Notes to the financial statements
General government sector operating statement 2014-15
2015
Ac tual
$m
Original
budget(a)
$m
Budget
varianc e
$m
Revised
budget(b)
$m
355,009
8,975
3,145
6,178
7,006
3 8 0 , 3 13
368,814
8,928
4,229
2,570
6,807
3 9 1, 3 4 8
(13,805)
47
(1,084)
3,608
199
(11, 0 3 5 )
359,117
9,277
3,653
4,796
7,255
384,098
18,357
6,927
6,804
79,289
5,742
117,119
8,999
16,024
19,638
4,291
6,644
79,875
6,111
116,559
9,275
15,551
(1,281)
2,636
160
(586)
(369)
560
(276)
473
18,939
6,803
6,804
80,474
5,502
118,522
8,989
15,915
124,635
12,506
129,190
266,331
124,121
12,184
126,336
262,641
514
322
2,854
3,690
124,435
12,522
130,663
267,620
1,857
2,662
7,398
8,156
9,255
10,818
4 17 , 7 2 8
4 14 , 8 4 5
(3 7 , 4 15 ) (2 3 , 4 9 7 )
(805)
(758)
(1,563)
2,884
(13 , 9 18 )
2,124
7,164
9,288
420,335
(3 6 , 2 3 7 )
O the r e c onomic flows inc lude d in ope ra ting re sult
Net write- downs of assets
(5,412)
(7,037)
Assets rec ognised for the first time
326
346
Net gain/(loss) from the sale of assets
10,690
Net foreign exc hange gains
(2,335)
63
Net swap interest gains/(losses)
(977)
Other gains/(losses)
4,648
6,630
Net result from assoc iates and joint ventures
27
Tota l O the r e c onomic flows
6,967
1
O pe ra ting Re sult from c ontinuing ope ra tions
(3 0 , 4 4 8 ) (2 3 , 4 9 5 )
Disc ontinued operation
O pe ra ting Re sult
(3 0 , 4 4 8 ) (2 3 , 4 9 5 )
1,625
(20)
10,690
(2,398)
(977)
(1,982)
27
6,966
(6 , 9 5 3 )
(6 , 9 5 3 )
(6,878)
319
(247)
(799)
6,306
(1, 3 0 0 )
(3 7 , 5 3 7 )
(3 7 , 5 3 7 )
(2,237)
5,438
1,647
17
(17,797)
124
(3,997)
(2 , 0 9 6 ) (14 , 7 0 9 )
2,681
(3,383)
(3,554)
(4 , 2 5 6 )
Re ve nue from tra nsa c tions
Taxation revenue
Sales of goods and servic es
Interest inc ome
Dividend inc ome
Other
Tota l re ve nue
Expe nse s from tra nsa c tions
Gross operating expenses
Wages and salaries
Superannuation
Deprec iation and amortisation
Supply of goods and servic es
Other operating expenses
Total gross operating expenses
Superannuation interest expense
Interest expenses
Current transfers
Current grants
Subsidy expenses
Personal benefits
Total c urrent transfers
Capital transfers
Mutually agreed write- downs
Other c apital grants
Total c apital transfers
Tota l e xpe nse s
Ne t ope ra ting ba la nc e
O the r non- owne r move me nts in e quity
Revaluation of equity investments
Revaluation of non- financ ial assets
Ac tuarial revaluations of superannuation
Other ec onomic revaluations
Tota l othe r e c onomic flows inc lude d in e quity
Compre he nsive re sult - Tota l c ha nge in
ne t worth
Ne t ope ra ting ba la nc e
le ss Ne t a c quisition of non- fina nc ia l a sse ts
Purc hases of non- financ ial assets
less Sales of non- financ ial assets
less Deprec iation
plus Change in inventories
plus Other movements in non- financ ial assets
Tota l ne t a c quisition of non- fina nc ia l a sse ts
Fisc a l ba la nc e (ne t le nding/ borrowing)
3,201
1,647
(17,780)
(3,873)
(16 , 8 0 5 )
(4 7 , 2 5 3 )
(2 5 , 5 9 1)
(2 1, 6 6 2 )
(4 1, 7 9 3 )
(3 7 , 4 15 )
(2 3 , 4 9 7 )
(13 , 9 18 )
(3 6 , 2 3 7 )
11,337
10,679
658
2,423
2,370
53
6,804
6,644
160
582
492
90
14
201
(187)
2,706
2,359
347
(4 0 , 12 1) (2 5 , 8 5 5 ) (14 , 2 6 6 )
11,622
2,348
6,804
494
174
3 , 13 8
(3 9 , 3 7 5 )
(a) Original budget for 2014-15 as presented in the 2014-15 Budget papers released in May 2014.
