This section analyses the Corporation’s financial performance for the year ended 30 June 2020.
1.1A Employee benefits
Wages and salaries
Defined contribution plans
Defined benefit plans
Leave and other entitlements
Total employee benefits
Accounting policies for employee related expenses are contained under Note 3, People and relationships.
Goods and services supplied or rendered
Materials and minor items
Other program purchases
Total goods and services supplied or rendered
Total goods and services supplied or rendered
Other supplier expenses
Workers' compensation premiums
Operating lease rentals(i)
Low value leases
Variable lease payments
Total other supplier expenses
The Corporation has short-term lease commitments of $0.2m as at 30 June 2020. The above lease disclosures should be read in conjunction with the accompanying notes 1.1C, 1.2B and 2.2A
Short‐term leases and leases of low‐value assets
The Corporation has elected not to recognise Right-of-Use Assets and Lease Liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value assets (less than $10,000). The entity recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
1.1C Finance costs
Interest on lease liabilities
Unwinding of discount – provision for restoration
Total finance costs
The above lease disclosures should be read in conjunction with the accompanying notes 1.1B, 1.2B and 2.2A.
All borrowing costs are expensed as incurred.
1.1D Impairment loss on financial instruments
Total Trade and other receivables
1.1E Write-down and impairment of other assets
Plant and equipment
Total write-down and impairment of other assets
1.2 Own-source and Government revenue
1.2A Revenue from contracts with customers
Service delivery, including advertising revenue
Sale of goods
Total revenue from contracts with customers
Revenue from contracts with customers
The Corporation derives revenue from the transfer of goods and services, with sales to both non-government and Australian Government entities on normal commercial terms and conditions. Where an enforceable contract exists, revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer.
Revenue is recognised either when the performance obligation in the contract has been performed (‘point in time’ or ‘over time’) as control of the performance obligation is transferred to the customer. Advertising revenue is recognised at a point in time when the advertisement is broadcast, with revenue for the delivery of other services and other revenue at the time the service is delivered. Revenue from the sale of goods is recognised at the point in time when control has been transferred to the customer.
The transaction price is the total amount of consideration to which the Corporation expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.
Receivables for goods and services, which have 30 or 45 day terms, are recognised at the nominal amounts due less any impairment allowance amount. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.
Term deposit interest income
Interest revenue is recognised using the effective interest method.
1.2B Rental income
Total operating lease income
Maturity analysis of operating lease income receivables (undiscounted):
Within 1 year
One to two years
Two to three years
Three to four years
More than five years
Total undiscounted lease payments receivable
The Corporation leases out a small proportion of its owned properties (refer to Note 2.2A) and has classified these leases as operating leases because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Each lease contains an initial non-cancellable period and subsequent further terms; as well as lease renewal clauses (with a minimum 6-month notification period) and are subject to market rent reviews. The Corporation is not required to make any adjustment on transition to AASB 16 for leases in which it acts as a lessor, except for sub-leases. There were no sub-leases as at 30 June 2020.
Operating lease income received is recognised on a straight-lined basis over the lease term. Refer to accounting policy under Note 1.2A Revenue from contracts with customers.
1.2C Revenue from Government
Department of Infrastructure, Transport, Regional Development and Communications
Total revenue from Government
Funding received or receivable from the Department of Infrastructure, Transport, Regional Development and Communications as a corporate Commonwealth Corporation payment item is recognised as Revenue from Government by the Corporation unless the funding is in the nature of an equity injection or a loan.