Low cost loans

Objective: Make low cost loans available to eligible persons

Results: The Fund provided 3182 loans to Air Force members totalling $14,792,100.

1. Compare current year financial data sets against previous year data sets and against cash flow forecasts.
2. Review loan achievement compared with desired focus on lower-paid personnel.
3. Review maintenance of real value of loans.

1. $14,792,100 was loaned to Air Force members compared with $14,588,500 in the previous year. Loans issued were above reported resourcing forecasts but did not adversely impact on cash reserves.

2. Loans paid to lower-paid personnel represented 63% of all loans.

3. The maximum value of the loan available to service personnel increased to $5,000 from $4,500 in January 2018.

Grants to Individuals

Objective: Make grants available to serving and ex-serving personnel who are suffering from financial hardship or from the effects of natural disaster.

Results: Five requests for support were approved.

Floods in Townsville resulted in receipt of requests for emergency assistance from 19 serving Air Force members.

1. Review instances of support provided against requests for support received.
2. Review overall impact of grants to individuals on financial operations.

1. Five hardship requests in support of serving members or their families were approved totalling $17,500.

2. All nineteen individual requests totalling $34,600 were approved and paid as a result of the Townsville Floods.

3. These requests ($52,100) although significant, had no real impact on financial operations during the reporting period.

Grants to Bases

Objective: Provide grants to RAAF Bases for welfare related projects.

Results: The sum of $145,824 was approved and distributed among RAAF Bases for welfare related projects.

1. Ensure expenditure within limits set by Board.
2. Review financial achievement and amenity improvement on bases receiving grants.
3. Review overall impact of grants to Bases on financial operations.

1. Grants to Bases were approved by the Board. The Board increased the maximum amount available to $150,000 due to the strong financial position of the Fund.

2. The grants provided to Bases covered a wide range of welfare related activities and are expected to have a significant positive affect on the welfare and amenity of Air Force members and their families.

3. Previous funding under the scheme must be acquitted before current grants are paid.

4. After grant payments the Fund realised a surplus of income over expenditure in excess of $250,000. This surplus is sufficient to cover expected expenses and provide growth for the Fund.

Group Life Insurance Scheme

Objective: Provide permanent serving Air Force members with the opportunity to participate in a low cost insurance scheme.

Results: 7808 permanent Air Force members were participating in the scheme as at 30 June 19. Membership remained steady with a slight decrease from 7811 from the end of the previous financial year.

1. Review achievement of membership target with an aim to maintain more than 50% and increase to more than 55% of Air Force personnel.
2. Review maintenance of real value of loans.
3. Review contractor performance in administering membership of the scheme.

1. Based on a permanent Air Force workforce of approximately 14,370 personnel the participation rate achieved was 54%.

2. Contractor (Ezidebit) provided an appropriate means of managing and collecting member contributions.

3. 4 payments of $15,000 were made to beneficiaries of deceased personnel during the reporting period.