(b) Revised budget for 2014-15 as presented in the 2015-16 Budget papers released in May 2015.
170
Notes to the financial statements
Fiscal balance
The fiscal balance for the 2014-15 financial year was a deficit of $40.1 billion,
representing a movement of $14.3 billion on the original budget deficit of $25.9 billion.
Revenue
Total revenue for 2014-15 was $380.3 billion, $11.0 billion (2.8 per cent) lower than the
original budget of $391.3 billion.
Total taxation revenue was $355.0 billion, $13.8 billion lower than the original budget
of $368.8 billion. Key drivers included:
• lower company tax of $7.3 billion, reflecting weaker than expected growth in
corporate profitability and commodity prices;
• lower excise duty of $2.8 billion, partially offset by higher customs duty of
$1.6 billion due to:
– faster than expected movement of tobacco products offshore, primarily as a
result of a major tobacco manufacturer shifting production overseas;
– lower petrol prices and weaker than expected demand for diesel; and
– an increase in import volumes for textiles, clothing and footwear and higher
demand for imported building related materials impacting customs duty only.
• lower individuals and other withholding taxes of $2.4 billion, consistent with
weaker than expected growth in wages and salaries; and
• lower superannuation fund tax of $2.0 billion, consistent with lower than expected
taxable contributions and earnings.
Total non-taxation revenue was $25.3 billion, $2.8 billion higher than the original
budget of $22.5 billion. Higher dividend income ($3.6 billion) was the key driver for
this movement, primarily due to the higher than expected RBA dividend accrued in
2014-15. This was attributable to changes in exchange rates for the year, which resulted
in higher earnings for the RBA. The investment portfolio held by the Future Fund 1 for
2014-15 returned higher dividends of $1.7 billion and lower interest income of
$0.7 billion compared to the Budget.
Expenses
Total expenses for 2014-15 were $417.7 billion, $2.9 billion (0.7 per cent) higher than the
original budget of $414.8 billion.
1
It is difficult to accurately predict the financial outcome of the investment activities
undertaken by the Future Fund due to the volatile nature of investment markets. Further
information on variances relating to Future Fund activities can be found in the Future Fund’s
2014-15 financial statements available at: www.futurefund.gov.au/annual_reports.
171
Notes to the financial statements
Total gross operating expenses were $117.1 billion, $0.5 billion higher than the original
budget of $116.6 billion. Key drivers included:
• higher superannuation expense of $2.6 billion, mainly due to the different interest
rates used in calculating the budget and actuals figures for civilian schemes and an
actuarial change to the pension indexation rate from 2.5 per cent to 4 per cent in
2013-14 for military schemes; and
• lower wages and salaries expense of $1.3 billion, in relation to a number of entities,
with the largest movements relating to Defence due to lower staff numbers and the
Australian Taxation Office (ATO) staffing reductions.
Total current and capital transfers were $275.6 billion, $2.1 billion higher than the
original budget of $273.5 billion. Key drivers included:
• higher personal benefit expenses of $2.9 billion, mainly relating to:
– higher childcare benefit and rebate expenditure ($1.7 billion), reflecting a greater
than expected number of people utilising child care services, both in terms of
children in childcare and hours claimed, as well as higher than expected fees;
– higher Family Tax Benefit expenditure ($1.6 billion), as a result of lower than
expected wage growth, which drove up average payment rates and recipient
numbers, and delays in the passage of legislation for the A New Tax System
(Family Assistance)(Administration) Act 1999; and
– lower paid parental leave expenditure ($1.2 billion), as a result of the
Government’s decision in the 2015-16 budget not to proceed with the scheme.
• lower mutually agreed write-downs of $0.8 billion, primarily as a result of a
number of corporate groups entering into settlement agreements with the ATO,
reducing the bad and doubtful debt provision.
