information about major assets and liabilities held or administered by Finance, significant estimates and judgements made and the management of risk in relation to these items.

D1. Financial instruments

Policy and measurement

Financial assets

With the implementation of AASB 9 Financial Instruments for the first time from 1 July 2018, Finance classifies its financial assets in the following categories:

  • Financial assets measured at amortised cost
  • Financial assets at fair value through other comprehensive income (FVOCI)
  • Financial assets at FVPL.

The classification is based on Finance's business model for managing the financial assets and contractual cash flow characteristics at the time of initial recognition. Financial assets are recognised when Finance becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date.

Financial assets at amortised cost

Includes cash and cash equivalents which are readily convertible to cash, trade receivables, loans and other receivables with fixed or determinable payments that are not quoted in an active market. Amortised cost is determined using the effective interest rate.

Impairment is assessed at the end of the reporting period using the simplified approach for trade and other receivables which measures the loss allowance as the amount equal to the lifetime credit losses.

Income is recognised on an effective rate basis.

Financial assets at FVOCI

Includes designated equity investments in Commonwealth entities and companies which are not held for trading. Any gains or losses as a result of a fair value measurement or recognition of an impairment loss allowance are recognised in other comprehensive income.

Financial assets at FVPL

Includes financial assets that are not classified as financial assets at amortised cost or at FVOCI (i.e. mandatorily held at FVPL) and is generally held for trading. Any gains or losses as a result of a fair value measurement are recognised through profit and loss.

Financial liabilities

Financial liabilities are classified as either financial liabilities at FVPL or at amortised cost. Financial liabilities are recognised and derecognised upon trade date.

Financial liabilities at amortised cost

Includes suppliers and other payables with a fixed or determinable amount to be paid that are not quoted in an active market. Financial liabilities are initially measured at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest method.

Financial liabilities at FVPL

Includes derivatives held by the investment funds. Financial liabilities are initially measured at fair value with subsequent adjustments recognised in profit and loss.

Classification of financial instruments

Changes from the original classification of financial assets and financial liabilities under AASB 139 Financial Instruments: Recognition and Measurement upon initial recognition was applicable to:

  • Financial assets at amortised cost (AASB 139: Loans and receivables)
  • Financial assets at FVOCI (AASB 139: Available-for-sale financial assets).

There were no changes to the measurement of financial assets or financial liabilities upon initial recognition of AASB 9.

D1.1 Categories of financial instruments

Departmental

Administered

30 June

30 June

30 June

30 June

2019

2018

2019

2018

Note ref

$'000

$'000

$'000

$'000

Financial Assets

Financial assets measured at amortised cost

Cash and cash equivalents

OPA balance

H2

-

-

2,405,081

1,730,174

Special account cash held by Finance

F3.1

4,807

15,244

-

-

Operating cash balance

10,616

1,580

2,891

858

Special account cash held in OPA

F3.1

706,038

755,470

-

-

Trade receivables

22,002

4,064

909

1,826

Investment funds

C2.2

-

-

10,229,383

7,979,610

State and territory government loans

-

-

126,152

133,121

Accrued revenue

5,305

5,889

1,291

9,583

Total financial assets measured at amortised cost

748,768

782,247

12,765,707

9,855,172

Financial assets designated at FVOCI

Commonwealth entities and companies

-

-

1,188,009

904,868

Total financial assets designated at FVOCI

-

-

1,188,009

904,868

Financial assets measured at FVPL

Investment funds

C2.2

-

-

26,879,777

21,844,193

Total financial assets measured at FVPL

-

-

26,879,777

21,844,193

Total financial assets

748,768

782,247

40,833,493

32,604,233

Financial Liabilities

Financial liabilities measured at amortised cost

Trade creditors and accruals

35,749

36,241

12,707

12,141

Investment funds

C2.2

-

-

129,906

91,032

OPA overnight cash payable

H2

-

-

1,803,516

1,326,409

Finance leases

1,022

3,736

-

-

Total financial liabilities measured at amortised cost

36,771

39,977

1,946,129

1,429,582

Financial liabilities measured at FVPL

Investment funds

C2.2

-

-

85,390

157,327

Total financial liabilities measured at FVPL

-

-

85,390

157,327

Total financial liabilities

36,771

39,977

2,031,519

1,586,909

D1.2 Fair value information by financial asset class

The following table sets out the fair value, valuation techniques and inputs used for Administered financial instruments. The techniques used to value financial instruments have not changed during the year.

