The Department of the Prime Minister and Cabinet (PM&C) is a not-for-profit Australian Government controlled entity for the purposes of preparing the financial statements. The objective of the Department is to provide policy advice and support to the Prime Minister, the Cabinet, Portfolio Ministers and Assistant Ministers on matters that are at the forefront of public and government administration.

On 5 May 2021, the Government established NRRA to support local communities. The new agency subsumed the functions of the National Bushfire Recovery Agency and the non-drought policy development functions of the National Drought and North Queensland Flood Response and Recovery Agency.

Basis of preparation of the financial statements

The financial statements are general purpose financial statements and are required by section 42 of the PGPA.

The financial statements have been prepared in accordance with:

Public Governance, Performance and Accountability (Financial Reporting) Rule 2015; and
Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except where certain assets and liabilities are recorded at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars, and are rounded to the nearest thousand dollars unless otherwise specified.

Except where stated below, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.
The Department has assessed the impact of COVID-19 pandemic on the balances included in its financial statements. The fair value of its land, buildings and property, plant and equipment and leasehold improvements was assessed due to the valuation uncertainty created by the COVID-19 pandemic. Further information is included in the accounting policy for Note 3.2 Non-financial Assets and companies and Note 4.2 Administered – Non-financial Assets.

The Department has concluded that COVID-19 has not had a material impact on the fair value of these assets.

The COVID impact also has an effect on the carrying value of administered investment. Further information is included in the accounting policy for Note 4.1C Investments on corporate Commonwealth entities.

Taxation

The Department is exempt from all forms of taxation except Fringe Benefits Tax (FBT), the Goods and Services Tax (GST) and Mining Withholding Tax.

New Australian accounting standards

No new accounting standard has been adopted earlier than the application date as stated in the standard.

Other new standards, revised standards, interpretations and amending standards that were issued prior to the sign- off date and are applicable to the current reporting period did not have material financial impact, and are not expected to have a future material financial impact on the Department.

Event after the reporting period

There were no events occurring after 30 June 2021 that would have a material impact on the financial statements.

1. Departmental financial performance

This section analyses the financial performance of the Department of the Prime Minister and Cabinet for the period ended 30 June 2021.

1.1 Expenses

	2021	2020
	$'000	$'000
Note 1.1A: Employee benefits
Wages and salaries	108,339	92,680
Superannuation
Defined contribution plans	12,301	9,987
Defined benefit plans	7,104	6,481
Leave and other entitlements	10,485	11,558
Separation and redundancies	539	1,715
Other	705	702
Total employee benefits	139,473	123,123

Note 1.1B: Suppliers
Goods and services	56,202	49,307
Consultants, legal, contractors and secondees	883	440
Equipment, repairs and maintenance	8,933	9,026
General expenses	86	120
Venue hire	4,290	5,988
Office accommodation, facility management and security Information, communication and technology	29,780	28,880
Travel	1,064	2,578
Total goods and services supplied and rendered	101,238	96,339

Goods supplied	4,039	3,224
Services rendered	97,199	93,115
Total goods and services	101,238	96,339

Other suppliers
Short-term leases	178	264
Workers compensation expenses	310	641
Total other supplier expenses	488	905
Total suppliers	101,726	97,244

The above lease disclosures should be read in conjunction with the accompanying notes 1.1C, 3.2 and 3.4.

Accounting Policy

Short-term leases and leases of low-value assets

PM&C has elected not to recognise right-of-use assets and lease liabilities over short-term leases where the lease term is 12 months or less or leases over low-value assets (less than $10,000). PM&C recognises the lease payments associated with these leases as an expense on a straight-ilne basis over the lease term.

Note 1.1C: Finance costs
Interest on lease liabilities	1,477	1,563
Total finance costs	1,477	1,563

The above lease disclosures should be read in conjunction with the accompanying notes 1.1B, 3.2 and 3.4.

1.2 Own-source revenue

	2021	2020
	$'000	$'000
Own-source revenue
Note 1.2A: Revenue from contracts with customers
Revenue from contracts with customers	50,992	61,507
Total revenue from contracts with customers	50,992	61,507

Disaggregation of revenue from contracts with customers
Delivery of services	48,049	53,779
Cost recovery	2,943	7,728
	50,992	61,507
Type of customer:
Government entities (related parties)	49,370	58,578
Non-government entities	1,622	2,929
	50,992	61,507
Timing of transfer of goods and services:
Over time	50,992	61,507
	50,992	61,507

Accounting Policy

Revenue from the sale of goods is recognised when control has been transferred to the buyer.

Revenue from agreements between PM&C and other related parties are recognised as per AASB 15 and revenue from appropriations and resources received free of charge are recognised as per AASB1058.

PM&C’s principal activity in generating revenue is through the delivery of corporate services. Performance obligations are satisfied over time.

The transaction price is the total amount of consideration to which PM&C expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.

Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

Note 1.2B: Resources received free of charge
Seconded staff	6,139	5,821
Volunteer services	282	1,149
Other	210	202
Total resources received free of charge	6,631	7,172

Accounting Policy

Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.

On the initial recognition of volunteer services as an asset or an expense, PM&C recognises any related amounts in accordance with the relevant standard.

2. Income and expenses administered on behalf of Government

for the period ended 30 June 2021

This section analyses the activities that the Department of the Prime Minister and Cabinet does not control but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

2.1 Administered – Expenses

	2021	2020
	$'000	$'000
Note 2.1A: Employee benefits
Wages and salaries	1,208	1,158
Superannuation
Defined contribution plans	148	125
Defined benefit plans	52	52
Leave and other entitlements	253	90
Leave and other entitlements	6	-
Total employee benefits	1,667	1,425

Note 2.1B: Suppliers
Goods and services
Outsourced providers, contractors and consultants	207	602
Equipment, repairs and maintenance	643	551
General expenses	576	713
Travel	316	1,662
Information, communication and technology	96	115
Total goods and services	1,838	3,643

Goods supplied	363	659
Services rendered	1,475	2,984
Total goods and services supplied and rendered	1,838	3,643

Other suppliers
Workers compensation expenses	4	13
Total other supplier expenses	4	13
Total suppliers	1,842	3,656

	2021	2020
	$'000	$'000
Note 2.1C: Grants
Public sector
Government entities	31,020	17,437
Private sector
Non-profit organisations	20,306	3,392
Commercial entities	4,833	160
Total grants	56,159	20,989

Program 1.1 - Prime Minister and Cabinet	56,159	20,989
Total grants	56,159	20,989

Accounting Policy

PM&C administers a small number of grants on behalf of the Government. Grant liabilities are recognised to the extent that (i) the services required to be performed by the grantee have been performed; or (ii) the grant eligibility criteria have been satisfied, but payments due have not been made.