Other economic flows
Net losses from other economic flows included in operating result and equity were
$9.8 billion, $7.7 billion higher than the original budget net loss of $2.1 billion. Key
drivers included:
• lower revaluation of superannuation liabilities of $17.8 billion, primarily as a result
of the change in the discount rate which is tied to the government bond rate (the
budget does not estimate changes in discount rates in the estimation of the
superannuation liability);
• net gains from the sale of assets of $10.7 billion, primarily attributable to the Future
Fund gain on the sale of investments ($6.9 billion) and the gain from the sale of
Medibank ($1.6 billion) not included in the original budget;
• higher net market revaluation losses of debt of $7.9 billion, primarily due to much
lower interest rates at the end of the year than at original budget;
172
Notes to the financial statements
• higher revaluation of equity of $5.4 billion relating to investments in controlled
entities and companies such as the RBA, Clean Energy Finance Corporation and
Australian Reinsurance Pool Corporation for which revaluations are not included
in the original budget;
• lower other economic revaluations of $4.0 billion relating to forecasts included in
the original budget that did not occur;
• net foreign exchange losses of $2.4 billion primarily relating to the investment
portfolio held by the Future Fund for which gains/(losses) are not included in the
original budget; and
• other gains/losses of $2.0 billion, primarily attributable to the $1.2 billion
write-back to the Higher Education Superannuation programme liability following
agreement with the NSW Government that NSW will resume making payments to
NSW universities’ superannuation expenses to meet its share.
173
Notes to the financial statements
General government sector balance sheet as at 30 June 2015
Assets
Financial assets
Cash and deposits
Advances paid
Other receivables
Investments, loans and placements
Equity investments
Total financial assets
2015
Actual
$m
Original
budget(a)
$m
Budget
variance
$m
Revised
budget(b)
$m
3,156
40,658
42,335
136,376
83,496
306,021
2,480
45,145
43,080
128,753
75,524
294,983
676
(4,487)
(745)
7,623
7,972
11,038
3,144
45,874
41,765
131,157
84,882
306,821
Non-financial assets
Land
9,941
8,875
1,066
9,287
Buildings
25,639
25,425
214
26,043
Plant, equipment and infrastructure
56,276
57,347
(1,071)
57,012
Intangibles
6,544
5,988
556
6,312
Investment property
187
211
(24)
195
Inventories
8,415
7,987
428
8,360
Heritage and cultural assets
11,332
10,588
744
10,843
Other non-financial assets
4,896
3,217
1,679
3,794
Total non-financial assets
123,230
119,638
3,592
121,847
Total assets
429,251
414,620
14,631
428,668
Liabilities
Interest bearing liabilities
Deposits held
218
182
36
211
Government securities
409,937
387,772
22,165
418,307
Loans and other interest bearing liabilities
12,408
13,436
(1,028)
10,347
Other borrow ing
1,509
1,376
133
1,545
Total interest bearing liabilities
424,072
402,766
21,306
430,409
Provisions and payables
Superannuation liability
248,209
163,228
84,981
167,327
Other employee liabilities
17,052
15,291
1,761
16,030
Suppliers payable
4,601
4,705
(104)
4,956
Personal benefits payable
5,983
3,958
2,025
5,716
Subsidies payable
4,529
3,937
592
4,585
Grants payable
3,239
3,174
65
2,394
Other payables and provisions
30,020
29,572
448
28,562
Total provisions and payables
313,633
223,865
89,768
229,571
Total liabilities
737,705
626,631
111,074
659,979
Net w orth
(308,454)
(212,010)
(96,444)
(231,311)
(a) Original budget for 2014-15 as presented in the 2014-15 Budget papers released in May 2014.
(b) Revised budget for 2014-15 as presented in the 2015-16 Budget papers released in May 2015.
174
Notes to the financial statements
Net worth
Net worth at 30 June 2015 was negative $308.5 billion, $96.4 billion higher than the
original budget net worth of negative $212.0 billion.
Assets
Total assets at 30 June 2015 were $429.3 billion, $14.6 billion (3.5 per cent) higher than
the original budget of $414.6 billion.
Total financial assets were $306.0 billion, $11.0 billion higher than the original budget
of $295.0 billion. Key drivers included:
• higher equity investments of $8.0 billion, due to:
– an increase of $6.4 billion in the Treasury’s investment in the RBA, the
Australian Reinsurance Pool Corporation and the Clean Energy Finance
Corporation which increased during 2014-15; and
– a higher value of equity investments managed by the Future Fund of
$3.3 billion.
