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Structure and Content of the 2024-25 Budget Papers PDF Free Download

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Structure and Content

of the 2024-25 Budget Papers

The 2024-25 Budget is presented in two papers and a series of agency

Budget Statements.

Budget Speech

The Treasurer’s speech to the Legislative Assembly highlights the Government’s Budget strategy

and key features of the Budget.

Budget Outlook

The Budget Outlook summarises the 2024-25 Budget and forward estimates for the General Government Sector,

the Public Trading Enterprise sector and the total Territory Government. Details of the projected

2024-25 Budget results are provided, as well as background information on the development of the

2024-25 Budget, including economic conditions and federal financial relations. It also provides an overview of

the Territory’s infrastructure investment program and details of 2024-25 initiatives. Full accrual financial

statements and notes are provided for all sectors.

Budget Statements

The Budget Statements contain information on each directorate and agency, including descriptions of

functions and roles and responsibilities, together with major strategic priorities.

Acknowledgement

We wish to acknowledge the Ngunnawal people as traditional custodians of the land we are meeting on and

recognise any other people or families with connection to the lands of the ACT and region. We wish to acknowledge

and respect their continuing culture and the contribution they make to the life of this city and this region.

ISSN 1327-581X ©

Publication No 24008

Material in this publication may be reproduced provided due

acknowledgement is made. Produced by the Chief Minister, Treasury

and Economic Development Directorate.

Enquiries about this publication should be directed to the:

Chief Minister, Treasury and Economic Development Directorate

GPO Box 158

Canberra ACT 2601

https://www.treasury.act.gov.au/budget

Telephone: Access Canberra - 13 22 81

Ph 131 450

Accessibility

Ph 13 22 81

 
2024-25 Budget Statements  i  Chief Minister, Treasury and Economic Development Directorate 
Contents 
CHIEF MINISTER, TREASURY AND ECONOMIC DEVELOPMENT DIRECTORATE ....................................... 1 
Purpose ............................................................................................................................................... 1 
2024-25 Priorities ................................................................................................................................ 2 
Estimated Employment Levels ............................................................................................................ 7 
Strategic Objectives and Indicators .................................................................................................... 7 
Output Classes .................................................................................................................................. 20 
Accountability Indicators .................................................................................................................. 33 
Changes to Appropriation ................................................................................................................. 51 
Summary of 2024-25 Infrastructure Program .................................................................................. 61 
Financial Statements ......................................................................................................................... 66 
Financial Statements – Territorial ..................................................................................................... 74 
Output Class Financial Statements ................................................................................................... 80 
ACT GAMBLING AND RACING COMMISSION – STATEMENT OF INTENT .............................................. 89 
ACT GAMBLING AND RACING COMMISSION ........................................................................................ 91 
The Gambling and Racing Commission Board .................................................................................. 91 
Purpose ............................................................................................................................................. 92 
Nature and Scope of Activities .......................................................................................................... 93 
2024-25 Priorities and Next Three Financial Years ........................................................................... 94 
Estimated Employment Levels .......................................................................................................... 96 
Strategic Objectives and Indicators .................................................................................................. 97 
Output Classes ................................................................................................................................ 101 
Accountability Indicators ................................................................................................................ 102 
Changes to Appropriation ............................................................................................................... 103 
Monitoring and Reporting .............................................................................................................. 103 
Financial Arrangements .................................................................................................................. 104 
Financial Statements ....................................................................................................................... 105 
ACT INSURANCE AUTHORITY - STATEMENT OF INTENT ..................................................................... 111 
ACT INSURANCE AUTHORITY .............................................................................................................. 113 
Purpose ........................................................................................................................................... 113 
Nature and Scope of Activities ........................................................................................................ 114 
2024-25 Priorities and Next Three Financial Years ......................................................................... 115 
Estimated Employment Levels ........................................................................................................ 116 

 
2024-25 Budget Statements  ii  Chief Minister, Treasury and Economic Development Directorate 
Accountability Indicators ................................................................................................................ 117 
Monitoring and Reporting .............................................................................................................. 118 
Financial Arrangements .................................................................................................................. 119 
Financial Statements ....................................................................................................................... 120 
CANBERRA INSTITUTE OF TECHNOLOGY – STATEMENT OF INTENT .................................................. 127 
CANBERRA INSTITUTE OF TECHNOLOGY ............................................................................................ 129 
Purpose ........................................................................................................................................... 129 
Nature and Scope of Activities ........................................................................................................ 129 
2024-25 Priorities and the Next Three Years .................................................................................. 131 
2024-25 Training Profile and Associated Items .............................................................................. 133 
Monitoring and Reporting .............................................................................................................. 133 
Estimated Employment Levels ........................................................................................................ 134 
Strategic Objective and Indicator ................................................................................................... 135 
Output Class .................................................................................................................................... 136 
Accountability Indicators ................................................................................................................ 137 
Key Performance Indicators for 2024 ............................................................................................. 138 
Changes to Appropriation ............................................................................................................... 140 
Summary of 2024-25 CIT Infrastructure Program .......................................................................... 142 
Monitoring and Reporting .............................................................................................................. 143 
Financial Arrangements .................................................................................................................. 144 
Financial Statements ....................................................................................................................... 146 
Calendar Year Financial Statements ............................................................................................... 153 
CIT SOLUTIONS .................................................................................................................................... 159 
Purpose ........................................................................................................................................... 159 
2024-25 Priorities ............................................................................................................................ 159 
Estimated Employment Levels ........................................................................................................ 160 
Strategic Objectives and Indicators ................................................................................................ 160 
Financial Arrangements .................................................................................................................. 160 
Financial Statements – Controlled (PTE) ......................................................................................... 162 
CULTURAL FACILITIES CORPORATION – STATEMENT OF INTENT ....................................................... 169 
CULTURAL FACILITIES CORPORATION ................................................................................................. 171 
Purpose ........................................................................................................................................... 171 
Nature and Scope of Activities ........................................................................................................ 171 
2024-25 Priorities and Next Three Financial Years ......................................................................... 174 

 
2024-25 Budget Statements  iii  Chief Minister, Treasury and Economic Development Directorate 
Estimated Employment Levels and Employment Profile ................................................................ 175 
Strategic Objectives and Indicators ................................................................................................ 176 
Output Classes ................................................................................................................................ 179 
Accountability Indicators ................................................................................................................ 180 
Changes to Appropriation ............................................................................................................... 181 
Summary of 2024-25 Infrastructure Program ................................................................................ 183 
Monitoring and Reporting .............................................................................................................. 184 
Financial Arrangements .................................................................................................................. 184 
Financial Statements ....................................................................................................................... 186 
ICON WATER LIMITED ......................................................................................................................... 193 
Purpose ........................................................................................................................................... 193 
2024-25 Priorities ............................................................................................................................ 193 
Estimated Employment Levels ........................................................................................................ 194 
Changes to Appropriation ............................................................................................................... 195 
Financial Statements – Controlled (PTE) ......................................................................................... 196 
INDEPENDENT COMPETITION AND REGULATORY COMMISSION – STATEMENT OF INTENT ............. 205 
INDEPENDENT COMPETITION AND REGULATORY COMMISSION ...................................................... 207 
Purpose ........................................................................................................................................... 207 
Nature and Scope of Activities ........................................................................................................ 208 
2024-25 Priorities and Next Three Financial Years ......................................................................... 211 
Estimated Employment Levels ........................................................................................................ 212 
Key Performance Indicators for 2024-25 to 2027-2028 ................................................................. 212 
Assessment of Performance Against 2023-24 Objectives .............................................................. 213 
Changes to Appropriation ............................................................................................................... 213 
Monitoring and Reporting .............................................................................................................. 213 
Financial Statements ....................................................................................................................... 215 
LIFETIME CARE AND SUPPORT FUND.................................................................................................. 221 
Purpose ........................................................................................................................................... 221 
2024-25 Priorities ............................................................................................................................ 221 
Estimated Employment Levels ........................................................................................................ 221 
Strategic Objectives and Indicators ................................................................................................ 222 
Output Classes (Territorial) ............................................................................................................. 222 
Accountability Indicators ................................................................................................................ 223 
Financial Statements – Territorial ................................................................................................... 224 

 
2024-25 Budget Statements  iv  Chief Minister, Treasury and Economic Development Directorate 
MOTOR ACCIDENT INJURIES COMMISSION – STATEMENT OF INTENT .............................................. 231 
MOTOR ACCIDENT INJURIES COMMISSION ........................................................................................ 233 
Introduction .................................................................................................................................... 233 
Purpose ........................................................................................................................................... 233 
Nature and scope of activities ........................................................................................................ 234 
2024-25 Priorities and next three financial years ........................................................................... 235 
Estimated Employment Levels ........................................................................................................ 236 
Key performance indicators for 2024-25 to 2027-28 ..................................................................... 237 
Assessment of performance against 2023-24 objectives ............................................................... 239 
Monitoring and Reporting .............................................................................................................. 241 
Financial Arrangements .................................................................................................................. 241 
Financial Statements ....................................................................................................................... 243 
OFFICE OF THE WORK HEALTH AND SAFETY COMMISSIONER – STATEMENT OF INTENT ................. 249 
OFFICE OF THE WORK HEALTH AND SAFETY COMMISSIONER ........................................................... 251 
Purpose ........................................................................................................................................... 251 
Nature and Scope of Activities ........................................................................................................ 251 
Quality Assurance ........................................................................................................................... 251 
Risks ................................................................................................................................................ 252 
2024-25 Priorities and Next Three Financial Years ......................................................................... 252 
Estimated Employment Levels and Employment Profile ................................................................ 254 
Strategic Objectives and Indicators ................................................................................................ 255 
Output Classes ................................................................................................................................ 255 
Accountability Indicators ................................................................................................................ 256 
Changes to Appropriation ............................................................................................................... 257 
Monitoring and Reporting .............................................................................................................. 258 
Financial Arrangements .................................................................................................................. 258 
Financial Statements ....................................................................................................................... 260 
PUBLIC SECTOR WORKERS COMPENSATION FUND ............................................................................ 267 
Purpose ........................................................................................................................................... 267 
2024-25 Priorities ............................................................................................................................ 267 
Estimated Employment Levels ........................................................................................................ 268 
Strategic Objectives and Indicators ................................................................................................ 268 
Output Classes (Territorial) ............................................................................................................. 268 
Accountability Indicators ................................................................................................................ 269 

 
2024-25 Budget Statements  v  Chief Minister, Treasury and Economic Development Directorate 
Financial Statements – Territorial ................................................................................................... 270 
SUPERANNUATION PROVISION ACCOUNT ......................................................................................... 277 
Purpose ........................................................................................................................................... 277 
2024-25 Priorities ............................................................................................................................ 277 
Estimated Employment Levels ........................................................................................................ 277 
Strategic Objectives and Indicators ................................................................................................ 278 
Output Classes (Territorial) ............................................................................................................. 280 
Accountability Indicators ................................................................................................................ 281 
Changes to Appropriation ............................................................................................................... 281 
Financial Statements – Territorial ................................................................................................... 282 
TERRITORY BANKING ACCOUNT ......................................................................................................... 289 
Purpose ........................................................................................................................................... 289 
2024-25 Priorities ............................................................................................................................ 289 
Estimated Employment Levels ........................................................................................................ 289 
Strategic Objectives and Indicators ................................................................................................ 290 
Output Classes (Territorial) ............................................................................................................. 292 
Accountability Indicators ................................................................................................................ 293 
Financial Statements – Territorial ................................................................................................... 295 
 
   

2024-25 Budget Statements vi Chief Minister, Treasury and Economic Development Directorate

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2024-25 Budget Statements 1 Chief Minister, Treasury and Economic Development Directorate

CHIEF MINISTER, TREASURY AND ECONOMIC DEVELOPMENT

DIRECTORATE

Purpose

The Chief Minister, Treasury and Economic Development Directorate (CMTEDD) leads the ACT Public

Service (ACTPS).

We work collaboratively within government and with the community to deliver government

priorities and drive initiatives aimed at making Canberra a better place to live. CMTEDD also leads

the strategic direction of the ACTPS to ensure it is well positioned to shape and respond to change,

and to continue to deliver against government priorities, now and in the future.

As a central agency, we:

• support the Chief Minister, the Directorate’s ministers and the Cabinet by providing informed,

holistic and innovative advice;

• provide support and direction across the ACTPS on Cabinet and Assembly business, policy and

strategy;

• lead the ongoing development of the ACTPS, including advising on the structure of the ACTPS,

ACT public sector employment legislation and conditions, industrial relations, diversity and

inclusion and human resource management;

• drive the evolution of Canberra into a smart and connected digital city, through leading-edge

initiatives and cyber secure information and communication technology;

• drive growth in our knowledge-based economy and our reputation as a global destination in

collaboration with business, tertiary education institutions as well as community and industry

partners;

• provide strategic financial and economic advice to the ACT Government to improve the

Territory's financial position and economic management;

• administer the ACT tax laws and manage the assessment and collection of ACT taxes;

• support public sector health and productivity by providing effective injury prevention and

management services and infrastructure;

• support government through the provision of financial, human resources, insurance,

infrastructure and procurement advisory services;

• support a safe and liveable city by helping businesses and community to access government

services through Access Canberra;

• keep the Canberra community well informed of government policies, programs and services

through the provision of clear, accessible communication;

• ensure the Canberra community is well informed in times of a Territory emergency through the

whole of government Public Information Coordination Centre; and

• provide meaningful engagement opportunities for Canberrans to inform government decision

making, including the development of government policies, programs and services.

2024-25 Budget Statements 2 Chief Minister, Treasury and Economic Development Directorate

2024-25 Priorities

Strategic and operational priorities for CMTEDD in 2024-25 include:

• supporting the delivery of key government commitments;

• continuing to support the administration of governance conventions, procedures, and standards

associated with ACT Cabinet;

• maintaining a framework for the creation of transparent and accessible records that support

trust in government and tell the story of Canberra;

• further embedding the ACT Wellbeing Framework as a basis for assisting policy development

and government decision making through understanding how proposals and decisions will

impact wellbeing in the ACT;

• building an evidence base around wellbeing outcomes (including working with the Australian

Bureau of Statistics and the Australian National University to develop the pilot implementation

of the Life Course Data Initiative) and further developing options for reporting on wellbeing

outcomes;

• strengthening the evaluation culture across the Service, delivering the ACT Evidence and

Evaluation Academy, coordinating the Evaluation Champions network, and developing an

evaluation governance strategy for CMTEDD;

• through the Coordinator-General, Climate Action, leading and coordinating the ACT’s emissions

reduction initiatives and undertaking climate adaptation policy analysis to improve Canberra’s

resilience to the effects of a warming climate;

• delivering regulatory reform through the Better Regulation Taskforce to support the economic

growth of Canberra and make it easier to do business in the ACT;

• leading efforts across the ACTPS to improve the wellbeing and circumstances of people of

diverse sexualities, genders, bodies and relationships through the Office of LGBTIQ+ Affairs,

including actions identified in the Capital of Equality Second Action Plan;

• promoting inter-directorate cooperation, innovation, and outcomes through Directorate

committees and ongoing arrangements such as Strategic Board and its committees, the Deputy

Director-Generals’ Group and the Assembly and Legislation Steering Committee;

• leading and coordinating the ACT Government’s participation in National Cabinet, the Council for

the Australian Federation, and the Council of Capital City Lord Mayors and their sub-groups;

• leading the Government’s engagement with regional stakeholders on mutually beneficial

activities including the NSW Government and the NSW Cross-Border Commissioner, the

Canberra Region Joint Organisation and local councils in the Canberra Region;

• building the ACTPS workforce capability required to deliver priorities and services;

• delivering leading edge and contemporary employment conditions for the current and future

ACTPS workforce;

• delivering insights into the emerging needs of the ACTPS workforce and implementing strategic

and operational reform that build on those insights (for example, the Secure Employment

Framework);

• driving the Future of Work program to further embed hybrid and flexible work across the ACTPS;

2024-25 Budget Statements 3 Chief Minister, Treasury and Economic Development Directorate

• leading whole of ACTPS senior executive leadership development to ensure the ACTPS has the

required mix of leadership capabilities now and into the future;

• creating systemic workforce change that aligns with commitments in the Aboriginal and Torres

Strait Islander Agreement 2019-2028 and Closing the Gap Implementation Plans;

• delivering contemporary entry level programs which attract and develop diverse talent that is

representative of the ACT community;

• driving further growth of a diverse and inclusive ACTPS workforce through strategy development

that brings indicators of organisational inclusion and evidence based action together;

• delivering programs that engage, develop and retain diverse talent;

• providing contemporary workers compensation services that support the timely and effective

return to work and recovery from illness or injury;

• ensuring the ACT public sector workplace health and safety framework operates effectively to

prevent harm, promote health and wellbeing and support staff when injury or illness occurs;

• promoting employee health and wellbeing through innovative policies and initiatives;

• maintaining a strong integrity framework for the ACTPS;

• contributing to strengthened Territory procurement processes through administering the Ethical

Treatment of Workers Assessments;

• monitoring and administering the Secure Local Jobs Code to ensure the Territory only engages

with employers with the highest ethical and labour standards;

• delivering the biennial Whole of Service Employee Survey to support effective workforce

reporting and analysis;

• insourcing strategic whole of government projects to build capability and improve shared

outcomes;

• supporting the whole of the ACTPS in its insourcing framework assessments;

• providing a range of support services to directorates and agencies including: payroll and payroll

reporting, recruitment and new employee onboarding, and Learning Management Systems;

• driving further improvements to the way government communicates and engages with

Canberrans by:

- enhancing the Our Canberra digital platforms;

- supporting the consolidation and improvement of websites and social media channels;

- better coordinating public information campaigns that are evidence-based and

audience-driven;

- leading topic-based and regional-based communication programs;

- supporting effective communication of priority policies;

- ensuring research insights and data inform our communications activities; and

- expanding the membership of the YourSay Panel;

2024-25 Budget Statements 4 Chief Minister, Treasury and Economic Development Directorate

• supporting enhanced whole of government engagement practices, making it easier for

Canberrans to have their say on important ACT Government issues;

• increasing the levels of engagement with the YourSay conversations platform;

• keeping the Canberra community well informed of government policies, programs and services,

and providing additional support in times of a Territory emergency through the whole of

government Public Information Coordination Centre;

• continuing support for directorates to embed the ACT Data Governance and Management

Framework, including to enhance data sharing across the service for public benefit;

• progressing alignment of projects to the ACT Digital Strategy, through progression of the

Best Practice Design and Delivery Guide, ensuring initiatives give full consideration to design and

best practice project management when developing services for the community or internal to

government;

• delivering against the Moving Delivery of More Community Services Online program of work,

including making it easier for people to prove their eligibility for a range of concessions to access

ACT Government services, and establishing more ‘tell us once’ services to make it easier for

citizens to advise of changes in their personal circumstances;

• continuing to manage and maintain the technology infrastructure and end user services for all

ACT Government directorates and agencies, assisting agencies with strategies to modernise

legacy systems, and optimising security and resilience to support the work of government;

• continuing to support national forums and providing advice and guidance for the ACT’s

participation in national initiatives such the Birth of a Child Project, Digital Identity and the

Intergovernmental Agreement on Data Sharing;

• supporting a safe and liveable city by:

- continuing to deliver effective regulatory and government services including revenue

collection for the Territory;

- providing services to businesses, community groups and individuals through a ‘no wrong

door’ approach to government;

- making our services simpler and easier including through:

▪ improved website functionality and digital solutions;

▪ enhanced customer experience regardless of the transaction channel; and

▪ providing targeted services for those who need additional assistance;

- undertaking regulatory activities to protect our community, the environment and integrity of

industries, especially in the areas of:

▪ building and construction;

▪ business compliance;

▪ road and traffic safety;

▪ environmental protection;

▪ working with vulnerable people; and

▪ consumer affairs and fair trading;

2024-25 Budget Statements 5 Chief Minister, Treasury and Economic Development Directorate

- being a proactive risk-based regulator under the Access Canberra Accountability

Commitment framework, including through effective communication and engagement;

- investigating and managing complaints to achieve regulatory and improved government

service delivery outcomes;

- upholding regulatory protections through various statutory functions including as the

Registrar-General, Commissioner for Fair Trading, Construction Occupations Registrar and

the Environment Protection Authority;

- managing key systems and registries on behalf of government including Rego.act, Births,

Deaths and Marriages and Land Titles;

- working collaboratively across government to support quality government services and

robust regulatory protections; and

- modernising our systems and approach to digitisation of services, as a foundation for more

easily supporting government reforms that enhance the liveability, wellbeing, safety,

sustainability and the economy of the Territory;

• delivering on the Government’s economic development priorities through programs, policies

and initiatives to make Canberra an even better place to live, work, visit, study, invest in and do

business;

• strengthening business ecosystems through collaboration with universities, training providers,

research organisations, commercialisation entities, business organisations and other

government agencies to drive innovation and knowledge-based economic growth;

• continue to support the growth of the advanced technology sector, including space, quantum

and cyber, through the establishment of hubs;

• delivering investment attraction and facilitation services to attract responsible investment and

growing the number of high value jobs;

• delivering subsidised vocational education and training and working with the

Australian Government on delivery of Fee-Free TAFE to meet Canberra’s current and future skills

and workforce needs;

• working with the Australian Government to deliver initiatives under the new five-year National

Skills Agreement, focusing on lifting the national skill level and attracting more skilled workers

into critical and emerging industries;

• supporting small businesses and social enterprises through targeted programs and improving

access to information for people in business;

• using the ACT nominated migration pathway to address current and future workforce needs in

the ACT, and collaborating with the Australian Government on migration reform;

• providing assistance through the Aboriginal and Torres Strait Islander Business Support program

to increase the number of Aboriginal and Torres Strait Islander businesses, and to help existing

businesses to develop and grow;

• promoting Canberra as a global destination with tourism, education, sporting, artistic and

cultural experiences that reflect our city’s identity and position as the nation’s capital;

• working with businesses, training providers and universities to develop and attract talent and

skills to meet the ACT’s workforce needs;

2024-25 Budget Statements 6 Chief Minister, Treasury and Economic Development Directorate

• supporting arts and creative practice that reflects our community, as well as managing and

maintaining arts facilities that support engaging and innovative art making for audiences to

experience;

• delivering and supporting an exciting, diverse and engaging year-round calendar of major and

community events that showcase the best Canberra has to offer and positively shape and reflect

our city’s identity and that helps to support the nighttime economy;

• planning and delivery of infrastructure projects and services that support community arts,

entertainment and sport participation, improve Territory-owned venues and support precinct

development;

• continuing to progress the National Arboretum Canberra and Stromlo Forest Park masterplans,

including consultation with key user groups;

• continuing to support sport and recreation organisations to deliver and grow participation

opportunities, particularly for women and girls, to encourage healthy and active lifestyles within

our community, including the hosting of elite women’s sporting competitions;

• strengthening partnerships with elite sporting teams in the ACT to maximise the economic and

social return on funding agreements;

• delivering a long-term program of trade missions, inbound delegations and other events to

continue invigorating export activity;

• working with Austrade, the Canberra Business Chamber, regional local governments and other

stakeholders to prepare ACT firms for export activity;

• supporting advanced export development in collaboration with partners and industry to assist

businesses to sell into new markets;

• contributing strategic leadership, oversight and coordination of new sources of inbound

investment and collaboration opportunities originating from target-market countries;

• continuing to build ACT’s government-to-government relationships, including formal sister-city

relationships, to raise the awareness of opportunities across Canberra’s economic Key Areas of

Strength, and ensure alignment with our objectives to expand and diversify Canberra’s economy

and its reputation;

• preparing the 2024-25 Budget Review, the 2025-26 Budget and the Territory’s consolidated

financial statements and whole of government budget and financial reports, and developing

policy on financial and accountability frameworks;

• managing the Territory’s borrowings, financial investments, cash and liquidity needs, and

defined benefit superannuation liabilities;

• supporting the ACTPS to deliver value-for-money through policies, systems, tools and practices

under the Procurement Reform Program, including by developing and maintaining the ACT

Government procurement framework, establishing and managing whole of government

procurement arrangements, platforms and data, providing procurement advisory and support

services, and enhancing procurement capability;

• providing essential services to directorates including financial accounting and reporting,

accounts payable and receivable, taxation and banking services;

• providing advice to Government on economic policy and reform, the economic outlook,

infrastructure finance and insurance;

• through the Coordinator-General for Housing, providing advice to Government on housing

policy, including on affordable housing;

2024-25 Budget Statements 7 Chief Minister, Treasury and Economic Development Directorate

• implementing changes to federal financial relations arrangements, including an enhanced role

for the Council on Federal Financial Relations in intergovernmental funding agreements; and

• administering the ACT tax laws, managing the assessment and collection of ACT taxes and

administering concessions, exemptions and grants consistent with the Government’s policies.

Estimated Employment Levels

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome 1

2023-24

Budget 2

2023-24

Estimated

Outcome 1,4

2024-25

Budget 2,5

Staffing (FTE) 3

2 874

2 873

2 762

2 748

Note(s):

1. These figures relate to staffing levels paid at the end of the financial year.

2. These figures relate to estimated average annual staffing figures.

3. All figures include FTE estimates for the following agencies, due to CMTEDD staff providing administrative support to

them on a cost recovery or resources provided free of charge basis: ACT Gambling and Racing Commission, Lifetime

Care and Support Fund, Motor Accident Injuries Commission, Public Sector Workers Compensation Fund,

Superannuation Provision Account and Territory Banking Account.

4. The difference between the 2023-24 estimated outcome and the 2023-24 Budget is mainly due to the transfer of the

ACT Property Group to Major Projects Canberra, offset by additional positions to meet government priorities and an

increase in demand for services.

5. The difference between the 2024-25 Budget and the 2023-24 estimated outcome is mainly due to new budget

initiatives, partially offset by reductions due to discontinuing initiatives and in short-term staff engaged in 2023-24.

Strategic Objectives and Indicators

Strategic Objective 1

The Directorate will provide high quality policy advice and support to the ACT Government,

including coordinated and integrated policy development and service delivery across government

agencies, and delivery of an agile, responsive and innovative public service to deliver government

priorities

Effective delivery of government policy and objectives requires coordination, cohesion and

alignment of efforts across the ACT Public Service (ACTPS). The Directorate will lead and coordinate

whole of government strategy and policy development. This will include:

• proactively engaging with directorates on key policy or service issues, including providing advice

from a whole of government perspective; and promoting inter-directorate cooperation and

outcomes through Directorate committees and ongoing arrangements such as the

Deputy Director-Generals’ Group and the Strategic Board and its committees;

• focused effort through Coordinator-General roles:

- Coordinator-General, Climate Action, leading and coordinating the ACT’s emissions

reduction initiatives and undertaking climate adaptation policy analysis to improve

Canberra’s resilience to the effects of a warming climate; and

- Coordinator-General for Housing, providing advice to Government on housing policy,

including on affordable housing;

2024-25 Budget Statements 8 Chief Minister, Treasury and Economic Development Directorate

• leading and coordinating intergovernmental relations and engagement at the national, state and

local level including with regional stakeholders;

• leading and coordinating policy and project initiatives targeted at reducing regulatory burden

and improving the effectiveness and efficiency of regulation;

• delivering procurement reform to provide more transparent opportunities for industry and local

businesses to work with the ACT Government;

• embedding the ACT Wellbeing Framework as a basis for assisting policy development and

government decision making;

• supporting whole of government improvement in records and information governance

capabilities, including by preserving and making accessible the ACT Government’s archival

collection;

• leading efforts to improve the wellbeing and circumstances of people of diverse sexualities,

genders, bodies and relationships;

• delivering integrated services for ACT businesses, community groups and individuals seeking

service, support, licensing, registration, regulatory protection and compliance and/or advice

from the ACT Government;

• maintaining contemporary workplace relations frameworks that promote ACT workforce

participation, productivity, and ethical employment standards.

• providing the industrial relations and injury management tools that enable the ACTPS

employment framework to be adaptive and responsive to directorate needs in delivering

Government services;

• ensuring the ACTPS employment framework promotes secure, productive, and ethical

employment practices both within the Service, and within firms who provide services to the

ACTPS; and

• creating systemic workforce change that drives a more diverse, inclusive and welcoming ACTPS,

with a particular focus on supporting and enabling Aboriginal and Torres Strait Islander staff and

the cultural maturity of the ACTPS.

Strategic Objective 2

The Directorate will support Government in the delivery of responses to urgent and complex

emerging priorities

The Directorate will be flexible and agile in responding to urgent and emerging government

priorities, through consultation with other agencies, developing solutions and rapidly delivering

services, leadership of cross agency and joint community taskforces and active participation in

taskforces and committees led by other directorates. This includes leading and coordinating the

ACT’s emissions reduction initiatives and undertaking climate adaptation policy analysis to improve

Canberra’s resilience to the effects of a warming climate.

2024-25 Budget Statements 9 Chief Minister, Treasury and Economic Development Directorate

Strategic Objective 3

The Directorate will promote economic growth, inclusive innovation, responsible investment in

Canberra, and social inclusion

In line with the CBR Switched On: ACT’s Economic Development Priorities 2022-2025, the Directorate

will support economic diversification and job growth by strengthening our local business community

and promoting diversification and greater innovation in the ACT economy.

The Directorate will leverage Canberra’s competitive advantages in the tertiary education, space,

defence, cyber security, quantum, advanced technology and manufacturing, health and sports

science, and renewable energy sectors to support economic growth.

The Directorate will support the development of a skilled workforce through industry-led vocational

education and training that responds to current and emerging skills needs, and targets cohorts

experiencing barriers to participation, particularly young people and jobseekers.

The Directorate will continue its collaborative partnerships with the tertiary education and research

sectors, support growth in the international education sector, and attract inbound investment.

In line with the ACT Small Business Strategy 2023-2026 the Directorate, via Access Canberra, will also

support economic growth by making it easier to do business with government. Access Canberra will

shape the delivery of services around businesses, community groups and individuals seeking to

engage with the ACT Government, enabling a ‘no wrong door’ approach and ensuring the

appropriate level of community protection to make Canberra an even better place to live.

In line with the Statement of Ambition for the Arts and the Arts, Culture and Creative Policy, the

Directorate will support a culturally rich and vibrant community, where arts and creativity are

apparent anywhere, at any time for everyone. The Directorate will support artists and creatives to

develop their capacity and capability, and encourage creative collaboration within the arts sector

and beyond. The Directorate will achieve this through funding and activities which support artists

and arts organisations, fostering Canberra’s reputation as a premier city for creativity and to be

recognised as Australia’s arts capital.

The Directorate will plan, deliver and provide support to community events that are inclusive and

welcoming to all and that aim to showcase the best of Canberra and the region.

Strategic Indicator 3a: Growth in the value of tourism.

Tourism will continue to play a critical role in the ACT’s economic growth.

T2030: ACT Tourism Strategy 2023-2030 aims to grow the visitor economy to $4 billion by 2030, as

measured by domestic and international overnight expenditure and day trip expenditure.

The Directorate will continue to implement targeted destination marketing and industry

development programs that aim to increase the economic return from domestic and international

tourist visitation. The Directorate will also leverage relationships with industry and other

jurisdictions to promote aviation opportunities and attract new aviation carriers and routes into

Canberra.

2024-25 Budget Statements 10 Chief Minister, Treasury and Economic Development Directorate

The Directorate will also support the visitor economy through major event delivery and major event

support. This includes the management, delivery and promotion of two major tourism events on the

ACT’s annual calendar – the Enlighten Festival and Floriade – along with management of the

Major Event Fund (MEF), a funding program established to support major event opportunities that

can generate substantial economic impact for Canberra through tourist visitation and spend.

Strategic Indicator 3b: Growth in innovation, trade and investment.

The Government’s objective is to continue to support private sector growth and economic

diversification.

The Directorate will implement strategies that build on the strengths that the ACT has in knowledge,

creativity and innovation, to attract investment that grows local research and development and

support and accelerate the growth of local businesses.

The Directorate will also promote export development through international engagement and trade

activities.

Figure 1: Employed People, Australian Capital Territory

Source: Australian Bureau of Statistics (January 2024) ‘Table 11a. Labour force status by Sex, Australian Capital Territory-

Seasonally adjusted’ [time series spreadsheet], Labour Force, Australia, accessed 7 March 2024

2024-25 Budget Statements 11 Chief Minister, Treasury and Economic Development Directorate

Figure 2: ACT Active Businesses

Sources: Australian Bureau of Statistics (Reference Periods: June 2009-June 2013 to July 2019 - June 2023), Data cube 1:

Tables 1-20 of counts of Australian businesses, including entries and exits, Table 4: Businesses by Main State, Counts of

Australian Businesses, including Entries and Exits, accessed 7 March 2024.

2024-25 Budget Statements 12 Chief Minister, Treasury and Economic Development Directorate

Figure 3: ACT Goods and Services Exports

Export of services and goods is critical to the growth and development of ACT businesses and to the

diversification of the ACT’s economy. The Directorate will continue to track export activity and its

contribution to the overall economy.

Source: ACT Services exports derived from ABS Catalogue International Trade: Supplementary Information, Financial Year:

Table 3. International trade in services, credits, state by financial year, $m (14 December 2023 release). ACT Goods exports

derived from ABS Catalogue - International Trade in Goods: Table 15a. Merchandise Exports, state and Australia, FOB

Value (7 March 2024 release).

Strategic Indicator 3c: It is easy to do business with the ACT Government.

The ACT Government will continue to focus on making it easy to do business in Canberra, both for

businesses and citizens. Access Canberra provides in person services through its Service Centres;

telephone services via its Contact Centres; and online services via its website, smartforms and digital

capabilities, as well as field-based inspections, investigations and regulated compliance activities.

2024-25 Budget Statements 13 Chief Minister, Treasury and Economic Development Directorate

Figure 4: Ease of dealing with Access Canberra

Source: Results up to 2022-23 are calculated from client assessment feedback, which is collected from an internal survey

of businesses that have had a regulatory interaction with Access Canberra, combined with an annual survey of the general

public assessing the ease of dealing with Access Canberra, based on their dealings over the past 12 months. From 2023-24,

the measure (and target) is a combined result from ease of dealing with Access Canberra in-person and online. The results

will be obtained from an annual survey of the general public and clients who have had an interaction with Access Canberra.

2024-25 Budget Statements 14 Chief Minister, Treasury and Economic Development Directorate

Strategic Indicator 3d: Higher than national average participation in sport and physical recreation.

The benefits of physical activity are widely recognised and are consistent with Government’s

objective to increase participation in competitive, non-competitive and social sport and recreation

activities at all levels.

Figure 5: Participation rate for Adults in sport and physical recreation

Source: AusPlay Participation data for the sport sector (October 2023). The measure relates to persons aged 15 years or

over who participate in sport and physical activity as least once a week.

Figure 6: Participation rate for Children in sport and physical recreation

Source: AusPlay Participation data for the sport sector (October 2023). The measure is for children aged 0-14 years who

participated in organised sport at least once per week outside of school hours.

2024-25 Budget Statements 15 Chief Minister, Treasury and Economic Development Directorate

Strategic Objective 4

The Directorate will provide high quality advice and support to the ACT Government in the

economic and fiscal management of the Territory, working closely with relevant government

agencies

This will include:

• assisting the Government to meet its fiscal strategy, which focuses on supporting the continuing

public health and economic jobs recovery response to the COVID-19 pandemic, restoring public

finances once the community and economy have fully recovered by systematically reducing net

debt over the long term and strategically investing in infrastructure;

• managing and coordinating the preparation of the ACT Government budget including providing

advice on expenditure and revenue proposals;

• preparing whole of government budget and financial reports and developing policy on financial

and accountability frameworks;

• leading and coordinating the Territory’s role in intergovernmental financial arrangements

including its involvement with the Commonwealth Grants Commission;

• providing whole of government advice and support on the development of infrastructure

projects within the Capital Framework;

• supporting agencies in managing the commercial and financial aspects of complex infrastructure

projects, including Public Private Partnerships and unsolicited proposals made to the Territory;

• forecasting economic trends and government revenues, and providing advice on major

economic policy initiatives;

• providing advice on tax policy and administration issues; and

• managing the Territory’s borrowings, financial investments, cash and liquidity requirements and

the defined benefit employer superannuation liabilities.

Strategic Indicator 4a: General Government Sector Headline Net Operating Balance.

The General Government Sector (GGS) Headline Net Operating Balance (HNOB) in 2023-24 is

estimated to be a deficit of $830.8 million. In 2024-25, the HNOB is forecast to be a deficit of

$624.1 million decreasing across the forward estimates to an estimated surplus of $79.7 million in

2026-27 and $179.5 million in 2027-28.

2024-25 Budget Statements 16 Chief Minister, Treasury and Economic Development Directorate

Figure 7: General Government Sector – Headline Net Operating Balance Forecast

Strategic Indicator 4b: S&P Global Ratings credit rating.

S&P Global Ratings (S&P) assesses the Territory’s credit rating each year.

The Australian Capital Territory is rated AA+ (stable) by S&P Global Ratings (S&P).

The Territory’s AA+ long-term and A1+ short-term local currency credit ratings were last affirmed by

S&P following the 2023-24 Budget on 8 September 2023. The AA+ rating reflects the ACT’s very

strong economic fundamentals, underpinned by high gross state product per capita, household

consumption and public demand. The rating is supported by the Government’s excellent financial

management, very-high income economy and exceptional liquidity.

Strategic Indicator 4c: Net financial liabilities to Gross State Product (GSP) ratio.

Forecast net financial liabilities for 2024-25 is 25 per cent of GSP. This ratio is higher than the

2023-24 Budget Review largely due to an increase in the superannuation liability estimate as a result

of the latest tri-annual defined benefit superannuation liability valuation review.

The ratios in the chart below are based on each jurisdiction’s most current budget documentation.

In some instances, assumptions based on growth forecasts have been applied.

2024-25 Budget Statements 17 Chief Minister, Treasury and Economic Development Directorate

Figure 8: Net Financial Liabilities to Gross State Product (GSP) Ratio

Note: Credit rating comparisons are from S&P except for NT where its Moody’s rating is used. Other jurisdictions also hold

ratings from other ratings agencies.

Strategic Objective 5

The Directorate will deliver improved ‘One Government’ communications and community

engagement

The Directorate will lead and coordinate communication and engagement initiatives, governance

and programs across the ACT Government focusing on a ‘One Government, One Voice’ approach.

Strategic Indicator 5a: Ensure the community is aware of the delivery of government priorities,

services and major projects.

The Directorate leads the coordination of whole-of-government public information, ensuring the

community is informed about government policies and services. The Directorate annually publishes

the ACT Government’s Communication and Engagement priorities, reflecting the Government’s

focus for the year.

In the 2023-24 financial year, the Directorate has continued to deliver coordinated, timely and

accurate information to Canberrans on a range of priorities.

Our role in campaign delivery has yielded increased community awareness on important issues,

including climate action initiatives, the delivery of infrastructure projects across our regions and

information to support the cost of living.

The ‘Make your next choice electric’ campaign is aimed to get the community to think about a

transition plan for turning off their gas generated appliances. Surveys have indicated that 64% of all

households are aware of the ACT Government’s plans to transition from gas to electricity by 2045

and 4 in 10 gas network households are planning to switch to electric.

2024-25 Budget Statements 18 Chief Minister, Treasury and Economic Development Directorate

A campaign to address the rising financial pressures being felt by Canberrans focused on supports

for the cost of education, bills, rates, transport, and health costs. Since launching in August 2023, the

campaign has driven over 60,000 visits to the dedicated website.

The Digital Communication Project, which aims to create a simple, accessible and consistent digital

experience for the community has, so far, reduced the number of websites by 25. A new Access

Canberra website was developed with enhanced accessibility, improved user experience and clearer

content. The new website, launched on 31 October 2023, saw content reduced from over 2,700

pages down to 280.

The ACT Government's flagship social media channels continued to grow as part of a strategy to

increase followers. With a combined growth across these channels of over 20% in 2023-24, this

increase contributes to the community remaining informed of government announcements, services

and essential information.

Our Canberra continues to inform the community about key issues through the print publication,

which is delivered to more than 190,000 households each month. In the past year Our Canberra's

e-newsletter subscriber base grew by over 2,000 to now reach almost 49,000 inboxes. Meanwhile,

the Our Canberra website — one of the ACT Government's most popular websites – has increased

views by over 60% compared to the previous year.

The Directorate also leads the government’s engagement commitment to deliver meaningful,

responsive, accountable and inclusive opportunities for genuine engagement.

As of April 2024, we have also coordinated meaningful conversations and engagements with the

community. Since 1 July 2023, we have had 181,895 visits to the YourSay Conversations website,

40 engagement activities launched through the platform, 667 new members and 1,055,589

document downloads from the YourSay Conversations website.

Through the ACT Government’s online research platform, the YourSay Panel – which has more than

6,750 members – the community has been able to participate in shaping the development of policies

and projects across the ACT. In 2023-24 (as of end of April), the Directorate has conducted 25

research activities with the ACT community (including 12 surveys, 6 qualitative research projects,

and 7 commissioned research projects).

2024-25 Budget Statements 19 Chief Minister, Treasury and Economic Development Directorate

Strategic Objective 6

The Directorate will drive the transformation of ACT Government through collaborative

partnerships to harness the power of digital, data and technology to continue to grow Canberra as

an inclusive, progressive and connected city.

The Directorate will take advantage of digital data to achieve:

• better services for the community;

• greater engagement and better outcomes for business and academia;

• more sustainable and efficient government; and

• a more productive, engaged and learning workforce.

The Directorate, through the Digital, Data and Technology Solutions Group, will continue to deliver

value through data and digital initiatives. In 2024-25 the Directorate will continue to embed the

principles of the ACT Digital Strategy through progression of the Best Practice Design and Delivery

Guide, ensuring initiatives give full consideration to design when developing services for the

community, or internal to government.

The Directorate will continue to develop digital services that provide real value for the citizens of

Canberra, support the growth of digital and data capabilities across the service, maintain the Data

Lake infrastructure and work with directorates to embed the principles of the data governance and

management framework through the delivery of data analytics projects.

The Directorate, through Digital, Data and Technology Solutions and Access Canberra, continues to

work with other directorates and agencies to expand and improve our digital service offering, with a

focus on end-to-end digital solutions. We aim to better support our customers by delivering

efficient, effective user-friendly services on behalf of the ACT Government, regardless of the service

channel customers choose.

The Directorate will also continue to ensure the ACT is best positioned to leverage the rapid

evolution in technology and data, including optimising security and resilience, to support the work of

government.

2024-25 Budget Statements 20 Chief Minister, Treasury and Economic Development Directorate

Output Classes

Total Directorate: Chief Minister, Treasury and Economic Development

Directorate

Table 2: Chief Minister, Treasury and Economic Development Directorate ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1, 2

862 014

805 254

Controlled Recurrent Payments

612 767

628 241

Notes:

1. Total cost includes depreciation and amortisation of $80.448 million in 2023-24 and $48.031 million in 2024-25.

2. The cumulative Total Cost values included in the Output Class tables below will add up to more than the equivalent

amounts shown in the Directorate’s Total Cost above due to intra directorate eliminations.

Output Class 1: Government Strategy

Table 3: Government Strategy ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

74 143

66 405

Controlled Recurrent Payments

43 716

42 068

Note:

1. Total cost includes depreciation and amortisation of $0.256 million in 2023-24 and $0.252 million in 2024-25.

Output 1.1: Government Policy and Reform

Through this output the Directorate provides advice and support to the Chief Minister, the Head of

Service and the Director-General on complex policy matters. We perform a central agency

coordination role in strategic planning and social, economic and regional policy, including high

priority reforms and effective delivery of government policies and priorities.