Settlement is made according to the terms and conditions of each grant. This is usually within 30 days of performance or eligibility being met.

Note 2.1D: Finance costs
Service costs	125	-
Interest on lease liabilities	11	14
Total finance costs	136	14

Note 2.1E: Payments to corporate Commonwealth entities and companies
Aboriginal Hostels Limited	35,941	36,241
Australian Institute of Aboriginal and Torres Strait Islander Studies	19,437	20,371
Indigenous Business Australia	9,546	9,538
Indigenous Land and Sea Corporation	8,402	8,572
Old Parliament House	16,879	8,565
Torres Strait Regional Authority	36,078	35,897
Total payments to corporate Commonwealth entities and companies	126,283	119,184

Accounting Policy

Payments to corporate Commonwealth entities and companies from amounts appropriated for that purpose are classified as administered expenses, equity injections or loans of PM&C. The appropriation to PM&C is disclosed in section 5 Funding.

2.2 Administered – Income

	2021	2020
	$'000	$'000
Note 2.2A: Other revenue
Return of grant funding	-	2
Other	10	681
Total other revenue	10	683

Accounting Policy

All administered revenue relates to ordinary activities performed by PM&C on behalf of the Government. As such, administered appropriations are not revenues of the individual entity. PM&C oversees distribution or expenditure of the funds as directed.

3. Departmental financial position

for the period ended 30 June 2021

This section analyses the Department of the Prime Minister and Cabinet’s assets used to generate financial performance and the operating liabilities incurred as a result. Employee related information is disclosed in the People section.

3.1 Financial assets

	2021	2020
	$'000	$'000
Note 3.1: Trade and other receivables
Goods and services receivables
Goods and services	2,389	10,134
*Total goods and services receivables*	2,389	10,134

Appropriations receivables
Existing programs	32,114	19,578
*Total appropriations receivable*	32,114	19,578

Other receivables
Statutory receivables	2,115	1,981
*Total other receivables*	2,115	1,981
*Total trade and other receivables - gross*	36,618	31,693

Less impairment loss allowance
Goods and services	(2)	(35)
*Total impairment loss allowance*	(2)	(35)

*Total trade and other receivables - net*	36,616	31,658

3.2 Non-financial assets

Note 3.2: Reconciliation of the opening and closing balances of property, plant and equipment and intangibles
	Buildings	Leasehold improvements	Plant and equipment	Computer software internally developed	Computer software purchased	Total
	$’000	$’000	$’000	$’000	$’000	$’000
As at 1 July 2020
Gross book value	-	-	-	27,420	614	28,034
Fair value	129,735	48,452	17,156	-	-	195,343
Work in progress	505	5,870	995
Accumulated depreciation/amortisation and impairment	(13,161)	(18,262)	(8,519)	(13,658)	(578)	(54,178)
Total as at 1 July 2020	117,079	36,060	9,632	22,241	517	185,529
Other adjustments ¹	(505)	(4,653)	6,897	(1,578)	(161)	-
Adjusted total as at 1 July 2020	116,574	31,407	16,529	20,663	356	185,529

Additions
Purchase	-	1,162	5,628	1,985	-	8,775
Right-of-use assets	-	-	86	-	-	86
Revaluations and impairments recognised in other comprehensive income	-	73	221	-	-	294
Restructuring ²	-	-	(116)	(404)	-	(520)
Reclassifications	-	(118)	118	-	-	-
Depreciation and amortisation	-	(2,512)	(3,286)	(9,101)	(77)	(14,976)
Depreciation on right-of-use assets	(9,598)	-	(54)	-	-	(9,652)
Disposals	-	-	(399)	-	-	(399)
Total as at 30 June 2021	106,976	30,012	18,727	13,143	279	169,137

Total as at 30 June 2021 represented by
Gross book value	-	-	-	35,166	814	35,980
Fair value	129,735	47,283	19,288	-	-	196,306
Work in progress	-	903	7,118	736	120	8,877
Accumulated depreciation, amortisation and impairment	(22,759)	(18,174)	(7,679)	(22,759)	(655)	(72,026)
Total as at 30 June 2021	106,976	30,012	18,727	13,143	279	169,137

Carrying amount of right-of-use assets ³	106,976	-	51	-	-	107,027

There are no contractual commitments for the acquisition of IT equipment and other capital works payable in 2021 (2020: $nil).

¹ Relates to assets work in progress balances re-classified among the PM&C asset classes.

2 The NRRA was established on 5 May 2021. Refer to Note 8.2 Restructuring.

3 Relates to asset closing balance for right-of-use assets as at 30 June 2021.

Accounting Policy

Asset recognition threshold

Purchases of property, plant and equipment and intangibles are recognised initially at cost in the Statement of Financial Position, except for purchases costing less than $5,000, which are expensed in the year of acquisition (other than ICT assets where they form part of a group of similar items which are significant in total).

The initial cost of an asset includes (where relevant) an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to make good provisions in property leases taken up by PM&C where there exists an obligation to restore the asset to its original condition. These costs are included in the value of PM&C's property, plant and equipment with a corresponding provision for the make good recognition.

Property, plant and equipment are subsequently measured at fair value.

Leased right-of-use (ROU) assets

Leased ROU assets are capitalised at the commencement date of the lease and comprise of the initial lease liability amount, initial direct costs incurred when entering into the lease less any lease incentives received. These assets are accounted for by Commonwealth lessees as separate asset classes to corresponding assets owned outright, but included in the same column as where the corresponding underlying assets would be presented if they were owned.