Financial instruments have been valued using inputs under the following fair value hierarchy:

  • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that Finance can access at measurement date
  • Level 2: observable inputs that are derived from prices in active markets
  • Level 3: inputs that are not observable and involve significant judgement.

Fair value measurements at the end of the reporting period

Administered

30 June

30 June

Level

Inputs used

Valuation technique

2019

2018

$'000

$'000

Financial assets

State and territory government loans

2

N/A

Income approach

219,654

215,893

Investments in CECs

3

NET

Cost approach

901,201

597,405

Investments in CECs

3

WACC

Income approach

286,808

307,463

Investment funds - financial assets at FVPL

Other investments

1

N/A

Market approach

2,316,674

1,248,694

Interest bearing securities

2

N/A

Price Index1

21,642,238

18,129,857

Derivative assets

2

N/A

Market approach

48,764

32,971

Interest bearing securities

3

Earnings multiple

Market approach

150,809

154,124

Other investments

3

NET

Market approach

2,697,583

2,274,729

Total financial assets

28,263,731

22,961,136

Financial liabilities

Investment funds - derivative liabilities

2

N/A

Market approach

85,390

157,327

Total financial liabilities

85,390

157,327

1Price Index values based on observable market data relating to prices, industry accepted pricing models and broker/dealer quotes.

Key judgements and estimates

Loans to state and territory governments

Concessional loan balances receivable from states and territories are measured at amortised cost and no security is held for these. Repayments are based on a reducing balance method. The amortised cost differs from the fair value disclosed in Note D1.2.

Investments in Commonwealth entities and companies (CECs)

CECs are wholly owned by the Commonwealth and managed by Finance on behalf of the Commonwealth. CECs are not controlled by Finance and have been reported as investments and measured at FVOCI. The following are details of Finance’s CECs:

  • CSC is a trustee and administrator of the Commonwealth superannuation schemes. The value of CSC has been measured using the net assets (NET) reported in its financial statements. A change in the net assets would result in an equal change in reported fair value.
  • Australian Naval Infrastructure Pty Ltd (ANI) is a Commonwealth Company that is prescribed as a Government Business Enterprise (GBE). ANI’s primary objective is to support the Commonwealth’s naval shipbuilding program through acquiring, holding, managing and developing critical infrastructure and related facilities used in connection with this program. ANI is currently redeveloping the Osborne Naval Shipyard and will establish access arrangements with naval shipbuilding prime contractors in due course. The value of ANI has been measured using the net assets reported in its financial statements. A change in the net assets would result in an equal change in reported fair value.
  • ASC Pty Ltd (ASC) is a Commonwealth Company that is prescribed as a GBE. ASC is responsible for the ongoing sustainment of the Collins Class submarine fleet and provides submariner-training services to the Royal Australian Navy. ASC is also responsible for the Hobart Class Air Warfare Destroyer (AWD) program – as part of the AWD Alliance – and delivery of the first two Arafura Class Offshore Patrol Vessels. The value of ASC has been measured using the estimated future cash flows of the company sourced from the 2019-24 Corporate Plan, discounted using a weighted average cost of capital (WACC). The WACC is calculated using inputs derived from either professional judgement or observable historical market data of comparable entities. The impact of WACC changes is included in the Market Risk analysis at Note D2.1.

    ASC Shipbuilding Sovereign Share
    In December 2018, ASC Shipbuilding (which was a wholly owned subsidiary of ASC) was transferred by the Commonwealth to BAE Systems Australia Limited (BAE Systems) to support delivery of the Hunter Class Frigate program and develop sovereign naval shipbuilding capability that will be capable of independently designing, developing and leading the construction of complex, large naval warships. The Commonwealth retains a sovereign share in ASC Shipbuilding that provides a number of protective rights, whilst ensuring that BAE Systems is fully responsible and accountable for the delivery of the frigates. The Commonwealth also has a call option to re-purchase the ordinary shares in ASC Shipbuilding from BAE Systems at the end of the contract for a nominal amount. Together, the sovereign share and call option ensure the retention in Australia of intellectual property, a highly skilled workforce and the associated equipment at the end of the program. For accounting purposes, the sovereign share and call option are recognised at nil fair value.

