Part 5 - Our financial information

This section contains information on:

Financial overview

Financial performance—departmental

For the 2016–17, financial year the Department recorded a loss before depreciation and amortisation of $0.1 million (0.04% of total departmental expenses). 

Figure 13. Departmental financial performance
Figure 13. Departmental financial performance

2013–14 (September to June):

  • Revenue—$16 million
  • Expenses (less depreciation)—$286 million

2014–15:

  • Revenue—$28 million
  • Expenses (less depreciation)—$308 million

2015–16

  • Revenue—$28 million
  • Expenses (less depreciation)—$306 million

2016–17

  • Revenue—$47 million
  • Expenses (less depreciation)—$333 million

The result is in keeping with the Department’s sound financial position as at 30 June 2017, with financial assets of $159.5 million exceeding total liabilities of $144.5 million. Non-financial assets were $167.2 million as at 30 June 2017, primarily reflecting the Department’s IT systems and software, fit-outs, infrastructure and prepayments.

Figure 14. Departmental financial position
Figure 14.  Departmental financial position

2013–14 (September to June):

  • Assets—171,907
  • Liabilities—97,468
  • Equity—74,439

2014–15:

  • Assets—237,817
  • Liabilities—120,516
  • Equity—117,301

2015–16

  • Assets—267,645
  • Liabilities—120,564
  • Equity—147,081

2016–17

  • Assets—326,744
  • Liabilities—144,486
  • Equity—182,258

Financial performance—administered

In 2016–17, total administered expenses on behalf of Government were $1,849.3 million, including:

  • $1,262.3 million in supplier expenses primarily related to jobactive
  • $229.4 million in subsidies, primarily related to payments made for jobactive wage subsidies and under the Coal Mining Industry (Long Service Leave) Administration Act 1992
  • $254.8 million in personal benefits associated with the New Enterprise Incentive Scheme and payments made under the Fair Entitlements Guarantee program
  • $96.7 million in grants, primarily related to workers’ compensation payments associated with Comcare, the Empowering YOUth Initiatives and ParentsNext programs
  • $6.1 million in payments for Comcare’s appropriation.

Total administered revenue in 2016–17 was $330.4 million, primarily associated with the levy collections under the Coal Mining Industry (Long Service Leave) Administration Act 1992 funding arrangements managed by the Coal Mining Industry (Long Service Leave Funding) Corporation (Coal LSL) and a reduction in amounts payable by the Commonwealth under workers’ compensation arrangements administered by Comcare but reported in the Department of Employment’s financial statements.

Administered assets at 30 June 2017 were $381.7 million largely associated with investments in the Coal LSL. Administered liabilities were $2,800.1 million, of which $2,666.2 million related to amounts payable to Comcare.