On initial adoption of AASB 16 PM&C adjusted the ROU assets at the date of initial application by the amount of any provision for onerous leases recognised immediately before the date of initial application. Following initial application, an impairment review is undertaken for any right-of-use lease asset that shows indicators of impairment and an impairment loss is recognised against any right-of-use lease asset that is impaired.

Revaluations

Following initial recognition at cost, property, plant and equipment (excluding ROU assets) are carried at fair value (or an amount not materially different from fair value) less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets did not differ materially from fair value as at the reporting date. The regularity of independent valuations depends upon volatility of movements in market values for the relevant assets.

Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/(deficit.

Asset class

Fair value measurement

Buildings excluding leasehold improvements

Leasehold improvements

Plant and equipment

Market selling price and depreciated replacement cost

Depreciated replacement cost

Market selling price and depreciated replacement cost

Significant accounting judgements and estimates

In 2020-21, PM&C procured the services of independent valuation experts to perform a desktop valuation of departmental property, plant and equipment and leasehold improvements as at 30 June 2021.

The experts provided written assurance that the models developed to value assets are in compliance with accounting and valuation standards and identified that currently there is significant valuation uncertainty due to the COVID-19 pandemic impacting markets. However, while this uncertainty exists the valuations also took into consideration that real estate markets and in particular certain niches in the market (unique properties such as those held by PM&C) are less volatile.

The valuation methodologies used (the market approach and the depreciated replacement cost method) have reflected current market conditions and the impact of COVID-19. The department currently has no assets held for sale which may be impacted by the market uncertainty. PM&C will revalue its assets again in 2021-22.

PM&C tests its valuation model via internal management review at least once every 12 months. PM&C has a rolling revaluation plan in place which ensures assets are formally revalued at least once every three years. If a particular asset class experiences significant and volatile changes in fair value (i.e. where indicators suggest that the value of the class has changed materially since the previous reporting period), that class is subject to specific valuation in the reporting period, where practicable, regardless of the timing of the last specific valuation.

Assets that do not transact with enough frequency or transparency to develop objective opinions of value from observable market evidence are measured using the cost (depreciated replacement cost) approach. Professional judgement has been applied in calculating the consumed economic benefit or asset obsolescence relevant to the asset under construction.

All property, plant and equipment assets are valued on a recurring basis except for assets held for sale.

Upon revaluation, any accumulated depreciation is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Assets held for sale

Assets held for sale are measured at the lesser of their carrying amount and fair value less cost to sell and are valued at a non-recurring basis. PM&C currently has no assets held for sale (2020: $nil).

Intangibles

PM&C’s intangibles comprise internally developed and purchased software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

Impairment

All assets were assessed for impairment during 2020-21.

Where indications of impairment exist, the recoverable amount is estimated and an impairment adjustment loss made if the recoverable amount is less than its carrying amount.

Depreciation and amortisation

Depreciable assets are written-down to estimated residual value over its estimated useful life using, in all cases, 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, or current and future reporting periods, as appropriate.

Depreciation rates applying to each class of asset are based on the following total useful lives for the current and prior reporting periods:

Asset class

Useful lives

Buildings excluding leasehold improvements

Leasehold improvements

Plant and equipment

Intangibles

3 to 50 years (2020: 3 to 50 years)

Lease term (2020: Lease term)

1 to 25 years (2020: 1 to 25 years)

1 to 5 years (2020: 1 to 5 years)

The depreciation rates for ROU assets are based on the commencement date, to the earlier of the end of the useful life of the ROU asset or the end of the lease term.

De-recognition

An item of property, plant and equipment is de-recognised upon disposal or when no further future economic benefits is expected from its use or disposal.

3.3 Payables

	2021	2020
	$'000	$'000
Note 3.3: Other payables
Salaries, wages and superannuation	2,503	1,954
Unearned income	376	606
Other	1,381	2,988
Total other payables	4,260	5,548

3.4 Interest bearing liabilities

	2021	2020
	$'000	$'000
Note 3.4: Leases
Lease liabilities
Buildings	112,158	119,455
Plant and equipmen	48	37
Total lease liabilities	112,206	119,492

Total cash outflows for leases for the year ended 30 June 2021 was $9.008 million (2020: $7.599 million).

	2021	2020
	$'000	$'000
Note 3.3: Other payables
Salaries, wages and superannuation	2,503	1,954
Unearned income	376	606
Other	1,381	2,988
Total other payables	4,260	5,548

PM&C in its capacity as a lessee has a total of nine significant departmental leases split into two property leases and seven motor vehicle leases. The details of the significant leases are as follows.

One National Circuit, Barton, ACT – The lease has a remaining term of 11.67 years. There are no options to extend this lease and the lease expiry date is 16 February 2033.
10 National Circuit, Barton, ACT – The lease has a remaining term of three years. There is an option to extend this lease by two years at the lease expiry date of 31 July 2024.

The above lease disclosures should be read in conjunction with the accompanying notes 1.1B, 1.1C and 3.2.

Accounting Policy

For all new contracts entered into, PM&C considers whether the contract is, or contains a lease. A lease is defined as “a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration”.

Once it has been determined that a contract is, or contains a lease, the lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease, if that rate is readily determinable, or the department’s incremental borrowing rate.

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is re-measured to reflect any reassessment or modification to the lease. When the lease liability is re-measured, the corresponding adjustment is reflected in the right-of-use asset or profit and loss depending on the nature of the re-assessment or modification.