Policy and Cabinet will deliver this output by:

• providing ongoing advice to the Chief Minister and the ACT Government in relation to whole of

government policy development and priorities, and the implementation of key government

decisions;

• supporting the Chief Minister as Chair of Cabinet and the Head of Service as Secretary of

Cabinet;

• supporting the Head of Service as Chair of the Strategic Board and providing advice on whole of

service government issues;

• leading, coordinating and monitoring policy and project initiatives to promote across

government outcomes and delivery;

• supporting the development and improvement of policy capabilities, including design and

evaluation, across government;

2024-25 Budget Statements 21 Chief Minister, Treasury and Economic Development Directorate

• through the Deputy Director-Generals’ Group, led by the Deputy Director-General Policy and

Cabinet, which continues to support information sharing and whole of government coordination

on priority issues;

• leading development of ACT positions on national policy issues and the ACT Government’s

participation in National Cabinet, the Council for the Australian Federation and their sub-groups

and the Council of Capital City Lord Mayors;

• through the Coordinator-General, Climate Action, leading and coordinating the ACT’s emissions

reduction initiatives and undertaking climate adaptation policy analysis to improve Canberra’s

resilience to the effects of a warming climate;

• through the Better Regulation Taskforce, delivering regulatory reform on priority issues across

government;

• leading the Government’s engagement with regional stakeholders on mutually beneficial

activities including the NSW Government and the NSW Cross-Border Commissioner, the

Canberra Region Joint Organisation and local councils in the Canberra Region;

• leading efforts across the ACTPS to improve the wellbeing and circumstances of people of

diverse sexualities, genders, bodies and relationships through the Office of LGBTIQ+ Affairs;

• continuing to embed the ACT Wellbeing Framework, including working with the Australian

Bureau of Statistics and the Australian National University to develop the pilot implementation

of the Life Course Data Initiative as a tool to expand the Wellbeing evidence base;

• providing advice and support to Cabinet and the Manager of Government Business in the

Legislative Assembly;

• through the Territory Records Office, driving the ACTPS’ growing capability and maturity in

digital recordkeeping; and

• preserving the ACT Government’s archival records and providing services and initiatives that

make them available to the public.

Table 4: Output 1.1: Government Policy and Reform ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

56 325

49 676

Controlled Recurrent Payments

27 209

26 672

Output 1.2: Coordinated Communications and Community Engagement

Through the Coordinated Communications and Community Engagement output the Directorate

delivers communications and engagement support and protocol services to the ACT Government

and community.

Communications and Engagement will deliver this output by:

• delivering coordinated communications to the Canberra community in times of Territory

emergency;

• informing Canberrans about programs, policies and services through the ACT Government’s key

channels, including Our Canberra (Print, e-newsletter and website) and ACT Government

Facebook, X and LinkedIn;

2024-25 Budget Statements 22 Chief Minister, Treasury and Economic Development Directorate

• delivering priority communications and engagement activities for the Chief Minister and the

Directorate’s Ministers;

• coordinating the delivery of priority public information campaigns;

• providing research and insights services to inform government decision-making and managing

the YourSay Panel and digital engagement platform YourSay Community Conversations;

• preparing an annual whole of government communications and engagement plan to outline the

government’s priority public information campaigns and engagements;

• offering digital support and services across Government;

• delivering high quality creative services for priority projects; and

• providing honours and awards, ceremonial and protocol services to the Chief Minister.

Table 5: Output 1.2: Coordinated Communications and Community Engagement ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

14 223

14 382

Controlled Recurrent Payments

13 165

13 191

Output 1.3: International Engagement

The Directorate, through the International Engagement output, supports the economic growth and

diversification of the Canberra economy, and enhances Canberra’s global reputation as an

innovative, creative, artistic, liveable and welcoming city.

The Directorate will deliver this output by:

• undertaking strategic leadership, oversight, development and delivery of a targeted program of

international engagement activities, including trade missions, inbound delegations,

export-promotion programs, and other activities that enhance Canberra’s economic welfare,

international connectedness and reputation economically, culturally and socially;

• working with the Australian Government, including Austrade and its TradeStart program, and

the Canberra Business Chamber, to make education and other export programs readily available

to prospective and ongoing exporters;

• building relationships with the Canberra diplomatic community for the purpose of nurturing

relationships and connections supportive of exporting and enhancing Canberra’s international

reputation;

• providing strategic leadership, oversight and coordination of inbound investment and

collaboration opportunities originating from target-market countries; and

• continuing to build Canberra’s government-to-government relationships, including formal

sister-city agreements, to raise awareness of opportunities across Canberra’s economic

Key Areas of Strength, and ensure alignment with our objectives to expand and diversify

Canberra’s economy and its reputation.

2024-25 Budget Statements 23 Chief Minister, Treasury and Economic Development Directorate

Table 6: Output 1.3: International Engagement ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

3 595

2 347

Controlled Recurrent Payments

3 342

2 205

Output Class 2: Access Canberra

Table 7: Output Class 2: Access Canberra ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

134 509

141 212

Controlled Recurrent Payments

102 915

107 131

Note:

1. Total cost includes depreciation and amortisation of $4.462 million in 2023-24 and $5.343 million in 2024-25.

Output 2.1: Access Canberra

Through the Access Canberra output the Directorate contributes to the economic growth and

vibrancy of the ACT community and helps protect its citizens and the community through

compliance, licensing and regulation.

The Directorate will deliver this output by:

• undertaking its regulatory activities to protect the community and contribute to the Territory’s

economic growth through risk-based compliance, licensing and regulation;

• providing services and collecting revenue on behalf of other directorates; and

• providing customer services to businesses, community groups and individuals through a ‘no

wrong door’ approach.

Output Class 3: Economic Development

Table 8: Output Class 3: Economic Development ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

168 973

202 225

Controlled Recurrent Payments

134 568

165 449

Note:

1. Total cost includes depreciation and amortisation of $8.052 million in 2023-24 and $9.244 million in 2024-25.

2024-25 Budget Statements 24 Chief Minister, Treasury and Economic Development Directorate

Table 9: Output Class 3: Economic Development Functional Expenditure ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Business and Innovation

19 835

18 295

Tourism and Events

33 098

33 376

Sports and Recreation

24 266

27 673

Arts

17 755

22 284

Skills

39 402

63 910

Venue

34 616

36 687

Total Economic Development Functional Expenditure

168 972

202 225

Output 3.1: Economic Development

Through the Economic Development output the Directorate:

• delivers on the Government’s economic development priorities through programs, policies and

initiatives to make Canberra an even better place to live, work, visit, study, invest in and do

business;

• strengthens collaboration with universities, training providers, research organisations,

commercialisation entities, business organisations and other government agencies through

initiatives that connect Canberra’s business ecosystems, which actively facilitates and attracts

responsible investment in the ACT;

• attracts visitors to the ACT through innovative tourism marketing and industry development

programs, while also delivering, supporting and promoting key events for Canberrans and

visitors to enrich Canberra’s reputation as a global destination;

• enhances the wellbeing of Canberrans through participation in organised sport and recreation by

delivering of programs, sporting infrastructure development and supporting player pathways;

• contributes to the liveability of Canberra by supporting arts and creative practice that is

reflective of our community, as well as managing and maintaining arts facilities that support

engaging and innovative art making for audiences to experience;

• supports the skills and workforce agenda for the ACT by facilitating skilled and business

migration pathways; and

• manages and maintains key venues including GIO Stadium, Exhibition Park in Canberra,

Manuka Oval, National Arboretum Canberra and University of Canberra Stromlo Forest Park as

premier tourism and recreational attractions.

Output Class 4: Financial and Economic Management

Table 10: Output Class 4: Financial and Economic Management ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

63 999

67 121

Controlled Recurrent Payments

54 525

56 564

Note:

1. Total cost includes depreciation and amortisation of $1.943 million in 2023-24 and $2.031 million in 2024-25.

2024-25 Budget Statements 25 Chief Minister, Treasury and Economic Development Directorate

Output 4.1: Economic Management

The Economic Management output incorporates the provision of advice to the Government on:

• economic and revenue analysis and economic policy;

• management of Federal Financial Relations;

• the development of major infrastructure projects, including unsolicited proposals and financing

options;

• affordable housing initiatives and coordination of housing policy advice; and

• insurance policy and regulation/administration of the Motor Accident Injuries and Lifetime Care

and Support schemes.

The Directorate will deliver this output by:

• monitoring and providing advice on the state of the ACT economy;

• preparing economic forecasts and revenue forecasts for own source revenue;

• undertaking analysis and modelling to provide demographic projections;

• publishing tax expenditure statements;

• facilitating the development and review of taxation reform;

• providing advice on a wide range of policy matters considered by government in terms of

economic and regulatory impacts, competition reform, cost of living and industry sectoral

matters, including economic regulation of water and energy markets;

• coordinating the function and responsibilities provided under the Intergovernmental Agreement

on Federal Financial Relations;

• coordinating and/or contributing to:

- Heads of Treasuries, Board of Treasurers and Council on Federal Financial Relations

processes; and

- ACT Government involvement with the Commonwealth Grants Commission;

• providing advice on the performance of selected government entities, including emerging issues

and associated corporate governance arrangements;

• providing advice and regulating the Motor Accident Injuries (MAI) Scheme;

• administering the Lifetime Care and Support (LTCS) Scheme;

• advising on the development of infrastructure projects within the Capital Framework;

• providing financial and commercial advice on the development and procurement of

Public Private Partnership (PPP) and other major, complex infrastructure projects, and managing

life-of-project transactions for PPP projects;

• maintaining, and providing training on the policy frameworks that support the development and

delivery of infrastructure projects, including the Capital Framework, Guidelines for Unsolicited

Proposals and Guidelines for PPPs;

• developing and implementing affordable housing policies and programs to deliver on

Government commitments, including priorities identified in the National Housing Accord; and

• coordinating housing policy initiatives and activities across government.

2024-25 Budget Statements 26 Chief Minister, Treasury and Economic Development Directorate

Table 11: Output 4.1: Economic Management ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

17 876

19 717

Controlled Recurrent Payments

16 789

18 635

Output 4.2: Financial Management

Through the Financial Management output the Directorate provides analysis, monitoring and

reporting on the financial performance of agencies, the Territory’s budget, and major projects,

management of financial investment assets and borrowing and superannuation liabilities and assists

the ACT Government to achieve its policy objectives.

The Directorate will deliver this output by:

• managing the preparation and presentation of the ACT Government’s annual budget, budget

review and annual financial statements;

• providing quarterly whole of government consolidated financial reports;

• reporting to external agencies including the Australian Bureau of Statistics, and the

Commonwealth Grants Commission;

• providing advice to the ACT Government on financial and budget policy issues;

• reviewing government programs and functions;

• managing the Territory’s borrowings, financial investments, cash and liquidity needs and the

defined benefit employer superannuation liabilities through the Territory Banking Account and

the Superannuation Provision Account;

• providing monthly and annual financial reporting services;

• providing accounts payable, accounts receivable, banking and debt management functions;

• providing general ledger, cash flow and fixed asset management;

• providing advice on Fringe Benefits Tax, Goods and Services Tax and PAYG, including arranging

external advice as required; and

• administering production and lodgement to the Australian Taxation Office of monthly

Business Activity Statements and annual Fringe Benefits Tax Returns.

Table 12: Output 4.2: Financial Management ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

46 123

47 404

Controlled Recurrent Payments

37 736

37 929

2024-25 Budget Statements 27 Chief Minister, Treasury and Economic Development Directorate

Output Class 5: Revenue Management

Table 13: Output Class 5: Revenue Management ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

37 533

39 293

Controlled Recurrent Payments

27 899

28 623

Note:

1. Total cost includes depreciation and amortisation of $3.840 million in 2023-24 and $4.005 million in 2024-25.

Output 5.1: Revenue Management

Through the Revenue Management output, the Directorate provides for the administration of the

ACT Government’s taxation revenue.

Revenue Management (ACT Revenue Office) will deliver this output by:

• collecting taxation revenue in accordance with legislation;

• providing high quality and timely advice to assist taxpayers in meeting their obligations;

• processing objections to taxation assessments and decisions, in accordance with timeframes

published on the ACT Revenue Office website;

• ensuring the integrity, consistency and effectiveness of the ACT’s taxation system through

prioritised compliance programs and regular reviews of legislation;

• processing concessions in accordance with legislation; and

• administering Rental Bonds.

Output Class 6: Procurement

Table 14: Output Class 6: Procurement ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

11 725

11 950

Controlled Recurrent Payments

7 063

10 899

Note:

1. Total cost includes depreciation and amortisation of $0.029 million in 2023-24 and $0.022 million in 2024-25.

Output 6.1: Procurement

Through the Procurement output, the Directorate has oversight of the ACT Government

procurement framework. We assist ACT Government and suppliers through advice, support and

services.

The Directorate delivers this output by:

• leading and coordinating a procurement reform program across the ACTPS;

• managing and developing the legislation and policy that underpin the ACT Government’s

procurement framework ensuring it is aligned to the needs of the Territory;

2024-25 Budget Statements 28 Chief Minister, Treasury and Economic Development Directorate

• uplifting procurement capability across the service by offering a range of training and knowledge

sharing opportunities, including by coordinating a procurement community of practice and

procurement eNewsletters;

• administering the whole of government procurement systems including ACT Government online

tendering and contracts register platforms to comply with legislative obligations;

• representing the ACT Government in cross-jurisdictional engagement on procurement policy

matters, including in relation to international trade agreements;

• working in collaboration with the ACT Government’s Better Regulation Taskforce to reduce

barriers faced by small to medium enterprise in accessing ACT Government procurement

opportunities;

• providing procurement advisory services to Territory entities to support the pursuit of value for

money in strategic goods and services procurement;

• supporting Territory Entities in undertaking low risk goods and services procurements by

providing guidance and templates;

• developing and maintaining templates and standardised procurement guidance, documentation

and processes to support all procurement; and

• applying contemporary category procurement knowledge and contract management skills to

establish and manage cost effective whole of government arrangements for categories such as

travel, electricity, stationery and fleet.

Output Class 7: Workforce Strategy 1

Table 15: Output Class 7: Workforce Strategy ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 2

83 735

80 585

Controlled Recurrent Payments

67 259

66 424

Notes:

1. This output class was previously Output Class 9.

2. Total cost includes depreciation and amortisation of $0.772 million in 2023-24 and $0.750 million in 2024-25.

Output 7.1: Capability and Governance 1

Through this output the Directorate provides capability and oversight for ensuring a professional,

skilled and accountable public service that is responsive to the ACT Government and the community

now and into the future including managing whole of government capacity building programs.

The Directorate will deliver this output by:

• developing a whole of service approach for the ACTPS including workforce models and

supporting culture and practices;

• developing and implementing ACTPS capacity building programs, including programs for

graduates, Aboriginal and Torres Strait Islander people, people with disability and other

underrepresented workforce groups;

• driving a more diverse, inclusive and welcoming ACTPS, with a particular focus on supporting

and enabling Aboriginal and Torres Strait Islander staff and the cultural maturity of the ACTPS;

2024-25 Budget Statements 29 Chief Minister, Treasury and Economic Development Directorate

• completing strategic whole of government projects and building the strategic capability of the

service;

• supporting and coordinating workforce planning and capability development across

government, including through whole of government leadership and talent strategies, and

delivery of whole of government learning and capability development programs;

• driving transformational and cultural change towards more flexible working environments and

workforce practices, including the continued implementation of wayfinding technologies in

ACT Government leased premises, the refurbishment of Winyu House in Gungahlin to support

flexible working, and expanding the FlexiSpace program to make co-working facilities available

to staff in each of Canberra’s regional centres;

• delivering a whole of service survey every second year so that workforce trends and patterns

inform strategic decision-making;

• maintaining and monitoring whole of government ethics and accountability frameworks;

• supporting the Head of Service, the Public Sector Workers Compensation Commissioner, the

ACT Remuneration Tribunal, the Strategic Board and its sub-committees and the Secure Local

Jobs Code Ministerial Advisory Council;

• managing the Secure Local Jobs Code certification scheme, assisting Territory entities and

tenderers to meet their legislative obligations under the Code and undertaking education and

awareness raising activities on the implementation of the Code; and

• managing the implementation of the Secure Employment Framework across the

ACT Public Sector to build the capability and expertise of the Public Sector, and further solidify

the role of the ACT Government in modelling good employment practices.

Table 16: Output 7.1: Capability and Governance 1 ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

40 833

23 935

Controlled Recurrent Payments 2

30 583

16 982

Notes:

1. The functions of this output were previously reported in output 9.1 Capability and Governance.

2. The Capability and Governance Controlled Recurrent Payments includes funding for the ACT Ombudsman as outlined

in the table below.

Table 17: ACT Ombudsman Funding

2024-25

Budget

$’000

Ombudsman/ACT Policing

2 303

Reportable Conduct Scheme

1 105

Judicial Council

104

Freedom of Information Scheme

740

Inspector of the ACT Integrity Commission

300

ACT National Preventative Mechanism

188

Total Ombudsman Funding

4 740

2024-25 Budget Statements 30 Chief Minister, Treasury and Economic Development Directorate

Output 7.2: Injury Management and Industrial Relation Policy 1

Through this output the Directorate provides health and work sustainability solutions, focusing on

risks arising from work and the relationship between employers and workers.

The Directorate will deliver this output by:

• managing ACT workers’ compensation, work health and safety and industrial relations regulatory

and policy frameworks;

• supporting the Public Sector Workers Compensation Commissioner in the management of the

Public Sector Workers Compensation Fund;

• developing and reviewing whole of government health, safety and rehabilitation policies and

providing work health and safety services to support the policy framework;

• supporting workplaces to implement approaches to deliver good work for health and

productivity;

• coordinating the Territory’s consultative bodies for industrial relations regulation, workers’

compensation and work health and safety; and

• administering the Loose Fill Asbestos Disease Support Scheme, on behalf of the Chief Minister,

to provide financial assistance to people with an asbestos disease caused by living in a loose fill

asbestos insulation (Mr Fluffy) contaminated home.

Table 18: Output 7.2: Injury Management and Industrial Relation Policy ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

18 757

19 967

Controlled Recurrent Payments

14 897

16 042

Note:

1. The functions of this output were previously reported in output 9.2 Injury Management and Industrial Relation Policy.

Output 7.3: Public Sector Employment 1

Through this output the Directorate provides an employment and policy framework to support a

professional, skilled and accountable public service that is responsive to the ACT Government and

the community, as well as delivering transactional human resource services to directorates and

agencies.

The Directorate will deliver this output by:

• developing and reviewing whole of government employment policies, regulations and standards

and providing industrial relations services to support better employment practices;

• leading, supporting and co-ordinating enterprise bargaining, enterprise agreement

implementation and application across the service;

• providing payroll, personnel and recruitment services; and

• delivering salary packaging services for employees across the ACT Government.

2024-25 Budget Statements 31 Chief Minister, Treasury and Economic Development Directorate

Table 19: Output 7.3: Public Sector Employment ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

24 145

30 479

Controlled Recurrent Payments

21 779

27 790

Note(s):

1. The functions of this output were previously reported in 9.3 Public Sector Employment.

Output 7.4: Public Sector Standards Commissioner 1

Through this output the Directorate provides support to the Public Sector Standards Commissioner

undertaking complaints management and misconduct investigation functions for the

ACT Public Sector.

The Directorate will deliver this output by allocating resources to the Professional Standards Unit to

provide services and undertake functions on behalf of the Commissioner, such as:

• assessing and appropriately managing referrals for misconduct investigations;

• managing complaints and enquiries made to the Commissioner;

• undertaking misconduct, public interest disclosure and other investigations referred to the

Commissioner; and

• promoting and providing advice about the public sector values, the public sector principles and

conduct required under the Public Sector Management Act 1994.

Table 20: Output 7.4: Public Sector Standards Commissioner ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

6 204

Controlled Recurrent Payments

5 610

Notes:

1. New Output. The functions on this output were previously reported in the Output 9.1 Capability and Governance.

Output Class 8: Digital, Strategy and Solution Delivery

Table 21: Output Class 8: Digital, Strategy and Solution Delivery ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

253 803

237 651

Controlled Recurrent Payments

167 299

151 083

Notes:

1. Total cost includes depreciation and amortisation of $27.333 million in 2023-24 and $26.384 million in 2024-25.

Output 8.1: Digital, Strategy and Solution Delivery

Through the Digital Strategy output the Directorate:

• drives the digital transformation of government services and provides advice, support and

project delivery on digital strategy development and implementation; and

2024-25 Budget Statements 32 Chief Minister, Treasury and Economic Development Directorate

• provides a range of ICT services, including infrastructure, applications support and development

and ICT projects to directorates and agencies.

The Directorate will deliver this output by taking advantage of digital and data to achieve:

• better services for the community;

• greater engagement and better outcomes for business and academia;

• more sustainable and efficient government;

• a more productive, engaged and learning workforce;

• providing services to government agencies as outlined in the ICT catalogue of services and

affirmed through various service level support agreements;

• managing the whole of government data and communications network; and

• providing general service and help desk functions.

Output Class 9: Property Services (Discontinued) 1

Table 22: Output Class 9: Property Services (Discontinued) ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 2

83 067

Controlled Recurrent Payments

7 523

Note(s):

1. Discontinued output. This output class was previously Output Class 7. On 11 December 2023, as a result of

Administrative Arrangements 2023 (No.1), the functions of this output was transferred from CMTEDD to Major

Projects Canberra (MPC).

2. Total cost includes depreciation and amortisation $33.761 million in 2023-24.

2024-25 Budget Statements 33 Chief Minister, Treasury and Economic Development Directorate

Accountability Indicators

Output Class 1: Government Strategy

Output 1.1: Government Policy and Reform

Table 23: Accountability Indicators Output 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Whole of government policy and project

initiatives

b. Regional partnerships and participation

c. Support for National Cabinet, CAF, FSG and

CCCLM

d. Government Progress Report

e. Cabinet and Assembly Support

f. Regulatory and process reform initiatives

g. Climate action reform initiatives

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator incorporates key government policy and project initiatives to be delivered during the

year. Scope, delivery and timing of initiatives may vary depending on emerging priorities that impact on resource

availability. Initiatives scheduled for delivery in 2024-25 include the following:

- A Life Course Data Asset piloted between the Australian Bureau of Statistics and the ACT Government.

- Review and update whole of government strategic governance as required.

- Response to the Royal Commission into Defence and Veteran Suicide.

b. This accountability indicator covers the administration of key partnerships with the surrounding regional governments

through both the ACT-NSW Memorandum of Understanding (MoU) for Regional Collaboration and participation in the

Canberra Region Joint Organisation (CRJO). Performance against this indicator will be measured by:

- Establishment of refreshed governance arrangements for new Priority Focus Areas under the ACT-NSW MoU for

Regional Collaboration;

- Delivery of an ACT-NSW Senior Officers Forum to progress collaboration and key commitments under the

ACT-NSW MoU; and

- The preparation of briefings to support the Chief Minister or delegate's involvement with regional councils

through the CRJO.

c. This accountability indicator covers briefing and support to the Chief Minister and Head of Service for

intergovernmental meetings, including the National Cabinet, the Council for the Australian Federation (CAF), the

First Secretaries Group (FSG) and the Council of Capital City Lord Mayors (CCCLM). This indicator is counted as

complete on delivery of the briefing packages to the Chief Minister and Head of Service.

d. This accountability indicator relates to the content coordination, production and release of the approved

ACT Government Agreement Progress Report in delivering key government decisions. This report is expected to be

released in the first quarter of 2024-25.

e. This accountability indicator covers the annual cycle of Assembly and Cabinet support, including preparation and

circulation of submissions and papers. This measure reflects support provided by CMTEDD to:

- The Chief Minister as chair of Cabinet and to Cabinet Ministers; and

- The Manager of Government Business in the Legislative Assembly.

f. This accountability indicator covers policy and project initiatives targeted at improving the effectiveness and efficiency

of regulation and processes to strengthen the delivery of government priorities. Scope, delivery and timing of

initiatives may vary depending on emerging priorities that impact on resource availability. In 2024-25, the indicator is

considered complete if the following targets have been met:

- Legislation having taken effect to complete a package of reforms to support the night-time economy in the ACT,

including relevant notifiable and disallowable instruments.

2024-25 Budget Statements 34 Chief Minister, Treasury and Economic Development Directorate

- Commencement of a Regulatory Quality Framework.

g. This accountability indicator covers policy and project initiatives targeted at coordinating the delivery of the

Government’s agenda of emissions reduction and climate adaptation and resilience projects. Scope, delivery and

timing of initiatives may vary depending on emerging priorities that impact on resource availability. In 2024-25, the

indicator is considered complete on delivery of the following initiatives:

- Support the early implementation of measures related to the Integrated Energy Plan, including establishment of

governance arrangements for key deliverables.

- Continue to support two ACT directorates to pilot new approaches to adaptation risk management to inform the

development of whole of government approaches.

Output 1.2: Coordinated Communications and Community Engagement

Table 24: Accountability Indicators Output 1.2

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Annual numbers of ACT Government Digital

Mail Service newsletters

b. Annual number of ACT Government Our

Canberra newsletters

c. Annual whole of government

Communications and Engagement Plan

d. Annual number of YourSay Panel surveys

conducted

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator covers the total number of ACT Government digital newsletters distributed during the

year to subscribers of the ACT Government Digital Mail Service.

b. The Our Canberra newsletter is distributed monthly to all Canberra households, excluding January. The target is lower

than normal as no newsletters are prepared during the election caretaker period. Editions are published for the five

main regions of Canberra – Belconnen; Inner North/Inner South/City; Gungahlin; Tuggeranong and Woden/Weston

Creek/Molonglo.

c. This accountability indicator relates to the annual Whole of Government Communications and Engagement Plan

which is provided by 30 June each year, and outlines the Government’s communications and engagement priorities.

The plan provides advance notice and enables genuine and meaningful opportunities to participate in consultation

and engagement activities for the coming financial year.

d. This accountability indicator relates to research activities delivered by ACT Government. This includes surveys

conducted through the YourSay Panel, which provide a representative summary of views and opinions on topics

relevant to the work of the ACT Government. It also includes qualitative research and support for a limited number of

off-Panel stakeholder surveys. This indicator reflects increased capability, offering more research and insights

opportunities to allow evidence-based decision making on projects and policies.

2024-25 Budget Statements 35 Chief Minister, Treasury and Economic Development Directorate

Output 1.3: International Engagement

Table 25: Accountability Indicators Output 1.3

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Number of ACT businesses assisted with

export development

120

b. Number of ACT businesses exporting

because of essential support received from

the OIE

c. Number of trade missions and other events

organised, delivered or funded

Accountability Indicator Descriptions and Variance Commentary:

a. Assistance can be in the form of advice on, among other subjects: international market identification and

segmentation; access to supply chains linked to target markets; regulatory and non-regulatory barriers to markets;

effective participation in brick-and-mortar and online networking, social media, and business-to-business wholesale

marketplaces; trade finance; and cultural considerations to market entry. Ongoing market intelligence is also

provided. The 2023-24 estimated outcome is expected to exceed the target as the Office of International Engagement

(OIE) had assisted 58 businesses with export development activities by December 2023. With a new focus on

incorporating business delegations into overseas trade missions, and continuing to facilitate group training workshops

and market briefings, this number is expected to continue on the observed 2023-24 financial year half yearly

trajectory.

b. Results of this indicator are tracked through the OIE’s own relationship management records and those of the

ACT’s Business Development Manager based in Singapore.

c. This accountability indicator tracks the number of ministerially led outbound trade missions and other events

organised and delivered by the OIE, both in Canberra and overseas markets. A yearly schedule of outbound trade

missions and other events is approved by the Chief Minister and planned and executed by the Office of International

Engagement. Trade missions are planned in accordance with the Chief Minister’s schedule, and to leverage

appropriate market opportunities and events. ‘Other events’ can include: networking meetings for exporters and

domestic and foreign trade specialists; and events for exporters regarding specific national markets, or specific ACT

economic sectors (i.e., renewable energy). The 2023-24 estimated outcome is expected to exceed the target due to

unexpectedly high demand for inbound visits to the ACT from business and government delegations facilitated by the

OIE. Meanwhile the number of Trade Missions, and Events facilitated by the OIE has remained on track with

expectations and results from previous years. With the recovery of international travel, the latent demand for

overseas delegations from previous years is starting to be realised with increased visitation to the ACT by business and

government officials.

2024-25 Budget Statements 36 Chief Minister, Treasury and Economic Development Directorate

Output Class 2: Access Canberra

Output 2.1: Access Canberra

Table 26: Accountability Indicators Output 2.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Access Canberra proactively

communicates its priorities for risk-

based regulation

i. Statutory authorities have a

public statement of expectation

100%

ii. Regulatory activities undertaken

in line with the public statements

are reported annually.

100%

b. Percentage of the community who

find it easy to interact with Access

Canberra person to person.

i. Percentage of individuals that

find it easy to interact with

Access Canberra person to

person.

90%

ii. Percentage of business clients

that find it easy to interact with

Access Canberra person to

person.

90%

c. Percentage of the community who

find it easy to interact with Access

Canberra online.

i. Percentage of individuals that

find it easy to interact with

Access Canberra online

85%

ii. Percentage of business clients

that find it easy to interact with

Access Canberra online

85%

d. Percentage of occupational licences

issued within the published target

timeframe

90%

e. Reduction of regulatory burden on

business by undertaking risk-based

coordinated inspection activities

80%

Accountability Indicator Descriptions and Variance Commentary:

a. This indicator ensures transparency on how Access Canberra will undertake its regulatory responsibilities in a risk

based manner, through the following measures:

i. This measure requires specified statutory authorities to publish a statement setting out priorities for

regulatory activity, including addressing risk of harm. The statements will be published on the Access Canberra

website.

ii. For each financial year, the Construction Occupations Registrar, Commissioner for Fair Trading and the

Environment Protection Authority will be required to report on activity undertaken in line with the statement.

This result will be reported annually.

2024-25 Budget Statements 37 Chief Minister, Treasury and Economic Development Directorate

b. This indicator measures the ease of dealing with Access Canberra person to person, with results reported annually:

i. For individuals: the result is determined by responses of ‘easy’ and ‘very easy’ to the independent annual

survey of the community who completed a person to person interaction with Access Canberra within the last

12 months. This result will be reported annually.

ii. For business clients: the result is determined by responses of ‘easy’ and ‘very easy’ to the independent annual

survey of the business clients who completed a licensing or regulatory interaction with Access Canberra within

the last 12 months.

c. This indicator measures the ease of dealing with Access Canberra online, with results reported annually:

i. For individuals: the result is determined by responses of ‘easy’ and ‘very easy’ to the independent annual

survey of the community who completed an online licensing or regulatory interaction with Access Canberra

within the last 12 months.

ii. For business clients: the result is determined by responses of ‘easy’ and ‘very easy’ to the independent annual

survey of business clients who completed an online licensing or regulatory interaction with Access Canberra

within the last 12 months.

d. The result for this indicator is determined by the total number of occupational licensing/registration transactions

which met published timeliness targets, divided by the total number of occupational licences/registrations issued.

Timeliness targets will be published on the Access Canberra website.

e. This accountability indicator is an annual measure of the number of inspection activities focusing on more than one

regulatory obligation for the business. Coordinated inspection activities reduce the regulatory burden on businesses

by making inspections simpler, faster and less frequent. This result will be reported annually.

Output Class 3: Economic Development

Output 3.1: Economic Development

Table 27: Accountability Indicators Output 3.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

Business and Innovation

a. Businesses supported through innovation

programs

b. Satisfaction levels with ACT Government

funded business support services

>80%

c. Satisfaction of the tertiary education sector

with the engagement of the ACT

Government and its promotion of Canberra

as a study destination of choice

>80%

70%

>80%

d. Projects under investment attraction

facilitation

Tourism and Events

e. Local sentiment on major and community

events

- major events

Average rating

of 4 out of 5

4 out of 5

Average rating

of 4 out of 5

- community events

Average rating

of 4 out of 5

4 out of 5

Average rating

of 4 out of 5

f. Estimated economic benefit from delivery of

major events

$43.0 m

g. Estimated return on ACT Government

investment from events supported under the

Major Event Fund

Ratio of 40:1

93:1

40:1

2024-25 Budget Statements 38 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

h. Canberra and Region Visitors Centre (CRVC) –

Overall visitor satisfaction with customer

service levels at the CRVC

96%

98%

96%

Sport and Recreation

i. Number of nationally identified priority

athletes supported by the ACT Academy of

Sport

120

j. Number of organisations funded to support

participation opportunities in sport and

recreation

k. Estimated economic activity as a result of

supporting local elite teams

$14.0 m

Arts

l. Percentage of the public art collection

managed by artsACT in good or above

condition

80%

85%

80%

m. Satisfaction with the management of grants

administered by artsACT

80%

n. Number of artists directly and indirectly

supported through Arts Activities funding

100

o. Satisfaction of audiences and participants of

artsACT-funded arts organisations

80%

p. Number of attendees at programs delivered

by artsACT funded organisations

250,000

Skills

q. Participation rate of 15-64 year olds in VET

- All students (percentage)

5.9%

N/A

5.9%

- Aboriginal and Torres Strait Islander

students (percentage)

13.4%

N/A

13.4%

- Young Canberrans aged 15-24

(percentage)

12.5%

N/A

12.5%

r. VET graduate outcomes after training -

Employed after training or in further study

92%

92.2%

92%

s. Skilled Migration Attraction and Facilitation

- Skilled Independent Nominated

5,000

1,200

1,500

- Average processing time for applications

across all skilled migration program

streams

20 business

days

19.5 business

days

20 business

days

Venues

t. Number of Major Events at:

- GIO Stadium

- Manuka Oval

- Exhibition Park in Canberra

- UC Stromlo Forest Park

u. Own Source Revenue by Venue at:

- GIO Stadium

$3.0 m

- Manuka Oval

$360,000

- Exhibition Park in Canberra

$3.5 m

$3.7 m

$3.5 m

2024-25 Budget Statements 39 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

v. The level of customer satisfaction at the

National Arboretum Canberra

85%

92%

85%

Accountability Indicator Descriptions and Variance Commentary:

Business and Innovation

a. This accountability indicator tracks the number of businesses supported through programs delivered or supported by

the CBR Innovation Network during the reporting period. These programs include the GRIFFIN Accelerator, the

Innovation Connect (ICON) Grant program, and the SME Business Accelerator. The 2023-24 estimated outcome is

expected to exceed the target due to the maturation of the innovation ecosystem and increased demand for CBRIN

programs. The increase in funding provided to CBRIN through the 2023-24 Budget for its base operations has

enhanced resources for program delivery compared to previous years. In addition, CBRIN has designed the SME

Accelerator program to be accessible to more SMEs than previously.

b. This accountability indicator measures the satisfaction with business programs and services facilitated by Business and

Innovation service providers during the reporting period, including the CBR Innovation Network; Canberra Business

Advice and Support Service; Badji; and others established during the reporting period. Stakeholder surveys will be

conducted to measure satisfaction levels. The result reflects the aggregated total of surveys undertaken across

programs. This is an annual process and the result will be delivered at the end of the reporting period.

c. This accountability indicator tracks satisfaction of the tertiary education sector with the engagement of the

ACT Government and its promotion of Canberra as a study destination of choice. Canberra based institutions will be

surveyed annually and the result will be delivered at the end of the reporting period.

d. This accountability indicator tracks the number of investment proposals under facilitation management by Business

and Innovation during the reporting period. The 2023-24 estimated outcome is expected to exceed the target due to

an increase in international capital flows and increased ACT Government Trade Mission programs.

Tourism and Events

e. This accountability indicator measures the level of local community agreement with a set of sentiment statements on

major and community events delivered by Events ACT. A sample of ACT residents attending these events will be

surveyed to determine how these events contribute to city vibrancy, community pride, social connection and value for

money.

f. This accountability indicator measures the estimated direct economic benefit generated through staging Floriade and

the Enlighten Festival in the ACT. This economic benefit is calculated via independent event evaluation reports which

estimate spending from interstate and international visitors to these events. Direct expenditure impacts cover

spending by visitors who come to Canberra specifically to attend these events or extend their stay as a result of these

events. Spending by locals or by visitors already in Canberra for other purposes is not included in economic benefit

calculations.

g. This accountability indicator measures the estimated return on investment (ROI) derived from events supported

under the Major Event Fund (MEF). The economic benefit generated each year as a result of MEF supported events

will be measured and then compared against the annual MEF budget to determine return on investment. Economic

benefit refers to the direct economic benefit generated through staging MEF-supported events in the ACT. This

economic benefit is calculated via post event evaluation reports which estimate spending from interstate and

international visitors to these events. The target of 40:1 represents $40 in estimated economic benefit for every

$1 investment through the MEF. The 2023-24 estimated outcome is expected to exceed the target due to strong ROI

from two of the three events that comprise this measure in 2023-24. More events will be funded and delivered in

2023-24 and those with completed economic impact reports will be included in the ROI result at year end.

h. This accountability indicator shows satisfaction with overall customer service levels at the CRVC, captured as part of a

broader satisfaction survey open to visitors throughout the year. Survey data is recorded online using SurveyMonkey.

Sport and Recreation

i. The ACT Academy of Sport provides support to targeted sporting bodies who identify and then prioritise athletes for

support in their Olympic, Paralympic or Commonwealth Games sport. The result will be the total number of

scholarship holders, transition athletes, training agreement athletes and commercial agreement athletes during the

financial year. The result will be reported at the end of the financial year.

j. This accountability indicator reports the number of organisations funded through the Sport and Recreation

Investment Scheme to deliver participation opportunities. The result will be reported at the end of the financial year.

2024-25 Budget Statements 40 Chief Minister, Treasury and Economic Development Directorate

k. This accountability indicator covers the estimated economic impact generated for the Territory by supporting home

games for local elite teams including the Canberra Raiders, ACT Brumbies, GWS Giants, Canberra Capitals and

Canberra United. Visitor expenditure data is derived from post-game surveys conducted with a random sample of

attendees. The economic impact aims to capture the spending of all visitors who come to the ACT specifically to

attend a home game in Canberra. The result will be reported at the end of the financial year.

Arts

l. This accountability indicator measures the condition of the public artworks in the ACT Government collection

managed by artsACT. This indicator is measured in the annual collection audit using the condition rating system in the

2015 ACT Government Public Art Guidelines and the Public Art Condition Assessment and Maintenance Plan

(September 2018). The 2023-24 estimated outcome is expected to exceed the target because of the ongoing

conservation of artworks in the collection. These conservation works result in an overall improvement in the condition

of the collection.

m. This accountability indicator measures the standard of service and assistance for arts organisations and artists through

ACT Arts Fund grants. An annual satisfaction survey of applicants (Arts Organisation Investment Program and Arts

Activities grants) conducted in June is used.

n. This accountability indicator measures the number of artists directly and indirectly supported through Arts Activities

funding. The result will be measured through the grant acquittal process.

o. This accountability indicator measures satisfaction of audiences and participants of artsACT-funded arts organisations.

The result for this indicator is from artsACT funded arts organisations reporting each year on the satisfaction reported

to them through their own activities.

p. This accountability indicator measures the annual attendance numbers at programs delivered by artsACT-funded

organisations. Attendance numbers are collected as part of the grant acquittal process.

Skills

q. This accountability indicator measures the participation rate for students (all; Aboriginal and Torres Strait Islander;

and young Canberrans aged 15-24) undertaking government funded Vocational Education and Training (VET) in the

ACT. The target is based on nationally published data. The result for this accountability indicator will be reported

annually at the end of the financial year.

r. This accountability indicator measures the percentage of government-funded graduates employed after training or in

further study, in the ACT, as defined by the state/territory of funding by year, in the National Centre for Vocational

Education Research (NCVER) Student Outcomes Survey. The result for this accountability indicator is reported

annually at the end of the financial year.

s. This accountability indicator has two measures.

- Skilled Independent Nominated – this indicator covers nominations for both overseas and temporary Canberra

residents, capturing all supported skilled migration nominations, and aligns the target with the annual allocation

provided by the Australian Government Department of Home Affairs. The 2023-24 estimated outcome is below

target because the target of 5,000 was set before the allocation was known and was based on the requested

skilled visa nomination allocation from the Australian Government. In August 2022, the ACT received an

allocation of 1,200 from the Australian Government, which cannot be exceeded.

- Average Processing Time for Applications – this indicator tracks the number of business days to process an

application including receipt of payment and requests for reconsideration.

Venues

t. These accountability indicators reflect the number of contracted major events to be held at each venue in 2023-24.

Additional events may be secured during the year.

- Major events at GIO Stadium are defined as concerts, entertainment events, national competition (National

Rugby League (NRL) and Super Rugby) and international matches. The 2023-24 estimated outcome is expected to

exceed the target due to the Canberra Raiders joining the National Rugby League Women's (NRLW) competition

in 2023. At the time of the 2023-24 Budget, it was unknown how many matches would be played at GIO Stadium

during the 2023 NRLW season. There were two extra stand-alone NRLW events.

- Major events at Manuka Oval are defined as national competition (Australian Football League (AFL) and Big Bash

League) and international matches. The 2023-24 estimated outcome is expected to exceed the target due to the

timing of matches and an additional event occurring. The AFLW competition is now conducted in the first half of

the financial year (previously it was the second half) and two AFLW matches were secured at Manuka Oval for

the 2023-24 financial year (previously only one match was played in the Territory).

- Major events at Exhibition Park in Canberra (EPIC) are defined as events with more than 500 attendees. The

2023-24 estimated outcome is expected to exceed the target due to an increase in events at EPIC. Extra content

has been secured at EPIC including conferences and expos. Client retention is high and some clients are holding

more than one event.

2024-25 Budget Statements 41 Chief Minister, Treasury and Economic Development Directorate

- Major events at UC Stromlo are defined as events with more than 500 attendees, or over 300 attendees if

attracting national or international events – as their participation has multiplying economic impacts on the wider

Canberra economy. The 2023-24 estimated outcome is above target, which can be attributed to a backlog of

event organisers wanting to use the Park's facilities to host events for upcoming sport and recreation bookings,

including large school sporting events.

u. The first two accountability indicators for this measure cover own source revenue (measured by own source revenue

less event related expenses) generated by GIO Stadium and Manuka Oval, and are based on pre-existing hire

agreements. The third accountability indicator covers own source revenue (measured as gross revenue) generated by

EPIC. The 2023-24 estimated outcome for EPIC is expected to exceed the target because camping at EPIC has

increased this financial year and recovery of expenses has improved.

v. Customer satisfaction at the National Arboretum Canberra (NAC) is based on an annual survey, open continuously

throughout the year, with results extracted at the half year period and at the end of the financial year. The 2023-24

estimated outcome is expected to exceed the target. NAC’s front-of-house team continue to provide personalised

customer service to all visitors, and timely considerate feedback through all forms of communication - email, phone,

in person and online mediums. The Arboretum living collection has grown substantially over the last few years with

trees providing some shade adding value to visitors’ onsite experience, alongside an informed website and social

media accounts.

