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Statement of Profit or Loss and Other Comprehensive Income

Statement of Profit or Loss and Other Comprehensive Income

for the period ended 30 June 2020

*commentary below

Original

2020

2019

Budget

Note

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee Benefits

1.1A

7,544

7,202

7,267

Suppliers

1.1B

3,130

2,836

3,103

Depreciation on right of use assets

2.2A

118

-

-

Finance costs

1.1C

1

-

-

Total expenses

10,793

10,038

10,370

Own-Source Income

Own source revenue

1.2A

18

56

30

Net cost of services

(10,775)

(9,982)

(10,340)

Revenue from Government

1.2B

10,340

9,505

10,340

Total comprehensive income/(loss) attributable to the Australian Government

(435)

(477)

-

* The original budget for the 2019-20 financial year shown here of $10.370 million is the budget presented to Parliament in the 2019-20 Portfolio Additional Estimates. This budget was prepared in March 2019 before the 2018-19 financial year had ended and before any Government approvals had been received to carry forward any underspend from the previous year.

Following the end of the 2018-19 financial year, the Board approved a revised budget in December 2019 for the 2019-20 financial year. That budget was the original budget of $10.370 million plus the underspend of $1.632 million from 2018-19 financial year bringing the total expense budget to $12.002 million.

In 2019-20, only $10.793 million of the $12.002 million budget was expensed leaving an underspend of $1.209 million. Including other minor adjustments of $17,000, the total underspend for 2019-20 was $1.192 million.

At the date of these accounts, no decision had been made by Government as to whether the $1.192 million underspend will be approved to carry forward in 2020-21.

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