4. Assets and liabilities administered on behalf of Government

for the period ended 30 June 2021

This section analyses assets used to generate financial performance and the operating liabilities incurred as a result which the Department of the Prime Minister and Cabinet does not control, but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

4.1 Administered – Financial assets

	2021	2020
	$'000	$'000
Note 4.1A: Cash and cash equivalents
Cash on hand	-	1,342
Total cash and cash equivalents	-	1,342

Note 4.1B: Trade and other receivables
Other receivables
Statutory receivables	2,017	73
Grants receivable	-	146
Total other receivables 2,017	2,017	219
Total trade and other receivables – gross	2,017	219

Less impairment loss allowance
Grants receivables	-	(146)
Total impairment loss allowance	-	(146)
Total trade and other receivables – net	2,017	73

Note 4.1C: Investments in corporate Commonwealth entities and companies
Equity interest in:
Aboriginal Hostels Limited	145,115	143,347
Anindilyakwa Land Council	19,890	16,512
Australian Institute of Aboriginal and Torres Strait Islander Studies	44,715	44,254
Central Land Council	74,525	44,091
Indigenous Land and Sea Corporation	459,716	455,486
Indigenous Business Australia	1,739,656	1,552,467
National Australia Day Council Limited	1,105	932
Northern Land Council	56,633	31,431
Outback Stores Pty Ltd	40,907	41,120
Tiwi Land Council	11,583	7,144
Torres Strait Regional Authority	88,710	87,357
Wreck Bay Aboriginal Community Council	70,629	57,547
Old Parliament House	117,289	115,410
Total investments in corporate Commonwealth entities and companies	2,870,473	2,597,098
All investments in corporate Commonwealth entities and companies are expected to be recovered in more than 12 months.

Investment in corporate Commonwealth entities and companies

The Australian Government holds a 100% equity interest in the following administered investments.

Aboriginal Hostels Limited

Provides temporary accommodation to Aboriginal and Torres Strait Islander people through a national network of accommodation facilities

Australian Institute of Aboriginal and Torres Strait Islander Studie

The Australian Institute of Aboriginal and Torres Strait Islander Studies (AIATSIS) is a world renowned research, collections and publishing organisation and occupies a unique place at the nexus between the academic and cultural sectors, government, Indigenous communities, and the broader Australian public.

Land Councils

The Land Councils include:

Anindilyakwa Land Counci
Central Land Counci
Northern Land Counci
Tiwi Land Council; an
Wreck Bay Aboriginal Community Council

The Land Councils represent the Aboriginal people living in the area of the Land Council in the management of Aboriginal land in the area, and in relation to legislation concerning that land. The Land Councils also consult and protect the interests of traditional owners and take measures to assist in the protection of sacred sites in the area of the Land Council. Wreck Bay Aboriginal Community Council holds title to land and provides services to the Aboriginal community of Jervis Bay.

Indigenous Land and Sea Corporation

The Indigenous Land and Sea Corporation provides economic, environmental, social and cultural benefits for Aboriginal persons and Torres Strait Islanders by assisting in the acquisition and management of land and water related rights.

Indigenous Business Australia

Indigenous Business Australia assists and enhances Aboriginal and Torres Strait Islander self-management and economic self-sufficiency, and aims to advance the commercial and economic interests of Aboriginal and Torres Strait Islander people by accumulating and using a substantial capital base for their benefit.

National Australia Day Council Limited

Promotes national pride, active citizenship and the observance and celebration of Australia Day; administration of the Australian of the Year awards, which includes awards for the Young Australian of the Year, the Senior Australian of the Year and Australia’s Local Hero; distribution of grants to State and Territory Australia Day Councils; and provision of recommendations and advice to the Australian Government on all matters relating to year-round national pride activities.

Old Parliament House

The Old Parliament House promotes an enhanced appreciation and understanding of the political and social heritage of Australia for members of the public through activities including the conservation and upkeep of, and the provision of access to, Old Parliament House and the development of its collection, exhibitions and educational programs.

Outback Stores Pty Ltd

Outback Stores Pty Ltd improves access to affordable, healthy food for Indigenous communities, particularly in remote areas, through providing food supply and store management and support services.

Torres Strait Regional Authority

The Torres Strait Regional Authority formulates, implements and monitors the effectiveness of programs for Aboriginal and Torres Strait Islander people living in the Torres Strait and Northern Peninsula Area.

Accounting Policy

Administered investments in subsidiaries are not consolidated because their consolidation is relevant only at the whole-of-government level.

Administered investments are classified through other comprehensive income and are measured at fair value as at 30 June 2021. Fair value has been taken to be the Government's proportional interest in the net assets as advised by the entities as at the end of the reporting period, recorded in the latest management accounts or unaudited financial statements provided.

Corporate Commonwealth entities and companies are subject to prevailing economic conditions which include the impact of the COVID-19 pandemic. The COVID pandemic has not caused any significant impacts to the amounts recorded for assets and liabilities as at 30 June 2021. However, it should be noted that the ongoing impact from COVID-19 into the future continues to be monitored.

4.2 Administered – Non-financial assets

Note 4.2: Reconciliation of the opening and closing balances of plant and equipment
	Land	Buildings	Leasehold improvements	Plant and equipment	Total
	$’000	$’000	$’000	$’000	$’000
As at 1 July 2020
Fair value	43,250	7,781	731	1,238	53,000
Work in progress	-	-	-	102	102
Accumulated depreciation and impairment	-	(664)	(97)	(774)	(1,535
Total as at 1 July 2020	43,250	7,117	634	566	51,567
Adjusted total as at 1 July 2020	43,250	7,117	634	566	51,567

Additions
Purchases	-	39	196	56	291
Right-of-use assets	-	-	-	108	108
Revaluations recognised in other comprehensive income	2,300	282	47	63	2,692
Depreciation expense	-	(232)	(207)	(131)	(570)
Depreciation on right-of-use assets	-	(489)	-	(54)	(543)
Write-down and impairments	-	-	(26)	-	(26)
Total as at 30 June 2021	45,550	6,717	644	608	53,519

Total as at 30 June 2021 represented by
Fair value	45,550	7,831	597	1,321	55,299
Work in progress	-	39	80	59	178
Accumulated depreciation and impairment	-	(1,153)	(33)	(772)	(1,958)
Total as at 30 June 2021	45,550	6,717	644	608	53,519

Carrying amount of right-of-use assets ¹	-	828	-	54	882

There are no contractual commitments for the acquisition of IT equipment and other capital works payable in 2021 (2020: $nil).