Output Class 4: Financial and Economic Management

Output 4.1: Economic Management

Table 28: Accountability Indicators Output 4.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Submissions made to the Commonwealth

Grants Commission

b. Briefings on the ACT economy

174

c. Co-ordinate government participation in

intergovernmental Treasury fora

d. Advice provided on Tier 1 infrastructure

capital works projects under development

within the Capital Framework

100%

e. Life of Project PPP transactions successfully

executed

100%

f. Assessments of Unsolicited Proposals

completed within the prescribed timescales

100%

g. Publish the annual affordable, community

and public housing targets

h. Publish the annual ACT Housing Strategy

report card

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator measures engagement that the ACT has with the Commonwealth Grants Commission

(CGC) on the distribution of the Goods and Services Tax (GST) grant. The provision of submissions to the CGC is not

discretionary as data from the ACT is essential for the accurate determination of the GST relativities, and the zero-sum

nature of the GST distribution means that the ACT must represent its interests on issues relating to the distribution

method or risk a reduced GST share. For 2023-24, the estimated number of submissions increased from four to nine

as the CGC made clearer during the year the number of requests for submissions as part of the CGC’s 2025

Methodology Review of GST Revenue Sharing Relativities (CGC’s 2025 Review). Additional submissions were made

due to the splitting of responses into two tranches, additional comments on data requests, additional actual data

request and an additional submission on other review matters. For 2024-25, the indicator is based on (1) a written

response to the CGC’s 2025 Review: Draft Report (CGC’s Draft Report); (2) data returns for the 2025-26 GST

2024-25 Budget Statements 42 Chief Minister, Treasury and Economic Development Directorate

relativities; (3) a written response to CGC’s New Issues for the 2025-26 GST relativities; (4) a written response to the

CGC’s Changes since the ‘Draft Report’; and (5) a written response to the CGC’s 2025 Review process.

b. This accountability indicator covers briefings prepared on the most recent key economic indicators for Canberra and

the ACT.

c. This indicator covers responsibility for ACT Treasury input to the operations of the Council on Federal Financial

Relations (CFFR), the Board of Treasurers (the Board) and Heads of Treasuries. The timing and frequency of these

meetings can change as this is determined by the respective Chair. For 2023-24, the number of meetings increased in

total due to a combination of the cancellation of one CFFR meeting and three additional Board meetings. For 2024-25,

the meeting frequency is based on four meetings per annum of each intergovernmental forum.

d. This indicator measures the advice provided on Tier 1 infrastructure capital works projects being developed under the

Capital Framework. The Capital Framework provides guidance to directorates and agencies on the development of

infrastructure capital works projects, to ensure that business cases for these projects provide a robust basis for

Government to invest in them, and for them to proceed to procurement and delivery. Tier 1 projects are

infrastructure capital works projects assessed as Tier 1 under the Capital Framework - having an estimated project

capital cost of $100 million or above, or having a project cost of $25 million to $100 million and considered high risk.

e. This indicator measures the efficiency of Infrastructure and Commercial Advice (ICA, formerly Infrastructure Finance

and Reform) in undertaking its responsibilities for Life of Project transactions for Public Private Partnerships (PPP)

projects. PPPs are a form of infrastructure procurement that involve high levels of risk transfer to the private sector

and high levels of integrated delivery. ‘Life of Project’ transactions are those that have a material impact on the

financial and/or operational arrangements of the project as negotiated in the original PPP Contract, and normally

result from a request by the Project Company that requires the consent of the Territory (for example, debt

refinancing, changes in equity arrangements, changes to the payment mechanism or financial model, etc).

‘Successfully executed’ means that the Territory has responded to a request from the Project Company within the

timescale specified in the PPP Contract and has not been unreasonable should it withhold its consent. The full year

result is the number of Life of Project transactions completed successfully divided by the total number of such

transactions scheduled to be completed within the reporting period.

f. This indicator measures the efficiency of ICA in undertaking its responsibilities for managing the assessment of

Unsolicited Proposals. The Guidelines for Unsolicited Proposals is the framework for the treatment of Unsolicited

Proposals in the Territory. The relevant timescales are those specified in the Guidelines and/or those agreed with the

proponent, for each phase of the assessment process. Within three months of receiving the formal Concept

Submission, the Government will aim to advise the Proponent whether the Unsolicited Proposals Steering Committee

(UPSC) would like to receive a presentation. Within two months of the presentation to the UPSC, the UPSC will notify

the Proponent of its decision on progressing the proposal, unless there are particular circumstances that require a

longer review period. The full year result is the number of responses to proponents within the specified timescale

divided by the total number of responses.

g. Housing targets are published each year as part of the Indicative Land release program (ILRP) published with the

Budget and include land released for public, community and affordable housing. Section 65 of the City Renewal

Authority and Suburban Land Agency Act 2017 requires relevant Ministers to determine the public, community and

affordable housing targets for land release sites in the ILRP.

h. The ACT Housing Strategy commits to annual reporting on the progress of actions in its complementary

Implementation Plan. This commitment is realised through the preparation of an annual report card made publicly

available through the ACT Government’s Homes and Housing website.

Output 4.2: Financial Management

Table 29: Accountability Indicators Output 4.2

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Budget presented in accordance with legislative

timeframes

b. Budget Review presented in accordance with

legislative timeframes

c. Annual Financial Statements for the Territory in

accordance with legislative timeframes

2024-25 Budget Statements 43 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

d. Quarterly Consolidated Financial Statements

presented in accordance with legislative

timeframes

e. Regulatory reform in relation to financial

processes

f. Budget Presentation to credit rating agency

g. Business Activity Statements completed in

accordance with the ATO deadline

100%

h. Fringe Benefits Tax Return submitted to the ATO

in accordance with the ATO deadline

100%

i. Monthly financial information available for use

by agencies by 6th working day of the month

100%

j. Annual financial statements completed and

provided to agencies by 10th working day of July

100%

k. Finance service requests made via the Service

Desk are resolved within Service Standards

timeframes

90%

94%

90%

Accountability Indicator Descriptions and Variance Commentary:

a. The Territory Budget is presented to the Legislative Assembly in accordance with the timing prescribed in section 5 of

the Financial Management Act 1996 (FMA).

b. The Budget Review for the Territory is presented to the Legislative Assembly in accordance with the timing prescribed

in section 20A of the FMA.

c. The Annual Financial Statements for the Territory are provided to the Auditor-General in accordance with the timing

prescribed in section 24 of the FMA.

d. The Quarterly Consolidated Financial Statements are presented to the Legislative Assembly in accordance with the

timing prescribed in section 26 of the FMA.

e. This accountability indicator covers policy and project initiatives targeted at improving the effectiveness and efficiency

of regulation in relation to financial processes.

f. This accountability indicator covers the annual budget presentation to the credit rating agency S&P Global Ratings.

This supports S&P Global Ratings in its assessment of the credit rating of the Australian Capital Territory. The

presentation to S&P Global Ratings comprises a selection of content from the Annual Budget Papers.

g. This accountability indicator covers the submission of Business Activity Statements (BAS) to the Australian Taxation

Office (ATO) by the 21st of every month. The date of BAS lodgements’ processed through the ATO Business Portal and

that of GST remittance are monitored and recorded by the action officer.

h. This accountability indicator covers the lodgement of annual Fringe Benefit Tax returns to the ATO. This is an annual

measure.

i. This accountability indicator refers to the completion of processing of monthly financial information using Oracle

Government Financials. Meeting this timeframe (6th working day of the month) facilitates agencies in finalising

monthly management reports in a timely manner.

j. This accountability indicator covers the submission of draft annual financial reports to the directorates/agencies.

Meeting this timeframe (10th working day of July) facilitates agencies in finalising the annual financial statements to

meet audit office deadlines.

k. This accountability indicator covers the service requests logged by the Finance Service Desk which are resolved within

agreed timeframes (five working days).

2024-25 Budget Statements 44 Chief Minister, Treasury and Economic Development Directorate

Output Class 5: Revenue Management

Output 5.1: Revenue Management

Table 30: Accountability Indicators Output 5.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Debt Management – level of overdue rates

as a percentage of total rates revenue

11%

b. Debt Management – level of overdue debt

(not including rates) as a percentage of tax

revenue (not including rates)

c. Internal reviews of objections completed

within 6 months

85%

45%

85%

d. Internal reviews of objections completed

within 12 months

100%

97%

100%

e. Compliance revenue per inspector

$650,000

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator measures the level of overdue collectable rates debt as a percentage of forecast rates

revenue. It excludes matters subject to objection and appeals. Renewed efforts are being made to reduce rates debt,

with a focus on larger debts and clients with debts across multiple properties.

b. This accountability indicator measures the level of overdue collectable debt (less rates) as a percentage of forecast tax

revenue (less rates). It excludes matters subject to objection and appeals, under liquidation and agreements made by

the ACT Government in respect of pending waivers. The 2023-24 estimated outcome is expected to exceed the target

because non-rates debt levels have reduced over the past 12 months. Further reductions remain a continued focus for

the Revenue Office.

c. This accountability indicator measures the completion within timeframes of internal reviews of objections lodged

against revenue assessments and decisions. The below target 2023-24 estimated outcome is related to the significant

volume of objections received, including matters of complexity and detail.

d. Accountability indicator on the completion within timeframes of internal reviews of objections lodged against revenue

assessments and decisions.

e. This accountability indicator measures all revenue assessed from compliance activities divided by the number of full

time equivalent inspectors. It includes revenue from assessments and reassessments (being that portion not already

assessed), outstanding returns, savings resulting from reductions in refund claims and other compliance activity.

Output Class 6: Procurement

Output 6.1: Procurement

Table 31: Accountability Indicators Output 6.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Proportion of Goods and Services

contracts awarded to Indigenous

suppliers or Social suppliers

2.7%

b. Public availability of Contract Register

and Tenders ACT

99.5%

c. Public satisfaction with Tender systems

85%

2024-25 Budget Statements 45 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

d. Territory entity staff awareness of

ACT Government procurement related

policies

85%

89%

85%

e. Territory entity staff satisfaction with

procurement training

85%

Accountability Indicator Descriptions and Variance Commentary:

a. ACT Government agencies are encouraged to include Indigenous business and social enterprises in their procurement

opportunities. Indigenous suppliers must be registered or certified by Supply Nation, a supplier development council

that manages a national directory of registered/certified indigenous businesses. Social enterprises deliver targeted

social or community benefits using traditional business principles. They may be for profit or not for profit

organisations, but they seek both a financial and a social return on investment. From June 2021, the ACT Government

transitioned from the social enterprise multi-use list to Social Traders Ltd, an online platform which provides access to

a broader range of certified social enterprises through a secure online marketplace. This positive variation has been

further augmented by an increase in the number of contracts entered into with social enterprises in the reporting

period, which was slightly offset by a small reduction in the number of contracts entered into with Aboriginal and

Torres Strait Islander businesses during the period.

b. Public availability of the Notifiable Contract Register and Tenders ACT measures the proportion of time that these

systems are fully available for use by external parties interested in business opportunities of the ACT Government.

This indicator is measured annually using the data provided by the external host of Tenders ACT.

c. Public satisfaction with Tender systems measures the proportion of external users who are satisfied that tender

process and documentation as delivered via Tenders ACT support meeting their business needs and objectives. This is

collected annually by a survey of external Tenders ACT register parties.

d. This accountability indicator measures the level of awareness of the ACT Government's Procurement Framework

amongst Territory entity staff that undertake procurement. This will assist in measuring the effectiveness of

procurement related policy implementation, communication and support tools. The measure will be calculated based

on the percentage of Territory entity staff undertaking procurement, who through an annual survey, have identified

as ‘strongly agree’ or ‘agree’ that they are aware of the Procurement Framework.

e. This indicator measures the effectiveness of procurement training delivered to Territory entity staff. The measure will

be calculated based on the percentage of Territory entity staff, who through surveys undertaken following training

sessions, have identified as ‘strongly agree’ or ‘agree’ that the training was useful.

Output Class 7: Workforce Strategy 1

Output 7.1: Capability and Governance 2

Table 32: Accountability Indicators Output 7.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Conduct the ACTPS Graduate Program

75%

73%

85%

b. Publish the State of the Service Report

October

2023

October

2023

October

2024

c. Deliver ACTPS Leadership and Development

programs

d. Conduct entry level diversity and inclusion

programs

85%

93%

85%

e. Support the Workforce Transformation

program

f. Issue SLJC Certificates within 5 working days of

receipt of complete and correct audit report

90%

98%

90%

2024-25 Budget Statements 46 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

g. Conduct SLJC Training sessions for industry

and ACT Government

Note:

1. This output class was previously Output Class 9 Workforce Strategy.

2. This output was previously 9.1 Capability and Governance.

Accountability Indicator Descriptions and Variance Commentary:

a. In 2023-24 this accountability indicator measured the satisfaction of graduate supervisors. The indicator was

considered achieved if 75 per cent of business areas gave the program a rating of at least 4 out of 5 in the end of

rotation surveys with graduate supervisors across the ACTPS. This accountability indicator has been amended in

2024-25 to measure the capability value of the ACTPS Graduate Program by assessing the number of Graduates who

successfully complete the Program each calendar year and are permanently promoted and placed within the ACTPS.

The indicator will be considered achieved in 85% of graduates complete the Program.

b. This accountability indicator covers the publication of the annual State of the Service Report.

c. This accountability indicator covers the implementation of a program of work for improving leadership capabilities

across the ACTPS. The delivery of this indicator involves providing four opportunities for ACTPS SES leaders to

participate in whole of government leadership development programs.

d. This accountability indicator relates to conducting entry-level diversity and inclusion employment programs that

increase workforce diversity and support inclusion across the ACTPS. This indicator acknowledges the importance of

whole of service programs in building a diverse and inclusive workforce that mirrors the ACT community we serve. The

indicator will be considered achieved if 85 per cent of 2024-25 program candidates are retained during the Vocational

Employment Program (VEP) and successfully complete the program. The program runs approximately every two

years. It takes candidates 12-18 months to complete the program so one program intake will span across multiple

financial years. The 2023-24 estimated outcome is above target as 13 out of 14 candidates who originally commenced

in the 2023-24 VEP remain in the program. One candidate resigned in August 2023 to take up employment outside of

the ACTPS.

e. This accountability indicator relates to the Flexible Work Program. In 2024-25 work to be completed includes the

Winyu House refurbishment encompassing the establishment of a Gungahlin FlexiSpace. The 2023-24 estimated

outcome is below target as the Winyu refurbishment will not be complete before 30 June 2024. This is due to factors

that have pushed the work plan beyond its initial completion estimate. These include the building owner requesting

that the builder replaces all the carpet tiles throughout the building, which is an expansion of the original scope of

works, as well as longer lead times than originally estimated to procure workstations. Its completion is now reflected

in the target for 2024-25.

f. This accountability indicator relates to the timely operation of the Secure Local Jobs certification function. The

2023-24 estimated outcome is expected to exceed the target as a result of additional delegates being available to

approve certificates and continued streamlining of processes.

g. This accountability indicator relates to the education and promotion functions of the Secure Local Jobs package. The

2023-24 estimated outcome is expected to exceed the target as a result of increased focus on outreach to support

ongoing compliance with the code, and the introduction of new criteria including modern slavery legislation.

Output 7.2: Injury Management and Industrial Relation Policy 1

Table 33: Accountability Indicators Output 7.2

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Conduct an actuarial review of the ACT

private sector Worker’s Compensation

Scheme

April 2024

April 2025

b. Meetings convened of workplace safety and

injury management fora within the ACT

2024-25 Budget Statements 47 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

c. Provide policy advice on issues relating to

industrial relations, injury management,

work safety, and dangerous substances

regulation

d. Represent the ACT and coordinate activities

arising from: national industrial relations,

work safety and injury management forums

Note:

1. This output was previously Output 9.2 Injury Management and Industrial Relation Policy.

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator covers a review of the performance of the ACT workers’ compensation scheme and

consideration of the broader implications of these findings. This indicator is considered complete on reporting of

actuarial review results to the Minister for Industrial Relations and Workplace Safety.

b. This accountability indicator covers the secretariat role provided for the Labour Hire Licensing Advisory Committee, in

addition to the ACT Work Health and Safety Council. The indicator is considered complete when meetings are held.

This indicator has been renamed for 2024-25 to better reflect the existing performance measure used of meetings

convened. The ACT Work Health and Safety Council is expected to meet four times a year in 2024-25. The Labour Hire

Licensing Advisory Committee is expected to meet twice in 2024-25. The 2023-24 estimated outcome is below target

due to scheduling issues preventing a meeting of the Labour Hire Licensing Advisory Committee (LHL Committee) in

the last quarter of 2024.

c. This accountability indicator covers the preparation of briefing papers to the ACT Government on workers’

compensation, industrial relations and work safety matters. This indicator is considered complete when submissions

have been signed by the Minister.

d. This accountability indicator covers representing the Territory at, and managing policy initiatives arising out of,

national industrial relations and injury management forums, including SafeWork Australia and its policy

sub-committees and the national industrial relations senior officials group. This indicator is considered complete with

attendance at meetings.

Output 7.3: Public Sector Employment 1

Table 34: Accountability Indicators Output 7.3

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Implementation of Enterprise

Agreements

b. Human resources service requests

made via the Service Desk are

resolved within Service Standard

timeframes.

95%

88%

95%

Note:

1. This output was previously 9.3 Public Sector Employment.

Accountability Indicator Descriptions and Variance Commentary:

a. The Administrative and Related Classifications Enterprise Agreement was approved by the Fair Work Commission on

13 September 2023. The 11th round of enterprise agreement negotiations has been completed. The accountability

indicator has been amended in 2024-25 to cover the implementation of ACTPS enterprise agreements. In 2024-25 this

work will involve the delivery of phase two of the Fair Go for GSO classification review under the ACT Public Sector

Infrastructure Services Enterprise Agreement 2023-26.

2024-25 Budget Statements 48 Chief Minister, Treasury and Economic Development Directorate

b. This accountability indicator covers the service requests logged by the HR Service Desk which are resolved within

agreed timeframes (five working days). The 2023-24 estimated outcome is below target as cases not completed by the

Service Desk are usually complex and require other teams in Shared Services to complete. These teams have both

experienced increases in their workload because of the increasing staff numbers in the ACTPS. Further automation

opportunities are being explored to improve performance against this indicator. Results are consistent with financial

year results from previous years.

Output 7.4: Public Sector Standards Commissioner 1

Table 35: Accountability Indicators Output 7.4

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Number of referrals (investigations and

admission statements) managed by the

Public Sector Standards Commissioner

and the Professional Standards Unit

n/a

b. Number of complaints and enquiries

managed by the Public Sector

Standards Commissioner and the

Professional Standards Unit

n/a

Note:

1. New output. The functions of this output were previously reported in Output 9.1 Capability and Governance.

Accountability Indicator Descriptions and Variance Commentary:

a. New accountability indicator. This accountability indicator measures the number of referrals for investigation and

admission statements managed by the Public Sector Standards Commissioner and the Professional Standards Unit in a

financial year.

b. New accountability indicator. This accountability indicator measures the number of complaints and enquiries

managed by the Public Sector Standards Commissioner and Professional Standards Unit in a financial year.

Output Class 8: Digital, Strategy and Solution Delivery

Output 8.1: Digital, Strategy and Solution Delivery

Table 36: Accountability Indicators Output 8.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. ACT Data Analytics Centre

b. The value delivered through technology

investment improves

c. Delivery of joined up services achieve benefits

for the community and for government

d. ICT service requests made via the Service Desk

are resolved within Service Level Agreement

timeframes

90%

e. Average time taken for telephone ICT service

requests to be answered by a Service Desk

Officer

80%

2024-25 Budget Statements 49 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

f. Number of successful attacks on internally

hosted ACT Government websites

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator covers the program of work for the ACT Data Analytics Centre (ACTDAC). This indicator is

considered completed through the support of directorates to implement the Data Governance and Management

Framework. In 2024-25, this indicator is considered complete when ACTDAC (in collaboration with directorates):

i. Continue to add data sets to the whole of government data catalogue as agreed by the Data Reform Group;

ii. Lead the delivery of the agreed whole of government datasets into the commonwealth-led Australian National

Data Integrated Infrastructure (ANDII); and

iii. Develop training materials, guidelines and assurance frameworks to support data users and data creators in

safely using data and artificial intelligence technologies.

b. The Digital, Data and Technology Solutions Group (DDTS) leads the provision of whole of government advice to inform

technology priorities, resource allocation and investment decisions. DDTS will continue to support government to

make informed technology investment decisions and will embed the principles outlined in the ACT Digital Strategy. In

2024-25, this indicator will be considered complete when:

i. DDTS creates a technology investment framework to enable informed technology investment decisions across

government, measured by engagement and agreement by directorate stakeholders and relevant groups

ii. Continued Maturation and adoption of best practice design and delivery. Measured by:

1) Guiding Best Practice Design and Delivery is updated to include best practice program and project

management and governance guidance for technology investment.

2) New guidance content is approved and made available to directorates in Q3 2024.

3) Use of BPDD guidance becomes evident in relevant project governance papers, and initiative proposals.

iii. A greater percentage of business cases and initiative proposals with technology components are developed in

accordance with the Technology Governance Framework and aligned to the Technology Directions. Measured by:

1) Portion of 2025-26 proposed business cases with technology components are reported by BASG as having

greater alignment than the previous years 2024-25 and 2023-24, based on assessment of the business cases

against criteria.

2) Compare criteria assessments between proposed 2023-24 and 2024-25 business cases and 2025-26 business

cases to demonstrate increased alignment.

c. This accountability indicator covers the program of work for the ACT Digital Program and covers the delivery of new

digital services for the community. This accountability indicator is considered complete when a new service is

delivered through the ACT Digital Account. In 2024-25, this indicator is considered complete through the delivery of

another service that leverages whole of government tell us once capabilities. The indicator will be considered

complete on acceptance of a project closure report by the ACT Digital Program Board/Project Sponsor Group,

following establishment of: requisite technical capability (connections supporting secure information sharing),

engagement process and standards and documentation.

d. Service Level Agreement timeframes are standards for service delivery.

e. This measure covers the percentage of calls answered within 240 seconds.

f. This measure covers security breaches of internally hosted ACT Government web sites and web applications.

Output Class 9: Property Services (Discontinued)

Output 9.1: Property Services1,2

Table 37: Accountability Indicators Output 9.1 (Discontinued)

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Percentage of customers satisfied with

management of aquatic centres

93%

N/A

2024-25 Budget Statements 50 Chief Minister, Treasury and Economic Development Directorate

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

b. Vacancy rate for properties designated

for use by non-government tenants

3.5%

1.3%

N/A

c. Percentage of planned ACTPG capital

upgrade projects completed by

expenditure

85%

14%

N/A

Notes:

1. This output was previously Output 7.1 Property Services.

2. Discontinued output. Administrative Arrangements Order 2023 (1) (NI2023-807), dated 11 December 2023,

transferred responsibility for ACT Property Group functions from CMTEDD to Major Projects Canberra.

2024-25 Budget Statements 51 Chief Minister, Treasury and Economic Development Directorate

Changes to Appropriation

Table 38: Changes to appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

645 559

555 174

560 754

570 389

569 523

2nd Appropriation

Better care for our community – Continuing

delivery of the Digital Health Strategy

500

Better community infrastructure:

- Designing major new precincts

1 900

- Stromlo Forest Park maintenance

232

130

128

125

128

Boosting business and the economy:

- Strengthening Canberra's tourism and events

industry

225

- Supporting the night-time economy

Board of Inquiry

314

Delivering major events

130

120

Driver licence medical assessments

146

365

467

385

395

Enhanced community engagement capacity

725

Government Budget Management System

100

200

ICT Finance and Human Resources fixed cost

contribution

5 392

4 640

4 023

3 845

1 038

Increasing housing access, choice and

affordability:

- MyHome – Supporting vulnerable

Canberrans

583

171

177

- Supporting the new Territory Plan

307

633

655

666

682

Independent review of the governance of the

ACT's new Planning system

231

Investing in public services:

- Access Canberra

1 521

- Continuing to implement the Secure

Employment Framework

903

1 863

963

- Managing the 2024 Election Commitment

Costing process

245

505

Licensing system for professional engineers

140

227

235

238

243

Modernising our traffic and parking systems

778

690

National Skills and Workforce Development

665

Oracle license and support

1 760

1 817

1 883

1 944

2 011

Other policy decisions

2 442

2 137

Property developer licensing and regulation

system

117

Protecting Canberra’s unique environment –

Continuing the replacement of non-potable

water pipeline to Uriarra Village

441

Supporting the Australian Olympic and

Paralympic Teams – Paris 2024

300

FMA Section 16B Rollovers from 2022-23

ACT Government office accommodation

consolidation

222

Better community infrastructure:

- Continuing operations at Canberra Olympic

Pool

435

- Refurbishing community and government

buildings

150

2024-25 Budget Statements 52 Chief Minister, Treasury and Economic Development Directorate

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

- Strategic infrastructure planning

-88

Boosting business and the economy – Knowledge

Capital – Future Jobs Fund

670

Boosting Canberrans’ Skills – More support for

vocational education and training and

apprenticeships

701

COVID-19 Business support – Supporting

Canberra’s tourism sector

Expansion of ACT Public Service Graduate

Program

340

Feasibility and design studies for community

infrastructure and upgrades

Improving and upgrading government

accommodation

338

Investing in public services – Strategic policy

development

170

More and better jobs – Improving infrastructure

planning and delivery

More jobs for our growing city – Key industry

sector development

505

Strengthening our tourism industry

250

2024-25 Budget Policy Decisions

ACAT Trust financial sustainability

250

ACT Apprentice and Trainee concession

1 604

Affordable Housing Project Fund 2024-25

2 744

3 150

4 052

654

ANU Joint Research Project – Wellbeing and

areas of shared strategic interest

300

Better community infrastructure – Phillip District

Enclosed Oval – additional funding

Boosting business and the economy:

- Future Jobs Fund – Continuation

3 150

400

- Growing our visitor economy

3 840

160

- Night time economy reforms

589

530

- Securing professional sport in Canberra

1 055

620

636

652

Cost of Living – Support for Vulnerable

Canberrans

125

Cricket Strategic Collaboration Partnership

1 554

2 495

Delivering the National Firearms Register

438

Emissions based registration – Transition

606

689

Energy Bill Relief – Extension and Expansion

257

Expanding driver safety assessments

752

194

198

202

Implementing a direct appropriation model for

Procurement ACT and the Territory Records

Office

3 530

3 619

3 711

3 802

Implementing the Capital of Equality LGBTIQA+

Strategy

300

Improving building quality and safety:

- Building certification services

1 376

1 653

1 681

1 704

- Property developer licensing

479

724

703

712

Integrated Energy Plan – Training more

electricians

2 160

Investing in Canberra’s Arts Sector

475

278

131

Investing in our digital future

6 467

5 193

4 634

4 484

Investing in public services:

- ICT and data services to support Government

service delivery

1 728

- Upgrading Access Canberra’s IT systems

174

2024-25 Budget Statements 53 Chief Minister, Treasury and Economic Development Directorate

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Modernising our traffic and parking systems –

speeding and seatbelt detection capability

316

407

683

516

Other Policy Adjustments

625

Progress work on key entertainment, events,

sports and tourism events infrastructure

projects

972

999

801

812

Public Information Obligations

1 018

1 057

1 102

1 147

Reducing stamp duty for owner-occupiers

514

530

548

Securing Our Information and Data for The Future

714

Streamlining IT processes for Access Canberra

3 791

Offsets:

- Better community infrastructure – Designing

major new precincts

-1 855

- Boosting business and the economy –

Australia’s first Electric Vehicle Centre of

Excellence

-10 200

-7 800

-4 420

- Boosting business and the economy –

Supporting mental health in the workplace

-220

-226

-231

- Continued support for the Hoarding

Advocacy Support Service

-40

-81

-84

-86

-88

- Investing in our digital future

-180

-188

-201

-210

- Whole of Government Savings 2024-25

Budget

-3 210

-3 288

-3 257

-3 338

2024-25 Budget Technical Adjustments

Administrative Arrangement Orders – Transfer of

ACT Property Group to Major Projects

Canberra

-16 539

-13 412

-13 906

-13 886

-14 108

Commonwealth Grant:

- 12-Month Skills Agreement (Fee-free TAFE)

8 979

2 968

2 613

- Community Solar Banks Program

900

- National Agreement for Skills and Workforce

Development

8 006

16 785

14 622

14 051

14 804

More support for Aboriginal and Torres Strait

Islander businesses

246

252

258

Reduction in transfer expenses

-9 679

-9 799

-9 817

-9 850

Restructure Fund

-1 622

Revised Funding Profile:

- ACT Ice Sports Facility

-3 000

3 000

- Asbestos Disease Support Scheme

-1 125

1 125

- Boosting business and the economy –

Continuing to strengthen our tourism and

events industry

-765

765

- Boosting business and the economy –

Knowledge Capital – Future Jobs Fund

-2 251

2 231

- Business Support – International Trade and

engagement

-200

200

- Commonwealth Grant – Community Solar

Banks Program

-900

900

- Commonwealth Grant – JobTrainer Fund

-4 623

4 623

- Commonwealth Grant – National Agreement

for Skills and Workforce Development

-8 113

8 113

- Commonwealth Grant – Skilling Australians

Fund

-1 820

1 820

- Continuing Development of Electronic

Gaming Machine harm reduction measures

-150

150

- Government Office Projects: Workplace

Transition

-500

500

2024-25 Budget Statements 54 Chief Minister, Treasury and Economic Development Directorate

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

- Increasing housing access, choice and

affordability – MyHome Supporting

vulnerable Canberrans

-250

250

- Investing in Public Services – Continuing to

Digitise government Services and digitising

and archiving material

-35

- Investing in public services – Implementing

the Procurement Reform Program

-434

434

- Investing in Public Services – Strategic Policy

Development

-68

- Licencing System for Professional Engineers

-120

120

- Maintaining and growing affordable housing

– Gungahlin Common Ground Build to Rent

-156

156

- Marketing Canberra as a COVID-safe

destination for domestic travellers

-434

434

- Modernising our traffic and parking systems

-1 625

1 092

533

- More jobs for our growing city – delivering

the Kingston Arts Precinct

-2 562

500

1 000

500

562

- More Jobs for our growing city – Key industry

Development

-150

150

- One Government One Voice

-245

245

- Other policy initiatives

-13 362

1 906

11 456

- Strengthening our Tourism Industry

-321

321

- Supporting our Nursing midwifery and allied

health students

-550

550

- Supporting public access to Government

information

-146

146

- Supporting social inclusion – Fostering

Neighbourhood Democracy

-40

- Sustainable Household Scheme

-1 716

1 716

- Whole of Government Banking Services

-276

276

Revised Indexation Parameters

-1 169

-1 200

-859

-449

8 004

Revised Superannuation Parameters

1 892

2 202

2 162

1 309

Savings – Workers' Compensation

-275

Transfer:

- ACAT Trust Disbursement to Justice and

Community Safety Directorate

-407

-421

-435

-448

- Better digital services – E-invoicing for ACT

Government from Capital Injections

227

- Community Solar Banks Program to Capital

Injections

-1 800

- Skills Canberra from Expenses on Behalf of

the Territory

114

117

120

123

2024-25 Budget

612 767

628 241

593 641

586 235

586 841

2024-25 Budget Statements 55 Chief Minister, Treasury and Economic Development Directorate

Table 39: Changes to appropriation – Expenses on Behalf of the Territory ($’000)

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

120 019

94 357

92 603

93 587

FMA Section 16B Rollovers from 2022-23

Commonwealth Grant – HomeBuilder

3 040

2024-25 Budget Policy Decisions

Energy Bill Relief – Extension and Expansion

47 766

15 921

Expanding concessions and the Taxi Subsidy

Scheme

1 358

1 399

1 441

1 586

Support for Affordable Home Purchase Scheme

participants

793

Targeted Electricity, Gas and Water Rebate

2 190

2024-25 Budget Technical Adjustments

Revised Funding Profile – Commonwealth Grant –

HomeBuilder

-8 100

8 100

Transfer – Skills Canberra to Controlled Recurrent

Payments

-114

-117

-120

-123

2024-25 Budget

114 959

154 450

109 806

94 908

95 050

2024-25 Budget Statements 56 Chief Minister, Treasury and Economic Development Directorate

Table 40: Changes to appropriation – Capital Injections, Controlled ($’000) 1

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

200 153

117 088

173 053

11 968

11 741

2nd Appropriation

Better community Infrastructure – A new Fitzroy

Pavilion for community events

3 645

769

Driver licence medical assessments

1 882

154

Licensing system for professional engineers

1 810

1 331

FMA Section 16B Rollovers from 2022-23

ACT Government office accommodation

consolidation

696

Arts and culture – Gorman House Arts Centre

Centenary upgrade

118

Asset Renewal Program

793

Backing our arts and entertainment:

- Recognising significant women through

public art

- Upgrades to Tuggeranong Arts Centre

Theatre

189

Better community infrastructure:

- Continuing operations at Canberra Olympic

Pool

691

- Refurbishing Canberra's public pools

454

- Refurbishing community and government

buildings

644

- Phillip District Enclosed Oval upgrade

Better digital services – Continuing to make

government services more accessible online

Better venues for major events

655

Better venues for major events – Extension

740

Better digital services – E-invoicing for ACT

Government

309

Big Canberra Battery – Stream 2

Climate action:

- Big Canberra Battery – Stream 1

-400

- Moving more government facilities off gas

Commonwealth Grant – Local roads and

community infrastructure

3 052

Digitising Government services

138

Exhibition Park redevelopment and expansion –

Capital component

104

Government Budget Management System

294

Gungahlin District Tennis Centre – Design

225

Implementing the professional engineers

registration scheme

Improvements to the Canberra Museum and

Gallery and the North Building

300

Improving and upgrading government

accommodation

120

Investing in public services:

- Improving ACT public service flexibility

-13

- ICT support of ACT Revenue Office systems

1 082

Meeting future ACT government accommodation

needs

114

More and better jobs:

- Data analytics for smarter policy

112

2024-25 Budget Statements 57 Chief Minister, Treasury and Economic Development Directorate

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

- Expanding Belconnen Arts Centre

More energy efficient government

accommodation

More services for our suburbs – Upgrading the

Old Kingston Bus Depot

160

Permanent Home for Dragon Boating in the ACT

251

Planning for a permanent home for Dragon

Boating

Remediating lead dust at the former transport

depot in Kingston

222

Stromlo Forest Park – Improved parking

146

Supporting smarter working in the new ACT

government office projects

Sustainable Household Scheme

-676

Upgrading local community centres

164

Upgrading local arts facilities

388

Upgrading Canberra venues

862

2024-25 Budget Policy Decisions

Asset Renewal Program – Increased allocation

2 838

2 996

3 204

3 424

Better community infrastructure:

- Expanding the Belconnen Basketball

Stadium

898

- Phillip District Enclosed Oval – additional

funding

1 696

Boosting business and the economy – Night-time

economy reforms

Delivering Heritage reforms, database and

website

980

Expanding driver safety assessments

115

Investing in Canberra’s Arts Sector

1 755

3 865

Investing in our digital future

7 821

Investing in public services – Upgrading Access

Canberra’s IT systems

3 517

Modernising our traffic and parking systems –

speeding and seatbelt detection capability

690

Progress work on key entertainment, events,

sports and tourism events infrastructure

projects

5 000

Reducing stamp duty for owner-occupiers

2 000

Securing Our Information and Data for The

Future

420

366

Offsets:

- Investing in public services – Critical ICT

infrastructure

-4 900

- Sustainable Household Scheme

-2 200

2024-25 Budget Technical Adjustments

Revised Funding Profile:

- Arts and culture – Celebrating significant

women

-70

- Arts and culture – Gorman House Arts

Centre Centenary upgrade

-4 000

-6 000

4 000

6 000

- Backing our Arts and Entertainment –

Upgrades to Tuggeranong Arts Centre

Theatre

-600

500

100

- Better community infrastructure – A new

Fitzroy Pavilion for community events

-2 447

2 447

2024-25 Budget Statements 58 Chief Minister, Treasury and Economic Development Directorate

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

- Better community Infrastructure – Designing

the Stromlo Forest Park district playing

fields

-670

670

- Better community infrastructure –

Gungahlin tennis facility

-2 000

-6 750

8 250

500

- Better community infrastructure – Manuka

Oval Amenities Upgrades

-500

500

- Better community infrastructure – Phillip

District Enclosed Oval Upgrade

-4 666

206

4 460

- Big Canberra Battery – Stream 2

-79

- Better venues for major events – extension

-1 200

600

- Delivering the Home of Football at Throsby

-2 160

-16 000

10 000

8 160

- Driver licence medical assessments

-1 000

1 000

- Government Budget Management System

-300

300

- Investing in public services – ICT support of

ACT Revenue Office Systems

-1 300

1 300

- Investing in public services – Implementing

the Procurement Reform Program

-114

114

- Investing in payroll capability and human

resource management

-5 500

1 000

2 500

2 000

- Kingston Arts Purchase from SLA

-146 388

146 388

- Licensing system for professional engineers

-1 000

-300

1 300

- Maintaining and growing affordable housing

– Gungahlin common ground build to rent

-391

391

- More services for our suburbs – Upgrading

the Old Kingston Bus Depot

-260

260

- Permanent Home for Dragon Boating in the

ACT

484

-484

- Remediating lead dust at the former

transport depot in Kingston

-50

- Stromlo Forest Park – Improved parking

859

-859

- Sustainable Household Scheme – Capital

-28 427

28 427

- Throsby Home of Football – Stage 2

-962

-7 692

8 654

- Traffic Camera Expansion

-885

885

- Upgrading Canberra Venues

-1 284

1 284

- Upgrading venues for major events

-900

-1 432

2 332

Administrative Arrangement Orders – Transfer of

ACT Property Group to Major Projects

Canberra:

- ACT Government office accommodation

consolidation

-696

- Asset Renewal Program

-4 682

-7 402

-7 642

-7 918

-8 205

- Better community infrastructure -

Continuing operations at Canberra

Olympic Pool

-691

- Better community Infrastructure - Gungahlin

community Centre - design and

construction

-269

- Better Community Infrastructure - Public

Building Upgrades

-9 982

-9 009

-7 047

-459

- Better community infrastructure -

Refurbishing Canberra’s public pools

-1 719

-1 354

- Better community infrastructure -

Refurbishing community and Government

buildings

-3 199

-2 836

- Better community infrastructure - Upgrades

at public pools

-2 365

-365

- Better Services – Weston Creek and Stromlo

Swimming pool and leisure centre

-167

2024-25 Budget Statements 59 Chief Minister, Treasury and Economic Development Directorate

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

- Climate action – Moving more government

facilities off gas

-2 175

-3 404

-910

- Commonwealth Grant - Local roads and

community infrastructure

-2 072

- Meeting future ACT government

accommodation needs

-114

- More energy efficient Government

accommodation

-12 776

-1 409

- Office Accommodation

-500

- Supporting smarter working in the new ACT

Government office projects

-102

- Upgrading local community centres

-209

Commonwealth Grant – Community Solar Banks

Program – Solar for Apartments

1 800

Other Technical Adjustments

200

Saving – Designing improved access to the

National Arboretum

-384

-361

Transfer – Better digital services – E-invoicing for

ACT Government to Controlled Recurrent

Payments

-227

Variations:

- Government Budget Management System

-500

- Upgrading Canberra Venues

-1,716

-38

2024-25 Budget

115 578

110 687

62 684

178 363

6 460

Note:

1. Totals in this table may not add due to rounding.

2024-25 Budget Statements 60 Chief Minister, Treasury and Economic Development Directorate

Table 41: Changes to appropriation – Capital Injections, Territorial ($’000)

2023-24

Estimated Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

35 000

25 000

2024-25 Budget Technical Adjustments

Land Rent Scheme

-25 000

Revised Funding Profile – Boosting business and

the economy – Knowledge Capital – Future

Jobs Fund

-10 000

10 000

2024-25 Budget

10 000

25 000

2024-25 Budget Statements 61 Chief Minister, Treasury and Economic Development Directorate

Summary of 2024-25 Infrastructure Program

Table 42: 2024-25 Chief Minister, Treasury and Economic Development Directorate Infrastructure

Program ($’000)

Project

Total

Project

Value1

2024-25

2025-26

2026-27

2027-28

Four year

Investment

Physical

completion

date

New Works

Better community infrastructure:

- Expanding the Belconnen

Basketball Stadium

938

898

Jun-25

- Phillip District Enclosed Oval –

additional funding

1 764

1 696

Jun-26

- Stromlo Forest Park District

Playing Fields – Stage 1

200

Jun-25

Boosting business and the

economy – Night-time economy

reforms

Jun-25

Delivering Heritage reforms,

database and website

980

Jun-25

Expanding driver safety

assessments

465

115

Jun-25

Investing in Canberra’s Arts Sector

5 845

1 755

3 865

5 620

Jun-26

Investing in our digital future

7 821

Jun-25

Investing in public services –

Upgrading Access Canberra’s IT

systems

3 517

Jun-25

Modernising our traffic and parking

systems – speeding and seatbelt

detection capability

1 380

690

1 380

Jun-26

Progress work on key

entertainment, events, sports

and tourism events

infrastructure projects

8 264

5 000

10 000

Jun-26

Reducing stamp duty for owner-

occupiers

2 000

Jun-25

Securing Our Information and Data

for The Future

1 206

420

366

1 206

Jun-27

Total New Works

23 446

11 671

366

35 483

Works In Progress

Arts and culture:

- Celebrating significant women

300

177

247

Jul-26

- Gorman House Arts Centre

Centenary upgrade

12 900

1 390

4 783

6 000

12 173

Jun-27

Backing our Arts and

Entertainment - Upgrades to

Tuggeranong Arts Centre

Theatre

2 000

1 348

225

1 573

Jul-25

Better community infrastructure:

- A new Fitzroy Pavilion for

community events

4 590

3 216

Sep-24

2024-25 Budget Statements 62 Chief Minister, Treasury and Economic Development Directorate

Project

Total

Project

Value1

2024-25

2025-26

2026-27

2027-28

Four year

Investment

Physical

completion

date

- Designing the Stromlo Forest

Park district playing fields

1 200

1 054

Dec-24

- Gungahlin Tennis Facility

9 834

706

8 250

500

9 456

Jul-26

- Manuka Oval Amenities

Upgrades

1 284

746

500

1 246

Jul-25

- Phillip District Enclosed Oval

Upgrade

6 933

2 206

4 460

6 666

Jun-26

Better digital services - Continuing

to make Government services

more accessible online

4 350

712

721

1 433

Jun-26

Better venues for major events –

extension

1 500

600

1 200

Jul-25

Big Canberra Battery – Stream 2

692

Jun-25

Capital upgrades

2 717

1 025

1 342

2 367

Dec-25

Climate action - Transitioning to an

emissions-based vehicle

registration system

1 108

138

Jun-25

Delivering the Home of Football at

Throsby

20 000

500

10 000

8 160

18 660

Jul-26

Driver licence medical assessments

2 056

882

1 154

2 036

Dec-25

Equipment Purchase Funding

Ongoing

1 000

3 000

Ongoing

Government Budget Management

System

5 302

300

Jun-25

Investing in payroll capability and

human resource management

33 708

1 000

2 500

2 000

5 500

Jul-26

Investing in public services:

- Critical ICT infrastructure

22 800

2 130

5 340

7 470

Jul-25

- ICT support of ACT Revenue

Office Systems

6 741

1 011

1 300

2 311

Jul-25

- Implementing the

Procurement Reform

Program

114

Dec-24

- Strengthening building quality

regulation

150

Jun-25

Licensing system for professional

engineers

3 141

1 031

1 300

2 331

Sep-25

Maintaining and growing

affordable housing – Gungahlin

Common Ground Build to Rent

391

Jun-25

More services for our suburbs –

Upgrading the Old Kingston Bus

Depot

5 953

260

Jun-25

Remediating lead dust at the

former transport depot in

Kingston

1 300

Jun-25

Throsby Home of Football – Stage 2

9 000

8 654

Jul-26

Upgrading venues for major events

3 569

1 000

2 332

3 332

Jul-25

Total Works In Progress

22 216

45 877

26 314

1 000

95 407

2024-25 Budget Statements 63 Chief Minister, Treasury and Economic Development Directorate

Project

Total

Project

Value1

2024-25

2025-26

2026-27

2027-28

Four year

Investment

Physical

completion

date

Asset Renewal Program

Improving major venues:

EPIC:

- Admin Security upgrade

Jun-25

- Electrical upgrades

204

Jun-25

- Fire Panel upgrades

200

Jun-25

- Landscaping upgrades

300

Jun-25

GIO Stadium:

- East corporate upgrade

450

Jun-25

- Hardstand replacement

150

Jun-25

- Painting

100

Jun-25

Manuka Oval

- Accessibility upgrades

100

Jun-25

- Seating upgrades

150

Jun-25

- Synthetic turf apron

200

Jun-25

National Arboretum Canberra:

North & South deck replacements

120

Jun-25

Visitor Centre (VC) WHS upgrade

Jun-25

VC lighting

107

Jun-25

VC Visitor interpretation redesign

Jun-25

Water meter project

120

Jun-25

Works shed at Depot

100

Jun-25

Stromlo Forest Park:

BMX Feasibility Study

Jun-25

Boom gates

Jun-25

Depot toilets

Jun-25

Video wall for Park messaging

Jun-25

Funding for major events:

Asset maintenance

100

Jun-25

Event experience amenities

Jun-25

Improved accessibility

Jun-25

Improved food and beverage

facilities

Jun-25

Legacy Artistic

Program/Installations for

Commonwealth Park

Jun-25

Warehouse management and

equipment

Jun-25

Wayfinding and signage assets

Jun-25

Improving arts buildings and

facilities:

Arts Facility Asset Renewals

898

Jun-25

Enhanced Security Measures:

Improved security for Access

Canberra - Cosmo and service

centres

125

Jun-25

Improved security for Winyu - End

of life replacement of CCTV

Camera's

Jun-25

2024-25 Budget Statements 64 Chief Minister, Treasury and Economic Development Directorate

Project

Total

Project

Value1

2024-25

2025-26

2026-27

2027-28

Four year

Investment

Physical

completion

date

Upgrade of Mitchell Records

Services access control

Jun-25

Unallocated ARP

Ongoing

4 392

4 551

4 716

13 659

Ongoing

Total Asset Renewal Program

4 254

4 392

4 551

4 716

17 913

Total Infrastructure Program

49 916

61 940

31 231

5 716

148 803

Note:

1. The Total Project Value is inclusive of Major Projects Canberra’s (MPC) management fee, where applicable, for which

funding is appropriated directly to MPC and may include amounts relating to other Directorates (with shared project

responsibility).

