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.
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.
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.