• higher investments, loans and placements of $7.6 billion, due to:
– a higher value of deposits and securities held by the AOFM of $9.2 billion,
primarily due to a more conservative cash management approach in estimating
government expenditures and due to the imprecision in forecasting the highly
volatile daily flows of revenue, expenditure and financing items across the GGS;
– a higher value of investments managed by the Future Fund of $6.3 billion;
– a lower value of the IMF quota payments of $5.1 billion, relating to the shift of
the IMF quota increase under the 2010 reform from 2014-15 to 2015-16 as a result
of the delay by the United States in implementing these reforms (refer below for
related decrease in liabilities); and
– lower ‘other’ investments of $1.8 billion primarily relating to the sale of
Medibank which was not disclosed in the original budget due to commercial
confidentiality reasons.
• lower advances paid of $4.5 billion. This was mainly due to the different
measurement techniques used in the Budget and the CFS for the value of the
advances paid to the International Development Association (IDA) and Asian
Development Fund (ADF). In the budget, IDA/ADF was recorded at nominal value
whilst fair value was used for the CFS (see Note 1.3 and Statement 9 in the 2014-15
Budget Paper No. 1 for more detail).
Total non-financial assets were $123.2 billion, $3.6 billion higher than the original
budget of $119.6 billion. Key drivers included:
• revaluation of non-financial assets ($1.6 billion), as the budget does not include
estimates for these revaluations; and
175
Notes to the financial statements
• higher ‘other’ non-financial assets ($1.6 billion), primarily attributable to defence
prepayments for foreign military sales.
Liabilities
Total liabilities at 30 June 2015 were $737.7 billion, $111.1 billion (17.7 per cent) higher
than the original budget of $626.6 billion.
Total provisions and payables were $313.6 billion, $89.8 billion higher than the original
budget of $223.9 billion. Key drivers included:
• higher Australian Government’s superannuation liabilities of $85.0 billion,
primarily due to different discount rates used to value the liability. In the original
budget, a discount rate applied by the actuaries in preparing the Long-term Cost
Report was used to allow comparability between years for budget estimates.
Consistent with the AAS, the long-term government bond rate as at 30 June 2015
was used for the CFS. Additional information on the measurement is provided in
Note 12C and the Statement 7 in the 2014-15 Budget Paper No. 1.
• higher personal benefits payable of $2.0 billion. Contributing factors included:
– Low Income Earner Superannuation Contribution ($0.9 billion), not being
budgeted for at the beginning of the year (as per the Government’s policy
decision at the time); and
– Family Tax Benefit ($0.6 billion), which was higher as a result of lower than
expected wage growth, which drove up average payment rates and recipient
numbers.
• higher other employee liabilities of $1.8 billion, primarily due to the provision for
military compensation claims. This provision is difficult to estimate due to the
uncertainty surrounding the inputs that determine this long-term liability.
• lower other payables and provisions of $0.4 billion, primarily due to two major
offsetting variances:
– an increase of $1.2 billion to the provision for the Natural Disaster Relief and
Recovery Arrangements to reflect actual reconstruction costs in Queensland;
and
– a decrease of $1.0 billion for a write-back to the Higher Education
Superannuation programme liability (refer Other Economic Flows above).
176
Notes to the financial statements
Total interest bearing liabilities were $424.1 billion, $21.3 billion higher than the
original budget of $402.8 billion. Key drivers included:
• higher Australian Government Securities (AGS) of $22.2 billion managed by the
AOFM. This was due to a larger financing task as well as lower interest rates and
lower nominal and real issuance yields for the year. 2
• lower loans and other interest bearing liabilities of $1.0 billion, mainly due to:
– lower Treasury Promissory Notes of $2.8 billion, relating to the shift of the IMF
quota increase under the 2010 reform from 2014-15 to 2015-16 as a result of the
delay by the United States in implementing these reforms (refer above for
related decrease in assets);
– higher swap principal payables of $0.9 billion held by the Future Fund; and
– higher Treasury Special Drawing Rights of $0.5 billion relating to changes in
exchange rates.
2 The AOFM’s projections of AGS are a consequence of the expenditure, investment and revenue decisions
and assumptions made by the Government in producing its original budget. The debt issuance program
was set at $67 billion for the original budget and as at 30 June 2015 the AGS on issue was $7.6 billion
higher than this forecast. Further information can be found in the AOFM’s 2014-15 financial statements
available at: http://aofm.gov.au/publications/annual-reports/.