¹ Relates to asset closing balance for right-of-use assets as at 30 June 2021.

Accounting Policy

Revaluation

In 2020-21, PM&C procured the services of independent valuation experts to perform a desktop valuation of administered land, buildings and property, plant and equipment and leasehold improvements assets as at 30 June 2021.

Depreciation

Depreciation rates applying to each class of depreciable asset are based on the following useful lives for the current and prior reporting periods.

Asset class

Useful lives

Buildings excluding leasehold improvements

Leasehold improvements

Plant and equipment

22 to 30 years (2020: 22 to 30 years)

Lease term (2020: Lease term)

5 to 114 years (2020: 5 to 114 years)

4.3 Administered – Payables

	2021	2020
	$'000	$'000
Note 4.3A: Other payables
Salaries, wages and superannuation	33	24
Other	16	413
Total other payables	49	437

4.4 Administered – Interest bearing liabilities

Note 4.4: Leases
Lease liabilities
Buildings	851	1,314
Plant and equipment	54	-
Total finance leases	905	1,314

Maturity analysis - contractual undiscounted cash flows
Less than 12 months	463	473
Between one to five years	452	473
More than five years	-	-
Total leases	915	1,334

Total cash outflows for leases for the year ended 30 June 2021 was $0.53 million (2020: $0.37 million).

PM&C in its capacity as a lessee has a total of nine significant administered leases split into five properties

leases and four motor vehicle leases. The details of significant property leases are as follows

2 George Street Brisbane QLD – The lease has a remaining term of 2.75 years. There are no options to extend this lease and the lease expiry date is 31 March 2024.
1st Floor Murray Crescent Griffith ACT – The lease has a remaining term of 0.83 years. The lease is currently under negotiation to be surrendered after 30 June 2021.
Ground Floor Murray Crescent Griffith ACT – The lease has a remaining term of 0.83 years. There are no options to extend this lease and the lease expiry date is 30 April 2022.
Suite 1 Level 13 139 Macquarie Street Sydney NSW – The lease has a remaining term of 2.92 years. There are no options to extend this lease and the lease expiry date is 31 May 2024.
Waterfront Place Brisbane QLD (Building and Car park) – The lease has a remaining term of 0.6 years. There are no options to extend this lease and the lease expiry date is 31 January 2022

The above lease disclosures should be read in conjunction with the accompanying notes 2.1D and 4.2.

5. Funding

for the period ended 30 June 2021

This section identifies the Department of the Prime Minister and Cabinet funding structure.

5.1 Appropriations

Note 5.1A: Departmental annual and unspent appropriations ('recoverable GST exclusive')

	2021	2020
	$'000	$'000
Ordinary annual services
Annual Appropriation
Operating	197,801	308,803
Capital budget	8,209	20,174
Section 74 receipts	58,081	60,926
Section 75 transfers	(6,271)	(112,458)
Total available appropriation	257,820	277,445
Appropriation applied (current and prior years)	(252,373)	(250,658)
Variance	5,447	26,787
Opening unspent appropriation balance	126,446	110,979
Repeal of Appropriation Acts 2016-17	-	-11,320
Repeal of Appropriation Act (No. 1) 2015-16	(13,963)	-
Closing unspent appropriation balance	117,930	126,446
Balance comprises appropriations as follows1:
Appropriation Act (No. 1) 2017-18 – Capital Budget (DCB) – Non Operating	-	3,795
Appropriation Act (No. 1) 2017-18	-	10,168
Appropriation Act (No. 1) 2018-19	4,000	4,000
Appropriation Act (No. 1) 2019-20	73,341	90,703
Appropriation Act (No. 1) 2019-20 – Capital Budget (DCB) – Non Operating	6,710	8,787
Appropriation Act (No. 1) 2019-20 ²	-	8,993
Appropriation Act (No. 1) 2020-21	28,734	-
Appropriation Act (No. 1) 2020-21 – Capital Budget (DCB) – Non Operating	2,310	-
Appropriation Act (No. 3) 2020-21	932	-
Appropriation Act (No. 1) 2020-21 ²	1,903	-
Total unspent appropriation - ordinary annual services	117,930	126,446

¹ The unspent annual appropriation is shown inclusive of Section 51 permanent quarantines against Appropriation Act (No. 1) 2018-19 of $4.000 million, Appropriation Act (No. 1) 2019-20 of $73.341 million and Appropriation Act (No. 1) 2019-20 – Capital Budget – Non Operating of $6.710 million. Quarantine amounts against 2019-20 relate to the NIAA restructure (refer Note 8.2) with appropriation permanently quarantined rather than a reduction via s75 of the PGPA Act.

² Cash held by the department. Refer to ‘Cash and cash equivalents’.

Other services
Annual Appropriation
Equity injections	-	791
Total available appropriation	-	791
Appropriation applied (current and prior years)	-	-
Variance	-	791
Opening unspent appropriation balance	139	7,063
Prior year section 75 transfers	-	(7,715)
Closing unspent appropriation balance	139	139
Balance comprises appropriations as follows :
Appropriation Act (No. 2) 2018-19 - Non Operating - Equity Injection	139	139
Total unspent appropriation - other services	139	139

