Demand for IBA’s solutions continues to grow, despite the impact of COVID-19 causing the total value of home loans provided in 2019-20 to decrease compared to the prior period, when IBA was able to utilise its reserves to meet increased demand beyond its government funding. However, as a predominantly self-funded agency, IBA’s resources and capital are finite. New sources of funding and innovative funding solutions are required to sustain increased performance and keep pace with demand. Any volatility in economic conditions including interest rates, would impact IBA’s asset valuations and operating results.
We will continue to invest in cost-effective information management systems to improve our customer support activities and document management systems. There will be a strong focus on reducing the cost of services that support the Housing Solutions, Business Solutions and Investment and Asset Management Programs.
IBA’s net asset base is expected to continue its steady growth during 2020-21, with total assets budgeted at $1.8 billion as at 30 June 2021. Total consolidated revenue is budgeted to be $277.5 million including the Unwinding of concessional discount and grant revenue of $70.0 million (including $42.0 million relating to the Business Relief Package) and appropriations of $9.5 million.