Part 4 - Our financial information

This section contains information on:

Financial overview

Financial performance—departmental

For the 2017–18 financial year, the department recorded a surplus before depreciation and amortisation of $1.5 million (0.4% of total departmental expenses).

Figure 11. Departmental financial performance
Figure 11. Departmental financial performance

Graph information - Figure 11.

2014-15 (September to June):

  • 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

2016–17

  • Revenue—$56 million
  • Expenses (less depreciation)—$366 million

The result is in keeping with the department’s sound financial position as at 30 June 2018, with financial assets of $149.6 million exceeding total liabilities of $131.4 million. Non-financial assets were $194.5 million at 30 June 2018, primarily reflecting the department’s IT systems and software, fit-outs and infrastructure.

Figure 12. Departmental financial position
Figure 12. Departmental financial position

Graph information - Figure 12.

2014-15 (September to June):

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

2015-16

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

2016–17

  • Assets—316,462
  • Liabilities—134,204
  • Equity—182,258

2016–17

  • Assets—344,132
  • Liabilities—131,385
  • Equity—212,747

Financial performance—administered

In 2017–18, total administered expenses on behalf of Government was $2,158.8 million, consisting of:

  • $1,375.4 million in supplier expenses primarily related to jobactive
  • $449.4 million in subsidies, primarily related to payments made for jobactive wage subsidies and under the Coal Mining Industry (Long Service Leave) Administration Act 1992
  • $229.2 million in personal benefits associated with payments made under the New Enterprise Incentive Scheme and the Fair Entitlements Guarantee program
  • $98.7 million in grants, primarily related to workers’ compensation payments administered by Comcare, the Empowering YOUth Initiatives and ParentsNext programs
  • $6.0 million in payments for Comcare’s appropriation.

Total administered revenue in 2017–18 was $587.1 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 Jobs and Small Business’ financial statements.

Administered assets at 30 June 2018 were $460.1 million predominantly related to investments in Coal LSL. Administered liabilities were $2,458.5 million, of which $2,278.8 million related to amounts payable to Comcare.