177
Notes to the financial statements
General government sector cash flow statement 2014-15
2015
Original
Actual budget(a)
$m
$m
Budget
variance
$m
Revised
budget(b)
$m
351,675
8,839
3,056
4,745
7,598
375,913
360,372
8,910
3,657
4,257
6,339
383,534
(8,697)
(71)
(601)
488
1,259
(7,621)
351,452
9,218
3,131
4,121
7,164
375,087
(25,775)
(80,252)
(144,512)
(13,924)
(130,891)
(5,289)
(400,643)
(24,730)
(27,022)
(79,807)
(147,617)
(14,174)
(127,221)
(5,890)
(401,730)
(18,196)
1,247
(445)
3,105
250
(3,670)
601
1,087
(6,534)
(26,061)
(80,293)
(146,048)
(14,037)
(131,520)
(5,247)
(403,206)
(28,119)
2,305
(11,280)
2,244
(10,753)
61
(527)
2,222
(11,795)
(8,975)
(8,509)
(466)
(9,572)
Cash flow s from investm ents in financial
assets for policy purposes
Net advances repaid/(paid)
Net cash flow s from investm ents in financial
assets for policy purposes
(5,163)
(6,819)
1,656
(5,500)
(5,163)
(6,819)
1,656
(5,500)
Cash flow s from investm ents in financial
assets for liquidity purposes
Decrease/(Increase) in investments
Net cash flow s from investm ents in financial
assets for liquidity purposes
(11,953)
(7,017)
(4,936)
(9,021)
(11,953)
(7,017)
(4,936)
(9,021)
(26,091)
(22,345)
(3,746)
(24,093)
FINANCING ACTIVITIES
Cash flow s from financing activities
Cash received
Borrow ings
Other financing
Total cash received
52,381
52,381
42,308
42,308
10,073
10,073
53,695
48
53,743
Cash used
Other financing
Total cash used
(2,248)
(2,248)
(2,289)
(2,289)
41
41
(2,231)
(2,231)
Net cash from discontinued financing activities
Net cash flow s from financing activities
50,133
40,018
10,115
51,512
(688)
(523)
(165)
(701)
OPERATING ACTIVITIES
Cash received
Taxes received
Receipts from sales of goods and services
Interest receipts
Dividend receipts
Other receipts
Total cash received
Cash used
Payments for employees
Payments for goods and services
Grants and subsidies paid
Interest paid
Personal benefits
Other payments
Total cash used
Net cash from discontinued operating activities
Net cash from /(used by) operating activities
INVESTING ACTIVITIES
Cash flow s from investm ents in
non-financial assets
Sales of non-financial assets
Purchases of non-financial assets
Net cash flow s from investm ents in
non-financial assets
Net cash from discontinued investing activities
Net cash from /(used by) investing activities
Net (decrease)/increase in cash held
178
Notes to the financial statements
General government sector cash flow statement 2014-15 (continued)
Cash at beginning of year
Cash at end of year
2015
Original
Actual budget(a)
$m
$m
(47)
3,844
Budget
variance
$m
3,891
Revised
budget(b)
$m
3,844
(570)
3,726
3,144
3,156
Key fiscal aggregate
Net cash flow s from operating activities
(18,196)
(6,534)
(24,730)
Net cash flow s from investments in
non-financial assets
(8,975)
(8,509)
(466)
Cash surplus/(deficit)
(26,705)
(7,000)
(33,705)
Finance leases and similar arrangements
(72)
(72)
GFS cash surplus/(deficit)
(26,705)
(7,072)
(33,777)
(a) Original budget for 2014-15 as presented in the 2014-15 Budget papers released in May 2014.
(b) Revised budget for 2014-15 as presented in the 2015-16 Budget papers released in May 2015.
(28,119)
(9,572)
(37,691)
(37,691)
The 2014-15 GFS cash deficit for the Australian Government was $33.8 billion, a
movement of $7.1 billion compared to the original budget deficit of $26.7 billion.
The variances for the cash flow statement reflect the movements in the operating
statement and balance sheet.
Note 14C: Glossary of key fiscal aggregates
Key technical terms
Balance sheet
The balance sheet shows stocks of assets, liabilities and net worth. In accordance with
the Accrual Uniform Presentation Framework, net debt, net financial worth and net
financial liabilities are also reported in the balance sheet.
