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Administered Reconciliation Schedule

for the period ended 30 June 2021

2021

2020

$'000

$'000

Opening assets less liabilities as at 1 July

2,629,565

3,564,839

Adjustment on initial application of AASB 16 1

-

(1)

Adjusted opening assets less liabilities

2,629,565

3,564,838

Net cost of services

Income

10

683

Expenses

Payments to entities other than corporate Commonwealth entities and companies

(60,943)

(27,239)

Payments to corporate Commonwealth entities and companies

(126,283)

(27,239)

Other comprehensive income

Revaluations transferred to reserves

177,947

26,638

Actuarial gain/(loss) through equity

1,753

(593)

Transfers (to)/from the Australian Government

Appropriation transfers from Official Public Account

Annual appropriation for administered expenses (non-corporate Commonwealth entities and companies)

49,959

29,446

Annual appropriation for payment to corporate Commonwealth entities and companies

126,283

119,184

Special appropriations (non-corporate Commonwealth entities and companies)

14,562

-

Transfers (to) Official Public Account

(2,315)

(17,005)

Equity injection to corporate Commonwealth entities and companies

98,120

25,035

Restructuring 2

-

(972,238)

Closing assets less liabilities as at 30 June

2,908,658

2,629,565

1 PM&C applied AASB 16 Leases on 1 July 2019.

2 The NRRA was established on 5 May 2021. In the 2019-20 period, the NIAA was established on 1 July 2019, and Old Parliament House (OPH) transferred to the portfolio on 8 August 2019. Refer to Note 8.2 Restructuring.

Accounting Policy

Administered cash transfers to and from the Official Public Account

Revenue collected by PM&C for use by the Government rather than for the department is administered revenue. Cash received is transferred to the Official Public Account (OPA), held by the Department of Finance.

Conversely, cash is drawn from the OPA to make payments under appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the cash held by PM&C and reported in the Administered Cash Flow Statement and in the Administered Reconciliation Schedule.

The above statement should be read in conjunction with the accompanying notes.