Movements of recurring level 3 financial assets

Administered

30 June

30 June

2019

2018

$'000

$'000

Opening balance of investments in CECs

904,868

573,417

Equity injections

301,450

279,500

Total gains/(losses) recognised in other comprehensive income

(18,309)

51,951

Closing balance of investments in CECs

1,188,009

904,868

Opening balance of investment funds - financial assets at FVPL

2,428,853

1,321,396

Purchase

839,906

1,274,101

Sales

(457,605)

(206,253)

Transfers into level 3

217

-

Total gains/(losses) recognised in net cost of services

44,524

44,172

Transfers out of level 3

(7,503)

(4,563)

Closing balance of investment funds - financial assets at FVPL

2,848,392

2,428,853

D1.3 Net gains or losses on financial assets

Departmental

Administered

30 June

30 June

30 June

30 June

2019

2018

2019

2018

Note ref

$'000

$'000

$'000

$'000

Financial assets at amortised cost

Interest revenue earned on:

OPA deposits

-

-

15,258

15,215

State and territory government loans

-

-

13,893

14,579

Government securities

-

-

-

47

Other

-

3

-

-

Impairment of financial assets

(31)

(66)

(4)

(1)

Net gains/(losses) on financial assets at amortised cost

(31)

(63)

29,147

29,840

Financial assets at FVOCI

Dividends

-

-

26,900

16,100

Gains/(losses) on Commonwealth entities and companies

D1.2

-

-

(18,309)

51,951

Net gains/(losses) on financial assets at FVOCI

-

-

8,591

68,051

Financial assets measured as FVPL

Investment funds

Interest

C2.1

-

-

192,796

140,885

Dividends and distributions

C2.1

-

-

250,404

36,716

Gains on financial investments

C2.1

-

-

897,361

763,532

Foreign exchange losses

C2.1

-

-

(271,078)

(225,700)

Net gains/(losses) on financial assets at FVPL

-

-

1,069,483

715,433

Net gains/(losses) on financial assets

(31)

(63)

1,107,221

813,324

D2. Managing financial risk

Finance is generally exposed to a low level of risk in relation to its financial instruments with the exception of the investment funds which are exposed to a moderate level of risk commensurate with the types of financial instruments held and the markets in which those instruments are traded. These risks are discussed as part of the investment funds (Note C2). Non-investment fund risks are discussed below.

D2.1 Market risk

Market risk refers to the risk that a change in market parameters will impact on assets held by Finance. Other than balances held by the investment funds, investments in CECs and the OPA which are exposed to interest rate risk and foreign currency risk, Finance holds basic financial instruments that are not exposed to market risks. The following table discloses market risks in relation to the OPA and investments in CECs. Disclosures in relation to the investment funds are included as part of Note C2.3.1.

Sensitivity analysis of interest rate risk exposure

Effect on

Change in risk variable

Surplus/ (deficit)

Equity

30 June 2019

Risk variable

%

$'000

$'000

Overnight cash deposits with the RBA

Deposit rate

+0.2%

2,481

-

-0.2%

(2,481)

-

Investments in CECs

Discount rate

+0.2%

-

2,271

-0.2%

-

(2,231)

30 June 2018

%

$'000

$'000

Overnight cash deposits with the RBA

Deposit rate

+0.2%

2,435

-

-0.2%

(2,435)

-

Investments in CECs

Discount rate

+0.2%

-

1,907

-0.2%

-

(1,874)

D2.2 Liquidity risk

Liquidity risk is the risk that an entity will be unable to pay its debts when they fall due. As Finance is appropriation funded, the risk of not meeting its obligations associated with financial liabilities is highly remote. Internal policies and procedures are also in place to ensure there are appropriate resources available to meet obligations. Credit terms for goods and services are payment within 30 days. Disclosures in relation to the investment funds are included as part of Note C2.3.2.

D2.3 Credit risk

Credit risk is the risk that entities owing debts to Finance will not pay those debts as and when they fall due. Finance is exposed to a moderate level of credit risk in relation to the investment fund's assets; all other financial assets are considered to be low risk. Trade and other receivables (excluding state and territory government loans) have standard 30 days terms. Additional disclosures for the investment funds credit risk are included in Note C2.3.3.