Comprehensive result (total change in net worth before transactions with owners as
owners)
The net result of all items of income and expense recognised for the period. It is the
aggregate of operating result and other movements in equity, other than transactions
with owners as owners.
Fiscal balance
The fiscal balance (or net lending/borrowing) is the net operating balance less net
capital investment. Thus, the fiscal balance includes the impact of net expenditure
(effectively purchases less sales) on non-financial assets rather than consumption
(depreciation) of non-financial assets.
The fiscal balance measures the Australian Government’s investment-saving balance.
It measures in accrual terms the gap between government savings plus net capital
transfers, and investment in non-financial assets. As such, it approximates the
contribution of the GGS to the balance on the current account in the balance of
payments.
179
Notes to the financial statements
Mutually agreed bad debts
Financial assets written off where there was prior knowledge and consent by the
counterparties.
Net actuarial gains
Includes actuarial gains and losses on defined benefits superannuation plans.
Net financial liabilities
Total liabilities less financial assets, other than equity in PNFCs and PFCs. This
measure is broader than net debt as it includes significant liabilities, other than
borrowings (for example accrued employee liabilities such as superannuation and long
service leave entitlements). For the PNFC and PFC sectors, it is equal to negative net
financial worth.
Net financial worth
Net financial worth is equal to financial assets minus liabilities. It is a broader measure
than net debt in that it incorporates provisions made (such as superannuation, but
excluding depreciation and bad debts) as well as holdings of equity. Net financial
worth includes all classes of financial assets and liabilities, only some of which are
included in net debt.
Net lending/borrowing
This is the net operating balance minus the net acquisition/(disposal) of non-financial
assets. It is also equal to transactions in the net acquisition/(disposal) of financial
assets minus the net incurrence of liabilities. It indicates the extent to which financial
resources are placed at the disposal of the rest of the economy or the utilisation of
financial resources generated by the rest of the economy. It is an indicator of the
financial impact on the rest of the economy.
Net other economic flows
The net change in the volume or value of assets and liabilities that does not result from
transactions.
Net operating balance
This is calculated as income from transactions minus expenses from transactions.
Net result from transactions — net operating balance
The revenue from transactions minus expenses from transactions. It is a summary
measure of the ongoing sustainability of operations. It excludes gains and losses
resulting from changes in price levels and other changes in the volume of assets. It is
the component of the change in net worth that is due to transactions and can be
attributed directly to government policies.
180
Notes to the financial statements
Net worth
The net worth of the GGS, PNFC and PFC sectors are defined as assets less liabilities.
This differs from the ABS GFS definition for the PNFC and PFC sectors where net
worth is defined as assets less liabilities less shares and other contributed capital. Net
worth is an economic measure of wealth, reflecting the Australian Government’s
contribution to the wealth of Australia.
Operating result
A measure of financial performance of the operations for the period. It is the net result
of items of revenue, gains and expenses (including losses) recognised for the period,
excluding those that are classified as ‘other non-owner movements in equity’.
Operating statement
The operating statement presents details of transactions in revenues, expenses, the net
acquisition of non-financial assets (net capital investment) and other economic flows
for an accounting period.
Transactions
Interactions between two units by mutual agreement or an action within a unit that is
analytically useful to treat as a transaction.
Unilaterally determined bad debts
Financial assets written off without an agreement with the debtor in cases such as
bankruptcy of the debtor.
Note 15: Audit expenses
With the exception of a small number of entities, audit services within the reporting
entity are provided by the Auditor–General. The cost of these services which include
performance and financial statement audits, totalled $76.6 million (2014: $75.2 million).
The audit of the CFS cost $1.1 million (2014: $0.7 million).
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Notes to the financial statements
Note 16: List of Australian Government reporting entities
The following is a list of Australian Government reporting entities which have been
consolidated for the purposes of the financial report. Unless otherwise noted, all such
entities are wholly owned. The list is based on the Australian Government
Administrative Arrangement Orders in place at 30 June 2015.