2024-25 Budget Statements 65 Chief Minister, Treasury and Economic Development Directorate

Table 43: Reconciliation of the 2024-25 Chief Minister, Treasury and Economic Development

Directorate Infrastructure Program to Controlled Capital Injection Appropriation ($’000)

Project

2024-25

2025-26

2026-27

2027-28

Four year

investment

Total Infrastructure Program

49 916

61 940

31 231

5 716

148 803

Capital Injection funded projects not included in Infrastructure Program

Acquisition of land and buildings for

Kingston Arts Precinct project

146 388

Better support when it matters – Protecting

vulnerable Canberrans

313

1 252

Commonwealth Grant - Community Solar

Banks Program - Funding type

reclassification

1 800

Rego ACT – Ongoing Investment

431

1 724

Sustainable Household Scheme

58 227

Sub-total

60 771

744

147 132

744

209 391

TOTAL CONTROLLED CAPITAL INJECTIONS

110 687

62 684

178 363

6 460

358 194

2024-25 Budget Statements 66 Chief Minister, Treasury and Economic Development Directorate

Financial Statements

Table 44: Chief Minister, Treasury and Economic Development Directorate: Operating Statement

($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

645 559

612 767

628 241

593 641

586 235

586 841

Taxes, Licences, Fees and

Fines

641

663

648

-2

647

681

699

Sale of Goods and Services

from Contracts with

Customers

225 356

157 141

111 536

-29

113 540

115 893

119 124

Grants and Contributions

Revenue

7 669

6 795

6 651

-2

7 486

6 837

6 030

Interest Revenue

6 679

6 264

9 245

8 439

7 585

6 684

Other Income

4 233

4 359

4 917

5 040

5 199

5 357

Gains from Disposals,

Derecognition and

Remeasurement of

Assets

206

200

205

210

215

Total Income

890 343

788 189

761 443

-3

729 003

722 645

724 950

Expenses

Employee Expenses

363 630

360 955

365 236

362 660

365 334

369 236

Supplies and Services

327 111

286 076

247 517

-13

236 077

236 699

237 362

Depreciation and

Amortisation

118 303

80 448

48 031

-40

49 317

44 756

50 819

Grants and Purchased

Services

142 860

114 686

140 394

106 626

100 045

98 670

Borrowing Costs

15 733

7 167

169

-98

138

117

122

Other Expenses

4 038

3 124

3 381

3 570

3 207

2 814

Transfer Expenses

9 796

9 558

526

-94

749

112

115

Total Expenses

981 471

862 014

805 254

-7

759 137

750 270

759 138

Operating Result

-91 128

-73 825

-43 811

-30 134

-27 625

-34 188

Other Comprehensive

Income

Items that will not be

Reclassified Subsequently

to Profit or Loss

Total Comprehensive Result

-91 128

-73 825

-43 811

-30 134

-27 625

-34 188

2024-25 Budget Statements 67 Chief Minister, Treasury and Economic Development Directorate

Table 45: Chief Minister, Treasury and Economic Development Directorate: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

99 779

84 493

83 084

-2

81 484

79 894

78 334

Receivables

38 923

16 970

17 116

13 874

10 632

7 390

Contract Assets

10 006

10 382

11 350

12 318

13 286

14 254

Inventories

1 177

1 410

1 411

1 412

1 413

1 414

Other Assets

15 442

11 736

12 734

13 873

15 012

16 151

Total Current Assets

165 327

124 991

125 695

122 961

120 237

117 543

Non-Current Assets

Receivables

125 155

107 019

141 040

127 613

113 332

98 150

Inventories

Property, Plant and

Equipment

2 062 086

421 788

437 720

474 262

630 851

670 835

Investment Properties

5 020

Intangible Assets

70 480

45 753

38 902

-15

39 122

31 846

16 051

Capital Works in Progress

79 635

73 867

87 178

84 478

87 640

39 374

Other Assets

8 061

9 053

8 015

-11

6 977

5 939

4 901

Total Non-Current Assets

2 350 437

662 501

717 876

737 473

874 629

834 332

TOTAL ASSETS

2 515 764

787 492

843 571

860 434

994 866

951 875

Current Liabilities

Payables

35 814

30 093

32 752

35 420

38 088

40 756

Contract Liabilities

12 632

13 205

13 750

14 295

14 840

15 385

Borrowings

676

Lease Liabilities

40 062

5 219

5 250

4 396

4 378

4 360

Employee Benefits

123 256

111 472

120 080

126 741

133 147

139 553

Other Provisions

240

Other Liabilities

1 139

7 128

7 218

7 308

7 398

7 488

Total Current Liabilities

213 819

167 384

179 317

188 427

198 119

207 782

Non-Current Liabilities

Borrowings

241

-33

Lease Liabilities

807 453

7 992

5 823

-27

4 508

3 211

1 914

Employee Benefits

6 141

6 047

6 500

6 925

7 229

7 533

Other Provisions

2 398

2 397

Total Non-Current

Liabilities

816 233

16 518

14 775

-11

13 858

12 837

11 844

TOTAL LIABILITIES

1 030 052

183 902

194 092

202 285

210 956

219 626

NET ASSETS

1 485 712

603 590

649 479

658 149

783 910

732 249

Equity

Accumulated Funds

955 348

448 016

493 905

502 575

628 336

576 675

Asset Revaluation Surplus

530 364

155 574

TOTAL EQUITY

1 485 712

603 590

649 479

658 149

783 910

732 249

2024-25 Budget Statements 68 Chief Minister, Treasury and Economic Development Directorate

Table 46: Chief Minister, Treasury and Economic Development Directorate: Statement of Changes

in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

863 736

860 031

448 016

-48

493 905

502 575

628 336

Opening Asset Revaluation

Surplus

530 364

516 988

155 574

-70

155 574

Balance at the Start of the

Reporting Period

1 394 100

1 377 019

603 590

-56

649 479

658 149

783 910

Comprehensive Income

Operating Result

-91 128

-73 825

-43 811

-30 134

-27 625

-34 188

Total Comprehensive Result

-91 128

-73 825

-43 811

-30 134

-27 625

-34 188

Movement in Asset

Revaluation Surplus

Transfer (to)/from

Accumulated Funds

361 414

-100

Movement in Asset

Revaluation Surplus

-361 414

100

Total Movement in Reserves

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

200 153

115 578

110 687

-4

62 684

178 363

6 460

Capital Distributions

-16 394

-14 975

-20 987

-40

-23 933

Net Assets Transferred

From/(To) Other Agencies

As Part Of An

Administrative Restructure

-800 207

100

-1 044

Dividend Approved

-1 019

Total Transactions Involving

Owners Affecting

Accumulated Funds

182 740

-699 604

89 700

113

38 804

153 386

-17 473

Closing Equity

Closing Accumulated Funds

955 348

448 016

493 905

502 575

628 336

576 675

Closing Asset Revaluation

Surplus

530 364

155 574

Balance at the end of the

Reporting Period

1 485 712

603 590

649 479

658 149

783 910

732 249

2024-25 Budget Statements 69 Chief Minister, Treasury and Economic Development Directorate

Table 47: Chief Minister, Treasury and Economic Development Directorate: Cash Flow Statement

($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

645 003

612 211

627 665

593 045

585 618

586 224

Payment for Community

Service Obligations

556

576

596

617

Taxes, Licences, Fees and

Fines

663

648

-2

647

681

699

Sale of Goods and Services

from Contracts with

Customers

236 505

168 312

126 932

-25

129 381

131 734

134 965

Grants and Contributions

Receipts

900

450

-50

150

Interest Receipts

262

261

262

264

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

45 717

Goods and Services Tax

Collected from Customers

22 013

Other

3 479

3 478

4 166

4 289

4 448

4 606

Total Receipts from Operating

Activities

954 198

854 111

828 429

-3

796 102

791 092

795 105

Payments

Employee Payments

366 084

362 931

359 706

-1

359 105

362 155

366 057

Supplies and Services

327 458

279 587

251 061

-10

240 063

240 427

242 302

Grants and Purchased Services

127 666

104 578

137 038

116 247

109 666

108 291

Borrowing Costs

15 787

7 131

133

-98

102

Transfer of Territory Receipts

to the ACT Government

9 868

9 630

598

-94

821

184

187

Goods and Services Tax Paid

to the Australian Taxation

Office

21 989

Goods and Services Tax Paid

to Suppliers

45 626

Other

394

1 914

2 114

2 227

1 864

1 471

Total Payments from

Operating Activities

914 872

833 386

818 265

-2

786 180

781 992

786 004

Net Cash Inflows/(Outflows)

from Operating Activities

39 326

20 725

10 164

-51

9 922

9 100

9 101

CASH FLOWS FROM

INVESTING ACTIVITIES

2024-25 Budget Statements 70 Chief Minister, Treasury and Economic Development Directorate

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Receipts

Proceeds from Sale of

Property, Plant and

Equipment

370

375

380

385

Loan Receivable Repayment

Received

16 811

15 392

21 362

24 264

Total Receipts from Investing

Activities

17 181

15 762

21 737

24 644

24 649

Payments

Purchase of Property, Plant

and Equipment

11 186

14 396

12 686

159 074

12 255

Purchase of Capital Works

99 674

44 202

46 363

60 097

29 388

4 304

Loans Receivable Provided

92 000

62 897

60 027

-5

Total Payments from

Investing Activities

202 860

118 285

120 786

72 783

188 462

16 559

Net Cash Inflows/(Outflows)

from Investing Activities

-185 679

-102 523

-99 049

-48 139

-163 813

8 090

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

200 153

115 578

110 687

-4

62 684

178 363

6 460

Total Receipts from Financing

Activities

200 153

115 578

110 687

-4

62 684

178 363

6 460

Payments

Distributions to Government

16 394

14 975

20 987

23 933

Repayment of Borrowings

129

149

Repayment of Lease Liabilities

- Principal

39 671

21 157

2 075

-90

2 105

1 278

CF Payment of Dividends

1 019

Payment of Transferred Cash

Balances

7 867

-100

Total Payments from

Financing Activities

57 213

44 128

23 211

-47

26 067

25 240

25 211

Net Cash Inflows/(Outflows)

from Financing Activities

142 940

71 450

87 476

36 617

153 123

-18 751

Net Increase/(Decrease) in

Cash and Cash Equivalents

-3 413

-10 348

-1 409

-1 600

-1 590

-1 560

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

103 192

94 841

84 493

-11

83 084

81 484

79 894

Cash and Cash Equivalents at

the End of the Reporting

Period

99 779

84 493

83 084

-2

81 484

79 894

78 334

2024-25 Budget Statements 71 Chief Minister, Treasury and Economic Development Directorate

Notes to the Controlled Budget Statements

On 12 December 2023, as a result of Administrative Arrangements 2023( No.1), ACT Property Group

functions were transferred from CMTEDD to Major Projects Canberra. This transfer is a significant

driver of variations between the original 2023-24 Budget and 2023-24 Estimated Outcome for both

the Operating Statement and Balance Sheet, and the 2023-24 Estimated Outcome and

2024-25 Budget for the Operating Statement (noting ACT Property Group was part of CMTEDD for

over five months of the financial year).

Significant variations are as follows:

Operating Statement

• sale of goods and services from contracts with customers:

- the decrease of $68.215 million in the 2023-24 estimated outcome from the 2023-24 Budget

is mainly due to a reduction in the rental income following the transfer of ACT Property

Group to Major Projects Canberra; and

- the decrease of $45.605 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the transfer of ACT Property Group to Major Projects Canberra noted above,

as well as a reduction in user charges due to the introduction of a direct appropriation model

for certain services and functions delivered by Procurement ACT and Territory Records

Office on behalf of other Government agencies.

• supplies and services:

- the decrease of $41.035 million in the 2023-24 estimated outcome from the 2023-24 Budget

is mainly due to a reduction in property services expenditure following the transfer of ACT

Property Group to Major Projects Canberra, and the impact of deferral of initiative

expenditure to future years; partially offset by the new costs associated with new initiatives

introduced as part of 2nd Appropriation to support better community infrastructure,

boosting business and the economy and investing in public services; and

- the decrease of $38.559 million in the 2024-25 Budget from the 2023-24 estimated outcome

mainly reflects the impact of the transfer of ACT Property Group to Major Projects Canberra

noted above, partially offset by the impact of new 2024-25 Budget initiatives and the

reprofiling of recurrent project expenditure from 2023-24 to 2024-25.

• depreciation and amortisation: the decreases of $37.855 million in the 2023-24 estimated

outcome from the 2023-24 Budget and $32.417 million in the 2024-25 Budget from the

2023-24 estimated outcome are mainly due to the reduction in CMTEDD’s fixed asset base

following the transfer of ACT Property Group to Major Projects Canberra.

• grants and purchased services:

- the decrease of $28.174 million in the 2023-24 estimated outcome from the 2023-24 Budget

is mainly due to the reprofiling of recurrent project expenditure from 2023-24 to future

years; partially offset by the impact of new initiatives approved as part of the 2023-24

Budget Review; and

2024-25 Budget Statements 72 Chief Minister, Treasury and Economic Development Directorate

- the increase of $25.708 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the combined impact of new initiatives introduced as part of

2024-25 Budget and deferral of recurrent project expenditure from 2023-24 to 2024-25.

• operating result: the negative operating results in all years largely reflect the impact of non-cash

expenses such as depreciation, movements in employee entitlements, and accounting for the

Sustainable Household Scheme (SHS) concessional loan arrangements.

- the improvement of $17.303 million in the 2023-24 estimated outcome from the

2023-24 Budget is mainly due to the net impact of transfer of ACT Property Group to Major

Projects Canberra, and the deferral of the non-cash concessional loan discount expense from

2023-24 to 2024-25 associated with the demand-driven SHS loans; and

- the improvement of $30.014 million in the 2024-25 Budget from the 2023-24 estimated

outcome is mainly due to the net impact of transfer of ACT Property Group to Major Projects

Canberra, and the net impact of concessional interest revenue and discount expense

associated with the SHS loans.

Balance Sheet

• Cash and cash equivalents: the decrease of $15.286 million in the 2023-24 estimated outcome

from the 2023-24 Budget is mainly due to the transfer of ACT Property Group to Major Projects

Canberra and the timing of cash flows towards the end of financial year.

• Receivables (current): the decrease of $21.953 million in the 2023-24 estimated outcome from

the 2023-24 Budget is mainly due to the transfer of ACT Property Group to Major Projects

Canberra.

• Receivables (non-current): the decrease of $18.136 million in the 2023-24 estimated outcome

from the 2023-24 Budget, and the increase of $34.021 million in the 2024-25 Budget from the

2023-24 estimated outcome, is mainly due the timing of loans issued under SHS, with capital

funding for the Scheme reprofiled from 2023-24 to 2024-25.

• Property, plant and equipment: the decrease of $1.640 billion in the 2023-24 estimated

outcome from the 2023-24 Budget is mainly due to the transfer of ACT Property Group assets to

Major Projects Canberra.

• Intangible assets: the decrease of $24.727 million in the 2023-24 estimated outcome from the

2023-24 Budget is mainly due to amortisation of existing assets and the impact of revised

completion dates for a number of ICT projects, including the Licensing system for professional

engineers and Investing in public services – ICT support of ACT Revenue Office Systems.

• Lease liabilities (current): the decrease of $34.843 million in the 2023-24 estimated outcome

from the 2023-24 Budget is mainly due to the transfer of ACT Property Group to Major Projects

Canberra.

• Lease liabilities (non-current): the decrease of $799.461 million in the 2023-24 estimated

outcome from the 2023-24 Budget is mainly due to the transfer of ACT Property Group to Major

Projects Canberra.

2024-25 Budget Statements 73 Chief Minister, Treasury and Economic Development Directorate

• Asset revaluation surplus: the decrease of $374.790 million in the 2023-24 estimated outcome

from the 2023-24 Budget is mainly due to transfer of ACT Property Group to Major Projects

Canberra.

Statement of Changes in Equity and Cash Flow Statement

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 74 Chief Minister, Treasury and Economic Development Directorate

Financial Statements – Territorial

Table 48: Chief Minister, Treasury and Economic Development Directorate: Statement of Income

and Expenses on behalf of the Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Payment for Expenses on

Behalf of the Territory

120 019

114 959

154 450

109 806

94 908

95 050

Taxes, Licences, Fees and Fines

2 777 365

2 738 131

2 942 498

3 229 112

3 486 380

3 663 076

Land Revenue

6 580

4 866

6 352

5 866

6 078

6 258

Sale of Goods and Services

from Contracts with

Customers

17 080

17 506

17 981

18 459

18 585

Grants and Contributions

Revenue

2 813 822

2 801 629

2 993 040

3 008 880

3 126 673

3 256 973

Dividend Revenue

111 079

143 496

143 256

250 598

359 650

278 826

Other Income

7 522

7 615

493

-94

23 878

24 305

25 034

Total Income

5 853 467

5 827 776

6 257 595

6 646 121

7 116 453

7 343 802

Expenses

Supplies and Services

29 324

18 149

13 790

-24

14 087

14 150

14 177

Grants and Purchased Services

84 459

90 574

133 723

89 676

74 252

75 290

Other Expenses

7 453

8 158

9 560

8 722

8 876

9 034

Transfer Expenses

5 732 231

5 711 600

6 101 433

6 534 409

7 020 011

7 246 199

Total Expenses

5 853 467

5 828 481

6 258 506

6 646 894

7 117 289

7 344 700

Operating Result

-705

-911

-29

-773

-836

-898

Other Comprehensive Income

Items that will not be

Reclassified Subsequently

to Profit or Loss

Increase/(Decrease) in the

Asset Revaluation Surplus

15 696

9 681

8 977

-7

7 584

8 290

8 899

Total Other Comprehensive

Income

15 696

9 681

8 977

-7

7 584

8 290

8 899

Total Comprehensive Result

15 696

8 976

8 066

-10

6 811

7 454

8 001

2024-25 Budget Statements 75 Chief Minister, Treasury and Economic Development Directorate

Table 49: Chief Minister, Treasury and Economic Development Directorate: Statement of Assets

and Liabilities on behalf of the Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

8 793

14 886

Receivables

839 254

736 806

747 007

960 111

913 142

895 136

Total Current Assets

848 047

751 692

761 893

974 997

928 028

910 022

Non-Current Assets

Receivables

70 911

42 234

Investments

13 894

3 894

13 894

257

13 894

Property, Plant and

Equipment

268 289

254 078

234 652

-8

243 114

250 336

256 222

Total Non-Current Assets

353 094

300 206

290 780

-3

299 242

306 464

312 350

TOTAL ASSETS

1 201 141

1 051 898

1 052 673

1 274 239

1 234 492

1 222 372

Current Liabilities

Payables

861 552

735 537

743 414

953 000

902 513

880 989

Other Provisions

4 199

14 212

Total Current Liabilities

865 751

749 749

757 626

967 212

916 725

895 201

Non-Current Liabilities

Payables

70 911

42 234

44 558

48 076

51 594

55 112

Total Non-Current

Liabilities

70 911

42 234

44 558

48 076

51 594

55 112

TOTAL LIABILITIES

936 662

791 983

802 184

1 015 288

968 319

950 313

NET ASSETS

264 479

259 915

250 489

-4

258 951

266 173

272 059

Equity

Accumulated Funds

142 550

135 375

126 988

-6

136 373

144 498

151 364

Asset Revaluation Surplus

121 929

124 540

123 501

-1

122 578

121 675

120 695

TOTAL EQUITY

264 479

259 915

250 489

-4

258 951

266 173

272 059

2024-25 Budget Statements 76 Chief Minister, Treasury and Economic Development Directorate

Table 50: Chief Minister, Treasury and Economic Development Directorate: Statement of Changes

in Equity on behalf of the Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated

Funds

125 684

145 923

135 375

-7

126 988

136 373

144 498

Opening Asset Revaluation

Surplus

122 107

120 000

124 540

123 501

122 578

121 675

Balance at the Start of the

Reporting Period

247 791

265 923

259 915

-2

250 489

258 951

266 173

Comprehensive Income

Operating Result

-705

-911

-29

-773

-836

-898

Increase/(Decrease) in the

Asset Revaluation

Reserve Surplus

15 696

9 681

8 977

-7

7 584

8 290

8 899

Total Comprehensive

Result

15 696

8 976

8 066

-10

6 811

7 454

8 001

Transfer to/from

Accumulated Funds

15 874

5 141

10 016

8 507

9 193

9 879

Movement in Asset

Revaluation Surplus

-15 874

-5 141

-10 016

-95

-8 507

-9 193

-9 879

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

35 000

10 000

25 000

Capital Distributions

-34 008

-14 984

-27 492

-83

-23 349

-25 232

-27 115

Total Transactions

Involving Owners

Affecting Accumulated

Funds

992

-14 984

-17 492

-17

1 651

-232

-2 115

Closing Equity

Closing Accumulated Funds

142 551

135 375

126 988

-6

136 373

144 498

151 364

Closing Asset Revaluation

Surplus

121 929

124 540

123 501

-1

122 578

121 675

120 695

Balance at the end of the

Reporting Period

264 479

259 915

250 489

-4

258 951

266 173

272 059

2024-25 Budget Statements 77 Chief Minister, Treasury and Economic Development Directorate

Table 51: Chief Minister, Treasury and Economic Development Directorate: Cash Flow Statement

on behalf of the Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Payment for Expenses on

Behalf of the Territory

79 657

74 597

114 088

69 444

54 546

54 688

Payment for Community

Service Obligations

40 362

Taxes, Licences, Fees and Fines

2 732 024

2 685 484

2 892 518

3 129 410

3 416 741

3 660 235

Sale of Goods and Services

from Contracts with

Customers

17 030

17 456

17 931

18 409

18 535

Grants and Contributions

Receipts

2 812 618

2 800 425

2 991 836

3 007 676

3 125 469

3 255 769

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

945

Goods and Services Tax

Collected from Customers

1 745

Dividends

29 088

138 751

158 102

138 106

307 837

341 994

Land Rental Receipts

6 579

4 866

6 352

5 866

6 078

6 258

Other

14 562

14 655

7 533

-49

30 918

31 345

32 074

Total Receipts from Operating

Activities

5 734 610

5 778 860

6 230 937

6 442 403

7 003 477

7 412 605

Payments

Supplies and Services

28 120

16 945

12 586

-26

12 883

12 946

12 973

Grants and Purchased Services

80 316

86 431

128 959

84 520

68 599

68 699

Transfer of Territory Receipts

to the ACT Government

5 618 199

5 667 509

6 079 974

6 335 952

6 912 358

7 320 390

Goods and Services Tax Paid to

the Australian Taxation

Office

1 745

2 189

2 655

2 518

2 581

2 643

Goods and Services Tax Paid to

Suppliers

945

Other

5 286

6 728

6 358

6 884

7 853

Total Payments from

Operating Activities

5 734 611

5 779 305

6 231 847

6 443 176

7 004 313

7 413 503

Net Cash Inflows/(Outflows)

from Operating Activities

-1

-445

-910

-104

-773

-836

-898

2024-25 Budget Statements 78 Chief Minister, Treasury and Economic Development Directorate

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Proceeds from Sale of

Property, Plant and

Equipment

34 009

15 429

28 402

24 122

26 068

28 013

Total Receipts from Investing

Activities

34 009

15 429

28 402

24 122

26 068

28 013

Payments

Purchase of Property, Plant

and Equipment

25 000

Purchase of Investments

10 000

Total Payments from

Investing Activities

35 000

10 000

25 000

Net Cash Inflows/(Outflows)

from Investing Activities

-991

15 429

18 402

-878

1 068

3 013

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

35 000

10 000

25 000

Total Receipts from Financing

Activities

35 000

10 000

25 000

Payments

Distributions to Government

34 008

14 984

27 492

23 349

25 232

27 115

Total Payments from

Financing Activities

34 008

14 984

27 492

23 349

25 232

27 115

Net Cash Inflows/(Outflows)

from Financing Activities

992

-14 984

-17 492

-17

1 651

-232

-2 115

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

8 793

14 886

Cash and Cash Equivalents at

the End of the Reporting

Period

8 793

14 886

2024-25 Budget Statements 79 Chief Minister, Treasury and Economic Development Directorate

Notes to the Territorial Budget Statements

The Chief Minister, Treasury and Economic Development Directorate (CMTEDD) collects the majority

of General Government Sector (GGS) revenue through its Territorial accounts on behalf of the

ACT Government. This includes own source taxation revenue including payroll tax, rates, land tax

and motor vehicle registrations along with Goods and Services Tax (GST) and other grants received

from the Commonwealth Government. The revenue collected is transferred to the ACT Government

and is not retained in CMTEDD. The 2024-25 Budget Paper 3: Budget Outlook provides detailed

information on budgeted General Government Sector (GGS) revenue, including taxes, licences, fees

and fines, Commonwealth Government grants and dividend revenue.

CMTEDD is responsible for a payments on behalf of the Territory associated with a range of

concession schemes covering household utility expenses, transportation, spectacles and funeral

expenses along with Grant programs including the First Home Owners and HomeBuilder schemes. A

Payment for Expenses on Behalf of the Territory is received as income to cover these payments.

Significant variations are as follows:

Statement of Income and Expenses on behalf of the Territory

• payment of expenses on behalf of the Territory (EBT): the increase of $39.491 million in the

2024-25 Budget from the 2023-24 estimated outcome is largely due to the introduction of the

Energy Bill Relief Program and other cost of living assistance measures in 2024-25 and the

reprofiling of the Home Builder Grant from 2023-24 to 2024-25.

• dividend revenue: the increase of $32.417 million in the 2023-24 estimated outcome from the

2023-24 Budget is due to changes in the pattern of dividend payments from a range of

organisations including the City Renewal Authority (CRA), the Suburban Land Agency (SLA) and

Icon Water.

• grants and purchased services: the increase of $43.149 million in the 2024-25 Budget from the

2023-24 estimated outcome is mainly due to the introduction of the Energy Bill Relief Program.

Statement of Assets and Liabilities on behalf of the Territory

• receivables (current and non-current):

- the decrease of $131.125 million in the 2023-24 estimated outcome to the 2023-24 Budget

is mainly due to reduced dividend and income tax equivalents receivables for the SLA, Icon

Water and the CRA, as well as reduced external receivables for Taxes, Fees and Fines.

- the $28.677 million reduction in non-current receivables in the 2023-24 estimated outcome

to the 2023-24 Budget is due to the clearing of payroll tax receivables which originated due

to COVID-19 assistance measures.

• payables (current and non-current): the variance between original budget, the 2023-24

estimated outcome and 2024-25 Budget are driven by the receivables balance and reflects that

most funds received through CMTEDD’s territorial accounts are on-passed to the Territory

Banking Account (TBA).

Statement of Changes in Equity and Cash Flow Statement on behalf of the Territory

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 80 Chief Minister, Treasury and Economic Development Directorate

Output Class Financial Statements

Table 52: Output Class 1: Government Strategy Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

43 657

43 716

42 068

-4

48 274

53 240

53 723

Sale of Goods and Services

from Contracts with

Customers

6 623

6 193

7 165

7 332

7 564

7 790

Grants and Contributions

Revenue

2 181

3 398

3 059

-10

2 857

2 759

2 748

Interest Revenue

6 430

6 016

8 996

8 188

7 334

6 433

Other Income

102

-100

Total Income

58 993

59 425

61 288

66 651

70 897

70 694

Expenses

Employee Expenses

28 036

27 979

27 827

-1

26 283

26 442

26 522

Supplies and Services

23 086

23 141

22 520

-3

17 425

17 505

17 550

Depreciation and Amortisation

255

256

252

-2

307

312

Grants and Purchased Services

26 419

22 236

15 121

-32

14 947

19 768

20 358

Borrowing Costs

-50

Other Expenses

566

529

684

636

637

638

Total Expenses

78 364

74 143

66 405

-10

59 599

64 665

65 381

Operating Result

-19 371

-14 718

-5 117

7 052

6 232

5 313

2024-25 Budget Statements 81 Chief Minister, Treasury and Economic Development Directorate

Table 53: Output Class 2: Access Canberra Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

102 884

102 915

107 131

106 995

106 415

108 153

Taxes, Licences, Fees and Fines

435

417

-4

409

435

446

Sale of Goods and Services

from Contracts with

Customers

16 385

14 512

14 676

15 080

15 526

15 818

Grants and Contributions

Revenue

11 109

11 374

12 434

12 914

13 166

13 054

Interest Revenue

158

160

Other Income

331

898

171

924

957

988

Total Income

131 302

129 725

135 714

136 482

136 659

138 619

Expenses

Employee Expenses

78 731

79 597

85 080

85 042

84 443

85 320

Supplies and Services

50 138

47 783

48 060

48 359

48 968

49 975

Depreciation and Amortisation

4 462

5 343

5 073

5 412

5 442

Grants and Purchased Services

2 496

2 495

2 554

2 624

2 698

2 771

Borrowing Costs

Other Expenses

101

104

Total Expenses

135 998

134 509

141 212

141 275

141 701

143 691

Operating Result

-4 696

-4 784

-5 498

-15

-4 793

-5 042

-5 072

2024-25 Budget Statements 82 Chief Minister, Treasury and Economic Development Directorate

Table 54: Output Class 3: Economic Development Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

147 717

134 568

165 449

120 335

117 270

119 964

Taxes, Licences, Fees and

Fines

228

231

238

246

253

Sale of Goods and Services

from Contracts with

Customers

17 847

17 172

17 819

18 448

18 238

18 711

Grants and Contributions

Revenue

5 611

5 247

6 138

7 127

6 589

5 790

Interest Revenue

Other Income

1 194

617

-48

639

662

681

Total Income

172 637

158 449

190 294

146 827

143 045

145 439

Expenses

Employee Expenses

30 634

39 732

42 841

41 032

41 556

42 054

Supplies and Services

59 736

47 133

44 786

-5

41 975

38 480

38 838

Depreciation and Amortisation

7 758

8 052

9 244

9 998

9 944

12 586

Grants and Purchased Services

81 207

71 993

102 697

62 298

63 146

65 917

Borrowing Costs

Other Expenses

2 915

2 055

2 229

2 442

2 068

1 664

Transfer Expenses

420

640

Total Expenses

182 258

168 973

202 225

158 393

155 202

161 067

Operating Result

-9 621

-10 524

-11 931

-13

-11 566

-12 157

-15 628

2024-25 Budget Statements 83 Chief Minister, Treasury and Economic Development Directorate

Table 55: Output Class 4: Financial and Economic Management Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

63 726

54 525

56 564

64 309

51 745

47 460

Sale of Goods and Services

from Contracts with

Customers

7 280

4 407

5 278

5 222

5 346

5 472

Grants and Contributions

Revenue

1 811

2 255

2 465

2 566

2 499

2 486

Interest Revenue

Total Income

72 822

61 192

64 312

72 102

59 595

55 423

Expenses

Employee Expenses

31 834

32 355

36 085

35 362

34 969

35 390

Supplies and Services

20 704

19 086

17 273

-9

14 830

14 939

15 265

Depreciation and Amortisation

2 044

1 943

2 031

2 581

2 565

2 485

Grants and Purchased Services

20 741

10 512

11 626

22 485

10 320

5 400

Transfer Expenses

103

106

109

112

115

Total Expenses

75 426

63 999

67 121

75 367

62 905

58 655

Operating Result

-2 604

-2 807

-2 809

-3 265

-3 310

-3 232

2024-25 Budget Statements 84 Chief Minister, Treasury and Economic Development Directorate

Table 56: Output Class 5: Revenue Management Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

27 771

27 899

28 623

27 040

27 494

27 994

Sale of Goods and Services

from Contracts with

Customers

1 547

824

714

-13

735

760

783

Grants and Contributions

Revenue

3 566

3 632

3 755

3 929

4 040

4 001

Interest Revenue

Other Income

731

1 632

123

1 677

1 736

1 788

Total Income

33 647

33 118

34 756

33 413

34 062

34 598

Expenses

Employee Expenses

19 406

19 260

19 438

19 171

19 415

19 654

Supplies and Services

14 749

14 399

14 391

14 643

15 038

15 331

Depreciation and Amortisation

3 840

4 005

4 530

Grants and Purchased Services

1 425

Other Expenses

Total Expenses

38 029

37 533

39 293

38 378

39 017

39 549

Operating Result

-4 382

-4 415

-4 537

-3

-4 965

-4 955

-4 951

2024-25 Budget Statements 85 Chief Minister, Treasury and Economic Development Directorate

Table 57: Output Class 6: Procurement Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

7 317

7 063

10 899

10 484

10 483

10 609

Sale of Goods and Services

from Contracts with

Customers

4 279

4 087

453

-89

470

477

485

Grants and Contributions

Revenue

525

583

598

624

631

609

Other Income

Total Income

12 122

11 733

11 950

11 578

11 591

11 703

Expenses

Employee Expenses

8 871

9 029

9 202

9 198

9 172

9 266

Supplies and Services

2 784

2 247

2 715

2 300

2 334

2 348

Depreciation and Amortisation

-24

Other Expenses

Transfer Expenses

412

409

-100

Total Expenses

12 107

11 725

11 950

11 529

11 537

11 645

Operating Result

-100

2024-25 Budget Statements 86 Chief Minister, Treasury and Economic Development Directorate

Table 58: Output Class 7: Workforce Strategy Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

64 986

67 259

66 424

-1

64 630

64 867

65 679

Sale of Goods and Services

from Contracts with

Customers

4 335

4 887

4 885

4 174

4 351

4 679

Grants and Contributions

Revenue

9 398

5 367

5 316

-1

5 529

5 691

5 580

Interest Revenue

Other Income

1 769

1 770

1 800

1 844

1 900

Total Income

80 501

79 295

78 409

-1

76 147

76 767

77 852

Expenses

Employee Expenses

53 450

55 149

53 837

-2

53 939

54 550

55 150

Supplies and Services

21 353

19 611

18 748

-4

18 559

18 543

18 812

Depreciation and Amortisation

773

772

750

-3

529

416

418

Grants and Purchased Services

6 965

5 840

6 944

4 245

4 086

4 197

Borrowing Costs

Other Expenses

282

2 363

305

-87

327

334

341

Total Expenses

82 823

83 735

80 585

-4

77 600

77 930

78 919

Operating Result

-2 322

-4 440

-2 176

-1 453

-1 163

-1 067

2024-25 Budget Statements 87 Chief Minister, Treasury and Economic Development Directorate

Table 59: Output Class 8: Digital, Strategy and Solution Delivery Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

164 097

167 299

151 083

-10

151 574

154 721

153 259

Sale of Goods and Services

from Contracts with

Customers

72 786

71 961

72 674

74 509

76 371

78 445

Grants and Contributions

Revenue

1 635

1 412

1 946

1 956

2 013

2 020

Other Income

105

-100

Gains from Disposals,

Derecognition and

Remeasurement of Assets

200

205

210

215

Total Income

238 823

240 977

225 908

-6

228 249

233 320

233 939

Expenses

Employee Expenses

87 591

87 653

90 926

92 633

94 787

95 880

Supplies and Services

127 583

129 611

120 212

-7

120 432

124 183

122 560

Depreciation and Amortisation

27 333

26 384

-3

26 279

21 557

25 026

Grants and Purchased Services

Borrowing Costs

111

-28

Other Expenses

Transfer Expenses

9 046

-100

Total Expenses

251 714

253 803

237 651

-6

239 442

240 604

243 548

Operating Result

-12 891

-12 826

-11 743

-11 193

-7 284

-9 609

2024-25 Budget Statements 88 Chief Minister, Treasury and Economic Development Directorate

Table 60: Output Class 9: Property Services (Discontinued) Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

23 404

7 523

-100

Sale of Goods and Services

from Contracts with

Customers

133 854

53 892

-100

Grants and Contributions

Revenue

800

2 206

-100

Interest Revenue

Other Income

127

-100

Gains from Disposals,

Derecognition and

Remeasurement of Assets

Total Income

158 065

63 748

-100

Expenses

Employee Expenses

25 077

10 201

-100

Supplies and Services

75 547

30 457

-100

Depreciation and Amortisation

71 809

33 761

-100

Grants and Purchased Services

5 004

1 583

-100

Borrowing Costs

15 533

6 967

-100

Other Expenses

115

-100

Transfer Expenses

236

Total Expenses

193 321

83 067

-100

Operating Result

-35 256

-19 319

100

2024-25 Budget Statements 89 ACT Gambling and Racing Commission

ACT GAMBLING AND RACING COMMISSION – STATEMENT

OF INTENT

The ACT Gambling and Racing Commission is a Territory Authority established under the Gambling

and Racing Control Act 1999.

This Statement of Intent for 2024-25 has been prepared in accordance with Section 61 of the

Financial Management Act 1996.

The responsible Minister, Tara Cheyne MLA, was consulted during the preparation of the Statement

of Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the

ACT Gambling and Racing Commission strategic and business planning processes.

The ACT Gambling and Racing Commission 2024-25 Statement of Intent has been agreed between:

Laura Beacroft

Chairperson on behalf of

ACT Gambling and Racing Commission

Andrew Barr MLA

Treasurer

Tara Cheyne MLA

Minister for Government Services and

Regulatory Reform

2024-25 Budget Statements 90 ACT Gambling and Racing Commission

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2024-25 Budget Statements 91 ACT Gambling and Racing Commission

ACT GAMBLING AND RACING COMMISSION

As a result of the 2015 amendments to the Financial Management Act 1996 (FMA), the budget

statement for ACT Gambling and Racing Commission (the Commission) is its Statement of Intent.

The Gambling and Racing Commission Board

The Commission is an independent statutory authority established under section 5 of the ACT

Gambling and Racing Control Act 1999 (the Control Act) and the governing Board is established

under section 11 of the Control Act. The Commission’s Board members are appointed in accordance

with sections 11 and 12 of the Control Act, or in the case of the Commission’s Chief Executive Officer

(CEO) who is also on the Board, in accordance with section 80 of the FMA.

Under section 56 of the FMA the Board is responsible, under the Minister, for the efficient and

effective financial management of the Commission. Section 77 of the FMA provides that a governing

board has the following functions:

• setting the Authority’s policies and strategies;

• governing the authority consistently with the Authority’s establishing Act and other relevant

legislation;

• ensuring, as far as practicable, that the Authority operates in a proper, effective, and efficient

way; and

• ensuring, as far as practicable, that the Authority complies with applicable governmental

policies.

The Commission’s Board consists of four part-time non-executive members made up of the Chair,

Deputy Chair and two ordinary members. The Commission’s CEO is an ACT public servant and a

member of the Board. Non-executive members’ appointments are approved by the Minister and the

Standing Committee on Public Accounts is consulted on these appointments in accordance with

section 228 (consultation with appropriate Assembly Committee) of the Legislation Act 2001. The

CEO is appointed by the Director-General, Justice and Community Safety Directorate after consulting

the Commission’s Board. The Commission’s Board currently consists of the following members:

• Chairperson: Ms Laura Beacroft (December 2023 –December 2026)

• Members: Ms Leanne Close (October 2021 – September 2024)

Mr Mark Brown (May 2024 – April 2027)

Ms Lauren Anthes (May 2024 – April 2027)

• Chief Executive: Ms Yu-Lan Chan (January 2021 – August 2024)

2024-25 Budget Statements 92 ACT Gambling and Racing Commission

Purpose

The Commission’s functions are set out in sections 6 and 7 of the Control Act and are: to administer

the gaming laws, to control, supervise and regulate gaming in the ACT, and to exercise any other

function given to the Commission under this Act or any other Territory law. Its regulatory functions

include the activities of casinos, gaming machines, lotteries, and gambling associated with racing.

In 2020 the Commission developed a Gambling and Racing Compliance Framework (the Framework).

The Framework’s current objectives are Harm minimisation, Integrity, and Protection.

Harm minimisation – reduce the risks associated with gambling and minimise the potential harm

caused by gambling to the individual and the community.

Integrity – minimise the possibility of criminal or unethical activity in the gambling and racing

industry by gathering information and intelligence.

Protection – provide the community with factual information about gambling products so that

people can make informed choices about their gambling and provide the community with

information about gambling harm including how and where to obtain assistance.

Figure 1: The Relationship Between Our Corporate Objectives

2024-25 Budget Statements 93 ACT Gambling and Racing Commission

Nature and Scope of Activities

The Commission’s Relationship With Access Canberra

In December 2014 it was announced that a number of regulatory functions across the

ACT Government, including gambling regulation, would be brought together to create Access

Canberra. Since August 2016, an agreement has been in place between Access Canberra (Chief

Minister, Treasury and Economic Development Directorate) and the ACT Gambling and Racing

Commission (the Agreement).

The Agreement documents the arrangement between Access Canberra and the Commission for

Access Canberra to provide services required by the Commission to perform its functions including

what is outlined in the Commission’s Statement of Intent. The practical effect of the Agreement is

that Access Canberra provides staff and support as needed to support the Commission. The

Agreement states the funding amount provided to Access Canberra. It also provides for both parties

to assess the Agreement’s effectiveness and request amendments.

The Commission also has responsibilities relating to the conduct of research on the social effects of

gambling and of gambling harm, as well as community education relating to gambling activity. These

functions inform the Commission’s activities in protecting consumers and reducing the risks and

costs to the community and individuals experiencing gambling harm.

Risks

In relation to the delivery of the Commission’s objectives, the following strategic risks have been

identified. In broad terms, the Commission has a risk management register which is reviewed and

updated. Operational risks are also addressed in Access Canberra’s risk management register. The

registers have been developed in accordance with the Whole of Government risk matrix template,

the AS/NZS ISO 31000:2009 risk management standard, and the CMTEDD risk management

framework and risk management plan.

Identified risks include:

• failure to achieve the Commission’s intended objectives;

• failure to satisfy and meet external (non-government) stakeholder expectations;

• inability to ensure compliance with legislation and regulations (internal compliance); and

• inability to effectively enforce compliance with legislation and regulations (external risk event).

2024-25 Budget Statements 94 ACT Gambling and Racing Commission

2024-25 Priorities and Next Three Financial Years

Strategic and operational issues to be pursued in 2024-25 include the following.

Public Health Approach to Gambling Harm Prevention

Research indicates that while some gamblers, and their families, can be severely impacted by

gambling activities, a significant proportion of gambling harm in the community is borne by a larger

group experiencing moderate to low levels of harm. Gambling harm in this context means the

negative consequences of gambling behaviours experienced by individuals or their families and the

broader community.

The Commission developed a five-year Strategy for Gambling Harm Prevention in the ACT - A Public

Health Approach 2019-2024 (the Strategy). The Strategy is underpinned by a public health approach

which recognises that gambling can have a wide and pervasive effect upon the community,

extending beyond the individual gambler. Furthermore, a public health approach recognises that in

addition to financial stress there are work/study, relationship, physical health,

emotional/psychological and physical health impacts and wider economic harms from gambling.

These can and do extend through the community.

The Strategy provides a guide for the Commission in developing and delivering effective,

co-ordinated evidence-based activities. It provides the rationale, principles, and objectives for

adopting a public health approach and the framework for the development of annual plans for each

of the five years of its operation.