D3. Non-financial assets

Non-defence domestic property portfolio

Finance manages a diverse portfolio of approximately 70 non-defence Commonwealth-owned properties in Australia. The portfolio includes office buildings, law courts, special purpose facilities, heritage assets, vacant land, contaminated sites and major capital works projects under construction.

Properties held for investment purposes are predominately leased to other Commonwealth entities with rental income recognised systematically over the period of the lease. Where these properties operate in an active rental market, a competitive neutrality charge is applied to cover indirect taxes such as payroll tax, council rates, stamp duty, land tax and income tax which is paid to the OPA.

Surplus funds arising from property operations and divestment proceeds are paid to the OPA in the following financial year as a return of equity.

Policy and measurement

Non-financial assets (excluding assets held for sale) are not expected to be sold or realised within the next 12 months.

Asset recognition threshold

Purchases of property, plant and equipment and intangibles are recognised where they meet an individual asset recognition threshold of $5,000. All purchases under this threshold are expensed in the year of acquisition, other than when they form part of a group of similar items which are significant in total in which case they are recognised on a group basis.

The recognition and measurement policy for each asset class is outlined below:

Asset class (includes work in progress)

Initial Recognition

Subsequent Recognition

Revaluation Frequency

Fair value measured at

Land

At cost

Fair value

Assessed annually by management to determine whether it is likely that the carrying amount is materially different from fair value. If likely, revaluations are conducted by independent valuers and revaluation adjustments are made on a class basis.

Market selling price or discounted cash flows

Buildings

Market selling price, discounted cash flows or current replacement cost

Leasehold improvements

Current replacement cost

Infrastructure, plant and equipment

Market selling price or current replacement cost

Investment property

At cost, except where acquired at nominal cost, then fair value

Fair value

Annually

Market selling price or discounted cash flows

Intangibles (including internally developed and externally acquired software)

At cost

Cost less accumulated amortisation and accumulated impairment losses

N/A

N/A

Revaluations

Revaluation adjustments are made on a class basis. For property, plant and equipment, revaluation increments are credited to equity under the heading of asset revaluation reserve except to the extent it reverses a previous revaluation decrement of the same asset class that was recognised in the surplus/(deficit). Revaluation decrements for a class of assets are recognised directly in the surplus/(deficit) except to the extent that they reversed a previous revaluation increment for that class.

Gains or losses arising from changes in the fair value of investment property are recognised in the surplus/(deficit) in the year in which they arise.

Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset is restated to the revalued amount.

Decontamination, restoration and decommissioning costs

Obligations relating to the dismantling, removal, remediation and restoration are recognised in the cost of property, plant and equipment where reliably estimated, with a corresponding provision for remediation costs.

There are also a small number of properties with potential remediation issues that are currently subject to further investigation. A provision is recognised for remediation of these properties only when there is agreement from government that Finance will meet the costs of the remediation, the liability can be reliably measured and the funding is legally available.

Depreciation/amortisation

Depreciable assets are written down to their estimated residual values over their estimated useful lives using the straight line method of depreciation. Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current and future reporting periods as appropriate. Depreciation rates applying to each class of depreciable asset are based on the following useful lives:

Asset class

2019 & 2018 (no change)

Buildings on freehold land

3 to 100 years

Leasehold improvements

Lesser of useful life or lease term

Intangibles

3 to 7 years

Infrastructure, plant and equipment

1 to 45 years

Assets held for sale

Assets held for sale includes properties that have been fully prepared for sale, are being actively marketed at fair value and are likely to settle within the next 12 months. Also included are properties that are currently under offer or contract (contract issued or exchanged but not yet settled) as at the end of the reporting period. These properties are valued at the lower of carrying amount and fair value less costs to sell.

Key judgements and estimates

Valuation of non-financial assets

Independent valuations are obtained annually for land, buildings and investment property. Where possible, assets are valued based upon observable inputs to the extent available. Where this information is not available, valuation techniques rely on unobservable inputs.

For land and buildings, the valuations include calculations of estimated market cash flows which are adjusted to take into account physical, economic and external factors such as sale prices of comparable assets, replacement cost, expected useful life and adjustments for obsolescence.

For investment property, judgements include income and expenditure, as well as average vacancy periods and costs of establishing a new tenant, as leases become due for renewal and properties become vacant.

