Statement of Changes in Equity for the period ended 30 June 2020

Budget Variances Commentary

Retained Earnings
The 2019 comparative for Balance carried forward from previous period, Surplus/(Deficit) for the period, Total comprehensive income and Closing balance as at 30 June has been restated. Refer to the Prior Period Error note in the Overview for further information.

The opening balance of $47.9m was $27.3m above budget due to the correction of the prior period error of $21.4m and because the original opening balance PBS budget equity of $20.6m was not updated to reflect the 2018-19 financial statements closing equity balance.

The closing equity balance of $53.8m was above budget by $33.9m due to the combination of the opening balance variance of $27.3m, the positive budget variance on the 2019-20 Statement of Comprehensive Income of $10m and equity adjustments of ($3.3m) on the initial application of AASB 15, AASB 1058 and AASB 16.