In 2022-23, being the mid-point of the Strategy, an independent evaluation of the Strategy’s

implementation was conducted. The evaluation found that implementation was delivered according

to the Strategy’s principles and, with some modifications, was highly suitable to continue for its

remaining 2 years and to inform subsequent strategies.

The Commission funds the ACT Gambling Support Service (AGSS) to offer a combination of

face-to-face, telephone-based or video-based counselling sessions to people directly impacted by

gambling and their family and friends. The AGSS also provides financial counselling and a broader

community outreach program which includes moderated self-help groups, peer support and

education and engagement programs. The Commission provides education and engagement with

the ACT community, gambling industry and the community sector, including through the:

• Gambling and Racing Commission Advisory Committee, whose members provide diverse

perspectives and advice to support the Commission’s activity, with particular emphasis on the

prevention and mitigation of gambling harm in the ACT

• Gambling Harm Prevention Community of Practice, established in partnership with the ACT

Gambling Support Service, to support community and primary health care workers in preventing

and minimising gambling harm, and provides an additional avenue for the Commission’s work to

be informed by lived experiences and perspectives of the community and health sectors

• survey of gambling industry venues to inform the development of updated gambling harm

materials for industry, including for venue management and staff, and for venues to provide to

their patrons

• Continued delivery of gambling harm awareness training for venue Gambling Contact Officers,

and

2024-25 Budget Statements 95 ACT Gambling and Racing Commission

• Continued delivery of training for Club Boards about gambling harm and licensee obligations.

The Commission funds research to continue building the evidence-base relevant to its functions. In

2025 the Commission will release the results of a population survey of 10,000 ACT adults which will

provide key evidence relevant to harm prevention strategy.

The Commission will continue to provide and improve support and treatment for people

experiencing gambling harm and will also implement harm prevention strategies.

Engage, Educate and Enforce

Like any regulatory regime, the optimal outcome is voluntary compliance. There are a number of

activities that Access Canberra carries out to monitor compliance.

Engagement and education play a key role in maximising compliance. Engagement ensures a positive

working relationship with the Commission’s stakeholders and members of the public. Education is a

way of pre-empting non-compliance as well as reinforcing norms regarding obligations under the

gaming laws.

Access Canberra engages, provides advice and education, to the community, individuals, licensees

and gambling and racing industry stakeholders through the course of its activities. The goal is to

ensure that the Commission’s stakeholders understand their rights, obligations and responsibilities

under the ACT’s gaming and racing laws.

Like all regulatory bodies, the Commission has a range of actions it may take if it appears that a law

has been breached. An educative response may be used where the conduct in question is low risk

and has caused limited or no harm. Enforcement action may be undertaken, which must be

conducted in strict accordance with a range of laws and requirements.

The Commission will consider a range of factors including the following when determining what if

any enforcement action is appropriate:

• is the level of harm that is associated with the conduct significant?

• is there a systemic aspect to the conduct?

• does the conduct indicate a blatant disregard for the law or relevant requirements?

• and nature and circumstances of the breach.

Outcomes of enforcement action can include increased regulatory oversight, issuing directions to

improve compliance, disciplinary action such as financial penalties, and/or prosecution.

Valuing Our Partnerships

The Commission is committed to promoting awareness of the potential harms associated with

gambling and building a culture of gambling harm prevention and reduction through consultation

and engagement. Engagement with the gambling industry, the support sector, academic experts and

the community is necessary to apply the public health approach to gambling harm prevention and

reduction.

The Commission has contributed to the evidence-base on how to prevent gambling harm across the

Canberra community by finding key research relevant to the ACT and made this research available.

2024-25 Budget Statements 96 ACT Gambling and Racing Commission

The Commission will seek to build on the Government’s gambling reforms to develop, implement

and evaluate stronger interventions to reduce harm caused by gambling. We will do so through

consultation with various groups and individuals in the sector including gambling providers,

academic experts, community organisations and people with lived experience of harm from

gambling, as outlined above.

The Commission will also continue to support the Government by providing independent advice

utilising data, analysis and research on harm prevention measures, consumer protection and

gambling and racing regulation.

Estimated Employment Levels

Commission staff were transferred to Access Canberra as at 1 July 2016 under a purchase service

agreement. From this date, the Commission commissioned work from Access Canberra to fulfil its

obligations.

2024-25 Budget Statements 97 ACT Gambling and Racing Commission

Strategic Objectives and Indicators

Strategic Objective 1

To Take Meaningful Action to Prevent Gambling Harm

Gambling harm is any negative consequence, caused or made worse by gambling, that affects the

health or wellbeing of an individual, their family or community. Gambling harm includes economic,

social and health harms which extend between generations and to society.

The 2019 ACT Gambling Survey found that 14 per cent of Canberra adults experienced harm from

their own or someone else’s gambling in the previous 12 months. Of the 5 per cent of adults who

had experienced harm from another person’s gambling, one in four reported financial difficulties.

However emotional and relationship harms were more common than financial difficulties for people

affected by another’s gambling - with 59 per cent reporting feelings of stress or anxiety and

62 per cent reporting trust issues. Reducing the burden from the broad range of harms in the

community requires a long-term commitment.

The Commission must perform its functions in a way that prevents and reduces the burden of

gambling harm on the community and individuals. The Commission monitors the social effects of

gambling and gambling harm in the ACT, conducts research to understand gambling harm, and

implements innovative evidence-based activities, using a public health approach, to prevent and

reduce gambling harm.

The public health approach acknowledges that focusing attention on only the small group of people

who are experiencing extreme levels of harm will not in itself help to reduce the incidence or burden

of gambling harm in the population.

A combination of strategies have been developed, reviewed, updated and implemented to prevent

and reduce gambling harm. These include:

• enhanced collaboration for effective research to contribute to the body of knowledge on how to

prevent gambling harm;

• strengthening community action to prevent gambling harm through supporting educative and

gambling harm awareness resources for the entire Canberra community; and organising

gambling harm awareness activities;

• establishing a Gambling Harm Prevention Community of Practice for community and primary

health care workers to share learnings, build shared understandings and create opportunities for

collaboration in gambling harm education, prevention, early intervention, counselling, and

referral across the ACT;

• partnering with gambling venues to deliver safer settings such as: providing and supporting the

ACT's gambling exclusion scheme and quality staff and Club Board training to prevent harm,

including delivery of consistent information about self-exclusion options and available support

services for people at risk; public health messages, and safer gambling environments;

• directly engaging with industry, support service providers, and community sector organisations

through convening the Gambling and Racing Commission Advisory Committee to assist the

Commission develop, communicate, and implement strategies and initiatives to prevent and

mitigate gambling harm; and

2024-25 Budget Statements 98 ACT Gambling and Racing Commission

• strengthening community access to a range of resources and support for people experiencing

gambling harm, including funding of counselling and support services.

Strategic Indicator 1: Prevent and Reduce Gambling Harm in the ACT

The Problem Gambling Severity Index (PGSI) is a widely used measure of clinical (or extreme) levels

of problem gambling in the population. It ranks risk along a continuum as follows: score of less than

1 – non-problem gambling; 1-2 – low risk gambling; 3-7 - moderate risk problem gambling; and 8 or

more – problem gambling. The PGSI was used in the ACT surveys undertaken in 2009, 2014 and

2019. The prevalence of ‘problem gambling’ was 0.5, 0.4 and 0.8 per cent across this time period.

The 2014 prevalence study used the PGSI as a proxy measure for gambling harm while other

measures were being developed.

One of these measures that has since been developed and validated is the Short Gambling Harm

Scale (SGHS) which was used in the 2019 ACT Gambling Survey. Developed and validated by

Professor Matthew Browne and colleagues of Central Queensland University, this measure assesses

the financial, emotional and relationship harms experienced by people who gamble. The SGHS has

been used by most Australian jurisdictions to assess the extent of gambling harm since it was

released in 2016.

In the 2019 ACT Gambling Survey, 70 per cent of the survey participants were contacted via their

mobile phone, whereas the previous surveys only contacted people using landline phones. The

inclusion of mobile phone numbers was necessary given shifting preferences in the community from

landline to mobile phones. However, it is likely to have influenced the calculated prevalence rates.

This is best illustrated by the finding that mobile phone respondents were almost twice as likely as

landline respondents to be classified as problem gamblers.

This is demonstrated in Figure 2. The 2019 ACT Gambling Survey found that the proportion of the

ACT adult population reporting one or more on the PGSI doubled from the results shown in the

previous survey. This is a likely result of changes in the survey methodology from 2014 to 2019

which presented limitations in the ability to draw definitive conclusions about change over time in

gambling activity, problems, harms or service use.

In addition, the adoption of a public health approach means that, in the short term, rates of

gambling harm and service use are likely to increase along with greater community understanding,

recognition and responsive action to gambling harm embodied in the public health approach

adopted by the Commission.

Further, the use of the SGHS in the 2019 ACT Gambling Survey is the first time the ACT has had an

estimate of the nature and extent of gambling harm using a widely recognised and validated

measure. The findings provide an invaluable benchmark and represent achieving a major and

necessary milestone for assessing gambling harm prevention and reduction into the future. This is

shown in Figure 3 where the SGHS found that 9.6 per cent of the adult population experienced harm

from their own gambling in the last 12 months using the SGHS. This measure will continue to be

used to demonstrate the extent to which public policies and Commission action has been successful

in achieving prevention and reduction of gambling harm in the ACT.

In 2024 a prevalence survey will be held, with results to be published in 2025. This will provide the

Commission with a means for assessing any changes to gambling behaviour and harm in the ACT

adult population.

2024-25 Budget Statements 99 ACT Gambling and Racing Commission

Figure 2: Proportion of the ACT Adult Population Reporting One or More on the Problem

Gambling Severity Index (PGSI)

Note(s):

1. An actual increase for 2019 was anticipated due to changes in the 2019 ACT Gambling Survey methodology and the

adoption of a public health approach to gambling harm.

Figure 3: Proportion of the ACT Adult Population Experiencing Harm from Their Own Gambling in

the Previous 12 Months on the Short Gambling Harm Scale (SGHS)

10%

2009 2014 2019 2024 2029

Actual Target

10%

2019 2024 2029

Actual Target

2024-25 Budget Statements 100 ACT Gambling and Racing Commission

Strategic Objective 2

Ensure Gambling Operators’ Compliance With Legislation

Access Canberra conducts activities to ensure that operators comply with relevant gaming and

wagering legislation. Through inspection programs and its engagement and education approach to

gambling operators, the Commission aims to increase compliance with the various gaming laws.

Access Canberra also receives returns from operators along with payments for gambling related

taxes and levies. The returns will be reconciled against operators’ activities for compliance, and

variation advice issued if discrepancies are identified. The aim of this is to reduce the number of

variations through engagement and education with operators in the ACT.

Strategic Indicator 2: Regulatory Education and Engagement Activities Result in a

Decreasing use of Formal Enforcement Powers

An increase in successful engagement with, and education of, licensees is likely to reduce the need

to use enforcement powers as licensee behaviour demonstrates a higher level of regulatory

compliance.

The Commission engages with industry, including through training programs for industry staff and

Club Boards and in regard to the ACT Gambling Exclusion Database as well as through compliance

activity.

Strategic Indicator 3: Increase the Accuracy of Gambling Taxation Returns

The increase in the accuracy percentage, as a proportion of returns, will indicate the success, or

otherwise, of engagement and education with operators.

Figure 4: Percentage of Accurate Gambling Taxation Returns as a Proportion of Returns.

Decreases in the actual indicator are due to inaccuracies in the returns submitted by licensees.

Access Canberra, on behalf of the Commission, will continue its approach of engagement and

education with licensees to increase the accuracy of returns.

85.00%

90.00%

95.00%

100.00%

2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26

Forecast Actual

2024-25 Budget Statements 101 ACT Gambling and Racing Commission

Output Classes

Output Class 1 (Output 1.1): Gambling Regulation and Harm Minimisation

Table 1: Output Class 1 (Output 1.1): Gambling Regulation and Harm Minimisation ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

9 241

9 849

Controlled Recurrent Payments

6 190

6 763

Output 1.1: Gambling Regulation and Harm Minimisation

The Commission purchases the following services from Access Canberra:

• administration of gaming laws;

• the control, supervision and regulation of gaming in the Territory;

• collection and verification of gambling taxes, levies, fees and charges; and

• the development and implementation of projects through the Gambling Harm Prevention and

Mitigation Fund.

2024-25 Budget Statements 102 ACT Gambling and Racing Commission

Accountability Indicators

Output Class 1: Gambling Regulation and Harm Minimisation

Output 1.1: Gambling Regulation and Harm Minimisation

Table 2: Accountability Indicators Output 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. The Gambling and Racing Commission proactively

communicates its priorities for risk-based

regulation:

i) The Commission has a public statement of

expectation

ii) Regulatory activity in line with the public

statement is reported annually

b. Percentage of the Canberra community that find

it easy to interact with the Gambling and Racing

Commission

100%

90%

100%

90%

100%

90%

Note(s):

a. The Commission proactively communicates its priorities for risk-based regulation, by developing and publishing a

statement of expectation regarding regulatory priorities and areas of focus, with yearly reporting to occur against

activities undertaken in line with the statement. The result will be reported annually.

b. The ease of interacting result is determined by the responses to an independent survey of the Canberra community,

business clients and community sector partners who had an interaction with the Commission within the last

12 months. The annual survey is a measure of the awareness, attitudes, behaviour and customer satisfaction of/with

Access Canberra's corporate identity, channels and services on behalf of the Commission. Due to a change in the survey

methodology from 2023-24, the target has been set to account for the broader survey base.

2024-25 Budget Statements 103 ACT Gambling and Racing Commission

Changes to Appropriation

Table 3: Changes to appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

6 390

6 563

6 124

6 243

2024-25 Budget Technical Adjustments

Revised Funding Profile – Continuing Development of

Electronic Gaming Machine harm reduction measures

-200

200

Revised Indexation Parameters

100

2024-25 Budget

6 190

6 763

6 124

6 243

6 343

Monitoring and Reporting

The Commission shall satisfy the requirements of the Chief Minister’s Annual Reports Directions.

The Commission’s Annual Report will, amongst other things, report against the requirements of this

Statement of Intent.

The Financial Management Act 1996 authorises the Treasurer to obtain financial and other

statements from the Commission for a stated period including annual, quarterly and monthly

reporting.

Monthly Reporting

On a monthly basis the Commission will ensure the availability to the Treasurer through the Chief

Minister, Treasury and Economic Development Directorate (CMTEDD) (by the eighth working day of

each month) the financial statements, in the prescribed form and required detail, in respect of the

previous calendar month.

Quarterly Reporting

To enable consolidated whole of Government reporting requirements to be met on a quarterly basis,

the Commission will ensure the availability to the Treasurer, through CMTEDD (by the eighth

working day of each quarter, unless otherwise indicated), information, in the prescribed form and

detail, in respect of the previous quarter:

• an Operating Statement;

• a Balance Sheet;

• a Statement of Changes in Equity;

• a Cash Flow Statement;

• Operating Statement material variance explanations against seasonal budget provided by the

ACT Gambling and Racing Commission;

2024-25 Budget Statements 104 ACT Gambling and Racing Commission

• Status Report to supplement performance reporting to the Assembly and provide stakeholders

with a summary on progress against budget highlights, significant initiatives and major projects

(by the tenth working day of each quarter); and

• Management Discussion and Analysis of results to date, forecast results and related issues that

may impact on the financial condition of the ACT Gambling and Racing Commission (by the tenth

working day of each quarter).

Annual Reporting

As part of preparations for end of year reporting, CMTEDD will advise the dates when the following

documents are required at the CMTEDD and at the Auditor-General’s Office.

• Certified financial statements.

• Management discussion and analysis.

• A full and accurate set of audited financial records for the preceding financial year in the form

requested.

• Consolidation packs relating to the annual financial statements, draft and final.

Financial Arrangements

The budgeted operating revenues included under the Commission’s financial plan are received as an

appropriation based on the Commission’s budgeted expenditure for the period.

The Commission does not expect any additional major transactions to occur other than as indicated

in the budgeted financial statements.

Budgeted Financial Statements

Budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

three financial years commencing 2024-25 appear below. These general purpose financial

statements include:

• an Operating Statement;

• a Balance Sheet;

• a Statement of Changes in Equity;

• a Cash Flow Statement; and

• notes to the Financial Statements as appropriate including variations from the 2023-24 Budget

to the 2023-24 estimated outcome and variances from the 2023-24 estimated outcome to the

2024-25 Budget that are in excess of $0.250 million and 5 per cent.

2024-25 Budget Statements 105 ACT Gambling and Racing Commission

Financial Statements

Table 4: ACT Gambling and Racing Commission: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

6 390

6 190

6 763

6 124

6 243

6 343

Taxes, Licences, Fees and

Fines

60 668

64 365

62 950

-2

62 823

62 693

62 595

Grants and Contributions

Revenue

Interest Revenue

118

120

122

124

126

Other Income

3 069

3 109

3 189

3 269

Total Income

70 294

73 791

72 991

-1

72 308

72 379

72 380

Expenses

Supplies and Services

2 460

2 260

2 700

1 945

2 114

2 123

Depreciation and Amortisation

Grants and Purchased Services

6 006

6 184

6 352

6 482

6 580

Other Expenses

982

984

1 005

1 030

Transfer Expenses

60 644

64 341

62 921

-2

62 804

62 551

62 445

Total Expenses

70 097

73 594

72 794

-1

72 111

72 182

72 183

Operating Result

197

Total Comprehensive Result

197

2024-25 Budget Statements 106 ACT Gambling and Racing Commission

Table 5: ACT Gambling and Racing Commission: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

6 350

5 643

5 833

6 023

6 213

6 403

Receivables

5 942

5 641

5 646

5 651

5 656

5 661

Other Assets

Total Current Assets

12 308

11 300

11 495

11 690

11 885

12 080

Non-Current Assets

Property, Plant and

Equipment

100

Intangible Assets

259

Capital Works in Progress

316

Total Non-Current Assets

332

264

269

274

279

284

TOTAL ASSETS

12 640

11 564

11 764

11 964

12 164

12 364

Current Liabilities

Payables

6 297

5 527

5 530

5 533

5 536

5 539

Other Liabilities

Total Current Liabilities

6 354

5 579

5 582

5 585

5 588

5 591

Non-Current Liabilities

Total Non-Current

Liabilities

TOTAL LIABILITIES

6 354

5 579

5 582

5 585

5 588

5 591

NET ASSETS

6 286

5 985

6 182

6 379

6 576

6 773

Equity

Accumulated Funds

6 286

5 985

6 182

6 379

6 576

6 773

TOTAL EQUITY

6 286

5 985

6 182

6 379

6 576

6 773

2024-25 Budget Statements 107 ACT Gambling and Racing Commission

Table 6: ACT Gambling and Racing Commission: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

6 012

5 711

5 985

6 182

6 379

6 576

Balance at the Start of the

Reporting Period

6 012

5 711

5 985

6 182

6 379

6 576

Comprehensive Income

Operating Result

197

Total Comprehensive Result

197

Movement in Asset

Revaluation Surplus

Total Movement in Reserves

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

-100

Total Transactions Involving

Owners Affecting

Accumulated Funds

-100

Closing Equity

Closing Accumulated Funds

6 286

5 985

6 182

6 379

6 576

6 773

Balance at the end of the

Reporting Period

6 286

5 985

6 182

6 379

6 576

6 773

2024-25 Budget Statements 108 ACT Gambling and Racing Commission

Table 7: ACT Gambling and Racing Commission: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

6 390

6 190

6 763

6 124

6 243

6 343

Fees

60 668

64 365

62 950

-2

62 823

62 693

62 592

Interest Receipts

118

120

122

124

126

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

119

Other

3 069

3 109

3 189

3 269

Total Receipts from Operating

Activities

70 364

73 861

73 061

-1

72 377

72, 448

72 449

Payments

Supplies and Services

2 406

2 213

2 653

1 897

2 066

2 075

Grants and Purchased Services

6 083

6 184

6 352

6 482

6 580

Transfer of Territory Receipts

to the ACT Government

60 656

64 341

62 921

-2

62 804

62 551

62 445

Goods and Services Tax Paid to

Suppliers

119

Other

977

982

984

1 005

1 030

Total Payments from

Operating Activities

70 241

73 738

72 861

-1

72 177

72 248

72 249

Net Cash Inflows/(Outflows)

from Operating Activities

123

200

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Total Receipts from Investing

Activities

Payments

Purchase of Property, Plant

and Equipment

Total Payments from

Investing Activities

Net Cash Inflows/(Outflows)

from Investing Activities

-10

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

-100

Total Receipts from Financing

Activities

-100

2024-25 Budget Statements 109 ACT Gambling and Racing Commission

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Payments

Distributions to Government

Repayment of Borrowings

-1

Total Payments from

Financing Activities

Net Cash Inflows/(Outflows)

from Financing Activities

-100

Net Increase/(Decrease) in

Cash and Cash Equivalents

190

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

6 160

5 453

5 643

5 833

6 023

6 213

Cash and Cash Equivalents at

the End of the Reporting

Period

6 350

5 643

5 833

6 023

6 213

6 403

2024-25 Budget Statements 110 ACT Gambling and Racing Commission

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• controlled recurrent payments: the increase of $0.573 million in the 2024-25 Budget from

2023-24 estimated outcome is mainly due to the reprofiling of funding appropriated for the

Gambling Survey, under the Continuation of Electronic Gaming Machine Reforms initiative.

• taxes, licences, fees and fines:

- the increase of $3.697 million in the 2023-24 estimated outcome from the 2023-24 Budget is

mainly due to higher than expected revenue from gaming machine taxation ($5.067 million)

and interstate lotteries revenue from higher than expected ticket sales ($1.195 million)

offset by reduced revenue from Keno ($2.768 million); and

- the decrease of $1.415 million in the 2024-25 Budget from 2023-24 estimated outcome is

mainly due to the return to longer term gambling activity trends.

• supplies and services: the increase of $0.440 million in the 2024-25 Budget from 2023-24

estimated outcome is mainly due to the activities forecast to be undertaken under the

Continuation of Electronic Gaming Machine Reforms initiative.

• transfer expenses:

- the increase of $3.697 million in the 2023-24 estimated outcome from the 2023-24 Budget is

mainly due to higher than expected revenue from gaming machine taxation ($5.067 million)

and interstate lotteries revenue from higher than expected ticket sales ($1.195 million)

offset by reduced revenue from Keno ($2.768 million); and

- the decrease of $1.420 million in the 2024-25 Budget from 2023-24 estimated outcome is

mainly due to the return to longer term gambling activity trends.

Balance Sheet

• receivables: the increase of $0.301 million in the 2023-24 estimated outcome from the 2023-24

Budget is mainly due to the decreased trade receivables accruals than expected.

• payables: the decrease of $0.770 million in the 2023-24 estimated outcome from the 2023-24

Budget is mainly due to the timing of transfer expenses associated with trade receivables.

Statement of Changes in Equity and Cash Flow Statement

Variations in these Statements are explained in the above notes.

2024-25 Budget Statements 111 ACT Insurance Authority

ACT INSURANCE AUTHORITY - STATEMENT OF INTENT

As a result of the 2015 amendments to the Financial Management Act 1996 (FMA), the budget

statement for the ACT Insurance Authority is its Statement of Intent.

The ACT Insurance Authority is a Territory Authority established under the Insurance Authority

Act 2005 (the Act).

This Statement of Intent for 2024-25 has been prepared in accordance with Section 61 of the FMA.

The responsible Minister was consulted during the preparation of the Statement of Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the

ACT Insurance Authority strategic and business planning processes.

The ACT Insurance Authority 2024-25 Statement of Intent has been agreed between:

Andrew Barr MLA

Chief Minister

Stuart Hocking PSM

Under Treasurer

Penny Shields

General Manager

ACT Insurance Authority

2024-25 Budget Statements 112 ACT Insurance Authority

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2024-25 Budget Statements 113 ACT Insurance Authority

ACT INSURANCE AUTHORITY

Purpose

The Organisation

The ACT Insurance Authority (the Authority) is established under the Insurance Authority Act 2005.

The Authority works to protect the assets and services of the Territory by providing risk

management support and insurance services to all ACT Government directorates and statutory

authorities. The Authority meets the insurable claims and losses of the ACT Government.

The Authority operates as the ACT Government’s captive insurer of Territory risks. The captive

insurance model protects the ACT Government budget from a range of catastrophic and

accumulated risk exposures through its insurance arrangements, and the accumulation of a fund

reserve to meet the cost of asset losses and legal liabilities that occur as a result of the activities of

Government.

The portfolio represents $33.4 billion of insured assets, with an estimated revenue of $99.7 million,

an operating result of $3 million and an equity position of $31.9 million in the 2024-25 Budget.

The Authority reports to the Special Minister of State through the Under Treasurer, Chief Minister,

Treasury and Economic Development Directorate (CMTEDD).

The Authority operates on a cost recovery basis by collecting premiums from directorates and

statutory authorities to meet the anticipated costs of claims.

Services and Functions

The Authority provides insurance, claims and risk management services to directorates and statutory

authorities.

The Authority’s functions are to:

• carry on the business of insurer of territory risks;

• take out insurance of Territory risks with other entities;

• manage and settle claims in relation to territory risks;

• develop and promote good practices for the management of territory risks; and

• give advice to the Minister about insurance and the management of territory risks.

The Authority’s operational model focuses on satisfying these functions by taking a leadership role

with the aim of reducing the total cost of risk to the Territory and individual agencies.

The insurance coverage provided to directorates and statutory authorities and the Authority’s

reinsurance program is broad form cover that includes:

• public liability;

• medical malpractice;

• professional indemnity;

2024-25 Budget Statements 114 ACT Insurance Authority

• property damage;

• directors and officers liability; and

• financial crime.

The Authority also arranges insurance policies on behalf of ACT Government agencies to cover

contract works, travel, art and galleries, aviation and personal accident cover for both aero retrieval

and volunteer workers. The Authority bears no risk on these policies.

Nature and Scope of Activities

General Activities

The general activities the Authority intends to undertake in achieving its functions are to:

• provide professional advice to the ACT Government and territory agencies on insurance and risk

management issues;

• deliver a value for money reinsurance program to protect the Territory’s budget;

• continue to maximise reinsurance recoveries where feasible;

• review the Territory’s asset register as part of the insurance renewal process;

• develop business practices which will enable the Authority to achieve best practice results, and

if feasible, reduced premiums for agencies;

• proactively manage claims against the Territory in consultation with agency stakeholders and in

accordance with the ACT model litigant requirements;

• conduct regular reviews of existing claims to ensure that appropriate management is being

applied and that realistic claim estimates are included in financial statements;

• facilitate agency access to claims reporting and data analysis to support a risk managed

approach to operational and asset management;

• continue to assist agencies with the application of the ACT Government Risk Management

Policy;

• work with agencies to reduce the number and severity of incidents and ultimate claims cost;

• deliver to agencies a program of general and targeted risk management training;

• manage the Builders Warranty Insurance scheme on behalf of the Territory through an

agreement with QBE to provide Builders Warranty Insurance in the ACT, with the Territory

indemnifying QBE in respect of any claim losses;

• administer the Office of the Nominal Defendant of the ACT (NOD); and

• administer the Default Insurance Fund (DIF).

Risk Management

The Authority has developed and implemented a risk management plan in accordance with the

Australian Standard on risk management AS ISO 31000:2018 and the ACT Government’s Risk

Management Policy. The Authority’s plan identifies and details risks, control measures and

treatment action plans for financial, business and information technology risks.

2024-25 Budget Statements 115 ACT Insurance Authority

The Authority has identified the following key financial risks.

• Insufficient and/or unsatisfactory external insurance arrangements.

• Annual premiums are not sufficient to fully fund claims over the claim development period.

To manage these risks, the Authority engages a specialised insurance broker to provide professional

advice and access to international and local reinsurance markets. Professional external actuaries

provide support and advice that aligns agency premiums with claims experience.

2024-25 Priorities and Next Three Financial Years

Strategic and operational priorities to be pursued in 2024-25 and for the next three financial years

include:

• implementing a program of reinsurance to protect the Territory budget based on an

appropriate balance between transferred and retained risk;

• proactively managing claims against the Territory in consultation with agency stakeholders and

in accordance with the ACT model litigant requirements;

• assisting agencies with the implementation and continuous improvement of risk management

practices within the Territory that reflect international standards and business best practice;

• delivering risk management services including training, targeted educational seminars and

consultancy services for agencies that increase the level of stakeholder engagement;

• implementing an insurance information management system to enable the Authority to

continue to deliver mature services to Territory agencies; and

• undertaking a strategic review of the Authority’s role in delivering insurance and risk functions

to the Territory.

2024-25 Budget Statements 116 ACT Insurance Authority

Estimated Employment Levels

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome 1

2023-24

Budget 3

2023-24

Estimated

Outcome 2

2024-25

Budget 3

Staffing (FTE)

324

345

Table 2: 2024-25 Employment Profile

Classification

Total

Senior Executive

SOGA

SOGB

SOGC

ASO6

ASO5

ASO4

ASO3

ASO2

Total

Note(s):

1. These figures relate to staffing levels paid at the end of the financial year 2022-23.

2. These figures relate to estimated staffing at the end of the financial year 2023-24.

3. These figures relate to estimated average annual staffing figures.

4. The difference between the 2023-24 estimated outcome and 2023-24 Budget is mainly due to staff turnover and

timing for recruitment and temporary backfilling arrangements.

5. The difference between the 2024-25 Budget figure and the 2023-24 estimated outcome is mainly due to short term

temporary vacancies and one additional ASO2 FTE budgeted in the Claims Services team.

2024-25 Budget Statements 117 ACT Insurance Authority

Accountability Indicators

Table 3: Key Performance Indicators

The table should be read in conjunction with the accompanying notes.

Key performance indicator

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Overall customer satisfaction with the Authority

from annual customer satisfaction survey

80%

82%

80%

b. Maintain the Authority’s funding ratio as outlined

in the Authority’s Capital Management Plan

120%

107%

110%

c. General and administrative expense as a

percentage of total annual premium revenue

d. The average number of days to process payments

for the settlement of claims from the day all

required documents are received from the

agency

14 days

21 days

14 days

e. Complete Property Loss Control Surveys at a

number of selected territory locations

f. Hold quarterly reviews of all liability and medical

malpractice claims to assess the claim

management strategy for matters where the

territory’s reserve exceeds $250,000

g. Deliver a program of general and targeted risk

management training courses to territory

agencies

h. Overall participant satisfaction with risk

management training sessions delivered to

agency staff members

90%

85%

90%

i. Provide quarterly reporting to directorates to

assist the identification, assessment and

treatment of risks

Notes for the key performance indicators:

a. Surveys are sent to a range of agency contacts including Director-Generals, Chief Executive Officers and other key

stakeholders of ACT Government directorates and statutory authorities insured by the Authority. Respondents are

asked to rate their overall satisfaction with the Authority’s services based on their experiences over the past

12 months. Satisfaction levels are determined by the respondents selecting either very good, good, average, poor or

very poor. Very good, good and average responses are taken as a positive result.

b. The funding ratio is calculated by dividing total assets by total liabilities. The Authority aims to maintain its capital

position between 100-120 per cent as outlined in the Authority’s capital management plan. A capital position outside

this range requires the Authority to consider corrective action. The parameters outlined in the Authority’s capital

management plan guide decision making to address a capital position outside the targeted ratio range. This would

include action to seek capital injections (in a deficit situation) or returning excess capital (in a surplus situation) to the

ACT Government.

c. The Authority’s general and administrative expenses, including employee expenses, supplies and services, is

calculated as a percentage of gross earned premiums expressed as Sale of Goods and Services from contracts with

customer in the operating statement and is measured against the budgeted results for the Authority.

d. The Authority generally processes payments for the settlement of claims on a fortnightly basis. The number of days to

process a payment is measured from the date all required documentation relating to settlements is received by the

Authority to the date payment is made.

e. The Authority’s property reinsurers conduct an annual property loss control survey program on selected Territory

locations. Property loss control reports identify the potential for property loss and assist agencies to reduce the risks

of loss through loss prevention efforts. Recommendations are communicated to surveyed Territory agencies for

consideration.

2024-25 Budget Statements 118 ACT Insurance Authority

f. The Authority conducts quarterly claims review meetings to review all public liability and medical malpractice claims

where the Territory’s reserve exceeds $250,000. Meetings are also attended by representatives of the ACT

Government Solicitor’s Office, the Authority’s insurance brokers, external insurers and their solicitors.

g. The Authority delivers a program of face-to face risk management training that covers general introductory and

intermediate-to-advanced level risk management, along with entity specific training tailored to meet agency

requirements.

h. Attendees of risk management training sessions are requested to complete feedback forms at the completion of the

courses delivered by the Authority. Attendees are asked to assess the course based on areas such as, course

suitability, facilitators’ knowledge and whether they would recommend the training. The satisfaction levels are

determined by the respondents selecting either strongly agree, agree, disagree or strongly disagree. Strongly agree

and agree are taken as a satisfied result.

i. The Authority provides quarterly reports to directorates to assist in the identification, assessment, and treatment of

risk for Territory activities. The reports provide a range of information and data, including claim numbers, cost of

claims and analytics to support ongoing risk management considerations.

Explanation of Variances (+/-10 per cent) Between 2023-24 Target and 2023-24 Estimated Outcome:

b. Lower funding ratio is mainly due to the significant increase in outstanding claims provisions due to deteriorating

claims experience, particularly impacted by the two significant fire events at the Hume Material Recovery Facility and

North Canberra Hospital (formally Calvary Public Hospital Bruce).

c. Lower general and administrative expense as a percentage of total annual premium revenue is mainly relating to

lower expenses in supplies and services than anticipated.

d. Longer average payment days is mainly due to a substantially large volume of historical claims settled and finalised.

The Authority ensured all payments were processed and paid on a timely manner as per settlement terms, court

orders, and any other payment requests from the Government Solicitors Office. Most of the settlement terms allows

more than 14 days payment terms. The Authority did not incur any fines or penalties for settlement payments during

the year.

Monitoring and Reporting

The Authority will satisfy the requirements of the Chief Minister’s Annual Reports Directions. The

Authority’s Annual Report will, amongst other things, report against the requirements of this

Statement of Intent.

The FMA authorises the Treasurer to obtain financial and other statements from the Authority for a

stated period including monthly, quarterly and annual reporting.

Monthly Reporting

The Authority prepares monthly reports that are available to the Treasurer through CMTEDD by the

eighth working day of each month. The reports will be presented in the prescribed form and

required detail in respect of the previous calendar month. These reports include:

• an Operating Statement;

• a Balance Sheet; and

• a Cash Flow Statement.

Quarterly Reporting

To enable consolidated whole of government reporting requirements to be met on a quarterly basis,

the Authority will ensure the availability of the previous quarter’s Management Discussion and

Analysis to the Treasurer, through CMTEDD, by the tenth working day of each quarter. This will be

presented in the prescribed form and detail, and show results to date, forecast results and related

issues that may impact on the financial condition of the Authority.

2024-25 Budget Statements 119 ACT Insurance Authority

Annual Reporting

As part of preparations for end of year reporting CMTEDD will advise the dates when the following

documents are required by the ACT Audit Office and to CMTEDD. These reports include:

• certified financial statements;

• management discussion and analysis;

• a full and accurate set of audited financial records for the preceding financial year in the form

requested; and

• consolidation packs relating to the annual financial statements, draft and final.

Financial Arrangements

The Authority operates on a cost recovery basis by collecting premiums from directorates and

statutory authorities to meet the cost of insurable claims and losses. The Authority’s operating costs

are largely driven by provisioning for future and current claims expense.

The Authority’s 2023-24 estimated outcome is an operating deficit of $3.702 million. The result is a

$6.414 million decrease from the original budgeted operating result of $2.712 million in the

2023-24 Budget.

The variance to budget was primarily due to higher claims expenses mainly due to recent large

claims for property damage and a deteriorating claims experience for medical negligence claims

based on the 2023-24 mid-year actuarial review, offset by the fair value of investments having

increased, mainly due to the recent changes in macroeconomic conditions leading to a higher than

targeted return on investment capital gains.

The Authority also performs the functions of the DIF for default claims under the ACT Private

Workers’ Compensation Scheme and the NOD for claims against uninsured and unidentified vehicles

under the ACT Motor Accident Injury Scheme. The Authority provides support services on a cost

recovery basis to these schemes and recovers these costs from DIF and NOD on a quarterly basis.

Budgeted Financial Statements

Budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

three financial years appear below. These general-purpose financial statements have been prepared

in accordance with the ACT’s Model Financial Statements and include:

• an Operating Statement;

• a Balance Sheet;

• a Statement of Changes in Equity; and

• a Cash Flow Statement.

2024-25 Budget Statements 120 ACT Insurance Authority

Financial Statements

Table 4: ACT Insurance Authority: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Sale of Goods and Services

from Contracts with

Customers

84 383

88 057

99 709

105 189

111 125

117 279

Grants and Contributions

Revenue

Investment Revenue

12 505

8 365

13 872

14 855

15 850

16 857

Interest Revenue

1 495

3 078

2 323

-25

2 590

2 252

2 271

Other Income

2 508

5 066

4 268

-16

4 352

4 441

4 526

Net Gain/(Loss) on

Investments

5 898

20 659

4 195

-80

4 492

4 793

5 097

Total Income

106 839

125 275

124 417

-1

131 528

138 511

146 080

Expenses

Employee Expenses

4 857

4 750

4 934

5 153

5 230

5 302

Supplies and Services

2 281

1 775

3 701

109

2 241

2 281

2 338

Depreciation and Amortisation

Other Expenses

1 595

1 880

3 319

3 363

3 507

3 553

Outward Reinsurance Expense

18 868

16 374

17 102

17 957

18 855

19 798

Claims Expense

76 480

104 152

92 320

-11

92 036

97 995

102 964

Total Expenses

104 127

128 977

121 422

-6

120 796

127 914

134 001

Operating Result

2 712

-3 702

2 995

181

10 732

10 597

12 079

Total Comprehensive Result

2 712

-3 702

2 995

181

10 732

10 597

12 079

2024-25 Budget Statements 121 ACT Insurance Authority

Table 5: ACT Insurance Authority: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

39 904

67 688

93 692

104 497

120 367

136 039

Investments

353 776

339 445

362 263

386 510

411 054

435 900

Receivables

13 611

15 731

10 838

-31

7 956

6 646

6 126

Other Assets

1 738

1 740

1 742

1 744

1 746

Total Current Assets

407 336

424 602

468 533

500 705

539 811

579 811

Non-Current Assets

Receivables

20 186

27 146

13 573

-50

6 786

3 393

1 696

Intangible Assets

338

329

283

-14

237

191

145

Total Non-Current Assets

20 524

27 475

13 856

-50

7 023

3 584

1 841

TOTAL ASSETS

427 860

452 077

482 389

507 728

543 395

581 652

Current Liabilities

Payables

157

604

606

608

610

612

Employee Benefits

765

951

981

1 016

1 054

1 094

Other Provisions

78 426

70 570

75 204

77 678

81 929

86 368

Other Liabilities

3 529

2 459

2 461

2 463

2 465

2 467

Total Current Liabilities

82 877

74 584

79 252

81 765

86 058

90 541

Non-Current Liabilities

Employee Benefits

129

135

138

141

144

147

Other Provisions

278 055

344 864

367 511

379 603

400 378

422 071

Other Liabilities

3 105

3 627

3 626

3 625

3 624

3 623

Total Non-Current

Liabilities

281 289

348 626

371 275

383 369

404 146

425 841

TOTAL LIABILITIES

364 166

423 210

450 527

465 134

490 204

516 382

NET ASSETS

63 694

28 867

31 862

42 594

53 191

65 270

Equity

Accumulated Funds

63 694

28 867

31 862

42 594

53 191

65 270

TOTAL EQUITY

63 694

28 867

31 862

42 594

53 191

65 270

2024-25 Budget Statements 122 ACT Insurance Authority

Table 6: ACT Insurance Authority: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

60 982

32 569

28 867

-11

31 862

42 594

53 191

Balance at the Start of the

Reporting Period

60 982

32 569

28 867

-11

31 862

42 594

53 191

Comprehensive Income

Operating Result

2 712

-3 702

2 995

181

10 732

10 597

12 079

Total Comprehensive Result

2 712

-3 702

2 995

181

10 732

10 597

12 079

Closing Equity

Closing Accumulated Funds

63 694

28 867

31 862

42 594

53 191

65 270

Balance at the end of the

Reporting Period

63 694

28 867

31 862

42 594

53 191

65 270

2024-25 Budget Statements 123 ACT Insurance Authority

Table 7: ACT Insurance Authority: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Sale of Goods and Services

from Contracts with

Customers

84 383

88 057

99 709

105 189

111 125

117 279

Investment Receipts

12 023

10 572

13 870

14 852

15 849

16 854

Interest Receipts

1 495

3 078

2 323

-25

2 590

2 252

2 271

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

1 866

2 034

Goods and Services Tax

Collected from Customers

1 175

1 188

Other

32 619

6 505

24 113

271

14 268

9 393

6 996

Total Receipts from Operating

Activities

133 561

111 253

143 237

140 121

141 841

146 622

Payments

Employee Payments

4 956

4 846

4 897

5 111

5 185

5 255

Supplies and Services

2 228

1 722

3 647

112

2 188

2 228

2 285

Goods and Services Tax Paid to

the Australian Taxation

Office

1 175

1 188

Goods and Services Tax Paid to

Suppliers

1 868

2 036

Outward Reinsurance

Payments

18 868

16 374

17 102

17 957

18 855

19 798

Claims Payments

81 108

71 891

65 041

-10

77 470

72 969

76 832

Other

1 597

3 732

3 322

-11

3 366

3 510

3 556

Total Payments from

Operating Activities

111 800

101 608

97 233

-4

109 316

105 971

110 950

Net Cash Inflows/(Outflows)

from Operating Activities

21 761

9 645

46 004

377

30 805

35 870

35 672

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Proceeds from Sale/Maturity

of Investments

30 000

Total Receipts from Investing

Activities

30 000

Payments

Purchase of Investments

30 000

50 000

Total Payments from

Investing Activities

30 000

50 000

2024-25 Budget Statements 124 ACT Insurance Authority

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Net Cash Inflows/(Outflows)

from Investing Activities

30 000

-20 000

-167

-20 000

Net Increase/(Decrease) in

Cash and Cash Equivalents

21 761

39 645

26 004

-34

10 805

15 870

15 672

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

18 143

28 043

67 688

141

93 692

104 497

120 367

Cash and Cash Equivalents at

the End of the Reporting

Period

39 904

67 688

93 692

104 497

120 367

136 039

2024-25 Budget Statements 125 ACT Insurance Authority

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• sales of goods and services from contracts with customer: the increase of $11.652 million in the

2024-25 Budget from the 2023-24 estimated outcome for directorate annual insurance

premiums is primarily due to deteriorating claims experience in the medical malpractice and

property insurance classes and challenging insurance market conditions resulting in an expected

increase in the Territory’s reinsurance costs.

• investment revenue: the increase of $5.507 million in the 2024-25 Budget from the

2023-24 estimated outcome is due to the budget estimate being based on targeted return on

investment as per the Authority’s long term investment plan and investment strategy of making

a targeted annual return on investment at a long-term CPI plus 2.5 per cent and the portfolio

mix to achieve the intended ratio for investment distribution and capital gains.

• gain on investments:

- the increase of $14.761 million in the 2023-24 estimated outcome from the original budget

is due to the fair value of investments having increased, mainly due to the recent changes in

macroeconomic conditions leading to a higher than targeted return on investment capital

gains; and

- the decrease of $16.464 million in the 2024-25 Budget from the 2023-24 estimated outcome

is due to the budget estimate based on a targeted return on investment as per the

Authority’s long term investment plan and investment strategy of making a targeted annual

return on investment at long-term CPI plus 2.5 per cent which is lower than the recent gains

achieved.

• supplies and services: the increase of $1.926 million in the 2024-25 Budget from the 2023-24

estimated outcome is primarily due to information management system procurement activities.