Some properties within the portfolio are subject to remediation or have heritage value and this is taken into account by the valuer in assessing the market value of the property.

There are a small number of properties where the highest and best use differs from the current use. While the fair values for these properties have been measured in the financial statements using the highest and best use for each, they are not being utilised at their highest and best use as Finance is not in the business of property development.

Leasehold improvements and plant and equipment is subject to a formal independent valuation at least once every three years dependent upon an annual risk assessment. In years where a formal valuation is not undertaken, assets are subject to a desktop review. An independent valuation in relation to leasehold improvements and plant and equipment was undertaken as at 30 June 2017.

Finance reviews all reports received from independent valuers to ensure valuations align with its own assumptions and understanding of the respective assets and their circumstances.

D3.1 Property, infrastructure, plant and equipment and intangibles

Departmental

Land

Buildings

Leasehold improve- ments

Invest- ment property

Plant and equip- ment

Intang- ibles

Total

$’000

$’000

$’000

$’000

$’000

$’000

$’000

As at 1 July 2018

Gross book value

376,014

595,221

28,314

783,282

34,721

163,505

1,981,057

Accumulated depreciation, amortisation and impairment

-

-

(3,002)

-

(8,306)

(74,254)

(85,562)

Opening balance as at 1 July 2018

376,014

595,221

25,312

783,282

26,415

89,251

1,895,495

Additions

247

35,940

207

18,731

1,133

35,298

91,556

Revaluations recognised in OCI

94,088

68,257

-

-

-

-

162,345

Impairments recognised in NCOS

-

-

-

-

(58)

(1,567)

(1,625)

Revaluations recognised in NCOS

-

-

-

29,875

-

-

29,875

Depreciation and amortisation

-

(13,685)

(1,524)

-

(8,877)

(21,516)

(45,602)

Transfers to assets held for sale

(38,160)

-

-

-

-

-

(38,160)

Disposals

Transfers to agencies

-

-

-

(2,900)

-

-

(2,900)

Write-downs

-

-

(91)

-

(4)

-

(95)

Other

(995)

-

-

-

-

-

(995)

Closing balance as at 30 June 2019

431,194

685,733

23,904

828,988

18,609

101,466

2,089,894

Total as at 30 June 2019 represented by

Gross book value

Fair value (gross)

431,194

629,075

28,120

815,786

34,920

-

1,939,095

Internally developed software

-

-

-

-

-

152,153

152,153

Purchased software

-

-

-

-

-

13,582

13,582

Work in progress - at fair value

-

56,658

-

13,202

870

-

70,730

Work in progress - at cost

-

-

-

-

-

30,594

30,594

Accumulated depreciation, amortisation and impairment

-

-

(4,216)

-

(17,181)

(94,863)

(116,260)

Total as at 30 June 2019

431,194

685,733

23,904

828,988

18,609

101,466

2,089,894

Administered

Leasehold improve- ments

Infrastructure

Plant and equipment

Intangibles

Total

$’000

$’000

$’000

$’000

$’000

As at 1 July 2018

Gross book value

41,252

69,716

9,546

1,449

121,963

Accumulated depreciation, amortisation and impairment

(15,227)

-

(2,891)

(781)

(18,899)

Opening balance as at 1 July 2018

26,025

69,716

6,655

668

103,064

Additions

8,296

1,692

6,501

142

16,631

Revaluations recognised in OCI

-

4,038

-

-

4,038

Depreciation and amortisation

(10,504)

(2,280)

(1,757)

(516)

(15,057)

Disposals - Write-downs

(123)

-

(63)

(80)

(266)

Closing balance as at 30 June 2019

23,694

73,166

11,336

214

108,410

Total as at 30 June 2019 represented by

Gross Book Value

Fair value (gross)

46,731

73,166

7,569

-

127,466

Purchased software

-

-

-

276

276

Work in progress - at fair value

1,878

-

7,888

-

9,766

Work in progress - at cost

-

-

-

142

142

Accumulated depreciation, amortisation and impairment

(24,915)

-

(4,121)

(204)

(29,240)

Total as at 30 June 2019

23,694

73,166

11,336

214

108,410

Further information

Non-financial assets include the Intra Government Communication Network (ICON), leasehold improvements and IT assets for electoral and state offices and other information technology assets to support Administered outcomes.

