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Financial performance

Operating result

In 2018-19, Geoscience Australia had an operating surplus of $1.6 million, including unfunded depreciation and amortisation of $7.5 million and rent straight-lining of $2.3 million (for which a loss has been approved). The result excluding depreciation, amortisation and rent straight-lining was an operating surplus of $11.3 million.

Geoscience Australia’s total income for the year was $214.0 million, comprising $184.4 million in appropriations from government and $29.6 million from the sale of goods and services to related and external entities and other gains.

Geoscience Australia’s total expenses were $212.4 million. The major expense categories were employee expenses of $79.5 million, supplier expenses of $124.7 million and depreciation and amortisation of $7.5 million.

The note on departmental budget variances in the financial statements compares the actual results to the original budget disclosed in the 2018-19 Portfolio Budget Statements, as required by the AASB 1055 Budgetary Reporting accounting standard.

Financial sustainability

Total equity as at 30 June 2019 was $32.2 million. Total assets were $144.9 million. Total liabilities were $112.7 million. Geoscience Australia has sufficient financial assets to pay its suppliers and other payables as and when they fall due. Non-financial assets consist mainly of plant and equipment, property (land and buildings) and leasehold improvements owned by Geoscience Australia.

Administered items

Geoscience Australia administered one grant on behalf of government in 2018-19. A grant of $0.02 million was made available to the Australian National Commission for the United Nations Educational, Scientific and Cultural Organization for the International Geological Correlation Program.