• outward reinsurance expenses: the increase of $0.728 million in the 2024-25 Budget from the

2023-24 estimated outcome is due to an anticipated increase of the reinsurance premium

mainly as a result of continued deteriorating claims experience in the medical malpractice and

global market conditions.

• claims expenses:

- the increase of $27.672 million in the 2023-24 estimated outcome from the original budget

is due to the movement in actuarial estimates for the Authority’s claims liabilities resulting

from large claims for recent significant fire events at the Hume Material Recovery Facility

and North Canberra Hospital (formally Calvary Public Hospital Bruce), along with

deteriorating claims experience in medical malpractice and the changes in actuarial variables

such as discounting and inflation; and

- the decrease of $11.832 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the expectation of claims expense and liabilities returning to the longer-

term claims experience pattern, based on actuarial estimations.

2024-25 Budget Statements 126 ACT Insurance Authority

• operating result:

- the decrease of $6.414 million in the 2023-24 estimated outcome from the original budget is

due to the impact of large claims expenses mainly resulting from recent significant fire

events at the Hume Material Recovery Facility and North Canberra Hospital (formally Calvary

Public Hospital Bruce), along with deteriorating claims experience in medical malpractice

and the changes in actuarial variables such as discounting and inflation, partially offset by

better than budgeted investment results; and

- the increase of $6.697 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due to the expectation of claims expense and liabilities returning to the longer-term

claims experience pattern based on actuarial estimations.

Balance Sheet

• cash and cash equivalents: the increase of $26.004 million in the 2024-25 Budget from

2023-24 estimated outcome is mainly due to the expectation of improved operating cash flow

and the requirement to hold a larger than average cash balance in the bank to manage

anticipated larger payments based on recent claims experience.

• current receivables: the decrease of $4.893 million in the 2024-25 Budget from the

2023-24 estimated outcome is mainly due to an expectation of settlement for a larger portion of

reinsurance receivables related to recently paid larger claims.

• non-current receivables: the increase of $6.960 million in the 2023-24 estimated outcome from

the original budget and the decrease of $13.573 million between the 2023-24 estimated

outcome and the 2024-25 Budget is mainly due to reinsurance recoveries receivables for large

claims and an expectation of the settlement of a larger portion of reinsurance receivables during

2024-25.

• current other provisions: the increase of $4.634 million in the 2024-25 Budget from the 2023-24

estimated outcome is mainly due to deteriorating claims experience, resulting in a larger liability

provision for the settlement of outstanding claims in the short-term.

• non-current other provisions: the increase of $66.809 million in the 2023-24 estimated outcome

from the original budget and the increase of $22.647 million between the 2023-24 estimated

outcome and the 2024-25 Budget is mainly due to deteriorating claims experience, particularly

impacted by the two significant fire events at the Hume Material Recovery Facility and North

Canberra Hospital (formally Calvary Public Hospital Bruce).

Statement of Changes in Equity and Cash Flow Statement

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 127 Canberra Institute of Technology

CANBERRA INSTITUTE OF TECHNOLOGY – STATEMENT OF

INTENT

The Canberra Institute of Technology (CIT) is a Territory Authority established under the Canberra

Institute of Technology Act 1987 (the Act).

This Statement of Intent for 2024-25 has been prepared in accordance with Section 61 of the

Financial Management Act 1996 (the FMA).

The responsible Minister, Mr Chris Steel MLA, was consulted during the preparation of the

Statement of Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the CIT

strategic and business planning processes.

The CIT 2024-25 Statement of Intent has been agreed between:

Andrew Barr MLA

Treasurer

June 2024

Chris Steel MLA

Minister for Skills

June 2024

Kate Lundy

Chair, CIT Board

June 2024

2024-25 Budget Statements 128 Canberra Institute of Technology

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2024-25 Budget Statements 129 Canberra Institute of Technology

CANBERRA INSTITUTE OF TECHNOLOGY

Purpose

The purpose of the Canberra Institute of Technology (CIT), relevant to the Statement of Intent, is to:

• support the ACT Government’s Skilled to Succeed: skills and workforce agenda for the ACT, by

working collaboratively with industry, customers and government, to provide a more inclusive

responsive, flexible and future-focused skills sector to respond to future workforce needs.

• perform the role of public provider of vocational education and training (VET) in the ACT, in

accordance with its functions under the Canberra Institute of Technology Act 1987 (the Act), by

providing course offerings aligned to ACT Government priorities and the ACT Skills Needs List.

• support ACT industry and business in pursuing economic growth and sustainability for the

community, by applying appropriate and contemporary learning opportunities for students to

acquire the relevant skills for current and future workforce requirements.

• serve all members of our community, as the public provider of VET in the ACT, with a dedicated

focus on education pathways for all, by providing inclusive, non-discriminatory and culturally

appropriate learning environments. Being determined in our focus on addressing equity gaps.

Nature and Scope of Activities

General Activities

CIT is the ACT’s public provider of vocational education and training, the cornerstone of the local

skills and training system and deeply embedded in our community. Established in 1928, we have a

rich history in supporting economic growth, community development and individuals to meet their

learning and career goals.

CIT is committed to working with the ACT Government to continue to support the ACT transition to

net zero and take advantage of advances in technology and data to build a skilled workforce with

lifelong access to quality post-school education and training, and to employment opportunities

across the economy.

With CIT’s experience in delivering quality vocational and higher education, and expertise in training

in the trades, IT and service industries CIT is also well positioned to harness the opportunities arising

from the current national policy framework which places TAFE at the heart of the response to

current and emerging skills needs.

CIT’s strategic focus brings rise to the ambition to become renowned for our inclusive and dynamic

approach to teaching and learning – to equip our people, provide accessible and relevant education

and training for all, and to be agile in our fulfilment of current and future skills needs.

We will work in step with our partners and stakeholders to ensure a united movement towards a

joined-up approach to the design and delivery of education and training that meets current and

future skills needs locally, nationally and globally.

2024-25 Budget Statements 130 Canberra Institute of Technology

Risks

Business and operational processes are underpinned by a risk management framework. CIT has an

organisational-wide approach to risk management as an integral part of its overall governance

framework. The CIT Strategic Risk Register is used to identify key areas of risk. Risk controls and

treatments, and emerging risks, are monitored through the Executive Management Committee, CIT

Audit and Risk Committee and CIT Board. CIT also has an overarching Fraud and Corruption Control

Plan, which is regularly reviewed. The CIT Fraud and Corruption Prevention Framework provides for

better management of risks associated with fraud.

The CIT risk management framework aligns with the ACT Government Risk Management Policy

published in April 2021.

CIT manages financial risks through a well-defined financial management framework that includes:

• financial delegations;

• clearly established ownership of internal budgets;

• periodic financial reporting (monthly, quarterly, annual and as required);

• ongoing reviews of financial performance and as applicable, response mechanisms including

corrective actions;

• regularly updated financial policy, procedures and practice documents;

• training for all staff who have financial responsibilities; and

• implementation, monitoring and continuous review of process improvement strategies.

Monthly reporting and analysis of CIT’s financial performance assists in identifying and addressing

any financial risks. CIT also undertakes monthly reporting and analysis of its annual performance

measures for early identification of performance risks. Financial and performance risk is oversighted

by the CIT Audit and Risk Committee and reported to each CIT Board meeting as part of CIT’s

governance arrangements.

Risks for CIT are considered through:

• internal and external reviews;

• reviews of CIT’s governance including through programmed reviews of policies and procedures;

• regular interactions with the CIT Board, the Executive, and the management team;

• monitoring the implementation of internal performance reviews and audit recommendations;

• quality assurance assessments and spot checks;

• consideration of external scrutiny, including through the ACT Audit Office;

• regular review of risk across CIT including business continuity, fraud and corruption;

• review of key compliance and business support mechanisms including those associated with

work health and safety (WHS) and records management; and

2024-25 Budget Statements 131 Canberra Institute of Technology

• engagement with compliance and regulatory bodies e.g. Skills Canberra, Australian Skills Quality

Authority (ASQA) and Tertiary Education Quality and Standards Agency (TEQSA) and Australian

Nursing & Midwifery Accreditation Council (ANMAC).

2024-25 Priorities and the Next Three Years

CIT will support the following four priorities of the ACT Government’s Skilled to Succeed - skills and

workforce agenda for the ACT:

• Delivering skills inclusively to provide all Canberrans a foundation for lifelong learning.

• Building a more responsive, flexible and future-focused skills system.

• Assisting employers to build, attract and retain the right workforce.

• Strengthening skills sector foundations.

CIT will support the above four priorities through implementing the following reform directions:

Courses:

• support delivery of Fee-free TAFE initiative in the ACT for eligible priority groups, in sectors

experiencing skills shortage or growth.

• review the relevance of selected courses, through consultation and developing options for

potential changes, to respond to industry needs and student demand.

• engage with government and emerging industries to co-design new courses to attract and

train future workforces for priority sectors in the ACT economy.

• identify opportunities for expanded course offerings outside of the subsidised qualifications

framework, with a potential focus on fee-paying students and Statement of Attainment

and/or micro credential-style offerings.

• improve access for unemployed Canberrans, facing transition in their work or experiencing

disadvantage.

Campus Renewal:

• continue working with Major Projects Canberra to construct CIT Woden, a state-of-the-art

learning facility, incorporating a cloud campus, to position CIT to increase opportunities for

students, local business, industry and the broader ACT community.

• working with Major Projects Canberra to deliver a culturally-sensitive facility at the Bruce

campus for CIT Yurauna.

• seeking opportunities for renewal of other campuses including potential for CIT Fyshwick to

update and upgrade facilities with the East Lake Urban Renewal.

Electric Vehicle Centre of Excellence:

• establishment of the nationally networked Electric Vehicle Centre of Excellence (CoE) at

Fyshwick campus will build on existing nation-leading work in EV training to support growth

in the emerging EV industry in both light and heavy vehicles.

2024-25 Budget Statements 132 Canberra Institute of Technology

• the EV CoE will increase CIT’s capacity to deliver high-quality and innovative training, and

develop partnerships with industry, community organisations and tertiary institutions to

increase participation of underrepresented cohorts and support development of higher

apprenticeship pathways.

• the EV CoE will design and develop programs to transition the existing workforce, support

regional and remote workers, and support future entry level workers in the industry by

upskilling TAFE Educators across Australia.

• an applied research program will be established to collaborate with industry and drive

innovation in the sector, and training explored in adjacent areas of vehicle to grid, charging

installation and smart home integration.

Workforce:

• undertaking work in collaboration with CIT’s workforce and unions to identify current skill

and capability gaps and implementing a focused program of workforce upskilling linked to

areas of need in priority course offerings.

• continuing to increase the technological capabilities and capacity of our workforce to deliver

superior online student experience throughout the student journey at CIT.

• developing teacher capability in areas of pedagogy, industry engagement and contemporary

practices in training and assessing.

• refreshing the CIT workforce by actively recruiting VET practitioners who are aligned with

the Institute’s mission and values.

• supporting the workforce for the operation from CIT Woden.

Community/Government:

• ensuring the VET needs that are unique to the context of the Canberra community are met

in close consultation with the ACT Government.

• developing new measures of performance which better capture CIT’s current operating

context and provide a more accurate picture of its performance in areas of priority to the

Government and community.

Governance:

• continuing to improve CIT governance arrangements in respect to processes related to

financial sustainability, procurement practices and accountability.

Financial Management:

• implement new financial management system to improve governance of financial data and

financial management through enhanced analysis of costs of delivering various training

packages.

• review of financial policies and processes supporting CIT financial management.

2024-25 Budget Statements 133 Canberra Institute of Technology

Procurement:

• review of current procurement delivery model including procurement tools and systems.

• move towards a centralised procurement model with increased transparency, capability and

financial accountability.

• increased procurement and contract management capability across CIT, including mandatory

training for staff conducting procurement or managing contracts with a significant risk

profile (value and/or considerable risk).

• implementation of internal assurance review of procurements and contracts managed by CIT

to improve capability and increase visibility across CIT of procurement and contract

management activities.

2024-25 Training Profile and Associated Items

Contextual Framework

With CIT being the ACT’s public VET provider, a well-educated community is a cornerstone in

contributing to Canberra’s social and economic wellbeing. There is a clear strategic link between VET

and its role in influencing and enhancing the economic and social development of the ACT.

The provision of VET through CIT is an important element in the ACT Government’s commitment to

assist the people of the ACT and region to be a part of a well-trained and highly skilled workforce

that will promote and grow a robust and vibrant ACT economy. CIT’s course offerings form an

integral component of the ACT’s VET commitment. The 10th ACT Legislative Assembly Parliamentary

and Governing Agreement committed to at least 75 per cent of total VET funding to be provided to

CIT as the primary provider of Canberra’s vocational education and training.

Reporting Requirements

Reporting for all items relevant to CIT’s training profile will be to the relevant standard set by the

Australian Government Department of Education and the Department of Employment and

Workplace Relations through the Australian Vocational Education and Training Management

Information Statistical Standard (AVETMISS), or any other National Centre for Vocational Education

Research (NCVER) standard, as required by Chief Minister, Treasury and Economic Development

Directorate (CMTEDD). Variations from these standards can only occur with the agreement of

CMTEDD. CMTEDD will coordinate the reporting of financial data for the annual National VET Data

Collection.

Monitoring and Reporting

Statistical Data

CIT will provide CMTEDD statistical and other information to support the Directorate’s reporting

requirements to the ACT Government and relevant Commonwealth Government Departments.

The AVETMISS compliant statistical information will be provided to NCVER (through CMTEDD) in

accordance with relevant Commonwealth Government Departments reporting requirements.

2024-25 Budget Statements 134 Canberra Institute of Technology

Implementation of Training Packages

CIT is a registered training organisation (RTO), as required to deliver nationally accredited training.

As such, CIT must comply with Clauses 1.26 and 1.27 of the Standards for Registered Training

Organisations (RTOs) 2015 - Transition of training products.

Estimated Employment Levels

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Staffing (FTE)

636

661

6841

6962

Note(s):

1. The increase of 23 FTE in the 2023-24 estimated outcome from the original budget is due increased staff engagements

in the delivery of training, enhancing governance and the transition to the new operating environment.

2. The increase of 12 FTE in the 2024-25 Budget from the 2023-24 estimated outcome is due to additional staff

associated with new initiative approved in the 2024-25 Budget including the Electric Vehicle Centre of Excellence and

Upgrading CIT ICT Infrastructure.

2024-25 Budget Statements 135 Canberra Institute of Technology

Strategic Objective and Indicator

Strategic Objective

Student Outcomes

CIT’s objective is to provide training that meets student needs ensuring a job ready skill set for our

future workers.

Strategic Indicator: Student Outcomes Survey

The key strategic indicator used by CIT to measure its success is students’ employment outcomes as

measured through the annual National Centre for Vocational Education Research (NCVER) Student

Outcomes Survey. By focusing on student employment outcomes and satisfaction with VET, the

Student Outcomes Survey is an indicative measure of how well CIT serves individuals and the

community.

Quality and effectiveness can be measured through student outcomes against national performance.

When compared against national TAFE performance, CIT students consistently achieve high levels of

employment. The 2023 performance of CIT graduates, against national performance for Australian

TAFE graduates, is highlighted in Figure 1 below. As illustrated, CIT graduates exceed national

performance on all but one measure, indicating strong performance.

Figure 1: NCVER Student Outcomes, 2023

2024-25 Budget Statements 136 Canberra Institute of Technology

Output Class

Output Class 1: Provision of Vocational Education and Training Services

This output involves the provision of places in publicly funded programs at CIT, consistent with

training needs for the ACT.

Table 2: Provision of Vocational Education and Training Services ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

148 899

151 429

Controlled Recurrent Payments 2

81 122

87 321

Notes:

1. Total cost includes depreciation and amortisation of $10.359 million in 2023-24 and $8.733 million in 2024-25.

2. The increase in the 2024-25 Budget from the 2023-24 estimated outcome is mainly due to increased funding for

Upgrading the Canberra Institute of Technology's ICT Infrastructure ($2.226 million), Electric Vehicle Centre of

Excellence ($1.994 million), and revised indexation parameters.

2024-25 Budget Statements 137 Canberra Institute of Technology

Accountability Indicators

Output Class 1: Provision of Vocational Education and Training Services

Table 3: Accountability Indicators July to June Financial Year

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Subject Enrolments 1

100,000

b. Subject Pass Rates 2

85%

86%

85%

c. Achieve key output targets:

- Learner Satisfaction Rate 3

85%

88%

85%

- Employer Satisfaction Rate 4

80%

91%

80%

Notes and Explanation of Material Variances:

1. This is a measure of the total student enrolments in each individual unit of competency for the reporting period,

excluding any enrolments relating to students who withdrew without attendance.

2. This is a measure of the proportion of subject enrolments issued with a grade indicating successful completion of the

unit of competency during the reporting period, expressed as a percentage of total subject enrolments during the

same period.

3. This is a measure of the proportion of current CIT students participating in the VET Student Experience Survey

(VETSES) who indicated that they were satisfied with the training at CIT.

4. The employer satisfaction rate measures the proportion of employers with apprentices or trainees at CIT that

expressed their satisfaction with the training delivered. The online survey was sent to all current employers of

apprentices enrolled at CIT in 2023 and uses questions set by the Australian Skills Quality Authority (ASQA). This

outcome is consistent with previous years reflecting the positive views of employers and the experiences as

employees of CIT apprentices.

2024-25 Budget Statements 138 Canberra Institute of Technology

Key Performance Indicators for 2024

Performance Measure Definitions

CIT articulates measures of success through four key indicators. The four key indicators are:

• Learning for Life – Post-School opportunities and Outcomes.

• Employment – Employment, unemployment, underemployment, and labour force participation.

• Digital Access – Digital inclusion through three aspects: digital literacy, access and affordability.

• Sense of belonging and inclusion – people’s sense of belonging in their community, how

inclusive they find their local area and whether people experience discrimination in Canberra.

The Accountability Indicators measure aspects of CIT’s delivery of training according to national

AVETMISS standards. Students who withdraw without attendance (Withdrawal – Without

Attendance) (WW) grades are not included.

• Subject Enrolments is the sum of the total student enrolments in each individual Unit of

Competency for the reporting period, excluding any enrolments relating to students who

withdrew without attendance (i.e. where a Withdrawal - Without Attendance/WW grade has

been recorded). This measure includes all students enrolled at CIT during the reporting period.

• Subject Pass Rates reflect the proportion of subject enrolments issued with a grade indicating

successful completion of the Unit of Competency during the reporting period, expressed as a

percentage of total subject enrolments during the same period. This measure includes all

students enrolled at CIT during the reporting period.

• Key output targets include the following qualitative measures of CIT’s performance:

- learner satisfaction rates measure the proportion of current students who indicated that

they were satisfied with the training they received at CIT. The learner survey has been

the Australian Quality Training Framework (AQTF) quality indicator (QI) ‘Learner

Satisfaction’; and

- employer satisfaction rates measure the proportion of employers indicating that they were

satisfied with the training provided by CIT. The Employer Survey has been designed by ACER

to collect data relating to the AQTF QI’s and Employer Satisfaction metrics.

2024-25 Budget Statements 139 Canberra Institute of Technology

The figures shown in the following table represent calendar year information as consistent with CIT’s

annual reporting cycle on a calendar year basis.

Table 4: Accountability Indicators January to December Financial Year

2023

Targets

2023

Audited

Outcome

2024

Targets

a. Subject Enrolments 1

100,000

97,324

100,000

b. Subject Pass Rates

85%

86%

85%

c. Achieve key output targets:

- Learner Satisfaction Rate

85%

88%

85%

- Employer Satisfaction Rate 2

80%

91%

80%

Notes and Explanation of Material Variances:

1. Subject enrolments were below target due to a strong local employment market reducing the immediate demand for

training.

2. The 2023 survey of employer satisfaction showed overall levels of satisfaction of 91%, reflecting the positive views of

employers and students of their experience at CIT.

2024-25 Budget Statements 140 Canberra Institute of Technology

Changes to Appropriation

Table 5: Changes to appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

75 613

78 772

81 747

82 815

2nd Appropriation

Commonwealth Grants – National Skills and Workforce

Development SPP

1 551

Skilled to Succeed - Supporting the Renewables and

Sustainability and Building and Construction Action

Plans

250

2024-25 Budget Policy Decisions

Investing in our digital future

-16

-374

-324

-311

Investing in our digital future – Additional Licensing

Component

253

268

285

302

Investing in our digital future – Additional Surcharging

Component

Implementing a direct appropriation model for

Procurement ACT and the Territory Records Office

-293

-300

-308

-316

Whole of Government Savings

-600

-620

-693

-715

Savings – Workers' compensation

-27

Upgrading the Canberra Institute of Technology's ICT

Infrastructure

5 939

2024-25 Budget Technical Adjustments

Boosting business and the economy – Australia’s first

Electric Vehicle Centre of Excellence

1 694

Boosting business and the economy – Australia’s first

Electric Vehicle Centre of Excellence

300

Revised Indexation Parameters

634

Revised Superannuation Parameters

1 049

1 353

1 572

1 808

Transforming the Canberra Museum and Gallery and

Developing Canberra Theatre Centre technicians -

CIT's share of Admin on-costs transfer to CMTEDD

-5

Upgrading the Canberra Institute of Technology's ICT

Infrastructure – Section 14A

3 713

2024-25 Budget

81 122

87 321

82 079

83 353

84 223

2024-25 Budget Statements 141 Canberra Institute of Technology

Table 6: Changes to appropriation – Capital Injections, Controlled ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

17 394

2 994

2 753

4 556

1 339

2nd Appropriation

CIT Campus Woden – Funding for Entry into design and

construct contract

229

CIT Woden Campus Project – Audio-Visual, Furniture,

Fixtures and Equipment & ICT Equipment

912

FMA Section 16B Rollovers from 2022-23

CIT Asset Renewal Program

1 355

2024-25 Budget Policy Decisions

CIT Asset Renewal Program

1 179

1 546

569

3 924

Investing in smart campus technology for the new

Canberra Institute of Technology Woden Campus

7 237

2024-25 Budget Technical Adjustments

Upgrading Canberra Institute of Technology's ICT

Infrastructure Capital

-554

Boosting business and the economy – Australia’s first

Electric Vehicle Centre of Excellence

3 200

Upgrading the Canberra Institute of Technology's ICT

Infrastructure – Section 14A

-3 713

Upgrading the Canberra Institute of Technology's ICT

Infrastructure – Transfer to CMTEDD

-209

Revised Funding Profile – Asset Renewal Program

-1 430

1 430

Revised Funding Profile – Modernising the Canberra

Institute of Technology's facilities and improving

accessibility

-1 000

1 000

Revised Funding Profile – CIT Baseline Property, Plant

and Equipment

-100

100

Revised Funding Profile – CIT Woden Campus Project -

Audio-Visual, Furniture, Fixtures & ICT Equipment

-912

912

2024-25 Budget

12 526

17 498

4 299

5 125

5 263

2024-25 Budget Statements 142 Canberra Institute of Technology

Summary of 2024-25 CIT Infrastructure Program

Table 7: 2024-25 CIT Infrastructure Program ($’000)

Project

2024-25

2025-26

2026-27

2027-28

Four Year

Investment

Physical

Completion

Date

CAPITAL WORKS PROGRAM

New Works

Boosting business and the

economy – Australia’s

first Electric Vehicle

Centre of Excellence

3 200

Dec-26

Total New Works

3 200

Works In Progress

CIT Baseline Property,

Plant and Equipment

100

564

1 257

3 178

Modernising the Canberra

Institute of

Technology's facilities

and improving

accessibility

1 000

Jun-25

Investing in smart campus

technology for the new

Canberra Institute of

Technology Woden

Campus

8 149

Jun-25

Total Works In Progress

9 249

564

1 257

12 327

Asset Renewal Program

CIT 2024-25 ARP

5 049

3 735

3 868

4 006

16 658

Total Asset Renewal

Program

5 049

3 735

3 868

4 006

16 658

TOTAL INFRASTRUCTURE

PROGRAM

17 498

4 299

5 125

5 263

32 185

2024-25 Budget Statements 143 Canberra Institute of Technology

Monitoring and Reporting

CIT complies with the requirements of the Annual Reports Directions. The CIT Annual Report will,

among other things, report against the requirements of this Statement of Intent.

The FMA authorises the Treasurer to obtain financial and other statements from the CIT for a stated

period including annual, quarterly, and monthly reporting.

Quarterly Reporting

To enable consolidated whole of government reporting requirements to be met on a quarterly basis,

the CIT will ensure the availability to the Treasurer, through CMTEDD (by the eighth working day of

each quarter, unless otherwise indicated), information, in the prescribed form and detail, in respect

of the previous quarter:

• Operating Statement.

• Balance Sheet.

• Statement of Changes in Equity.

• Cash Flow Statement.

• Operating Statement material variance explanations against seasonal budget.

• Status Report to supplement performance reporting to the Assembly and provide stakeholders

with a summary on progress against budget highlights, significant initiatives and major projects.

• Financial Management Analysis of results to date, forecast results and related issues that may

impact on the financial condition of the CIT.

Monthly Reporting

In addition to the quarterly information required as identified above, on a monthly basis the CIT will

ensure the availability to the Treasurer through CMTEDD the financial statements, in the prescribed

form and required detail, in respect of the previous calendar month.

Annual Reporting

As part of preparations for end of year reporting, CMTEDD will advise the dates when the following

documents are required at the CMTEDD and at the Auditor General's Office:

• Certified financial statements.

• Management discussion and analysis.

• A full and accurate set of audited financial records for the preceding financial year in the form

requested.

• Consolidation packs relating to the annual financial statements.

2024-25 Budget Statements 144 Canberra Institute of Technology

Financial Arrangements

Financial Performance Targets

CIT undertakes to assess financial performance against the achievement or otherwise of the financial

performance measures (at the Key Performance Indicators for 2024 section of this Statement of

Intent).

Budget Variations

Any variations from the 2024-25 Budget, including calls on the Treasurer’s Advance, will be

considered in the context of end of year cash requirements, unless the relevant legal appropriation

is first exhausted. CIT will manage within existing funding sources until this time.

Sustaining Public Funds and Operating Surplus/Loss

CIT will manage its resources to ensure it achieves the planned financial position at the end of each

year, as set out in the Statement of Intent.

Capital Structure

The Statement of Intent covers the capital employed by CIT. Any capital injections will be subject to

an agreed business case. Capital employed can be either an injection of equity or a repayable

advance (debt capital) in accordance with terms and conditions determined by the Treasurer. The

business case will cover the budget year in detail and the three forward years in outline.

A targeted level of capital employed necessary for the budgeted level of service delivery and

financial stability of CIT is reflected in the attached budgeted statements of financial position.

Budgeted cash equity capital injections (or distributions) will be payable at the end of the relevant

financial year and will be determined in the context of the budgeted and actual year-end balance

sheet position, including cash and other assets. CIT will meet funding needs during the year through

prudent management of its funding sources and options, including operational receipts and finance

facilities.

Agreement to asset acquisition and disposal is separate from the issue of the appropriate capital

position of CIT. Any decision to provide added capital or return funds to the Territory as a result of

asset acquisition or disposal will be based on an assessment of CIT’s balance sheet, including capital

position, in light of the proposed action.

All transfers of fixed assets between ACT agencies will be the subject of a formal agreement

between the gaining and losing agencies in relation to timing and valuation of the assets.

A copy of the agreement must be distributed immediately to the CMTEDD as part of normal monthly

reporting arrangements when an agreement has been reached. The maximum timeframe to reach

an agreement is six weeks.

2024-25 Budget Statements 145 Canberra Institute of Technology

Subsidiaries

CIT Solutions Pty Limited (CIT Solutions) established in 1988 as a wholly owned subsidiary of CIT

under the Corporations Act 2001. The company’s audited financial statements are consolidated

within the CIT’s financial statements on a calendar year basis.

CIT Solutions offers a range of educational activities and services, which reflect the resource

capability of CIT. These include customised training programs for commercial clients, study tours for

groups from overseas and educational and specialist consultancies. The company is also a major

provider of adult and community education programs in the ACT and region.

As a subsidiary of CIT, CIT Solutions will pay a dividend to CIT subject to the CIT Solutions Board

decision.

Financial Statements

Budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

three financial years appear below. These general-purpose financial statements, have been prepared

in accordance with the ACT’s Model Financial Statements and include:

• Operating Statement

• Balance Sheet

• Statement of Changes in Equity

• Cash Flow Statement

• Notes to the Financial Statements as appropriate.

2024-25 Budget Statements 146 Canberra Institute of Technology

Financial Statements

Table 8: CIT: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

75 613

81 122

87 321

82 079

83 353

84 223

Sale of Goods and Services

from Contracts with

Customers

32 717

40 117

39 197

-2

40 761

42 365

43 839

Grants and Contributions

Revenue

11 283

11 497

11 648

12 309

12 570

12 550

Interest Revenue

103

287

291

Dividend Revenue

500

Other Income

2 727

2 791

2 861

2 775

2 866

Total Income

122 935

136 058

141 556

138 613

141 850

144 269

Expenses

Employee Expenses

86 883

91 996

95 904

94 817

97 242

98 794

Supplies and Services

40 282

43 469

46 370

43 900

44 945

46 186

Depreciation and Amortisation

18 720

10 359

8 733

-16

16 899

18 143

22 982

Other Expenses

417

3 075

422

-86

427

433

439

Total Expenses

146 302

148 899

151 429

156 043

160 763

168 401

Operating Result

-23 367

-12 841

-9 873

-17 430

-18 913

-24 132

Other Comprehensive Income

Items that will not be

Reclassified Subsequently

to Profit or Loss

Increase/(Decrease) in Asset

Revaluation Surplus

-39 067

100

Total Other Comprehensive

Result

-39 067

100

Total Comprehensive Result

-23 367

-51 908

-9 873

-17 430

-18 913

-24 132

2024-25 Budget Statements 147 Canberra Institute of Technology

Table 9: CIT: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

3 588

6 201

3 891

-37

3 222

2 879

2 349

Investments

1 000

Receivables

3 919

5 893

5 918

5 943

5 968

5 993

Assets Held for Sale

2 914

Other Assets

1 452

831

Total Current Assets

8 959

16 839

14 554

-14

13 910

13 592

13 087

Non-Current Assets

Investment - Joint Venture

Property, Plant and

Equipment

203 689

208 594

261 475

505 507

493 018

475 828

Intangible Assets

314

148

Total Non-Current Assets

204 023

208 762

261 643

505 675

493 186

475 996

TOTAL ASSETS

212 982

225 601

276 197

519 585

506 778

489 083

Current Liabilities

Payables

1 002

4 471

4 506

4 541

4 576

4 611

Contract Liabilities

5 878

5 685

Lease Liabilities

706

917

682

-26

219

100

Employee Benefits

25 734

23 885

25 164

26 069

26 981

27 927

Other Liabilities

2 238

108

100

162

216

270

Total Current Liabilities

35 558

35 012

36 145

36 676

37 558

38 593

Non-Current Liabilities

Borrowings

380

210

-45

Lease Liabilities

2 873

1 748

219

-87

100

Employee Benefits

1 354

1 450

1 629

1 803

1 942

2 081

Other Provisions

39 067

Total Non-Current

Liabilities

4 607

42 645

41 125

-4

41 010

41 109

41 248

TOTAL LIABILITIES

40 165

77 657

77 270

77 686

78 667

79 841

NET ASSETS

172 817

147 944

198 927

441 899

428 111

409 242

Equity

Accumulated Funds

66 438

80 632

131 615

374 587

360 799

341 930

Asset Revaluation Surplus

106 379

67 312

TOTAL EQUITY

172 817

147 944

198 927

441 899

428 111

409 242

2024-25 Budget Statements 148 Canberra Institute of Technology

Table 10: CIT: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

72 411

80 947

123 990

387 718

374 587

360 799

Opening Asset Revaluation

Surplus

106 379

67 312

-37

67 312

Balance at the Start of the

Reporting Period

178 790

187 326

191 302

455 030

441 899

428 111

Comprehensive Income

Operating Result

-23 367

-12 841

-9 873

-17 430

-18 913

-24 132

Increase/(Decrease) in the

Asset Revaluation Reserve

Surpluses

-39 067

100

Total Comprehensive Result

-23 367

-51 908

-9 873

-17 430

-18 913

-24 132

Movement in Asset

Revaluation Surplus

Total Movement in Reserves

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

17 394

12 526

17 498

4 299

5 125

5 263

Total Transactions Involving

Owners Affecting

Accumulated Funds

17 394

12 526

17 498

4 299

5 125

5 263

Closing Equity

Closing Accumulated Funds

66 438

80 632

131 615

374 587

360 799

341 930

Closing Asset Revaluation

Surplus

106 379

67 312

Balance at the end of the

Reporting Period

172 817

147 944

198 927

441 899

428 111

409 242

2024-25 Budget Statements 149 Canberra Institute of Technology

Table 11: CIT: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

75 613

81 122

87 321

82 079

83 353

84 223

Sale of Goods and Services

from Contracts with

Customers

32 562

35 262

39 042

40 606

42 210

43 684

Interest Receipts

103

287

291

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

3 030

Goods and Services Tax

Collected from Customers

1 273

Dividends

500

Other

2 923

2 988

3 059

2 975

3 068

Total Receipts from Operating

Activities

115 996

124 205

134 253

130 650

133 628

136 069

Payments

Employee Payments

87 524

92 551

94 446

93 738

96 191

97 709

Supplies and Services

28 853

32 035

34 577

31 447

32 233

33 496

Goods and Services Tax Paid to

the Australian Taxation

Office

1 273

Goods and Services Tax Paid to

Suppliers

3 030

Other

569

574

579

585

591

Total Payments from

Operating Activities

121 249

129 458

133 900

130 067

133 312

136 099

Net Cash Inflows/(Outflows)

from Operating Activities

-5 253

353

107

583

316

-30

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Proceeds from Sale/Maturity

of Investments

2 000

-100

Total Receipts from

Investing Activities

2 000

-100

2024-25 Budget Statements 150 Canberra Institute of Technology

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Payments

Purchase of Property, Plant

and Equipment

3 730

9 467

154

1 730

2 473

973

Purchase of Capital Works

12 010

7 142

8 760

3 069

3 152

4 790

Purchase of Investments

1 000

-100

Total Payments from

Investing Activities

15 740

11 872

18 227

4 799

5 625

5 763

Net Cash

Inflows/(Outflows) from

Investing Activities

-13 740

-9 872

-18 227

-85

-4 799

-5 625

-5 763

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

17 394

12 526

17 498

4 299

5 125

5 263

Total Receipts from

Financing Activities

17 394

12 526

17 498

4 299

5 125

5 263

Payments

Repayment of Lease

Liabilities - Principal

170

1 934

752

159

Total Payments from

Financing Activities

170

1 934

752

159

Net Cash

Inflows/(Outflows) from

Financing Activities

17 224

12 356

15 564

3 547

4 966

5 263

Net Increase/(Decrease) in

Cash and Cash

Equivalents

-1 769

-2 769

-2 310

-669

-343

-530

Cash and Cash Equivalents

at the Beginning of the

Reporting Period

5 357

8 970

6 201

-31

3 891

3 222

2 879

Cash and Cash Equivalents

at the End of the

Reporting Period

3 588

6 201

3 891

-37

3 222

2 879

2 349

2024-25 Budget Statements 151 Canberra Institute of Technology

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• controlled recurrent payments:

- the increase of $5.509 million in the 2023-24 estimated outcome from the original budget is

due to the Financial Management Act 1996 Section 14A transfer of appropriation from

capital to controlled recurrent payment appropriation for the Upgrading the Canberra

Institute of Technology's ICT Infrastructure initiative reflecting the accounting treatment

applied to the project costs ($3.713 million), additional appropriation received for the

National Skills and Workforce Development Payment ($1.551 million) and Supporting the

Renewables and Sustainability and Building and Construction Action Plans ($0.250 million).

- the increase of $6.199 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due increased funding for Upgrading the Canberra Institute of Technology's ICT

Infrastructure ($2.226 million), Electric Vehicle Centre of Excellence ($1.994 million), revised

indexation parameters ($2.657 million) offset by savings initiative applied in the 2024-25

Budget ($0.643 million).

• sale of goods and services from contracts with customers: the increase of $7.4 million in the

2023-24 estimated outcome from the original budget is reflects the recognition of revenue

associated with the finalisation of the Job Trainer 1 initiative ($4.7 million) and the Smart and

Skilled agreement with the NSW Government ($2.7 million).

• employee expenses: the increase of $5.113 million in the 2023-24 estimated outcome from the

original budget is due to the expensing of Cloud Campus costs in accordance with Australian

Accounting Standards which were originally budgeted as capital ($2.327 million) and increased

employee expenses associated staff engagements in the delivery of training, enhancing

governance and the transition to the new operating environment ($2.786 million).

• supplies and services: the increase of $3.187 million in the 2023-24 estimated outcome from the

original budget is due to the expensing of Cloud Campus costs in accordance with Australian

Accounting Standards which were originally budgeted as capital ($1.386 million) and increasing

repairs and maintenance expenses incurred across CIT campuses.

• other expenses: the increase of $2.658 million in the 2023-24 estimated outcome from the

original budget is due to the transfer of land at Watson to Transport Canberra and City Services

Directorate.

• depreciation: the decrease of $8.361 million from the 2023-24 estimated outcome from the

original budget is due to a revision of the depreciation estimates associated with the CIT Reid

campus planned for transfer to the University of NSW (UNSW).

2024-25 Budget Statements 152 Canberra Institute of Technology

Balance Sheet

• cash and investments:

- the increase of $2.613 million in the 2023-24 estimated outcome from the original budget is

the result of favourable cash flow movement compared to budget as represented in the cash

flow statement.

- the decrease of $2.310 million in the 2024-25 Budget from the 2023-24 estimated outcome

is a flow on effect of the budgeted operating deficit in 2024-25.

• receivable: the increase of $1.974 million in the 2023-24 estimated outcome from the original

budget is due higher receivable expected at year end associated with new agreements including

the NSW Smart and Skilled.

• assets held for sale: the increase of $2.914 million in the 2023-24 estimated outcome from the

original budget is due to the expected transfer of property held at Watson not occurring within

the financial year.

• payables: the increase of $3.469 million in the 2023-24 estimated outcome from the original

budget is mainly due to items originally budgeted in Other Liabilities which are expected to be

recognised as payables.

• non-current lease liabilities: the decrease of $1.529 million in the 2024-25 Budget from the

2023-24 estimated outcome and $1.125 million in the 2023-24 estimated outcome from the

original budget reflects the reducing liability associated with leases held as the lease term

reduces.

• other provisions: the increase of $39.067 million in the 2023-24 estimated outcome from the

original budget is due to the recognition of the provision for remediation of contamination at the

Reid Campus associated with the expected transfer of the property to UNSW.

• asset revaluation surplus: the decrease of $39.067 million in the 2023-24 estimated outcome

from the original budget is due to the decrement in asset value recognised associated with the

expected cost of remediation of contamination at the Reid Campus.

Statement of Changes in Equity and Cash Flow Statement

Variations in the statements are explained in the notes above.

2024-25 Budget Statements 153 Canberra Institute of Technology

Calendar Year Financial Statements

Table 12: CIT: Operating Statement for the Year Ended 31 December ($’000)

2023

Actuals

2023

Budget

2024

Budget

2025

Estimate

2026

Estimate

2027

Estimate

Income

Controlled Recurrent Payments

84 209

81 195

73 722

81 243

83 382

85 905

Sales of Goods and Services from

Contracts with Customers

40 336

28 945

40 337

41 908

43 541

45 238

Grants and Contributions Revenue

6 846

2 562

11 142

11 421

11 706

11 999

Other Income

1 515

1 250

1 446

1 482

1 519

1 557

Total Income

132 906

113 952

126 647

136 054

140 148

144 699

Expenses

Employee Expenses

88 719

85 550

90 990

93 943

95 962

97 210

Supplies and Services

38 772

39 479

41 680

42 713

43 773

44 859

Depreciation and Amortisation

10 134

9 670

10 583

10 883

15 283

15 583

Other Expenses

1 551

1 980

1 630

1 679

1 729

1 781

Total Expenses

139 176

136 679

144 883

149 218

156 747

159 433

Operating Result

-6 270

-22 727

-18 236

-13 164

-16 599

-14 734

2024-25 Budget Statements 154 Canberra Institute of Technology

Table 13: CIT: Balance Sheet as at 31 December ($’000)

Actuals

31/12/23

Budget

31/12/23

Budget

31/12/24

Estimate

31/12/25

Estimate

31/12/26

Estimate

31/12/27

CURRENT ASSETS

Cash and Cash Equivalents

8 314

-7 567

4 764

2 160

184

Receivables

7 812

2 800

3 000

3 090

3 183

3 278

Assets Held for Distribution to

Owners

2 914

Other Assets

1 417

1 600

1 400

1 442

1 485

1 530

Total Current Assets

20 457

-3 167

12 078

9 606

7 766

7 746

NON-CURRENT ASSETS

Property, Plant and Equipment

200 486

209 141

198 618

448 011

438 902

429 853

Capital Works in Progress

1 411

2 800

2 000

2 060

2 122

2 185

Other Assets

118

520

100

103

106

109

Total Non-Current Assets

202 015

212 461

200 718

450 174

441 130

432 148

Total Assets

222 472

209 294

212 796

459 781

448 896

439 894

CURRENT LIABILITIES

Payables

3 862

3 500

3 862

3 500

3 862

3 500

Lease Liabilities

964

680

1 025

338

100

Employee Benefits

27 189

23 300

24 720

25 462

26 225

27 012

Other

1 945

4 400

2 000

2 060

2 122

2 185

Total Current Liabilities

33 960

31 880

31 607

31 360

32 309

32 798

NON-CURRENT LIABILITIES

Lease Liabilities

1 280

2 000

338

100

Employee Benefits

1 408

1 200

1 400

1 442

1 485

1 530

Other Provision

39 067

309

39 067

Other Liabilities

364

841

300

309

318

328

Total Non-Current Liabilities

42 119

4 350

41 105

40 918

40 971

41 025

Total Liabilities

76 079

36 230

72 712

72 278

73 280

73 822

NET ASSETS

146 393

173 064

140 084

387 503

375 616

366 071

EQUITY

Accumulated Funds

78 394

66 685

72 085

319 504

307 617

298 072

Asset Revaluation Reserve

67 999

106 379

67 999

TOTAL EQUITY

146 393

173 064

140 084

387 503

375 616

366 071

2024-25 Budget Statements 155 Canberra Institute of Technology

Table 14: CIT: Statement of Changes in Equity 31 December ($’000)

Actual

2023

Budget

2023

Budget

2024

Estimate

2025

Estimate

2026

Estimate

2027

Closing Accumulated Funds

78 333

78 394

72 085

319 504

307 617

Closing Asset Revaluation Reserve

106 379

67 999

Balance at the Start of the Reporting Period

184 712

146 393

140 084

387 503

375 616

Comprehensive Income

Operating Result

-6 270

-22 727

-18 236

-13 164

-16 599

-14 734

Increase/(Decrease) in the Asset Revaluation

Surplus

-38 380

Total Comprehensive Result

-44 650

-22 727

-18 236

-13 164

-16 599

-14 734

Transactions Involving Owners Affecting Accumulated

Funds

Capital Injections

8 989

11 079

11 927

4 236

4 712

5 190

Net Assets Transferred in/(out) from Other

Agencies

-2 658

256 347

Total Transactions Involving Owners

Affecting Accumulated Funds

6 331

11 079

11 927

260 583

4 712

5 190

Closing Equity

Closing Accumulated Funds

78 394

66 685

72 085

319 504

307 617

298 072

Closing Asset Revaluation Reserve

67 999

106 379

67 999

Balance at the end of the Reporting Period

146 393

173 064

140 084

387 503

375 616

366 071

2024-25 Budget Statements 156 Canberra Institute of Technology

Table 15: CIT: Cash Flow Statement as at 31 December ($’000)

2023

Actuals

2023

Budget

2024

Budget

2025

Estimate

2026

Estimate

2027

Estimate

Cash Flows from Operating Activities

Receipts

Controlled Recurrent Payments

84 209

81 195

73 722

81 243

83 382

85 905

Sales of Goods and Services from Contracts

with Customers

30 737

28 700

44 337

41 908

43 541

45 238

Interest Received

403

150

100

Goods and Services Tax Input Tax from the

Australian Tax Office

4 170

3 430

3 500

Goods and Services Tax Collected from

Customers

1 140

1 500

1 800

Grants and Contributions Receipts

1 477

200

Dividends Received

100

500

Other

1 086

1 000

Total Receipts from Operating Activities

121 771

116 552

125 159

130 251

134 022

138 243

Payments

Employee Payments

85 121

87 511

91 699

93 943

95 962

97 210

Supplies and Services

30 846

38 548

31 119

31 312

32 437

33 593

Goods and Services Tax Paid to Suppliers

5 392

4 300

5 000

Other

1 425

1 800

Total Payments from Operating Activities

122 784

132 159

129 618

132 055

135 199

137 603

Net Cash Outflows from Operating Activities

-1 013

-15 607

-4 459

-1 804

-1 177

640

Cash Flows from Investing Activates

Payments

Purchase of Property, Plant and Equipment

7 515

11 079

10 218

4 236

4 712

5 190

Total Payments from Investing Activities

7 515

11 079

10 218

4 236

4 712

5 190

Net Cash Outflows from Investing Activities

-7 515

-11 079

-10 218

-4 236

-4 712

-5 190

Cash Flows from Financing Activates

Receipts

Capital Injection

8 989

11 079

11 927

4 236

4 712

5 190

Total Receipts from Investing Activities

8 989

11 079

11 927

4 236

4 712

5 190

Payments

Repayment of Lease Liabilities - Principal

988

800

Total Payments from Investing Activities

988

800

Net Cash Outflows from Investing Activities

8 001

10 279

11 127

3 436

3 912

4 390

Net (Decrease) in Cash and Cash Equivalents

-527

-16 407

-3 550

-2 604

-1 977

-160

Cash and Cash Equivalents at the Beginning

of Reporting Period

8 841

8 314

4 764

2 160

184

Cash and Cash Equivalents at the end of

Reporting Period

8 314

-7 566

4 764

2 160

184

2024-25 Budget Statements 157 Canberra Institute of Technology

Notes to the Calendar Year Financial Statements

Significant variations are as follows:

Operating Statement

• controlled recurrent payments:

- the decrease of $10.487 million from 2023 actual outcome to the 2024 Budget is due to

2023-24 appropriation draw down schedule resulting in appropriation being drawn in 2023

instead of 2024 and the 2023-24 Budget decision to transfer appropriation to Data, Digital

and Technology Services for the services they deliver.

