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OPC’s financial performance

The surplus attributable to the Australian Government for OPC for 2018-2019 was $0.370 million (after adding back non-cost recovered depreciation, this resulted in a surplus of $1.087 million). This compares to a surplus of $0.865 million for 2017-2018 (after adding back non-cost recovered depreciation, a surplus of $1.512 million).

Revenue from government increased by $0.598 million to $15.935 million in 2018-2019, compared to $15.337 million in 2017-2018.

Own-source revenue increased by $0.077 million to $6.027 million in 2018-2019, compared to $5.950 million in 2017-2018.

Total expenses increased by $1.170 million to $21.592 million in 2018-2019, compared to $20.422 million in 2017-2018.

Employee expenses increased by $1.102 million to $15.853 million in 2018-2019, compared to $14.751 million in 2017-2018, primarily due to an increase in the provision for long service leave as a result of the fall in the long term bond rate.

Supplier expenses in 2018-2019 of $4.759 million were consistent with 2017-2018.

At 30 June 2019, OPC had net assets (assets less liabilities) of $15.777 million, compared to $15.020 million at 30 June 2018.

At 30 June 2019, OPC had financial assets of $20.099 million. This includes $17.285 million of undrawn appropriations that are held in the Official Public Account under the Government’s just-in-time drawdown arrangements, and cash at bank of $2.348 million.

The entity resource statement and expenses by outcome statement are set out in Appendix A.