Our agency achieved an operating surplus of $2.388 million (before depreciation and amortisation) in 2017–18, largely attributable to lower than anticipated employee benefits and supplier expenditure.
Our operating expenditure for 2017–18 was $68.364 million excluding depreciation.
Refer to Note 1.1 of the financial statements.
Our agency remains in a sound financial position, operating within our appropriation and with sufficient cash reserves to fund our debts as and when they fall due.
As at 30 June 2018, the agency had net equity of $18.046 million, represented by $35.623 million of assets offset by $17.577 million of liabilities.
The majority of our assets relate to appropriation and other receivables ($20.732 million) and intangibles ($8.241 million). The majority of our liabilities relate to employee provisions ($9.963 million) and suppliers ($4.687 million).
Our capital expenditure budget for 2017–18 was $1.167 million.
We continue to invest in the development of our client systems to further improve the client experience, reducing client burden and improving efficiency for the agency.
Our agency administered the Emissions Reduction Fund, Renewable Energy Target, and residual items relating to the carbon pricing mechanism on behalf of the government in 2017–18.
Administered income was $104.831 million and came entirely from the Renewable Energy Target.
Refer to the Administered Schedule of Comprehensive Income and Note 2.2 of the financial statements.
Administered expenses were $196.555 million, predominantly in the Emissions Reduction Fund and Renewable Energy Target.
Refer to the Administered Schedule of Comprehensive Income and Note 2.1 of the financial statements.
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