- the decrease of $7.473 million from 2023 Budget to the 2024 Budget is due to the 2023-24

Budget decision to transfer appropriation to Data, Digital and Technology Services for the

services they deliver.

• sales of goods and services from contracts with customers: the increase of $11.392 million from

the 2023 Budget to the 2024 Budget is due to new revenue initiatives including Fee Free TAFE,

NSW Smart and Skilled agreement.

• grants and contributions revenue:

- the increase of $4.296 million in the 2023 actual outcome from the 2023 budget is due to

the 2023-24 Budget decision to transfer appropriation to Data, Digital and Technology

Services for the delivery of their services ‘free-of-charge’ recognised as grants and

contribution revenue from 1 July 2023.

- the further increase of $4.296 million in the 2024 budget from the 2023 actual reflect the

full year impact of the change in delivery of Data, Digital and Technology Services to a ‘free

of charge’ model.

Balance Sheet

• cash and cash equivalents:

- the increase of $12.331 million in the 2024 Budget from the 2023 Budget is reflective of the

better that anticipated 2023 operating result resulting in an improved cash balance for 2024;

and

- the decrease of $3.550 million in the 2023 actual outcome to the 2024 Budget is reflective of

the budgeted operating deficit impact on cash.

• receivables: the decrease in the 2024 Budget of $4.812 million from the 2023 actual outcome is

the expected receipt of larger receivables in 2024 outstanding at the end of 2023 related to Fee

Free TAFE and NSW Smart and Skilled agreement.

• other provisions: the increase in the 2024 Budget of $38.758 million from the 2023 Budget is due

to the recognition of a provision for remediation of contamination on the CIT Reid campus

during 2023.

Statement of Changes in Equity and Cash Flow Statement

Variations in the statements are explained in the notes above.

2024-25 Budget Statements 158 Canberra Institute of Technology

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2024-25 Budget Statements 159 CIT Solutions

CIT SOLUTIONS

Purpose

CIT Solutions Pty Ltd (CIT Solutions) is a wholly owned subsidiary of the Canberra Institute of

Technology (CIT), established under the Corporations Act in 1988. CIT Solutions empowers

organisations with customised workforce development solutions by providing contemporary

knowledge and skills to adapt, prosper and achieve their business objectives as well as best serve

their communities.

CIT Solutions coordinates and takes the lead in commercial fee-for-service and entrepreneurial

activities, bringing innovation and promoting national and global collaboration amongst CIT and

stakeholder organisations.

CIT Solutions offers a range of nationally recognised qualifications from the Australian Qualifications

Framework under CIT's status as a Registered Training Organisation (RTO 0101). Being a trusted and

responsive training provider in the ACT, CIT Solutions delivers programs and consultancy services in

the ACT, interstate and internationally.

CIT Solutions has proven capabilities in delivering 27 foreign languages training and examination

services as well as providing expert marketing, admission and support services to CIT for the

management of its international student business. The Company enriches communities in Canberra

by offering a diverse range of short courses, both in professional development and recreational

interests, ensuring that people in the Canberra region have access to lifelong learning and

opportunities to learn with their communities.

2024-25 Priorities

Strategic and operational initiatives to be pursued in 2024-25 include:

• maintaining an engaged workforce with the right mix of skills and experience to provide

excellent client service under a contemporary framework;

• enhancing CIT Solutions’ reputation as a high quality provider of fit-for-purpose learning

solutions;

• securing increased repeat work with existing clients and converting new opportunities into an

expanded client base;

• developing a culture of sustainability whilst maintaining profitability and achieving revenue

growth; and

• supporting Indigenous learners and businesses through targeted programs and initiative.

2024-25 Budget Statements 160 CIT Solutions

Estimated Employment Levels

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Staffing (FTE)

88 1

63 1

Note(s):

1. The staffing FTE for the 2023-24 estimated outcome is lower than budgeted reflecting reduced project activities and

business requirements.

Strategic Objectives and Indicators

Strategic Objective 1

Increase student enrolments through customer experience, new programs and strategic

partnerships

This will be achieved by:

• developing new programs and learning models to address changing student and client needs;

• strengthening capability to deliver anywhere, anytime, or on any device;

• increasing agility to be able to quickly move programs from face-to-face to virtual and hybrid

delivery mode;

• nurturing existing partnerships and developing new strategic alliances;

• enhancing student satisfaction by customising and personalising their learning experience; and

• supporting Indigenous learners through programs like the Indigenous Apprenticeship Program

(IAP) in partnership with Services Australia.

Strategic Objective 2

Increase innovation and digitalisation in learning technologies

This will be achieved by:

• the use of technology to enhance our learners’ experience in collaboration and communication

in a remote and distributed learning environment;

• enhancing our Learning Management System, as an integrated online learning platform for

teachers and students to collaborate, learn and assess; and

• developing training programs to support Indigenous corporations in corporate governance,

contributing to the growth and sustainability of Indigenous businesses.

Financial Arrangements

CIT Solutions Pty Ltd is an entity established under the Corporations Act 2001 receiving no funding

from the ACT Government.

2024-25 Budget Statements 161 CIT Solutions

Budgeted Financial Statements

Budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

three financial years appear below. These general-purpose financial statements, have been

prepared in accordance with the ACT’s Model Financial Statements and include:

• an Operating Statement;

• a Balance Sheet;

• a Statement of Changes in Equity; and

• a Cash Flow Statement.

2024-25 Budget Statements 162 CIT Solutions

Financial Statements – Controlled (PTE)

Table 2: CIT Solutions: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Sale of Goods and Services

from Contracts with

Customers

16 157

9 357

10 782

11 639

12 652

13 264

Interest Revenue

160

Other Income

162

200

Total Income

16 329

9 519

10 948

11 810

12 829

13 447

Expenses

Employee Expenses

11 151

6 607

6 837

7 064

7 289

7 443

Supplies and Services

3 926

2 583

2 868

3 160

3 460

3 576

Depreciation and Amortisation

649

602

606

610

614

618

Borrowing Costs

Other Expenses

571

411

437

465

493

508

Total Expenses

16 309

10 215

10 760

11 311

11 868

12 157

Operating Result from

Ordinary Activities

-696

188

127

499

961

1 290

Income Tax Equivalent

Operating Result

-696

188

127

499

961

1 290

Other Comprehensive Income

Items that will not be

Reclassified Subsequently

to Profit or Loss

Total Other Comprehensive

Result

Total Comprehensive Result

-696

188

127

499

961

1 290

2024-25 Budget Statements 163 CIT Solutions

Table 3: CIT Solutions: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

5 561

5 540

5 249

-5

5 280

5 784

6 627

Receivables

1 782

736

787

838

889

940

Other Assets

121

128

136

144

152

160

Total Current Assets

7 464

6 404

6 172

-4

6 262

6 825

7 727

Non-Current Assets

Property, Plant and Equipment

379

110

126

Total Non-Current Assets

379

110

126

TOTAL ASSETS

7 843

6 466

6 250

-3

6 356

6 935

7 853

Current Liabilities

Payables

781

300

299

298

297

296

Contract Liabilities

1 019

Employee Benefits

1 298

1 002

1 048

1 105

1 173

1 251

Other Liabilities

1 359

Total Current Liabilities

3 438

2 389

2 434

2 490

2 557

2 634

Non-Current Liabilities

Employee Benefits

218

145

196

247

298

349

Other Liabilities

-104

-52

Total Non-Current Liabilities

114

144

195

246

297

TOTAL LIABILITIES

3 552

2 482

2 578

2 685

2 803

2 931

NET ASSETS

4 291

3 984

3 672

-8

3 671

4 132

4 922

REPRESENTED BY FUNDS

EMPLOYED

Accumulated Funds

4 291

3 984

3 672

-8

3 671

4 132

4 922

TOTAL FUNDS EMPLOYED

4 291

3 984

3 672

-8

3 671

4 132

4 922

2024-25 Budget Statements 164 CIT Solutions

Table 4: CIT Solutions: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

4 771

5 180

3 984

-23

3 672

3 671

4 132

Balance at the Start of the

Reporting Period

4 771

5 180

3 984

-23

3 672

3 671

4 132

Comprehensive Income

Operating Result

-696

188

127

499

961

1 290

Total Comprehensive Result

-696

188

127

499

961

1 290

Movement in Asset

Revaluation Surplus

Total Movement in Reserves

Transactions Involving Owners

Affecting Accumulated

Funds

Dividend

-500

Total Transactions Involving

Owners Affecting

Accumulated Funds

-500

Closing Equity

Closing Accumulated Funds

4 291

3 984

3 672

-8

3 671

4 132

4 922

Balance at the end of the

Reporting Period

4 291

3 984

3 672

-8

3 671

4 132

4 922

2024-25 Budget Statements 165 CIT Solutions

Table 5: CIT Solutions: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts

Sale of Goods and Services

from Contracts with

Customers

16 078

9 309

10 754

11 607

12 616

13 224

Interest Receipts

160

Other

142

-18

-14

-9

-3

Total Receipts from Operating

Activities

16 230

9 451

10 900

11 758

12 773

13 387

Payments

Employee Payments

10 719

6 175

6 395

6 611

6 825

6 969

Supplies and Services

4 418

3 075

3 360

3 652

3 952

4 068

Other

723

563

589

617

645

660

Total Payments from

Operating Activities

15 860

9 813

10 344

10 880

11 422

11 697

Net Cash Inflows/(Outflows)

from Operating Activities

370

-362

556

254

878

1 351

1 690

CASH FLOWS FROM INVESTING ACTIVITIES

Receipts

Total Receipts from Investing

Activities

Payments

Purchase of Property, Plant

and Equipment

347

Total Payments from Investing

Activities

347

Net Cash Inflows/(Outflows)

from Investing Activities

-347

CASH FLOWS FROM FINANCING ACTIVITIES

Receipts

Total Receipts from Financing

Activities

Payments

Payment of Dividend

500

Total Payments from

Financing Activities

500

2024-25 Budget Statements 166 CIT Solutions

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Net Cash Inflows/(Outflows)

from Financing Activities

-500

Net Increase/(Decrease) in

Cash and Cash Equivalents

-477

-1 209

-291

504

843

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

6 038

6 749

5 540

-18

5 249

5 280

5 784

Cash and Cash Equivalents at

the End of the Reporting

Period

5 561

5 540

5 249

-5

5 280

5 784

6 627

2024-25 Budget Statements 167 CIT Solutions

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• sales of Goods and Services from Contracts with Customers:

- the $6.8 million decrease in revenue for the 2023-24 estimated outcome from the original

budget is primarily due to the expiration of a major language training contract and lower-

than-expected growth in CIT international student enrolments.

- the $1.425 million increase in the 2024-25 Budget compared to the 2023-24 estimated

outcome is mainly driven by expanding existing government contracts and the introduction

of new growth initiatives.

• employee expenses:

- The estimated reduction in employee expenses ($4.544 million) in 2023-24 from the original

budget reflects an adjustment to staffing levels to optimise resource allocation with a

reduction in operational requirements.

- the $0.23 million increase in the 2024-25 Budget compared to the 2023-24 estimated

outcome is for the recruitment of key positions essential for driving planned strategic

growth initiatives.

• supplies and services:

- the $1.343 million decrease in the 2023-24 estimated outcome from the original budget is

primarily from reduced contractor requirements for delivering training services under a

major language training contract. Additionally, lower administrative costs combined with

cost savings from reduced travel associated with online training also contribute to the

overall decrease.

- the increase of $0.285 million in the 2024-25 Budget from the 2023-24 estimated outcome is

to develop new products and technology to meet the changing needs of clients.

• operating result:

- the operating deficit of $0.696 million in the 2023-24 estimated outcome is mainly due to

the loss of a major language training contract, slower growth in international student

enrolments, and investment in the development of new programs, technology, and

resources for future growth.

- the forecast improvement in operating result to $0.188 million in the 2024-25 Budget

compared to the 2023-24 estimated outcome is primarily attributed to the introduction of

new growth initiatives and programs.

2024-25 Budget Statements 168 CIT Solutions

Balance Sheet

• receivables:

- the decrease of $1.046 million in the 2023-24 estimated outcome from the original budget is

due to the reduced level of client invoicing on expiration of a major language training

contract.

• non-current assets:

- the decrease of $0.317 million in the 2023-24 estimated outcome from the original budget is

due to the extension of the building lease with CIT being treated as an operational expense

for this year.

• total current liabilities:

- the decrease of $1.049 million in the 2023-24 estimated outcome from the original budget is

due to a lower value of prepaid contracted services at year end and reduced employee

benefits from the reduced staffing level.

Cash Flow Statement

• The dividend payment is subject to a decision of the CIT Solutions Board.

Variations in the Statement are explained in the notes above.

2024-25 Budget Statements 169 Cultural Facilities Corporation

CULTURAL FACILITIES CORPORATION – STATEMENT OF

INTENT

The Cultural Facilities Corporation is a Territory Authority established under the Cultural Facilities

Corporation Act 1997.

This Statement of Intent for 2024-25 has been prepared in accordance with Section 61 of the

Financial Management Act 1996.

The responsible Minister, Ms Tara Cheyne MLA, was consulted during the preparation of the

Statement of Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the

Cultural Facilities Corporation’s strategic and business planning processes.

The Cultural Facilities Corporation’s 2024-25 Statement of Intent has been agreed between:

Gordon Ramsay Andrew Barr MLA

Chief Executive Officer Treasurer

Cultural Facilities Corporation

2024-25 Budget Statements 170 Cultural Facilities Corporation

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2024-25 Budget Statements 171 Cultural Facilities Corporation

CULTURAL FACILITIES CORPORATION

Purpose

The Cultural Facilities Corporation (CFC) supports the ACT Government’s Statement of Ambition for

the Arts, as a major contributor to creating, developing, and promoting arts, culture, creativity, and

heritage under Canberra’s Arts, Culture and Creative Policy 2022-26.

The mission of the CFC is to create and drive diverse and remarkable experiences that enliven and

elevate arts, culture, and heritage in the Capital, in line with our vision to build Australia’s arts and

culture capital. This is lived out in our five strategic goals:

1. Custodianship, Creativity, and Storytelling – We will deliver creative excellence and

custodianship for the CFC’s activities, deepen our contribution to the ACT’s arts, culture and

heritage ecology, and grow our national role.

2. Growth and Sustainability – We will position the CFC for the future by expanding its income

streams and relevance to the arts, culture, and heritage sectors, audiences, and economy.

3. Redevelopment of the Canberra Theatre Centre and Canberra Civic and Culture District – We

will provide a vision and key leadership for the redevelopment of the CTC and CCCD, developing

our organisation to leverage the opportunities these present.

4. Sector Leadership and Development – We will lead our sector in the ACT, growing audiences,

engaging artists, and developing people.

5. Best Practice Governance, Organisational Capacity, and Culture – Our operational model will be

best practice.

Nature and Scope of Activities

The Cultural Facilities Corporation (CFC) is a statutory corporation of the ACT Government and the

ACT’s largest cultural organisation, managing a unique mix of performing arts, visual arts, social

history and heritage venues across five sites. These places are:

• the Canberra Theatre Centre;

• the Canberra Museum and Gallery (CMAG), including the Nolan Collection;

• Lanyon Homestead

• Calthorpes House, and

• Mugga Mugga.

Canberra Theatre Centre (The CTC) is the major presenter of performing arts in the region. It

presents a range of programming and independent productions, and also works with community and

commercial hirers to deliver a broad program of theatre, dance, and music. In particular, the New

Works and Sector Development Program supports local artists and producers in the commissioning,

creative development, and presentation of live performances.

2024-25 Budget Statements 172 Cultural Facilities Corporation

The CTC is also connected to major performing arts centres across the nation and regularly works

with leading national theatre and dance companies. The planned redevelopment of the Centre will

support the growth of Canberra's performing arts industry by creating further spaces for artists and

arts workers to develop, rehearse and perform productions. The transformed CTC will include

modern rehearsal facilities, and both large and intimate stages where productions can be created

that can tour nationally and internationally, increasing the profile Canberra creatives and lifting

Canberra’s reputation as a performing arts destination.

The Galleries Museums and Heritage arm of the CFC has creative, curatorial, exhibition, collections

management, research, and public engagement responsibilities relating to Canberra Museum and

Gallery (CMAG), The Nolan Collection, Lanyon Homestead, Mugga Mugga, and Calthorpes House

and, collaboratively, of the curatorial, collections management, social history, and heritage aspects

more broadly within the CFC.

CMAG manages a collection of over 10,000 artworks and objects, including paintings, ceramics,

photographs, prints, textiles, glass, drawings, mixed media, and social history items including signs,

clothing, domestic items, furniture, and maps.

CMAG’s various gallery spaces provide platforms for local artists as well as for touring exhibitions at

a range of scales and in a range of formats including digital, interactive, and multi-media, with some

gallery areas dedicated to showcasing local community and private collections. Notably, CMAG has

an award-winning permanent exhibition devoted to the unique story of Canberra. It is also the

custodian of the 141 works that comprise the Commonwealth Nolan Collection, including the 24

Foundation Collection of iconic paintings from the Ned Kelly, St Kilda, and Burke and Wills series,

donated by the artist to the nation in 1974.

The three heritage-listed historic places in the CFC’s care showcase aspects of the ACT’s significant

natural and cultural heritage. Lanyon Homestead, located along the Murrumbidgee River and

Brindabella ranges, encompasses the important Indigenous and non-Indigenous heritage values of

the landscape, and the history of European settlement and pastoralism in the Canberra region.

Mugga Mugga Cottage, a stone cottage built in the 1850s, is one of only three surviving workers’

cottages built as part of the expansive Duntroon estate. It includes the rare domestic working-class

collection of the Curley family, who were former Duntroon estate workers and moved to Mugga

Mugga Cottage in 1913 when Duntroon was resumed by the Commonwealth for the creation of the

Federal Capital. The Cottage is also surrounded by listed endangered native temperate grasslands.

Calthorpes House was built in 1927 and was one of the earliest residences constructed in the new

Federal Capital of Canberra. The Calthorpe family had continuous occupation to the 1980s, when it

was purchased by the Commonwealth government. This included the domestic furnishings and

personal belongings of the Calthorpes family. It provides an insight into the taste and experiences of

the new population moving to Canberra in the 1920s and 30s.

With two of the CFC’s key venues located in Civic Square, the CFC is also a key contributor to

activating the Square as a public space in the heart of Canberra that serves as a hub for cultural

events and activities. In addition to seeking to grow audiences to CFC facilities, the CFC collaborates

with other agencies and organisations to host and promote cultural events and activities with the

goal of fostering a vibrant and culturally rich community in the ACT.

2024-25 Budget Statements 173 Cultural Facilities Corporation

Risks

The CFC pursues its mission and vision within a Risk Appetite Framework that guides decision-

making for its Board, Executive, and staff in the areas of reputational, artistic, financial, asset, and

people risk. Consideration of risk and of appropriate levels of mitigation is done in alignment with

the CFC Values and ACT Public Service Values and in the knowledge that the CFC expects compliance

with all relevant legislation across all aspects of the organisation's operations.

The CFC does have a role, as articulated in its values – Daring | Responsible | Excellent | Agile |

Magnetic – in being daring. This is articulated as "We are not afraid to experiment. We challenge our

audiences, our collaborators and ourselves."

The CFC is open to taking artistic risk within the CFC values. In considering appropriate artistic risk

the programming and exhibitions strategies will include, amongst other things, consideration of

financial implications and appropriate reserves. However, the appetite for reputational risk that

places the long term viability of the CFC in jeopardy is low and the taking of financial risks must not

jeopardise the long-term sustainability of the CFC.

The risk appetite relating to material damage to CFC assets is zero as far as is reasonably practicable.

The risk appetite relating to causing harm to our staff, performers, partners, and patrons is also zero

as far as is reasonably practicable.

If an action or potential action places our reputation at material risk, it needs to be considered

holistically and in the context of our values, or artistic integrity and of appropriate mitigation

strategies.

And the CFC's capacity to take on (including to mitigate) a risk in any area of the organisation must

carefully consider the staff sustainability and capacity.

2024-25 Budget Statements 174 Cultural Facilities Corporation

2024-25 Priorities and Next Three Financial Years

The coming year will be one of important milestones as the CFC celebrates two big anniversaries and

continues work on the redevelopment of the Canberra Theatre Centre.

The 50th anniversary of the Sidney Nolan’s initial gift of 24 of his iconic paintings to the nation and

into the care of Canberra Museum and Gallery, combined with the 60th anniversary of the opening

of the Canberra Theatre Centre, are opportunities for celebration and reflection that will bring into

focus both the redevelopment of the Canberra Theatre Centre and the future of CMAG in a

reimagined Canberra Civic and Cultural District.

A key priority for the next several years, as expressed in the CFC’s Strategic Goal no. 3 is the

redevelopment of the CTC – itself the leading edge of a new vision for the Civic Square precinct. The

CFC’s vision for the expansion and redevelopment of CTC will see the centre elevated to a

contemporary arts centre of national and global significance, fully integrated into the city's fabric

and identity, and serving as a destination for storytelling, reflection, and engagement across

artforms, cultures, and generations.

This significant cultural infrastructure investment will enable the CFC to deliver sustainable

community, cultural, and economic benefits for the ACT and be a major driver in positioning

Canberra as Australia's arts capital, supporting artistic creativity and development of local, national,

and global works. The redeveloped CTC will enhance community access to arts and cultural

experiences for all generations and cultures, increase visitation to the ACT, grow the economy,

create jobs, and open up commercial growth opportunities.

The redevelopment will also offer expanded opportunities for many performance genres including

musical theatre, contemporary music, ballet, opera, classical music, circus, and immersive

performances, as well as enabling the expansion of the scope and depth of artistic programming,

with a focus on First Nations, community, diversity, and youth representation.

The CFC’s planning for the redevelopment involved working closely with Major Projects Canberra to

ensure the design meets operational needs, performer expectations, audience needs, and

architectural excellence; procurement and construction are appropriate and value for money; that

there is a programming strategy in place to address protracted disruption to usual business; and that

the organisation is scaled up in capacity and capability, ready to operate a theatre centre of

significantly garter size and complexity in the future.

Momentum is also growing for transformation of the Canberra Civic and Cultural District,

encompassing the CTC, CMAG, Civic Square and surrounds to create a modern, meaningful, engaging

heart to Canberra’s arts and community life. The CFC will be at the centre of this reimagined district,

driving programming and outdoor activations, attracting visitors, and supporting both the visitor-

and night-time economies. In the immediate planning years, the CFC will focus on strengthening our

capacity to provide governance, oversight, and management for future District and contemplating

what a future CMAG could look like in this space in terms of its building, collections, programs, and

audiences.

2024-25 Budget Statements 175 Cultural Facilities Corporation

Estimated Employment Levels and Employment Profile

Table 1: Estimated Employment Levels 1

2022-23

Actual

Outcome

2023-24

Budget 2

2023-24

Estimated

Outcome

2024-25

Budget

Staffing (FTE)

123 2

99 3

Note(s):

1. The high number of casuals employed and the variations in patterns of casual employment make a definitive Full Time

Equivalent (FTE) difficult to estimate.

2. The higher than expected outcome is influenced by CTC venue use which creates employment hours for casual staff

on-demand throughout the year.

3. The 2024 25 Budget FTE has been calculated on the best estimate of staffing requirements noting that the on-demand

nature of casual employment makes this forecast difficult. As a result of the large numbers of casual and part time

staff employed by the CFC, the actual headcount of employees is typically a much higher figure than the FTE figure.

Table 2: 2024-25 Employment Profile

Classification

Total

Administrative Services Officer 2

Administrative Services Officer 3

Administrative Services Officer 4

Administrative Services Officer 5

Administrative Services Officer 6

General Services Officer 2

General Services Officer 4

General Services Officer 5

General Services Officer 6

General Services Officer 7

General Services Officer 8

General Services Officer 9

General Services Officer 10

Collections, Curatorial or Education Officer 1

Collections, Curatorial or Education Officer 2

Senior Officer Grade C

Senior Officer Grade B

Senior Officer Grade A

Executive Contract

Apprentice

Box Office and Patron Services

Patron Services

Theatre Technical

Total

2024-25 Budget Statements 176 Cultural Facilities Corporation

Strategic Objectives and Indicators

The CFC’s Strategic Plan 2022-27 articulates five goals, each with a number of operational priorities

under it. These are listed below. In addition to the Accountability Indicators reported on at Table 4,

the CFC reports internally on a range of key performance indicators across areas of assets,

supporting artists, growing visitor numbers, revenue growth, developing new audiences, theatre

redevelopment milestones, sector leadership, First Nations representation, children and youth

programming, and workforce capability.

Strategic Objective 1. Custodianship, Creativity, and Storytelling

We will deliver creative excellence and custodianship for the CFC’s activities, deepen our

contribution to the ACT’s arts, culture, and heritage ecology, and grow our national role.

Operational Priorities

a. Reinforcing the CFC’s role to preserve, keep, and present the collections and assets under our

management including sharing the stories of this place.

b. Enhancing our programming strategy, events, and productions to contribute to the ACT calendar

of events, linked to the ACT’s tourism strategy, and including expansion into festivals, to help

build new markets and attract visitors.

c. Fostering participation in the arts and heritage – including through virtual access – for everyone

– audiences, students, artists, our community, and other organisations.

d. Supporting artists in the creation of new works, development, education, and residencies.

e. Commissioning or producing new Australian works and capturing the voices of the nation.

f. Establishing priority company relationships with the CTC and enticing world class artists to

Canberra.

Strategic Objective 2. Growth and Financial Sustainability

We will position the CFC for the future by expanding its income streams and relevance to the arts,

culture and heritage sectors, audiences, and economy.

Operational Priorities

a. Expanding and diversifying revenue streams to support the vision of the CFC, including building

philanthropic engagement and funding partnerships; commercial activation of sites; and

expanding our ticketing, retail, food and beverage offering.

b. Ensuring relevance for our existing audiences and building new audiences by making

programming decisions focussed on the patron experience, informed by data.

c. Contributing to growing the ACT visitor economy and advocating to a greater understanding of

the ACT’S arts, culture, and heritage in the visitor economy.

d. Creating new and increased reserves for future acquisitions and innovative and adaptive re-use

investments.

2024-25 Budget Statements 177 Cultural Facilities Corporation

Strategic Objective 3. Redevelopment of the Canberra Theatre Centre and

Canberra Civic and Culture District

We will provide a vision and key leadership for the redevelopment of the CTC and CCCD, developing

our organisation to leverage the opportunities these present.

Operational Priorities

a. Ensuring the development and management of the project around design, disruption,

construction, and operating model; with design to include safety, public approval and

engagement, and excellence.

b. Supporting the processes for procurement, design, and construction of world class plans, and

funding to develop the new Theatre and CCCD.

c. To strengthen CFC’s capacity to provide governance, oversight, and management for CCCD and

CTC.

d. Rethinking the position of CMAG in the CCCD to lift CMAG’s visibility, profile, and audiences.

e. Developing the capabilities to oversee, operate, and activate in the new venue and district and

in so doing create a national hub of creative excellence.

Strategic Objective 4. Sector Leadership and Development

We will lead our sector in the ACT, growing audiences, engaging artists, and developing people.

Operational Priorities

a. Being a leader in the ACT cultural sector to promote Canberra as a creative capital; coordinating

programming and collaborations within the sector; and promoting professional development

opportunities.

b. Being committed to providing a means of respectful connection to First Nations arts, cultures,

and history, and to do so with authentic engagement.

c. Continuing to grow our role in research.

d. Celebrating and elevating Canberra through our collections, interpretation, and programs

through the growth of collecting, curatorial, exhibiting, conservation, and education expertise.

e. Growing unique, diverse, and high-quality products and experiences, including specific links to

education, children, and youth.

f. Collaborating within the CFC and across the arts, events and festival sector to develop

programming and audience experiences that are aligned with and contribute to Canberra’s

signature events.

2024-25 Budget Statements 178 Cultural Facilities Corporation

Strategic Objective 5. Best Practice Governance, Organisational Capacity and

Culture

Our operational model will be best practice.

Operational Priorities

a. Ensuring the CFC governance is rigorous and transparent.

b. Reviewing the identity, brand, and naming of the CFC and of sub-entities of the CFC.

c. Continue reviewing the CFC’s organisational structure to ensure resources can be deployed most

effectively for the CFC to achieve its goals. As such, aligning the growth of the CFC with the

capacity and volume of its resources, existing and new.

d. Building a secure and resilient workforce, offering development and other opportunities for our

staff so we are an employer of choice and a training ground for people seeking careers with us

and the sector.

e. Demonstrating a workplace culture that lives the values of CFC and the ACT Public Service.

f. Ensuring best practice management and development of our assets and collections.

g. Increasing productivity through continuous upgrading of systems, frameworks, and practices.

2024-25 Budget Statements 179 Cultural Facilities Corporation

Output Classes

Output Class 1: Cultural Facilities Management

Table 3: Cultural Facilities Management ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost 1

24 085

24 663

Controlled Recurrent Payments

10 397

10 458

Note(s):

1. Total cost includes depreciation and amortisation of $3.134 million in 2023-24 and $3.230 million in 2024-25.

Output 1.1: Cultural Facilities Management

CFC manages a number of the ACT’s major cultural assets, comprising:

• the Canberra Theatre Centre;

• CMAG, including the Nolan Collection;

• Lanyon Homestead;

• Calthorpes House; and

• Mugga Mugga.

Through its activities at these venues, the CFC provides cultural services across the performing arts,

the visual arts, social history and cultural heritage management, by:

• providing performing arts presentations, exhibitions, education programs, community programs

and other events; and

• conserving and interpreting the historic sites that it manages.

2024-25 Budget Statements 180 Cultural Facilities Corporation

Accountability Indicators

Output Class 1: Cultural Facilities Management

Output 1.1: Cultural Facilities Management

Table 4: Accountability Indicators Output 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Estimated number of visitors/patrons to CFC

facilities/programs 1

358 000

381 650

360 000

b. Number of exhibitions at facilities managed by

CFC

c. Number of education and community programs

provided by CFC

275

309

270

d. Number of days venue usage at the Canberra

Theatre Centre’s venues 2

730

606

600

e. Customer satisfaction with quality of services

provided by CFC, as measured by annual survey

90%

94%

90%

f. Cost to Government per estimated visitor/patron

to CFC facilities/programs 3

$29.05

$27.24

$29.05

g. Own sourced revenue as a proportion of total

revenue for CFC

50.9%

51.0%

51.46%

Accountability Indicator Descriptions and Variance Commentary:

1. The increase in the number of visitors/patrons to CFC facilities/programs 2023-24 Estimated Outcome from the

2023-24 Target is due to higher than anticipated patron numbers at the CTC, strong attendance at events at Lanyon,

popular child- and family-focused exhibitions at CMAG, and new CFC-run events including in Civic Square capturing

new audiences.

2. The decrease in the number of days venue usage at the CTC’s venues 2023-24 Estimated Outcome from the 2023-24

Target is primarily due to a major touring production removing Canberra from its run.

3. The decrease in the 2023-24 Estimated Outcome from the 2023-24 Target is due to increased visitor/patron numbers.

2024-25 Budget Statements 181 Cultural Facilities Corporation

Changes to Appropriation

Table 5: Changes to appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

10 400

10 672

10 806

10 983

2024-25 Budget Policy Decisions

Investing in our digital future

-1

-8

Implementing a direct appropriation model for

Procurement ACT and the Territory Records

Office

-49

-51

-53

-54

Whole of Government Savings 2024-25 Budget

-200

-205

-210

-215

2023-24 Budget Technical Adjustments

Revised Superannuation Parameters

125

140

141

Transfer - Transforming the Canberra Museum and

Gallery and developing Canberra Theatre Centre

technicians – to Chief Minister, Treasury and

Economic Development Directorate

-3

Savings – Workers' compensation

-14

Revised Indexation Parameters

195

2024-25 Budget

10 397

10 458

10 667

10 852

11 042

2024-25 Budget Statements 182 Cultural Facilities Corporation

Table 6: Changes to appropriation – Capital Injections, Controlled ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

6 133

4 661

526

538

550

2nd Appropriation

Asset Renewal Program Additional Appropriation

234

245

215

230

2024-25 Budget Technical Adjustments

S16A Accrued Employee Entitlements

534

Revised Funding Profile – Canberra Theatre Centre

expansion and redevelopment

-829

-400

1,229

Revised Funding Profile – Lanyon Homestead Upgrades

-451

451

Revised Funding Profile – Lanyon Homestead Upgrades -

extension

-1,617

-1,574

2,191

1,000

Revised Funding Profile – Transforming the Canberra

Museum and Gallery

-269

269

Revised Funding Profile – Upgrading Lanyon Homestead

257

-257

2024-25 Budget

3 758

2 933

4 642

1 753

780

2024-25 Budget Statements 183 Cultural Facilities Corporation

Summary of 2024-25 Infrastructure Program

Table 7: 2024-25 Cultural Facilities Corporation Infrastructure Program ($’000)

Project

Total

Project

Value

2024-25

2025-26

2026-27

2027-26

Four Year

Investment

Physical

Completion

Date

CAPITAL WORKS PROGRAM

Works In Progress

Improvements to the

Canberra Theatre Centre

1 442

200

Jun-25

Arts and culture – Lanyon

Homestead Upgrades

951

307

492

799

Jun-26

Arts and culture – Canberra

Theatre Centre expansion

and redevelopment

2 393

500

1 229

1 729

Jun-26

Lanyon Urgent Driveway

Upgrades and Stabilisation

of the Shearers' Precinct

3 903

526

2 191

1 000

3 717

Jun-26

Upgrading Lanyon

Homestead

3 097

424

Jun-25

Transforming the Canberra

Museum and Gallery and

developing Canberra

Theatre Centre technicians

423

269

Jun-25

Total Works In Progress

12 209

2 226

3 912

1 000

7 138

Asset Renewal Program

(ARP)

Base ARP of the agency

ongoing

707

730

753

780

2 970

Total Asset Renewal

Program

707

730

753

780

2 970

TOTAL CAPITAL WORKS

PROGRAM

2 933

4 642

1 753

780

10 108

2024-25 Budget Statements 184 Cultural Facilities Corporation

Strategic Asset Management Plan

The CFC is the custodian and manager of a number of public building assets in the ACT. The assets

are culturally significant to the ACT community, and include venues of historical importance, public

theatres and galleries. The building portfolio is diverse, including income generating non-commercial

and heritage assets. The managed premises range from domestic housing to major civic buildings.

The CFC’s Strategic Asset Management Plan forms the basis of its strategic asset planning, including

the development of proposals for capital works funding. A comprehensive review and update of the

Plan was undertaken in 2010-11 to cover the 20 year timeframe from 2011-2030. A further update

of the Plan for the Canberra Theatre Centre was completed in 2016-17, while further updates for

CMAG and the ACT Historic Places were completed in 2017-18.

Monitoring and Reporting

The CFC will satisfy the requirements of the Chief Minister’s Annual Reports Directions. The CFC

Annual Report will amongst other things report against the requirements of this Statement of Intent.

The Financial Management Act 1996 authorises the Treasurer to obtain financial and other

statements from CFC for a stated period including annual quarterly and monthly reporting.

Annual Reporting

As part of preparations for end of year reporting, CMTEDD will advise the dates when the following

documents are required at the CMTEDD and at the Auditor General's Office.

• Certified financial statements.

• Management discussion and analysis.

• A full and accurate set of audited financial records for the preceding financial year in the form

requested.

• Consolidation packs relating to the annual financial statements, draft and final.

Financial Arrangements

During 2024-25, the CFC’s main focus in terms of financial management is to continue to develop the

organisation’s capacity to deliver artistic services of outstanding quality and to prepare the

organisation for the significant change in operations as a result of the redevelopment of the Canberra

Theatre Centre. Under the CFC’s new strategic plan, this focus will include income diversification

including potential expanded revenue generating projects at its venues and positioning itself for its

ongoing leadership role of driving growth in the contribution of the arts to the ACT economy.

The deficits that are projected for the CFC’s operating results are due to it incurring large unfunded

depreciation expenses on its substantial asset holdings. The CFC’s approach to managing its finances

is to seek to achieve operating outcomes equal to or better than the projected deficits.

2024-25 Budget Statements 185 Cultural Facilities Corporation

Budgeted Financial Statements

Budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

following three financial years appear below. These general purpose financial statements have been

prepared in accordance with the ACT’s Model Financial Statements and include:

• an Operating Statement;

• a Balance Sheet;

• a Statement of Changes in Equity; and

• a Cash Flow Statement.

2024-25 Budget Statements 186 Cultural Facilities Corporation

Financial Statements

Table 8: Cultural Facilities Corporation: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

10 400

10 397

10 458

10 667

10 852

11 042

Sale of Goods and Services

from Contracts with

Customers

10 302

10 658

11 047

11 267

11 467

Grants and Contributions

Revenue

360

363

289

-20

291

297

298

Interest Revenue

137

139

141

143

145

Total Income

21 199

21 544

22 146

22 559

22 952

Expenses

Employee Expenses

11 303

11 840

12 289

12 489

12 659

Supplies and Services

9 578

9 523

-1

9 644

9 864

10 096

Depreciation and Amortisation

2 862

3 134

3 230

3 278

3 083

Other Expenses

Total Expenses

23 813

24 085

24 663

25 281

25 506

25 908

Operating Result

-2 614

-2 886

-3 119

-8

-3 135

-2 947

-2 956

Total Comprehensive Result

-2 614

-2 886

-3 119

-8

-3 135

-2 947

-2 956

2024-25 Budget Statements 187 Cultural Facilities Corporation

Table 9: Cultural Facilities Corporation: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

2 502

6 175

6 242

6 309

6 376

6 443

Receivables

933

321

322

323

324

325

Contract Assets

Inventories

Other Assets

Total Current Assets

3 596

6 571

6 639

6 707

6 775

6 843

Non-Current Assets

Property, Plant and

Equipment

65,676

75,010

74,219

-1

73,508

71,786

70,091

Intangible Assets

Capital Works in Progress

3,647

539

1,201

123

3,436

3,986

3,536

Total Non-Current Assets

69 342

75 549

75 420

76 944

75 772

73 627

TOTAL ASSETS

72 938

82 120

82 059

83 651

82 547

80 470

Current Liabilities

Payables

722

792

827

862

897

932

Contract Liabilities

3 963

Lease Liabilities

-73

Employee Benefits

2 154

1 678

1 768

1 815

1 867

1 928

Other Liabilities

260

Total Current Liabilities

3 242

6 444

6 561

6 640

6 732

6 823

Non-Current Liabilities

Lease Liabilities

-1

Employee Benefits

124

150

158

169

180

191

Total Non-Current

Liabilities

155

170

178

184

182

190

TOTAL LIABILITIES

3 397

6 614

6 739

6 824

6 914

7 013

NET ASSETS

69 541

75 506

75 320

76 827

75 633

73 457

Equity

Accumulated Funds

29 576

26 517

26 331

-1

27 838

26 644

24 468

Asset Revaluation Surplus

38 735

47 759

Other Reserves

1 230

TOTAL EQUITY

69 541

75 506

75 320

76 827

75 633

73 457

2024-25 Budget Statements 188 Cultural Facilities Corporation

Table 10: Cultural Facilities Corporation: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

26 057

25 645

26 517

26 331

27 838

26 644

Opening Asset Revaluation

Surplus

38 735

47 759

Opening Other Reserve

1 230

Balance at the Start of the

Reporting Period

66 022

74 634

75 506

75 320

76 827

75 633

Comprehensive Income

Operating Result

-2 614

-2 886

-3 119

-8

-3 135

-2 947

-2 956

Total Comprehensive Result

-2 614

-2 886

-3 119

-8

-3 135

-2 947

-2 956

Movement in Asset

Revaluation Surplus

Total Movement in Reserves

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

6 133

3 758

2 933

-22

4 642

1 753

780

Total Transactions Involving

Owners Affecting

Accumulated Funds

6 133

3 758

2 933

-22

4 642

1 753

780

Closing Equity

Closing Accumulated Funds

29 576

26 517

26 331

-1

27 838

26 644

24 468

Closing Asset Revaluation

Surplus

38 735

47 759

Closing Other Reserve

1 230

Balance at the end of the

Reporting Period

69 541

75 506

75 320

76 827

75 633

73 457

2024-25 Budget Statements 189 Cultural Facilities Corporation

Table 11: Cultural Facilities Corporation: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

10 400

10 397

10 458

10 667

10 852

11 042

Sale of Goods and Services

from Contracts with

Customers

10 274

10 630

11 019

11 239

11 439

Interest Receipts

137

139

141

143

145

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

244

Goods and Services Tax

Collected from Customers

267

Total Receipts from Operating

Activities

21 322

21 319

21 738

22 338

22 745

23 137

Payments

Employee Payments

11 526

12 060

11 748

-3

12 255

12 452

12 613

Supplies and Services

9 283

9 280

9 152

-1

9 245

9 455

9 686

Goods and Services Tax Paid

to Suppliers

515

Other

Total Payments from

Operating Activities

21 414

21 945

21 505

-2

22 105

22 512

22 904

Net Cash Inflows/(Outflows)

from Operating Activities

-92

-626

233

137

233

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Total Receipts from Investing

Activities

Payments

Purchase of Property, Plant

and Equipment

3 501

2 929

1 960

-33

2 053

847

874

Purchase of Capital Works

2 618

281

1 123

300

2 739

1 056

Total Payments from

Investing Activities

6 119

3 210

3 083

-4

4 792

1 903

930

Net Cash Inflows/(Outflows)

from Investing Activities

-6 119

-3 210

-3 083

-4 792

-1 903

-930

2024-25 Budget Statements 190 Cultural Facilities Corporation

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

6 133

3 758

2 933

-22

4 642

1 753

780

Total Receipts from Financing

Activities

6 133

3 758

2 933

-22

4 642

1 753

780

Payments

Repayment of Lease Liabilities

- Principal

Total Payments from

Financing Activities

Net Cash Inflows/(Outflows)

from Financing Activities

6 117

3 742

2 917

-22

4 626

1 737

764

Net Increase/(Decrease) in

Cash and Cash Equivalents

-94

171

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

2 596

6 269

6 175

-1

6 242

6 309

6 376

Cash and Cash Equivalents at

the End of the Reporting

Period

2 502

6 175

6 242

6 309

6 376

6 443

2024-25 Budget Statements 191 Cultural Facilities Corporation

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• grants and contributions revenue: the decrease of $0.074 million in the 2024-25 Budget from

the 2023-24 estimated outcome is mainly due to the lower resources received free of charge

revenue recognised for capital project management services received from Major Projects

Canberra.

