During 2020, the entity gave a financial guarantee to all event winners of the Bid Fund Program. Due to COVID 19 some events had been cancelled in the current financial year which led to the reduction of future contingent liabilities.

Quantifiable contingencies

At 30 June 2020, the entity had a $880,000 quantifiable contingency against the Bid Fund Program. The amount represents an estimate of Tourism Australia's liability.

Unquantifiable contingencies

At 30 June 2020, the entity had no unquantifiable contingencies.

Accounting Policy

Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in the notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.

Tourism Australia applies Accounting Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets in determining disclosure of contingent assets and liabilities.