Total unspent appropriation	118,069	126,585

Note 5.1B: Administered annual and unspent appropriations ('recoverable GST exclusive')
	2021	2020
	$'000	$'000
Ordinary annual services
Annual Appropriation
Operating	52,364	558,971
Capital budget	1,529	1,233
Payments to corporate Commonwealth entities/companies	126,283	119,184
Section 74 receipts	-	514
Section 75 transfers	-	(563,430)
Total available appropriation	180,176	116,472
Appropriation applied (current and prior years)	(173,555)	(147,921)
Variance	6,621	-31,449
Opening unspent appropriation balance	7,230	77,895
Repeal of Annual Appropriation Acts 2016-17	-	-
Repeal of Annual Appropriation Act 2017-18	(1,237)	(39,216)
Closing unspent appropriation balance	12,614	7,230
Balance comprises appropriations as follows:
Appropriation Act (No. 1) 2017-18	-	984
Appropriation Act (No. 1) 2017-18 - Capital Budget (DCB) - Non Operating	-	253
Appropriation Act (No. 1) 2018-19	107	107
Appropriation Act (No. 1) 2018-19 - Capital Budget (DCB) - Non Operating	863	863
Appropriation Act (No. 3) 2018-19	1,709	1,709
Appropriation Act (No. 1) 2018-19 - Capital Budget (DCB) - Non Operating	190	190
Appropriation Act (No. 1) 2019-20 - Capital Budget (DCB) - Non Operating	407	407
Supply Act (No. 1) 2019-20 – Capital Budget (DCB) – Non Operating	514	514
Appropriation Act (No. 3) 2019-20	2,203	2,203
Appropriation Act (No. 3) 2020-21	88	-
Appropriation Act (No. 1) 2020-21 – Capital Budget (DCB) – Non Operating	637	-
Appropriation Act (No. 3) 2020-21	5,178	-
Supply Act (No. 1) 2020-21– Capital Budget (DCB) – Non Operating	718	-
Total unspent appropriation - ordinary annual services	12,614	7,230

Other services
Annual Appropriation
Payments to corporate Commonwealth entities/companies	98,120	25,035
Total available appropriation	98,120	25,035
Appropriation applied (current and prior years)	(98,120)	(25,035)
Variance	-	-

Total unspent appropriation	12,614	7,230

Note 5.1C: Special appropriations ('recoverable GST exclusive')
Authority	Appropriation applied
	2021	2020
	$'000	$'000
Assistance for Severely Affected Regions (Special Appropriation) (Coronavirus Economic Response Package) Act 2020 ¹	14,285	-
Total	14,285	-

¹ Special appropriation limited by amount (total $15.494 million) ceasing 30 June 2021.

Accounting Policy

Revenue from Government – departmental

Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as revenue from Government when PM&C gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.

5.2 Special Accounts

	Services for Other Entities and Trust Moneys (SOETM) ¹		Aboriginal and Torres Strait Islander Corporations Unclaimed Money Account ²		Indigenous Remote Services Delivery Special Account ³		Aboriginals Benefit Account ⁴
	2021	2020	2021	2020	2021	2020	2021	2020
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance brought forward from previous period	-	1,864	-	979	-	25,782	-	9,154
Increases
Administered
Other receipts	-	100	-	-	-	-	-	-
Total increase	-	100	-	-	-	-	-	-
Available for payments	-	1,964	-	979	-	25,782	-	9,154
Decreases
Administered
Transfers due to restructure	-	(1,637)	-	(979)	-	(25,782)	-	(9,154)
Payments made	-	(327)	-	-	-	-	-	-
Total decreases	-	(1,964)	-	(979)	-	(25,782)	-	(9,154)
Total balance carried to the next period	-	-	-	-	-	-	-	-
Balance represented by:
Total balance carried to the next period	-	-	-	-	-	-	-	-

¹ Appropriation: Public Governance, Performance and Accountability Act 2013; section 78

Establishing Instrument: PGPA Act Determination (SOETM Special Account 2018).

Purpose: This account was created to disburse amounts held on trust or otherwise for the benefit of a person other than the Commonwealth.

This account is non-interest bearing.

² Appropriation: Public Governance, Performance and Accountability Act 2013; section 80

Establishing Instrument: Corporations (Aboriginal and Torres Strait Islander) Act 2006; section 551-20 Purpose: To administer unclaimed moneys received by the Registrar of Aboriginal and Torres Strait Islander Corporations. This account transferred to NIAA on 1 July 2019.

This account is non-interest bearing.

³ Appropriation: Public Governance, Performance and Accountability Act 2013; section 78 Establishing Instrument: Determination 2010/06

Purpose: To support the implementation of the Remote Service Delivery National Partnership Agreement. It will provide the Australian Government with the capacity to address high priority projects in a timely way and support projects identified through the local implementation planning process. This account transferred to NIAA on 1 July 2019.

This account is non-interest bearing.

⁴ Appropriation: Public Governance, Performance and Accountability Act 2013; section 80

Establishing Instrument: Aboriginal Land Rights (Northern Territory) Act 1976; sections 62, 63, 64 and 65

Purpose: For the receipt and disbursement of the equivalent of mining royalty moneys derived from mining operations on Aboriginal land in the Northern Territory. This account transferred to NIAA on 1 July 2019. This account is interest bearing.

The Special Accounts above were transferred to NIAA on 1 July 2019. PM&C retains SOETM however there were no transactions or balances in 2020-21.

6. People

for the period ended 30 June 2021

This section describes a range of employment and post-employment benefits provided to our people.

6.1 Employee provisions

	2021	2020
	$'000	$'000
Note 6.1A: Employee provisions
Annual leave	16,426	15,058
Long service leave	25,806	25,755
*Total employee provisions*	42,232	40,813

Accounting policy and significant accounting judgements

Employee benefits

Liabilities for short-term employee benefits and termination benefits due within 12 months of the end of the reporting period are measured at their nominal amounts.

Leave

The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of PM&C is estimated to be less than the annual entitlement for sick leave.

The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time the leave is taken, including PM&C’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The liability for long service leave has been determined by reference to the work of an actuary. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.

Separation and redundancy

A liability is made for separation and redundancy benefit payments. PM&C recognises a liability for termination when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations.

Superannuation

PM&C staff are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS accumulation plan (PSSap) or another fund of their choice.

The CSS and PSS are defined benefit schemes for the Commonwealth. The PSSap is a defined contribution scheme.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance’s administered schedules and notes.

PM&C makes employer contributions to the employees' superannuation scheme. For Commonwealth defined benefits schemes, these rates are determined by an actuary to be sufficient to meet the current cost to the Government. PM&C accounts for the contributions as if they were contributions to defined contribution plans.

