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Summary of financial performance

​Departmental finances

Operating result​

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.

Operating Budget

Our operating expenditure for 2017–18 was $68.364 million excluding depreciation.

Figure 13: Operating expenditure 2017-18
Figure: Chart showing operating expenditure 2017-18.
Operating expenditurepercentage of expenditure
Employees57%
Contractors8%
Third party service providers8%
Office equipment5%
Consultants5%
Minimum lease payments4%
Recruitment and training2%
Audit and Compliance4%
Other7%
Total expenses net of depreciation0%

Refer to Note 1.1 of the financial statements.

Financial position and future financial viability

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).

Capital Investment

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.

Administered finances

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

Administered income was $104.831 million and came entirely from the Renewable Energy Target.

Figure 14: Administered income 2017–18
Figure: Chart showing administered income 2017–18
Administered incomePercentage of income
Shortfall penalty85%
Registration of certificates12%
Surrender of certificates3%

Refer to the Administered Schedule of Comprehensive Income and Note 2.2 of the financial statements.

Administered expenses

Administered expenses were $196.555 million, predominantly in the Emissions Reduction Fund and Renewable Energy Target.

Figure 15: Administered expenses 2017–18
Figure: Chart showing administered expenses 2017–18.
Administered expensePercentage of expense
Renewable Energy Target inspections2%
Emissions Reduction Fund74%
Renewable Energy Target provision for refund, large-scale shortfall24%
Carbon Pricing Mechanism<1%

Refer to the Administered Schedule of Comprehensive Income and Note 2.1 of the financial statements.

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