Agriculture Portfolio
General Government:
Australian Fisheries Management Authority
Australian Grape and Wine Authority
Australian Pesticides and Veterinary Medicines
Authority
Cotton Research and Development Corporation
Department of Agriculture
Fisheries Research and Development Corporation
Grains Research and Development Corporation
Rural Industries Research and Development
Corporation
Attorney-General’s Portfolio
General Government:
Administrative Appeals Tribunal
Attorney-General’s Department
Australian Business Arts Foundation Ltd (Creative
Partnerships Australia) (company limited by
guarantee)
Australian Commission for Law Enforcement
Integrity
Australia Council
Australian Crime Commission
Australian Federal Police
Australian Film, Television and Radio School
Australian Financial Security Authority
Australian Human Rights Commission
Australian Institute of Criminology
Australian Law Reform Commission
Australian National Maritime Museum
Australian Security Intelligence Organisation
Australian Transaction Reports and Analysis
Centre
Bundanon Trust (company limited by guarantee)
CrimTrac Agency
Family Court and Federal Circuit Court
Federal Court of Australia
High Court of Australia
National Archives of Australia
National Film and Sound Archive Australia
National Gallery of Australia
National Library of Australia
National Museum of Australia
National Portrait Gallery of Australia
Office of the Australian Information Commissioner
Office of Parliamentary Counsel
Office of the Director of Public Prosecutions
Old Parliament House
Screen Australia
Public non-financial corporations:
Australian Government Solicitor
Communications Portfolio
General Government:
Australian Broadcasting Corporation
Australian Communications and Media Authority
Department of Communications
Special Broadcasting Service Corporation
Telecommunications Universal Service
Management Agency
Public non-financial corporations:
Australian Postal Corporation
NBN Co Ltd
182
Notes to the financial statements
Defence Portfolio
General Government:
AAF Company (company limited by guarantee)
Army and Air Force Canteen Service
Australian Military Forces Relief Trust Fund
Australian Strategic Policy Institute Ltd (company
limited by guarantee)
Australian War Memorial
Department of Defence
Department of Veterans’ Affairs
Defence Housing Australia
Defence Materiel Organisation
Royal Australian Air Force Veterans’ Residences
Trust Fund
Royal Australian Air Force Welfare Recreational
Company (company limited by guarantee)
Royal Australian Air Force Welfare Trust Fund
Royal Australian Navy Central Canteens Board
Royal Australian Navy Relief Trust Fund
Education and Training Portfolio
General Government:
Australian Curriculum, Assessment and Reporting
Authority
Australian Institute of Aboriginal and Torres Strait
Islander Studies
Australian Institute for Teaching and School
Leadership Ltd (company limited by guarantee)
Australian Research Council
Australian Skills Quality Authority (National
Vocational Education and Training Regulator)
Department of Education and Training
Tertiary Education Quality and Standards Agency
Employment Portfolio
General Government:
Asbestos Safety and Eradication Agency
Comcare
Department of Employment
Fair Work Commission
Office of the Fair Work Building Industry
Inspectorate
Office of the Fair Work Ombudsman
Safe Work Australia
Seafarers Safety, Rehabilitation and
Compensation Authority (Seacare Authority)
Workplace Gender Equality Agency
Public financial corporations:
Coal Mining Industry (Long Service Leave
Funding) Corporation
Environment Portfolio
General Government:
Bureau of Meteorology
Clean Energy Regulator
Climate Change Authority
Department of the Environment
Director of National Parks
Great Barrier Reef Marine Park Authority
Murray-Darling Basin Authority
Sydney Harbour Federation Trust
Finance Portfolio
General Government:
Australian Electoral Commission
Commonwealth Superannuation Corporation
ComSuper
Department of Finance
Future Fund Management Agency
Public non-financial corporations:
ASC Pty Ltd
183
Notes to the financial statements
Foreign Affairs and Trade Portfolio
General Government:
Australian Centre for International Agricultural
Research
Australian Secret Intelligence Service
Australian Trade Commission
Department of Foreign Affairs and Trade
Export Finance and Insurance Corporation
(National Interest Account)
Tourism Australia
Public financial corporations:
Export Finance and Insurance Corporation
Health Portfolio
General Government:
Australian Commission on Safety and Quality in
Health Care
Australian Institute of Health and Welfare
Australian National Preventive Health Agency
Australian Organ and Tissue Donation and
Transplantation Authority
Australian Radiation Protection and Nuclear Safety
Agency
Australian Sports Anti-Doping Authority
Australian Sports Commission
Australian Sports Foundation Ltd (company limited
by guarantee)
Cancer Australia
