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Departmental Financial Performance

This section analyses the financial performance of Infrastructure and Project Financing Agency for the year ended 30 June 2020.

Note 1.1 Expenses

2020

$

2019

$

NOTE 1.1A: EMPLOYEE BENEFITS

Wages and salaries

2,574,307

2,149,914

Superannuation

Defined contribution plans

279,779

188,792

Defined benefit plans

395,818

93,444

Leave and other entitlements

336,934

159,143

Other employee benefits

25,415

5,734

Total employee benefits

3,612,253

2,597,027

Accounting Policy
Accounting policies for employee related expenses is contained in the People and Relationships Section.

NOTE 1.1B: SUPPLIERS

Goods and services supplied or rendered

Contractors

1,123,646

1,073,894

Consultants and contracted services

216,895

340,312

Travel

152,036

195,469

Staff related expenses

423,873

256,589

ICT services

155,218

115,500

Other goods and services

320,414

269,011

Total goods and services supplied or rendered

2,392,082

2,250,775

Goods supplied

143,716

28,308

Services rendered

2,248,366

2,222,467

Total goods and services rendered

2,392,082

2,250,775

Other suppliers

Workers compensation expenses

5,457

12,552

Operating lease rentals 1

-

262,478

Total other suppliers

5,457

275,030

Total suppliers

2,397,539

2,525,805

NOTE 1.1C: FINANCE COSTS

Interest on lease liabilities

12,331

-

Unwinding of discount

646

-

Total finance costs

12,977

-

The Entity has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117.

Note 1.2 Own-Source Revenue and Gains

2020

$

2019

$

Own-Source Revenue

NOTE 1.2A: REVENUE FROM CONTRACTS WITH CUSTOMERS

Rendering of Services

236,617

26,463

Other Non-Taxation

-

1,968

Total revenue from contracts with customers

236,617

28,431

Disaggregation of revenue from contracts with customers

Major product / service line:

Service delivery

236,617

26,463

236,617

28,431

Type of customer:

Australian Government entities (related parties)

236,617

26,463

236,617

26,431

Timing of transfer of goods and services:

Over time

236,617

28,431

236,617

28,431

Accounting Policy
Revenue from rendering of services is recognised as the services are performed and invoiced on a periodic basis. 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 end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

Revenue from Government

Accounting Policy
Revenue from Government
Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the entity 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. Funding received or receivable from non-corporate Commonwealth entities (appropriated to the non-corporate Commonwealth entity as a corporate Commonwealth entity payment item for payment to this entity) is recognised as Revenue from Government by the corporate Commonwealth entity unless the funding is in the nature of an equity injection or a loan.