2020	2019
	$'000	$'000
Note 6.1B: Administered employee provisions
Annual leave	194	174
Long service leave	264	259
Total employee provisions	458	433

Accounting Policy

The expense and liabilities for services rendered by staff employed in the Prime Minister’s Official Establishments and in support of former Governors-General are recognised as administered items. Accounting policies are consistent with those applied to departmental items.

Note 6.1C: Non-cash benefits - former Governors-General benefits

Non-cash benefits - former Governors-General	15,330	18,008
Total non-cash benefits - former Governors-General benefits	15,330	18,008

Changes in the value of the defined benefit obligations are as follows:
Net liability at 1 July 2020	18,008	18,909
Finance costs	125	236
Actuarial losses	(1,634)	593
Benefits paid	(1,169)	(1,730)
Net liability at 30 June 2021	15,330	18,008

Principal actuarial assumptions at the reporting date (expressed as weighted averages):
Discount rate at 30 June 2021	1.27%	0.69%
Future salary increases	3.00%	2.90%
Inflation rate	2.20%	1.97%
Rate of expenditure slow down over time	1.50%	3.00%

Accounting Policy

Former Governors-General benefits

PM&C has responsibility for the administration of non-cash benefits provided to former Governors-General. These entitlements are regarded as post-employment benefits and represent the provision of office facilities, administrative support and transport.

The liability for these benefits is calculated annually as the present value of future benefit obligations. Actuarial gains or losses are recognised in equity in the year in which they occur. Interest on the liability is recognised in the surplus/(deficit).

Significant accounting judgements and estimates

The provision for non-cash former Governors-General entitlements relate to post-employment benefits such as office facilities, administrative support and transport. The future liability for these benefits is based on the actuarial assessment determined by the Australian Government Actuary, which is performed annually.

6.2 Key management personnel remuneration

	2021	2020
	$'000	$'000

Short-term employee benefits	2,706	3,332
Post-employment benefits	434	467
Other long-term employee benefits	64	107
Termination benefits	-	880
Total key management personnel remuneration expenses ¹	3,204	4,786

¹ Excludes remuneration and other benefits of the Portfolio Ministers as these are set by the Remuneration Tribunal and are not paid by PM&C.

The total number of key management personnel included in the above table is six (2020: 13).

The department has decreased its key management personnel since 2019-20, due to an internal restructure reducing the number of senior executive roles and a reduction in the number of acting arrangements throughout the year.

Key management personnel on acting arrangements are included where the length of the arrangement is longer than two months.

6.3 Related party disclosures

PM&C is an Australian Government controlled entity. Related parties to PM&C are key management personnel including the Portfolio Ministers, and other Australian Government entities.

Significant transactions with related parties can include:

the payments of grants or loans
purchases of goods and services
asset purchases, sales transfers or leases
debts forgiven, and
guarantees.

Transactions with related parties

There are no related party transactions to be separately disclosed.

7. Managing uncertainties

for the period ended 30 June 2021

This section analyses how the Department of the Prime Minister and Cabinet manages financial risks within its operating environment.

7.1 Contingent assets and liabilities

Note 7.1A: Contingent assets and liabilities

Quantifiable contingencies

The department holds no legal quantifiable contingent assets or liabilities as at 30 June 2021 (2020: nil).

Unquantifiable contingencies

As at 30 June 2021, the department had contingent gains likely to be receipted that are not quantifiable. There are five open legal matters relating to a range of legal issues with varying probabilities of success. It is not possible to estimate the amounts and any eventual receipts or payments that may be received or made in relation to these claims.

Accounting Policy

Contingent liabilities and contingent assets are not recognised in the Statement of Financial Position but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability or asset, or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when the probability of settlement is greater than remote.

Note 7.1B: Administered contingent assets and liabilities

PM&C is not aware of any material administered quantifiable or unquantifiable contingent assets or liabilities as at 30 June 2020.

7.2 Financial instruments

	2021	2020
	$'000	$'000
Note 7.2A: Categories of financial instruments
Financial assets at amortised cost
Cash and cash equivalents	1,903	8,993
Goods and services receivables (net)	1,158	2,831
Accrued revenue	5,553	4,866
Total financial assets at amortised cost	8,614	16,690
Total financial assets	8,614	16,690

Financial liabilities
Financial liabilities measured at amortised cost
Trade creditors and accruals	9,127	8,501
Total financial liabilities measured at amortised cost	9,127	8,501
*Total financial liabilities*	9,127	8,501

Note 7.2B: Net gains or losses on financial assets
Financial assets at amortised cost
Impairment	(15)	-
Reversal of impairment	-	777
Net gains/ (losses) on financial assets at amortised cost	(15)	777
Net gain/ (loss) on financial assets	(15)	777

Accounting Policy

Impairment of financial assets

Financial assets are assessed for impairment at the end of each reporting period based on expected credit losses. Using the general approach, the loss allowance is based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12‐month expected credit losses if risk has not increased. The simplified approach for trade and contract receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses.

Financial liabilities

Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).

Financial liabilities are recognised and derecognised upon trade date.

Settlement of supplier payables is usually made within 30 days.

The relevant government bond rate has been used to discount non-current liabilities.

7.3 Administered – Financial instruments

	2021	2020
	$'000	$'000
Note 7.3A: Categories of financial instruments
Financial assets at amortised cost
Cash	-	1,342
Total financial assets at amortised cost	-	1,342

Financial assets at fair value through other comprehensive income
Investments in Corporate Commonwealth entities	2,870,473	2,597,098
Total financial assets at fair value through other comprehensive income	2,870,473	2,597,098
Total financial assets	2,870,473	2,598,440

Financial liabilities
Financial liabilities measured at amortised cost
Trade creditors and accruals	163	148
Total financial liabilities measured at amortised cost	163	148

Total financial liabilities	163	148

Note 7.3B: Net gains or losses on financial instruments
Investment in equity instruments at fair value through other comprehensive income
Changes in investments in corporate Commonwealth entities	175,255	27,018
Net gain on investments in equity instruments at fair value through other comprehensive income	175,255	27,018

Accounting Policy

Administered investments

Administered investments are classified through other comprehensive income and are measured at fair value as at 30 June 2021. Fair value has been taken to be the Australian Government's proportional interest in the net assets as advised by the entities as at the end of the reporting period recorded in the latest management accounts or unaudited financial statements provided.