D3.2 Fair value information by non-financial asset class

Fair value measurements

Finance only holds non-financial assets in the following two levels of the fair value hierarchy:

  • Level 2: observable inputs (other than quoted prices in active markets) are used to calculate the fair value of the asset
  • Level 3: inputs used to calculate the fair value are not observable.

The following tables set out (by asset class) the valuation technique, inputs used and the level of the fair value hierarchy per AASB 13 Fair Value Measurement.

Departmental

Administered

30 June 2019

30 June 2018

30 June 2019

30 June 2018

Non-financial assets

Level

Inputs used

Valuation technique

$’000

$’000

$'000

$'000

Land

2

AMT

Market approach

132,491

135,910

-

-

Land

2

AMT

Income approach

298,703

240,104

-

-

Buildings

2

AMT

Market approach

25

18

-

-

Buildings

2

AMT

Income approach

323,751

297,799

-

-

Buildings

2

RCN

Cost approach

361,957

297,404

-

-

Leasehold improvements

3

RCN, CEB

Cost approach

23,904

25,312

23,694

26,025

Infrastructure

3

RCN, CEB

Cost approach

-

-

73,166

69,716

Investment property

2

AMT

Market approach

74,535

70,104

-

-

Investment property

2

AMT

Income approach

754,453

713,178

-

-

Plant and equipment

2

AMT

Market approach

11,436

13,049

2,767

3,713

Plant and equipment

3

RCN, CEB

Cost approach

7,173

13,366

8,569

2,942

Assets held for sale - land

2

AMT

Market approach

38,160

12,254

-

-

Assets held for sale - building

2

AMT

Income approach

-

15,900

-

-

Total fair value 30 June 2019

2,026,588

1,834,398

108,196

102,396

Inputs used

Adjusted Market Transactions (AMT): market transactions of comparable assets, adjusted to reflect differences in price sensitive characteristics.

Replacement Cost of New Assets (RCN): the amount a market participant would pay to acquire or construct a new substitute asset of comparable utility.

Consumed Economic Benefits (CEB): obsolescence of assets, physical deterioration, functional or technical obsolescence and conditions of the economic environment specific to the asset.

D4. Other provisions

Policy and measurement

Finance recognises a provision when it has a legal or constructive obligation to make a payment, it is probable that payment will be made and the amount to be paid can be reliably measured.

Departmental

Administered

30 June

30 June

30 June

30 June

2019

2018

2019

2018

$'000

$'000

$'000

$'000

Excess lease space

-

-

120

496

Remediation costs

19,141

20,648

6,421

6,310

Act of Grace

-

-

9,618

9,015

Same Sex Relationships Act

-

-

1,825

1,529

Total other provisions

19,141

20,648

17,984

17,350

Movements of other provisions

Opening balance

20,648

8,815

17,350

18,314

Additional provisions made

-

13,773

2,501

1,916

Amounts used

(1,233)

(1,473)

(1,727)

(2,457)

Amounts reversed

(274)

(467)

(140)

(423)

Closing balance

19,141

20,648

17,984

17,350

Further information

Excess lease space

A provision has been recognised for excess lease space which reflects the present value of future lease payments for unoccupied office space.

Act of Grace

The Act of Grace mechanism is a discretionary power found in section 65 of the PGPA Act, which allows payments to be made if it is appropriate and a decision maker considers there are special circumstances. In most cases these relate to pension payments to spouses of former members of the Commonwealth defined benefit superannuation schemes.

Same Sex Relationships Act

The Same Sex Relationships (Equal Treatment in Commonwealth Laws – General Reform) Act 2008 removes discrimination against same-sex couples and their dependent children from a wide range of Commonwealth laws and programs. These relate to pension payments to partners of former members of the Commonwealth defined benefit superannuation schemes.

D5. Restructuring

There were no restructures in 2018-19. In 2017-18, Finance had the following restructures:

  • Transfer of the whole of government Information and Communications Technology policy, procurement and strategy-related functions (net assets of $25.2 million) to the Digital Transformation Agency
  • Transfer of the ownership and property management of the Prime Minister's official establishments (net assets of $49.8 million) to PM&C
  • Transfer of the administration of the Parliamentary Retirement Travel Act 2002 (liabilities of $2.8 million) to the Independent Parliamentary Expenses Authority.