Go to top of page

Administered schedule of assets and liabilities

as at 30 June 2020

2020

2019

Original Budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash and cash equivalents

10

10

-

Trade and other receivables

85

260

1,021

Total financial assets

95

270

1,021

Non-financial assets

Prepayment

5,000

-

-

Total non-financial assets

5,000

-

-

Total assets administered on behalf of Government

5.1B

5,095

270

1,021

LIABILITIES

Payables

Trade creditors and accruals

1,057

2,722

5,682

Other Payables

-

-

292

Total payables

1,057

2,722

5,974

Provisions

Provisions

4.1B

3,649

4,934

3,317

Total provisions

3,649

4,934

3,317

Total liabilities administered on behalf of Government

5.1B

4,706

7,656

9,291

Net (liabilities)

389

(7,386)

(8,270)

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

Budget Variances Commentary

The following commentary provides a comparison of the original budget as presented in the 2019-20 Portfolio Budget Statements (PBS) to the 2019-20 actuals.

Schedule of Assets and Liabilities

Trade creditors

Trade creditors are lower than budget due to the timing of creditor payments.

Prepayment

Contribution to Department of Finance in 2019-20 relate to IPEA's contributions towards the Parliamentary Expense Management System.

Provisions

The provision for Former Prime Ministers travel at year end is $3.366 million and a separate $0.283m provision relates to former parliamentarians who retire after 1 July 2017 being eligible to travel between their home base and Canberra for a maximum of three economy class return trips within three months of retirement. This is higher than the budget forecast because of the inclusion of a new Prime Minister and the impact of lower bond rates on the valuation of these provisions.