Any gains or losses as a result of fair value measurement or the recognition of an impairment loss allowance is recognised in other comprehensive income.

8. Other information

for the period ended 30 June 2021

8.1. Current/non-current distinction for assets and liabilities

	2021	2020
	$'000	$'000
Note 8.1A: Current/non-current distinction for assets and liabilities

Assets expected to be recovered in:
No more than 12 months
Cash and cash equivalents	1,903	8,993
Trade and other receivables	36,616	31,658
Prepayments	4,736	4,040
Accrued revenue	5,553	4,866
Total no more than 12 months	48,808	49,557

More than 12 months
Leasehold improvements	30,012	36,060
Buildings	106,976	117,079
Plant and equipment	18,727	9,632
Intangibles	13,422	22,758
Prepayments	961	688
Total more than 12 months	170,098	186,217
Total assets	218,906	235,774

Liabilities expected to be settled in:
No more than 12 months
Suppliers	9,127	8,501
Other payables	4,260	5,548
Leases	7,729	289
Employee leave	15,493	20,434
Total no more than 12 months	36,609	34,772

More than 12 months
Leases	104,477	119,203
Employee leave	26,739	20,379
Total more than 12 months	131,216	139,582
Total liabilities	167,825	174,354

	2021	2020
	$'000	$'000
Note 8.1B: Administered – Current/non-current distinction for assets

Assets expected to be recovered in:
No more than 12 months
Cash	-	1,342
Trade and other receivables	2,017	73
Prepayments	59	174
Total no more than 12 months	2,076	1,589

More than 12 months
Property, plant and equipment	53,519	51,567
Investments in corporate Commonwealth entities	2,870,473	2,597,098
Total more than 12 months	2,923,992	2,648,665
Total assets	2,926,068	2,650,254

Liabilities expected to be settled in:
No more than 12 months
Trade creditors and accruals	163	148
Other payables	49	437
Leases	457	458
Employee provisions	209	178
Total no more than 12 months	878	1,221

More than 12 months
Leases	448	856
Employee provisions	382	280
Non-cash benefits – former Governors-General	15,330	18,008
Make good provisions	372	324
Total more than 12 months	16,532	19,468
Total liabilities	17,410	20,689

8.2 Restructuring

The National Recovery and Resilience Agency (NRRA) was established as a new agency as at 5 May 2021. The National Bushfire and Recovery Agency function has been relinquished by the department and transferred to NRRA as at that date.

	FUNCTION RELINQUISHED
	2021	2020
	National Recovery and Resilience Agency	Indigenous Affairs National Indigenous Australians Agency ¹
	$'000	$'000	$'000
FUNCTION RELINQUISHED
Assets relinquished
Cash and cash equivalents	-	37,552	-
Trade and other receivables	-	41,304	52,249
Other financial assets	-	1,042,500	750
Property, plant and equipment	116	-	75,152
Intangibles	404	-	11,535
Assets held for sale	-	-	1,012
Other non-financial assets	-	3,677	-
Total assets relinquished	520	1,125,033	140,698
Liabilities relinquished
Trade creditors and accruals	-	8,263	2,047
Grants payable	-	23,964	-
Other payables	-	2,773	16,078
Employee provisions	225	49	48,079
Make good provisions	18	-	642
Total liabilities relinquished	243	35,049	66,846
Net assets relinquished	277	1,089,984	73,852
Equity relinquished
Reserves	-	-	5,516
Total equity relinquished	-	-	5,516

¹ The NIAA was established in the PM&C Portfolio on 1 July 2019. Indigenous Affairs functions were relinquished by the Department and transferred to NIAA as at that date.

		FUNCTION ASSUMED
	2021	2020
		Deregulation – Department of Employment, Skills, Small and Family Business ²	Old Parliament House
			Department of Communications and the Arts ³
	$'000	$'000	$'000
FUNCTION ASSUMED
Assets recognised
Appropriation receivable	-	172	-
Investments in Corporate Commonwealth entities	-	-	117,746
Total assets recognised	-	172	117,746
Liabilities recognised
Other payables	-	11	-
Employee provisions	-	184	-
Total liabilities recognised	-	195	-
Net Assets / (liabilities) assumed	-	(23)	117,746
Income
Recognised by the receiving entity	-	268	8,665
Recognised by the losing entity	-	414	6,118
Total income assumed	-	682	14,783
Expenses
Recognised by the receiving entity	-	268	8,665
Recognised by the losing entity	-	414	6,118
Total expenses	-	682	14,783

² PM&C assumed responsibility for the Deregulation agenda from the former Department of Employment, Skills, Small and Family Business following a decision of the Prime Minister on 4 December 2019.

³ Old Parliament House was transferred from the then Communications and the Arts portfolio to the PM&C portfolio following amendments to the Administrative Arrangements Order issued on 8 August 2019.

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Department of the Prime Minister and Cabinet Annual Report 2020-21

Notes to and forming part of the Financial Statements

Overview

1. Departmental financial performance

1.1 Expenses

1.2 Own-source revenue

2. Income and expenses administered on behalf of Government

2.1 Administered – Expenses

2.2 Administered – Income

3. Departmental financial position

3.1 Financial assets

3.2 Non-financial assets

3.3 Payables

3.4 Interest bearing liabilities

4. Assets and liabilities administered on behalf of Government

4.1 Administered – Financial assets

4.2 Administered – Non-financial assets

4.3 Administered – Payables

4.4 Administered – Interest bearing liabilities

5. Funding

5.1 Appropriations

5.2 Special Accounts

6. People

6.1 Employee provisions

6.2 Key management personnel remuneration

6.3 Related party disclosures

7. Managing uncertainties

7.1 Contingent assets and liabilities

7.2 Financial instruments

7.3 Administered – Financial instruments

8. Other information

8.1. Current/non-current distinction for assets and liabilities

8.2 Restructuring

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