Financial summary

Financial summary

The Agency is jointly funded by the Commonwealth ($120.892 million) and the states and territories ($32.25 million).1

The corporate focus through 2016-17 was to establish a strong system of financial management and accountability to fulfil our obligations under the PGPA Act and to support the Agency’s operational performance, strategic direction and leadership.

The Agency’s financial results for the reporting year confirm its strong and sound financial position, and its ability to operate within its budget.

Financial Outcome

The Agency had a total operating revenue of $144.099 million in 2016-17. Gains of $57.475 million were also recorded, reflecting the net assets and liabilities transferred from NEHTA free of charge, and revaluations of property, plant and equipment. The Agency incurred total expenses of $181.361 million. As a result, the Agency recorded a comprehensive income (a surplus) of $20.213 million in 2016-17.

Audited financial statements

The Australian National Audit Office (ANAO) inspected the Agency’s financial records and provided an unqualified audit opinion on the financial statements and accompanying explanatory notes on 16 October 2017. The ANAO’s report and the Agency’s financial statements are presented in Part 4.

The Agency will continue to focus on its budget management in 2017–18 to maintain its financial sustainability and to deliver strongly against its statutory priorities.

1 Budget Other Income was published in the 2016-17 Portfolio Budget Statements (PBS) as $34.40m. The Commonwealth and jurisdictions agreed to reduce their contributions to $32.25m for 2016-17, however this was not included in the PBS. In compliance with AASB1055: Budgetary Reporting, the financial statements recorded in this Annual Report show the original published 2016-17 PBS of $34.40m and actual Other Income reflects the agreed amount of $32.25m.