Department of Health
Food Standards Australia New Zealand
Independent Hospital Pricing Authority
National Blood Authority
National Health Funding Body
National Health and Medical Research Council
National Health Performance Authority
National Mental Health Commission
Private Health Insurance Administration Council
Private Health Insurance Ombudsman
Professional Services Review Scheme
Public non-financial corporations:
ANSTO Nuclear Medicine Pty Ltd
Immigration and Border Protection Portfolio
General Government:
Migration Review Tribunal and Refugee Review
Tribunal
Department of Immigration and Border Protection
Australian Customs and Border Protection Service
Industry and Science Portfolio
General Government:
Australian Institute of Marine Science
Australian Nuclear Science and Technology
Organisation
Australian Renewable Energy Agency
Commonwealth Scientific and Industrial Research
Organisation
Department of Industry and Science
Geoscience Australia
IIF Investments Pty Ltd
IP Australia
National Offshore Petroleum Safety and
Environmental Management Authority
Infrastructure and Regional Development Portfolio
General Government:
Australian Maritime Safety Authority
Australian Transport Safety Bureau
Civil Aviation Safety Authority
Department of Infrastructure and Regional
Development
Infrastructure Australia
National Capital Authority
National Transport Commission
Public non-financial corporations:
Airservices Australia
Australian Rail Track Corporation Ltd
Moorebank Intermodal Company Ltd
184
Notes to the financial statements
Prime Minister and Cabinet Portfolio
General Government:
Aboriginal Hostels Ltd (company limited by
guarantee)
Australian National Audit Office
Australian Public Service Commission
Department of the Prime Minister and Cabinet
Indigenous Business Australia
Indigenous Land Corporation
National Australia Day Council Ltd (company
limited by guarantee)
Outback Stores Pty Ltd
Torres Strait Regional Authority
Office of National Assessments
Office of the Commonwealth Ombudsman
Office of the Inspector-General of Intelligence and
Security
Office of the Official Secretary to the
Governor-General
Public non-financial corporations:
Voyages Indigenous Tourism Australia Pty Ltd
Social Services Portfolio
General Government:
National Disability Insurance Scheme Launch
Transition Agency (National Disability Insurance
Scheme)
Australian Aged Care Quality Agency
Australian Institute of Family Studies
Department of Human Services
Department of Social Services
Public non-financial corporations:
Australian Hearing Services (Australian Hearing)
Treasury Portfolio
General Government:
Australian Bureau of Statistics
Australian Competition and Consumer Commission
Australian Office of Financial Management
Australian Prudential Regulation Authority
Australian Securities and Investments Commission
Australian Taxation Office
Clean Energy Finance Corporation
Commonwealth Grants Commission
Corporations and Markets Advisory Committee
Department of the Treasury
Inspector-General of Taxation
National Competition Council
Office of the Auditing and Assurance Standards
Board
Office of the Australian Accounting Standards
Board
Productivity Commission
Royal Australian Mint
Public financial corporations:
Australian Reinsurance Pool Corporation
Reserve Bank of Australia
Parliamentary Departments
General Government:
Department of Parliamentary Services
Department of the House of Representatives
Department of the Senate
Parliamentary Budget Office
185
Notes to the financial statements
Entity changes during 2014-15
Entities no longer consolidated
Albury-Wodonga Development Corporation (31 December 2014)
Anindilyakwa Land Council (1 July 2014)
Australian River Co Ltd (24 April 2015)
Central Land Council (1 July 2014)
General Practice Education and Training Ltd (company limited by guarantee)
(17 June 2015)
Grape and Wine Research Development Corporation (30 June 2014)
Health Workforce Australia (8 October 2014)
Low Carbon Australia Ltd (company limited by guarantee) (12 October 2014)
Medibank Private Ltd (1 December 2014)
National Water Commission (17 June 2015)
Northern Land Council (1 July 2014)
Tiwi Land Council (1 July 2014)
Wine Australia Corporation (30 June 2014)
Wreck Bay Aboriginal Community Council (1 July 2014)
Entities newly controlled/established in 2014-15
Australian Grape and Wine Authority (1 July 2014)
Infrastructure Australia (1 September 2014)
Entities with name changes
Department of Education and Training (previously the Department of Education)
Department of Industry and Science (previously the Department of Industry)
The Australian Government Organisations Register (www.finance.gov.au/resourcemanagement/governance/agor/) provides, in a searchable online format, information
on the function, composition, origin and other details of more than 1,100 Australian
Government bodies, including the reporting entities consolidated in the financial
report.
186