Balance Sheet

• cash and cash equivalents: the increase of $3.673 million in the 2023-24 estimated outcome

from the original budget is mainly due to cash held in the Canberra Ticketing bank account being

recognised as controlled cash from third party monies in the 2022-23 audited outcome.

• property, plant and equipment: the increase of $6.226 million in the 2023-24 estimated

outcome from the original budget is mainly due to the flow on effect of CFC asset revaluation

performed in June 2023.

• contract liability: the increase of $3.868 million in the 2023-24 estimated outcome from the

original budget is mainly due to recognition of liabilities for ticket sales on future theatre

performances in the Canberra Ticketing bank account.

Statement of Changes in Equity and Cash Flow Statement

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 192 Cultural Facilities Corporation

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2024-25 Budget Statements 193 Icon Water Limited

ICON WATER LIMITED

Purpose

Icon Water provides water and sewerage services to the ACT community and bulk water to

Queanbeyan. Icon Water also holds a 50 per cent investment in the ActewAGL joint venture (the

energy investment) which provides electricity and gas to the ACT and surrounding region.

The Territory-owned Corporations Act 1990 (TOC Act) identifies four equally important objectives for

Icon Water.

• To operate at least as efficiently as any comparable business.

• To maximise the sustainable return to the Territory on its investments, in accordance with the

performance targets in Icon Water’s Statement of Corporate Intent.

• To show a sense of social responsibility by having regard to the interests of the community in

which we operate, and by trying to accommodate and encourage those interests.

• Where our activities affect the environment, to effectively integrate environmental and

economic considerations in decision-making processes.

These main objectives provide the foundation upon which we conducted strategic planning and

identified our vision and objectives.

2024-25 Priorities

Over the period 2024-25 to 2027-28 Icon Water’s work will be guided by three key strategic

objectives, to:

• build a culture that values safety, innovation and inclusiveness;

• deliver sustainable value for our community and shareholders; and

• enhance customer and community engagement.

Achievement of these objectives is underpinned by strategies in three key areas, as follows:

• Workplace strategies: Our objective to build a culture that values safety, innovation and

inclusiveness represents the foundation of our Statement of Corporate Intent. We recognise

that our people enable us to provide essential services to the Canberra community and region.

To achieve our workplace objective, we will implement our People Health and Safety Strategy

with a focus on people and culture, capability development, health and wellbeing (physical,

psychological and sociocultural) and safety. This includes embedding our new values and our

leadership principles, continuing our focus on hazard management and manual task safety,

implementing a new permit to work solution, administering our new Disability Diversity and

Inclusion Framework, and continuing a holistic and accessible health and wellbeing program.

• Sustainable value strategies: Our objective to deliver sustainable value for our community and

shareholders recognises the significant role we play in Canberra and the region. In fulfilling our

purpose, our core business activities have an impact on the environment, it is through this

objective that we seek to integrate environmental, social and economic considerations in our

decision-making process and embed sound environmental management across our business.

2024-25 Budget Statements 194 Icon Water Limited

To achieve our sustainable value, we will focus on driving environmental and social value,

through the delivery of our Integrated Water Management Program, upgrading our primary

wastewater treatment plant, implementing our digital strategy and embedding the corporate

services delivery model. These priorities aim to further improve the resilience of our water and

wastewater services and help ensure we operate in a sustainable, prudent and efficient way

across all areas of our business.

• Customer strategies: our objective to enhance customer and community engagement reflects

our commitment to ongoing dialogue with our customers and stakeholders and for these

conversations to translate into meaningful outcomes for the ACT community.

Delivering on this objective begins with understanding the evolving needs of our customers and

collaborating with the community to increase water and wastewater knowledge. Our

consultation will seek to understand community values in relation to water security, water

saving behaviour, water demand and service levels. We will continue to explore opportunities

to support vulnerable customers by engaging and co-designing with those with lived experience

and their advocates.

Icon Water’s 2024-25 Budget forecasts are subject to potentially significant variation arising from

factors outside Icon Water’s control. These factors include the following.

• Regulatory – revenue targets in the 2024-25 Budget and forward estimates are based on the

Independent Competition and Regulatory Commission (ICRC) 2023-28 pricing decision.

• Climatic conditions – average projection weather patterns with a high dam level baseline,

antecedent catchment conditions and short-term climate drivers have been assumed in

determining the budget estimates. Variability in climatic conditions will result in material

variations to Icon Water’s profitability.

• The energy investment – the profitability of the energy investment may be affected by external

factors including climatic conditions, feed in tariff fluctuations, energy price volatility, regulatory

outcomes, and flow on impacts to achieve net zero emissions by 2045.

• Financial markets and capital structure – Icon Water will need to source new debt and/or

refinance existing debt in relation to both water and sewerage and energy investment

businesses, which will be subject to market interest rates. Icon Water has used the Reserve

Bank of Australia forecasts for interest rate and CPI assumptions in the Budget and forward

estimates.

• Impairment – the budget assumes no impairment or revaluation adjustment of assets.

Significant impairment or revaluation adjustments will impact the forecast returns.

Estimated Employment Levels

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome

2023-24

Budget

2023-24

Estimated

Outcome 1

2024-25

Budget 2

Staffing (FTE)

424

478

460

499

Note(s):

1. The lower FTE result for the estimated outcome mainly relates to the delay in timing of recruitment due to the delay

in implementing the corporate services sourcing strategy.

2. The 2024-25 Budget increase in FTE primarily relates to the implementation of the corporate services sourcing

strategy and the timing of recruitment activities.

2024-25 Budget Statements 195 Icon Water Limited

Changes to Appropriation

Table 2: Changes to Appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

13 830

14 176

14 530

14 894

15 297

2024-25 Budget Technical Adjustments

Revised Indexation Parameters – Assistance for Water

and Sewerage Services

372

2024-25 Budget

13 830

14 176

14 530

14 894

15 669

2024-25 Budget Statements 196 Icon Water Limited

Financial Statements – Controlled (PTE)

Table 3: ICON Water Limited: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

13 830

14 176

14 530

14 894

15 266

Sale of Goods and Services

from Contracts with

Customers

345 736

343 429

381 235

412 462

444 094

478 330

Grants and Contributions

Revenue

17 880

20 338

17 320

-15

19 251

16 673

23 610

Interest Revenue

2 220

3 857

3 320

-14

3 213

3 176

3 183

Other Income

4 172

3 920

2 567

-35

2 167

2 232

2 299

Total Income

383 838

385 374

418 618

451 623

481 069

522 688

Expenses

Employee and Superannuation

Expenses

78 042

77 760

80 244

83 414

85 578

88 145

Supplies and Services

104 897

128 415

140 179

101 473

90 143

92 521

Depreciation and Amortisation

85 453

88 177

90 899

94 228

97 701

102 306

Cost of Goods Sold

36 976

35 329

39 669

41 861

44 006

46 266

Borrowing Costs

77 401

81 940

77 563

-5

79 965

82 725

88 612

Other Expenses

12 142

12 243

12 170

-1

12 702

13 258

13 838

Total Expenses

394 911

423 864

440 724

413 643

413 411

431 688

Share of Operating Profit from

energy investments

accounted for using the

equity method

64 630

39 884

57 699

83 009

78 016

78 460

Operating Result from

Ordinary Activities

53 557

1 394

35 593

120 989

145 674

169 460

Income Tax Equivalent

16 067

110

10 678

36 297

43 702

50 838

Operating Result

37 490

1 284

24 915

84 692

101 972

118 622

Other Comprehensive Income

Items that will not be

Reclassified Subsequently

to Profit or Loss

Total Other Comprehensive

Result

Total Comprehensive Result

37 490

1 284

24 915

84 692

101 972

118 622

2024-25 Budget Statements 197 Icon Water Limited

Table 4: ICON Water Limited: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

58 838

63 676

92 964

60 654

52 325

60 135

Receivables

57 928

50 898

60 287

61 523

62 796

64 107

Inventories

5 356

6 245

Other Assets

9 261

8 227

Total Current Assets

131 383

129 046

167 723

136 649

129 593

138 714

Non-Current Assets

Receivables

3 425

3 619

Investment - Joint Venture

1 157 475

1 029 115

1 018 814

-1

1 018 823

1 021 338

1 026 798

Property, Plant and Equipment

3 232 224

3 419 559

3 440 583

3 519 246

3 660 384

3 834 110

Investment Properties

18 750

17 750

Intangible Assets

31 425

22 638

20 642

-9

19 023

18 011

18 146

Tax Assets

23 643

24 162

Total Non-Current Assets

4 466 942

4 516 843

4 525 570

4 602 623

4 745 264

4 924 585

TOTAL ASSETS

4 598 325

4 645 889

4 693 293

4 739 272

4 874 857

5 063 299

Current Liabilities

Payables

49 007

35 079

38 674

41 864

45 300

47 205

Contract Liabilities

19 261

21 574

Borrowings

2 238

125 217

1 010

480 954

2 696

Lease Liabilities

1 853

1 622

Employee Benefits

22 638

23 852

Other Provisions

5 334

4 110

5 629

17 198

21 170

23 113

Income Tax Payable

-358

-21 472

-8 601

-8 614

-8 627

-8 628

Other Liabilities

1 010

918

Total Current Liabilities

100 983

65 683

208 885

218

99 424

586 763

112 352

Non-Current Liabilities

Borrowings

2 011 105

1 961 000

1 847 882

-6

1 984 071

1 615 644

2 254 887

Lease Liabilities

566

2 599

Employee Benefits

1 679

1 276

Deferred Tax Liability

595 519

641 580

Other Liabilities

10 586

3 913

Total Non-Current Liabilities

2 619 455

2 610 368

2 497 250

-4

2 633 439

2 265 012

2 904 255

TOTAL LIABILITIES

2 720 438

2 676 051

2 706 135

2 732 863

2 851 775

3 016 607

NET ASSETS

1 877 887

1 969 838

1 987 158

2 006 409

2 023 082

2 046 692

REPRESENTED BY FUNDS

EMPLOYED

Accumulated Funds

1 088 946

1 080 651

1 097 971

1 117 222

1 133 895

1 157 505

Asset Revaluation Surplus

788 941

889 187

TOTAL FUNDS EMPLOYED

1 877 887

1 969 838

1 987 158

2 006 409

2 023 082

2 046 692

2024-25 Budget Statements 198 Icon Water Limited

Table 5: ICON Water Limited: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

1 071 066

1 079 367

1 080 651

1 097 971

1 117 222

1 133 895

Opening Asset Revaluation

Surplus

788 941

889 187

Balance at the Start of the

Reporting Period

1 860 007

1 968 554

1 969 838

1 987 158

2 006 409

2 023 082

Comprehensive Income

Operating Result

37 490

1 284

24 915

84 692

101 972

118 622

Total Comprehensive Result

37 490

1 284

24 915

84 692

101 972

118 622

Movement in Asset

Revaluation Surplus

Total Movement in Reserves

Transactions Involving

Owners Affecting

Accumulated Funds

Dividend Approved

-19 610

-7 595

-100

-65 441

-85 299

-95 012

Total Transactions Involving

Owners Affecting

Accumulated Funds

-19 610

-7 595

-100

-65 441

-85 299

-95 012

Closing Equity

Closing Accumulated Funds

1 088 946

1 080 651

1 097 971

1 117 222

1 133 895

1 157 505

Closing Asset Revaluation

Surplus

788 941

889 187

Balance at the end of the

Reporting Period

1 877 887

1 969 838

1 987 158

2 006 409

2 023 082

2 046 692

2024-25 Budget Statements 199 Icon Water Limited

Table 6: ICON Water Limited: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

13 830

14 176

14 530

14 894

15 266

Sale of Goods and Services

from Contracts with

Customers

344 207

345 920

374 412

413 394

445 053

479 317

Interest Receipts

2 220

3 383

3 320

-2

3 213

3 176

3 183

Other

33 000

53 500

68 000

83 000

75 500

73 000

Total Receipts from Operating

Activities

393 257

416 633

459 908

514 137

538 623

570 766

Payments

Employee Payments

71 528

73 289

81 821

83 942

86 148

88 732

Supplies and Services

109 878

128 631

136 876

99 172

87 744

88 543

Borrowing Costs

81 661

93 011

82 383

-11

84 506

88 981

99 726

Income Tax Equivalent

Payments

17 606

20 084

-2 193

-111

36 310

43 715

50 839

Related to Cost of Goods Sold

36 976

35 329

39 669

41 861

44 006

46 266

Other

12 142

12 243

12 170

-1

12 702

13 258

13 838

Total Payments from

Operating Activities

329 791

362 587

350 726

-3

358 493

363 852

387 944

Net Cash Inflows/(Outflows)

from Operating Activities

63 466

54 046

109 182

102

155 644

174 771

182 822

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Proceeds from Sale of

Property, Plant and

Equipment

-100

Total Receipts from Investing

Activities

-100

Payments

Purchase of Property, Plant

and Equipment

106 929

86 469

83 523

-3

143 470

210 619

240 178

Total Payments from Investing

Activities

106 929

86 469

83 523

-3

143 470

210 619

240 178

Net Cash Inflows/(Outflows)

from Investing Activities

-106 929

-86 450

-83 523

-143 470

-210 619

-240 178

2024-25 Budget Statements 200 Icon Water Limited

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Proceeds from Borrowings

170 000

100 000

-100

125 000

100 000

630 000

Total Receipts from Financing

Activities

170 000

100 000

-100

125 000

100 000

630 000

Payments

Repayment of Borrowings

90 166

85 471

-12 099

-114

113 019

-11 517

469 014

Repayment of Lease Liabilities

– Principal

2 394

2 346

2 394

2 593

2 671

2 751

4CF Payment of Dividends

15 688

6 076

53 872

81 327

93 069

Total Payments from

Financing Activities

108 248

87 817

-3 629

-104

169 484

72 481

564 834

Net Cash Inflows/(Outflows)

from Financing Activities

61 752

12 183

3 629

-70

-44 484

27 519

65 166

Net Increase/(Decrease) in

Cash and Cash Equivalents

18 289

-20 221

29 288

245

-32 310

-8 329

7 810

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

40 549

83 897

63 676

-24

92 964

60 654

52 325

Cash and Cash Equivalents at

the End of the Reporting

Period

58 838

63 676

92 964

60 654

52 325

60 135

2024-25 Budget Statements 201 Icon Water Limited

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• sales of goods and services from contracts with customers:

- the decrease of $2.307 million in the 2023-24 estimated outcome from the original budget is

mainly due to lower water consumption volumes during the summer period offset by

increased sales due to higher prices from the ICRC final price decision.

- the increase of $37.806 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to an increase in water consumption in line with projected water sales and

incorporating the higher prices in line with the ICRC final price decision.

• grants and contributions revenue:

- the decrease of $3.018 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to higher gifted assets received in 2023-24.

• interest revenue:

- the increase of $1.637 million in the 2023-24 estimated outcome is mainly due to higher

interest rates and higher average cash balances.

- the decrease of $0.537 million in the 2024-25 Budget is mainly due to lower interest rates

compared to 2023-24.

• energy investments share of operating profits:

- the decrease of $24.746 million in the 2023-24 estimated outcome is mainly due to

unfavourable feed in tariff fluctuations, which is partially offset by higher capital

contributions.

- the increase of $17.815 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to estimates of the wholesale electricity prices improving thus decreasing the

negative impacts of feed in tariff fluctuations experienced in 2023-24. The figure reflects the

latest Reasonable Cost Determination decision to repay the balance of the 2021-22 and

2022-23 latest feed in tariff over-recoveries in 2024-25.

• other income:

- the decrease of $0.252 million in the 2023-24 estimated outcome; and

- the decrease of $1.353 million in the 2024-25 Budget from the 2023-24 estimated outcome

are mainly due to changes in corporate rental income.

• employee and superannuation expenses:

- the decrease of $0.282 million in the 2023-24 estimated outcome from the original budget is

mainly due to delay in recruitment resulting from the delay in the implementation of the

corporate services sourcing strategy, this was partially offset by lower labour capitalisations

resulting from overall lower capital spend.

2024-25 Budget Statements 202 Icon Water Limited

- the increase of $2.484 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due to increased headcount in relation to the corporate services sourcing strategy

and implementation.

• supplies and services:

- the increase of $23.518 million in the 2023-24 estimated outcome from the original budget

mainly relates to the delayed costs rolling over from 2022-23 and extended schedule

associated with the implementation time for the corporate services sourcing strategy, and

the accounting treatment of cloud based software as a service technology projects costs

underpinning the digital strategy.

- the increase of $11.764 million in the 2024-25 Budget from the 2023-24 estimated outcome

mainly relates to the increased costs relating to the extended timeframe to implement the

corporate services sourcing strategy and investment in our strategic priorities.

• depreciation and amortisation:

- the increase of $2.724 million in the 2023-24 estimated outcome from the original budget is

mainly due to an upward revaluation of fixed assets in a prior period.

- the increase of $2.722 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due to higher projected capitalisations.

• cost of goods sold:

- the decrease of $1.647 million in the 2023-24 estimated outcome from the original budget;

and

- the increase of $4.340 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due to fluctuations in water abstraction charges in line with water consumption

patterns.

• borrowing costs:

- the increase of $4.539 million in the 2023-24 estimated outcome from the original budget is

mainly due to the impact of CPI on the interest expense for indexed bonds.

- the decrease of $4.377 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the impact of lower CPI on the interest expense for indexed bonds.

• income tax equivalent:

- the decrease of $15.957 million in the 2023-24 estimated outcome from the original budget

is due to the lower profit outcome because of the unfavourable revenue and expenditure

outcomes noted above.

- the increase of $10.568 million in the 2024-25 Budget from the 2023-24 estimated outcome

is the effect of the above impacts to the operating result from ordinary activities.

2024-25 Budget Statements 203 Icon Water Limited

Balance Sheet

• cash and equivalents:

- the increase of $4.838 million in the 2023-24 estimated outcome from the original budget is

mainly due to a higher opening balance, higher cash distributions from the joint venture,

lower capital expenditure and no dividend payment offset by higher payments to suppliers

and lower borrowings required.

- the increase of $29.288 million in the 2024-25 Budget is mainly due to higher income

received from customers, higher cash distributions from the joint venture, lower capital

expenditure and lower income tax paid due to the timing of instalments offset by higher

payments to suppliers.

• receivables

- the increase of $9.389 million in the 2024-25 Budget is mainly due to higher budgeted

revenue.

• current and non-current joint venture investments:

- the decrease of $128.360 million in the 2023-24 estimated outcome from the original

budget is mainly due to variations in cash distribution in comparison the profit share and the

revaluation of infrastructure assets.

- the decrease of $10.301 million in the 2024-25 Budget is mainly due to variations in cash

distribution in comparison to the profit share.

• Property, plant and equipment:

- the increase of $187.335 million in the 2023-24 estimated outcome from the original budget

is mainly due to an upward revaluation of infrastructure assets in a prior period.

- the increase of $21.024 million in the 2024-25 Budget is mainly due to growth in capital

assets from the infrastructure program.

• intangible assets:

- the decrease of $8.787 million in the 2023-24 estimated outcome from the original budget is

mainly due to the change in assumed accounting treatment of technology capital projects to

be operating in nature.

- the decrease of $1.996 million in the 2024-25 Budget is mainly due to annual amortisation

being higher than asset additions.

• payables:

- the decrease of $13.928 million in the 2023-24 estimated outcome from the original budget

is mainly due to the timing of payments.

• current and non-current interest bearing liabilities:

- the decrease of $52.343 million in the 2023-24 estimated outcome from the original budget

is mainly due to lower borrowings required offset by an increase in the balance of indexed

bonds from increased CPI.

2024-25 Budget Statements 204 Icon Water Limited

- the increase of $12.099 million in the 2024-25 Budget mainly relates to an increase in the

balance of indexed bonds from increased CPI.

• other provisions:

- the decrease of $1.224 million in the 2023-24 estimated outcome from the original budget;

and

- the increase of $1.519 million in the 2024-25 Budget is mainly due to movements in the

provision for the final dividend payable to the ACT Government.

• income tax payable and deferred tax liability:

- the increase of $24.947 million in the 2023-24 estimated outcome from the original budget

is mainly due to an adjustment from the prior period offset by the prepayment of tax

instalments.

- the increase of $12.871 million in the 2024-25 Budget is mainly due to the difference in

timing of income tax expense recognition under tax legislation compared to accounting

standard requirements and the timing of tax instalments.

Statement of Changes in Equity

• asset revaluation reserve movement:

- the increase of $100.246 million in the 2023-24 estimated outcome from the original budget

is mainly due to the revaluation of infrastructure assets.

Cash Flow Statement

Variations in the Statement are explained in the notes above.

2024-25 Budget Statements 205 Independent Competition and Regulatory Commission

INDEPENDENT COMPETITION AND REGULATORY

COMMISSION – STATEMENT OF INTENT

The Independent Competition and Regulatory Commission (the Commission) is a Territory Authority

established under the Independent Competition and Regulatory Commission Act 1997 (ICRC Act).

The Commission is constituted under the ICRC Act by one or more standing commissioners and any

associated commissioners appointed for particular purposes. Commissioners are statutory

appointments. The current Commissioner is Senior Commissioner Joe Dimasi who has direct

responsibility for delivery of the outcomes that are foreshadowed in this Statement of Intent.

This Statement of Intent for 2024-25 has been prepared in accordance with Section 61 of the

Financial Management Act 1996.

The responsible Minister, Mr Andrew Barr MLA, was consulted during the preparation of the

Statement of Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the

Independent Competition and Regulatory Commission strategic and business planning processes.

The Independent Competition and Regulatory Commission 2024-25 Statement of Intent has been

agreed between:

Joe Dimasi

Senior Commissioner

Andrew Barr MLA

Treasurer

2024-25 Budget Statements 206 Independent Competition and Regulatory Commission

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2024-25 Budget Statements 207 Independent Competition and Regulatory Commission

INDEPENDENT COMPETITION AND REGULATORY

COMMISSION

Purpose

The Commission has responsibilities for a broad range of competition, regulation and consumer

protection matters. The Commission is responsible under the Independent Competition and

Regulatory Commission Act 1997 (ICRC Act) for:

• regulating and advising government about pricing and other matters for monopoly, near-

monopoly and ministerially declared regulated industries;

• providing advice on competitive neutrality complaints and government-regulated activities, and

on other industry-related matters referred to the Commission; and

• arbitrating infrastructure access disputes under the ICRC Act.

The Commission’s objectives are set out in sections 7 and 19L of the ICRC Act and section 3 of the

Utilities Act 2000 (Utilities Act). Those objectives are:

• promoting effective competition in the interests of consumers;

• facilitating an appropriate balance between efficiency, environmental and social considerations;

• ensuring non-discriminatory access to monopoly and near-monopoly infrastructure; and

• when making a price direction in a regulated industry, promoting the efficient investment in, and

efficient operation and use of regulated services for the long term interests of consumers in

relation to price, quality, safety, reliability and security of the service.

The Utilities Act provides for the licensing of electricity, natural gas, water and sewerage utility

services. In meeting its responsibilities under this legislation, the Commission’s objectives are to:

• encourage the provision of safe, reliable, efficient and high quality utility services at reasonable

prices;

• minimise the potential for misuse of monopoly power and promote competition in the provision

of utility services;

• encourage long term investment, growth and employment in utility services; and

• protect the interests of consumers.

2024-25 Budget Statements 208 Independent Competition and Regulatory Commission

Nature and Scope of Activities

Activities to Meet Legislated Objectives

Retail Electricity Pricing Arrangements

From 1 July 2012, some responsibilities for regulating retail electricity were transferred to the

Australian Energy Regulator (AER) but responsibility for technical regulation, complaints handling,

and retail electricity pricing remained with state and territory governments. Pursuant to

ACT government policy and the regulated industry provisions in the ICRC Act, the Commission

determines retail prices for the supply of electricity to small customers on standard retail contracts

who consume less than 100MWh of electricity over any period of 12 consecutive months.

On 1 June 2023, the Commission received the terms of reference from the ACT Government to

determine a price direction for standing offer prices for the supply of electricity by

ActewAGL Retail (ActewAGL) to small customers for the period 1 July 2024 to 30 June 2027.

In determining the price direction, the Commission engaged in broad consultation with the public,

the sector and other interested parties. The Commission published issues and draft papers seeking

submissions, undertook a YourSay survey and held a public forum.

On 23 May 2024, the Commission released its final decision and price direction on the regulated

retail electricity prices to apply from 1 July 2024 to 30 June 2027, subject to annual adjustments for

pass-through events specified in the price direction.

Water and Sewerage Services Pricing Arrangements

As a regulated industry under the ICRC Act, prices for water and sewerage services in the ACT are

determined by the Commission, or if reviewed and determined by an Industry Panel, are

implemented by the Commission.

On 10 December 2021 the commission received an industry reference to determine a price direction

for water and sewerage services for 1 July 2023 to 30 June 2028. The commission released its final

report and price direction 2023-28 for water and sewerage services on 1 May 2023.

In accordance with the price direction, on 6 June 2024 the Commission announced the annual price

adjustment with an allowed increase of the prices for water and sewerage services in 2024-25.

Utilities Regulatory Regime

The Commission has a statutory responsibility to ensure that licensed utilities authorised to provide

services in the Territory comply with their obligations under the Utilities Act, licence conditions, and

industry codes. Collectively these give power to the objectives under the ICRC and Utilities Acts for

the provision of safe, reliable, efficient and high quality utility services while protecting the long-

term interests of consumers. The ACT licensing regime applies to electricity generation, electricity

and gas transmission, distribution and connection services and water and sewerage services. The

Commission assesses licence applications, maintains the licensing regime, and monitors and reports

on licensed utilities’ compliance with licence conditions. On 6 October 2023, the Commission

determined new application fees attached to utility licence applications.

The Commission regularly reviews and updates utility licences, codes and guidelines to ensure they

remain appropriate, considering current and emerging consumer issues and utility industry

developments.

2024-25 Budget Statements 209 Independent Competition and Regulatory Commission

• From 1 July 2020, a consumer protection code that strengthened protections for utility

consumers came into effect, following completion of the Commission’s review of the code in

December 2019. In May 2020, the Commission made consequential amendments to the

consumer protection provisions of the Feed-in Tariff Code, which also came into effect from

1 July 2020.

• In February 2021, the Commission updated the utility licence terms and conditions to improve

clarity, streamline reporting requirements, and reflect changes in the regulatory framework.

The update reduces regulatory burden and ensures the regulatory regime remains current and

continues to meet the objectives of the Utilities Act.

The Commission monitors compliance of each licensed utility with its regulatory obligations through

a Utility Licence Annual Report. Each utility is required to report on the exercise of its functions

under the Utilities Act; and compliance with the conditions of its licence. Each July the Commission

sends licensed utility an information request, from which the Commission assesses the material for

compliance with the relevant obligations and conditions. The results of the assessment are set out

in the Commission’s monitoring report.

The 2022-23 report was released on 8 April 2024 and included reporting on payments made against

the Guaranteed Service Levels in the Consumer Protection Code. This report also included a section

on the compliance of electricity retailers.

Under the industry code covering capital contributions for water and sewerage infrastructure

upgrades, which took effect from 1 January 2018, the Commission reviews the contributions charge

and associated infrastructure projects annually. The Commission also assesses any applications for

approval of updates to the precinct map. On 6 June 2024 the Commission approved the precinct

map updates and the level of the charge.

The Commission made the ACT Retail Electricity (Transparency and Comparability) Code, which took

effect from 1 October 2021, with amendments on 17 February 2023 following the introduction of

the Better Bills Guideline by the AER. The code makes it easier for small customers to compare

electricity offers and find an offer that could save them money off their bills. The Commission

undertakes regular checks to ensure compliance with the Code.

Advice to Government on Industry-Related Matters

The Commission provides advice to the ACT Government on matters related to an industry or to

industries in general under terms of reference given under the ICRC Act.

Competition Policy

The Commission provides advice on competition policy matters as required by the ACT Government

under the ICRC Act. The Commission also investigates and reports on competitive neutrality

complaints as they are received, consistent with the National Competition Policy Agreements and

the ACT Competitive Neutrality Policy.

In the terms of reference for the retail electricity price investigation the ACT Government asked the

Commission to ensure the methodology used does not unduly disadvantage those who do not

actively engage in the energy market, while balancing the competitiveness of the retail electricity

market. In response the Commission assessed the level of competition in the retail electricity market

in the ACT historically as well as against national benchmarks. Our assessment is included in the final

report, report 5 of 2024.

2024-25 Budget Statements 210 Independent Competition and Regulatory Commission

The Commission also provided input into the ACT Governments response to the review of the

competition principles contained in the 1995 Competition Principles Agreement between the

Commonwealth, States and Territories.

Risks

Effective risk management is essential to achieving the Commission’s purpose, satisfying stakeholder

expectations, and ensuring compliance with legislation and regulations governing the Commission’s

operations.

The Commission has developed an organisational risk management plan and a risk register to

identify and manage risks across the organisation. The risk register is reviewed and updated

regularly. In addition, project-specific plans are developed, monitored and updated during each

project. The Commission has identified three main areas of risk for achieving its objectives –

operational, organisational and financial.

The Commission has strategies to manage the operational risks arising from the cyclical nature of its

work. These include smoothing out, where possible, workload peaks and troughs to create a more

stable workload and reduce pressure on staff, given the deadlines associated with the Commission’s

decision-making responsibilities. Operational risk is also managed by appropriate training and

supervision of staff and adequate internal policies, processes and systems. External risks, such as

non-performance under contracts, are managed through careful evaluation of risk factors and

implementation of policies and procedures to manage those risks.

The Commission has a small number of staff and following the health and safety risks associated

with the COVID pandemic, has continued to operate a hybrid office arrangement. Over 2023-24, the

Commission implemented suitable policies and processes to manage these risks and has a business

continuity plan should these risks escalate. These actions ensured the Commission continued to

operate effectively and met all statutory deadlines while protecting the health and safety of its staff

and stakeholders.

Organisational risk arises from the complexity of the Commission’s work and its small and specialised

staff. The Commission faces the ongoing risk of loss of organisational capacity and corporate

knowledge caused by challenges in attracting and retaining staff with the required specialised skills

and experience. The Commission has strategies to manage organisational risk, including training and

development of staff, provision of an attractive and rewarding working environment, effective

records and knowledge management, and business continuity and project planning.

As a largely user-funded organisation, the Commission’s financial risk mainly arises from inadequate

cash reserves to meet the Commission’s financial commitments. The Commission has appropriate

risk management procedures to identify and manage financial risk, including actively monitoring

credit risk in areas such as cash and other receivables appropriate to its nature, scale and size.

2024-25 Budget Statements 211 Independent Competition and Regulatory Commission

2024-25 Priorities and Next Three Financial Years

The Commission’s strategic and operational priorities for 2024-25 include:

• overseeing the annual adjustment, including for pass-through events, required by the retail

electricity price direction 2024-27;

• overseeing the annual adjustment, including for pass-through events, required by the price

determination for regulated water and sewerage services 2023-28;

• overseeing the regulatory regime established under the Utilities Act, including licensing, industry

code development and updates and compliance monitoring and enforcement;

• reporting on utility compliance and performance, benchmarking against the Guaranteed Service

Levels defined in the Consumer Protection Code as well as electricity retailers’ compliance with

the Retail Electricity Code;

• recovering annual utility licence fees and administering the annual energy industry levy;

• developing a compliance and enforcement strategy incorporating the new civil enforcement

powers provided to the Commission, including consultation with stakeholders;

• developing other internal and external guidance to allow the Commission to use these powers,

should they be necessary, from the date of effect;

• reviewing the annual utility licence annual report process;

• responding to any new terms of reference received from the ACT Government for advice on

industry-related matters; and

• responding to the Government’s requirements for advice on competition policy matters and

discharging the Commission’s statutory role in competitive neutrality complaints handling.

The strategic and operational issues to be pursued in the following three financial years include:

• undertaking the annual adjustment to regulated water and sewerage service prices for the

financial years 2025-26, 2026-27 and 2027-28 in accordance with the price direction;

• completing the necessary research and analysis in respect to tariff structures for sewerage

services and a liquid trade waste scheme in advance of the next price investigation into

regulated water and sewerage services;

• overseeing any annual adjustments, including for pass-through events, required by a price

determination for retail electricity supplied to small customers on standard retail contracts for

the financial years 2025-26 and 2026-27 in accordance with the price direction;

• undertaking a price investigation into retail electricity supplied to small customers on standard

retail contracts for the regulatory period from 1 July 2027 and, in consultation with electricity

retailers, the community and other stakeholders, determining prices that meet our objectives as

set out in section 7 and 19L of the ICRC Act and section 3 of the Utilities Act;

• enhanced focus on compliance monitoring and reporting on utility performance;

• overseeing the regulatory regime established under the Utilities Act, including licensing,

amending existing licences to take account of any legislative changes, industry code

development and updates, recovering annual utility licence fees, administering the energy levy;

• undertaking a review of the Water and Sewerage Capital Contribution Code;

• responding to any terms of reference received from the ACT Government for advice on industry-

related matters; and

2024-25 Budget Statements 212 Independent Competition and Regulatory Commission

• responding to the Government’s requests for advice on competition policy matters and

discharging the Commission’s statutory role in competitive neutrality complaints handling.

Estimated Employment Levels

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome 1

2023-24

Budget 2

2023-24

Estimated

Outcome 1

2024-25

Budget 2

Staffing (FTE)

10.5

8.5

Note(s):

1. These figures relate to staffing levels paid at the end of the financial year.

2. These figures relate to estimated average annual staffing figures.

Key Performance Indicators for 2024-25 to 2027-2028

Table 2: Key Performance Indicators for 2024-2025, 2025-26 and 2026-2027 to 2027-2028

Item

Measure 2024-25

Measure 2025-26

Measure 2026-27 to

2027-28

Water and sewerage

services pricing

Annual price adjustments.

Annual price adjustments

and new price

determination for

regulatory period from

1 July 2028 subject to

terms of reference from

the ACT Government.

Retail electricity pricing

Annual price adjustment

New price determination

and annual price

adjustment for regulatory

period from 1 July 2027

subject to terms of

reference from the ACT

Government.

Advice on industry-related

matters or competition

policy issues

Subject to receipt of

references

Subject to receipt of

references

Subject to receipt of

references

Utilities compliance and

performance monitoring

1 report.

Annual reports.

Utility licence fees (water

and sewerage services, and

energy sector utilities not

subject to energy industry

levy)

Licence fees determination

and collection.

Licence fees determination

and collection.

Annual licence fee

determinations and annual

collection of licence fees.

Utility levies (energy

sector)

4 determinations.

4 determinations each

year.

Industry code

determinations

Determinations as

required.

Determinations as

required.

Determinations as

required.

Capital Contributions Code

(water and sewerage

infrastructure upgrades)

1 annual review and 1

approval of precinct map

update if required.

1 annual review and 1

approval of precinct map

update if required.

Annual reviews and

approvals of precinct map

update if required.

2024-25 Budget Statements 213 Independent Competition and Regulatory Commission

Assessment of Performance Against 2023-24 Objectives

Table 3: Comparison of Estimated Performance at 2023-24 and the Statement of Intent for

2023-24

Item

Measure

Estimated Performance

Water and sewerage services pricing

Annual price adjustment.

Retail electricity pricing

Price determination for regulatory

period from 1 July 2024, subject to

terms of reference from ACT

Government.

Completion of a price

determination for retail electricity

for the regulatory from 1 July 2024

to 30 June 2027.

Advice on industry-related matters or

competition policy issues

Subject to receipt of references.

No references received.

Utilities compliance and performance

monitoring

1 report.

Utility licence fees (water and

sewerage services, and energy sector

utilities not subject to energy industry

levy)

Licence fees determination and

collection.

Licence fees determination and

collection.

Utility levies (energy sector)

4 determinations.

Industry code determinations

Determinations as required.

1 determination.

Capital Contributions Code (water and

sewerage infrastructure upgrades)

1 annual review and 1 approval of

precinct map update if required.

1 annual review and 1 approval of

precinct map update.

Changes to Appropriation

Table 4: Changes to appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

468

689

717

611

2024-25 Budget Technical Adjustments

Energy Industry Levy Appropriation

109

-70

-41

2024-25 Budget

468

798

647

570

705

Monitoring and Reporting

The Commission will satisfy the requirements of the Chief Minister’s Annual Reports Directions. The

Commission’s Annual Report will, amongst other things, report against the requirements of this

Statement of Intent.

The Financial Management Act 1996 (FMA) authorises the Treasurer to obtain financial and other

statements from the Commission for a stated period including annual, quarterly and monthly

reporting.

2024-25 Budget Statements 214 Independent Competition and Regulatory Commission

Annual Reporting

As part of preparations for end of year reporting, the Chief Minister, Treasury and Economic

Development Directorate (CMTEDD) will advise the dates when the following documents are

required by the CMTEDD and the Auditor General's Office.

• Certified financial statements.

• Management discussion and analysis.

• A full and accurate set of audited financial records for the preceding financial year in the form

requested.

• Consolidation packs relating to the annual financial statements, draft and final.

2024-25 Budget Statements 215 Independent Competition and Regulatory Commission

Financial Statements

Table 5: Independent Competition and Regulatory Commission: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

468

798

647

570

705

Fees

660

259

607

134

517

385

248

Sale of Goods and Services

from Contracts with

Customers

880

950

-100

1,440

1,128

Grants and Contributions

Revenue

471

571

482

-16

492

502

512

Interest Revenue

-19

Total Income

2 527

2 344

1 965

-16

1 704

2 975

2 671

Expenses

Employee Expenses

1 914

1 726

1 738

1 661

1 966

1 973

Supplies and Services

380

524

352

-33

355

493

572

Total Expenses

2 294

2 250

2 090

-7

2 016

2 459

2 545

Operating Result

233

-125

-233

-312

516

126

Total Comprehensive Result

233

-125

-233

-312

516

126

2024-25 Budget Statements 216 Independent Competition and Regulatory Commission

Table 6: Independent Competition and Regulatory Commission: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

2 485

2 624

2 501

-5

2 186

2 698

2 820

Receivables

116

135

154

173

Other Assets

Total Current Assets

2 582

2 721

2 617

-4

2 321

2 852

2 993

Non-Current Assets

Total Non-Current Assets

TOTAL ASSETS

2 582

2 721

2 617

-4

2 321

2 852

2 993

Current Liabilities

Payables

272

273

274

275

276

Employee Benefits

519

546

561

570

579

588

Total Current Liabilities

618

818

834

844

854

864

Non-Current Liabilities

Employee Benefits

Total Non-Current Liabilities

TOTAL LIABILITIES

637

835

856

872

887

902

NET ASSETS

1 945

1 886

1 761

-7

1 449

1 965

2 091

Equity

Accumulated Funds

1 945

1 886

1 761

-7

1 449

1 965

2 091

TOTAL EQUITY

1 945

1 886

1 761

-7

1 449

1 965

2 091

2024-25 Budget Statements 217 Independent Competition and Regulatory Commission

Table 7: Independent Competition and Regulatory Commission: Statement of Changes in Equity

($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

1 712

1 792

1 886

1 761

1 449

1 965

Balance at the Start of the

Reporting Period

1 712

1 792

1 886

1 761

1 449

1 965

Comprehensive Income

Operating Result

232

-126

-235

-313

515

125

Other Movements

Total Comprehensive Result

233

-125

-233

-312

516

126

Closing Equity

Closing Accumulated Funds

1 945

1 886

1 761

-7

1 449

1 965

2 091

Balance at the end of the

Reporting Period

1 945

1 886

1 761

-7

1 449

1 965

2 091

2024-25 Budget Statements 218 Independent Competition and Regulatory Commission

Table 8: Independent Competition and Regulatory Commission: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

468

798

647

570

705

Fees

682

259

607

134

517

385

248

Sale of Goods and Services

from Contracts with

Customers

858

950

-100

1 440

1 128

Interest Receipts

-19

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

Other

460

559

470

-16

480

490

500

Total Receipts from Operating

Activities

2 561

2 377

1 998

-16

1 737

3 008

2 704

Payments

Employee Payments

1 915

1 727

1 740

1 668

1 974

1 981

Supplies and Services

410

553

381

-31

384

522

601

Total Payments from

Operating Activities

2 325

2 280

2 121

-7

2 052

2 496

2 582

Net Cash Inflows/(Outflows)

from Operating Activities

236

-123

-227

-315

512

122

Net Increase/(Decrease) in

Cash and Cash Equivalents

236

-123

-227

-315

512

122

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

2 249

2 527

2 624

2 501

2 186

2 698

Cash and Cash Equivalents at

the End of the Reporting

Period

2 485

2 624

2 501

-5

2 186

2 698

2 820

2024-25 Budget Statements 219 Independent Competition and Regulatory Commission

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• controlled recurrent payments: the increase of $0.330 million in the 2024-25 Budget from the

2023-24 estimated outcome reflects an increased energy levy as the Commission will complete

an electricity reset in 2024-25. This was not performed in 2023-24 as the Commission instead

performed a price investigation into retail electricity supplied to small customers on standard

retail contracts for the regulatory period from 1 July 2024, which was recognised in the sales of

goods and services from contracts with customers. Amendments to the ICRC ACT in 2024

provide additional civil enforcement powers to the Commission. Following the passing of the bill,

there will be a 6-month period before the new powers come into force. The Commission will

undertake consultation and development work over this period and increased compliance

monitoring following the commencement of the additional powers.

• taxes, licences, fees, and fines: the increase of $0.348 million in the 2024-25 Budget from the

2023-24 estimated outcome reflects increased fees as the Commission intend to complete a

capital contribution and water model review.

• sales of goods and services from contracts with customers: the decrease of $0.950 million in the

2024-25 Budget from the 2023-24 estimated outcome reflects the completion of the retail

electricity pricing investigation in 2023-24.

• grants and contributions: the decrease of $0.089 million in the 2024-25 Budget from the

2023-24 estimated outcome is due the timeframe for some projects being moved.

• interest revenue: the decrease of $0.018 million in the 2024-25 Budget from the 2023-24

estimated outcome is due to higher interest rates on cash in 2023-24 not expected to continue

throughout 2024-25.

• supplies and services: the decrease of $0.172 million in the 2024—25 Budget from the

2023-24 estimated outcome reflects reduced future costs after the completion of the retail

electricity pricing investigation in 2023-24.

• operating result: the decrease of $0.219 million in the 2023-24 Budget from the

2023-24 estimated outcome is mostly due to the completion of the retail electricity pricing

investigation in 2023-24.

Balance Sheet, Statement of Changes in Equity and Cash Flow Statement

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 220 Independent Competition and Regulatory Commission

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2024-25 Budget Statements 221 Lifetime Care and Support Fund

LIFETIME CARE AND SUPPORT FUND

Purpose

The Lifetime Care and Support Fund (LTCS fund) was established under the Lifetime Care and

Support (Catastrophic Injuries) Act 2014 (LTCS Act) and commenced operations on 1 July 2014. The

LTCS Fund reflects the financial operations of the Lifetime Care and Support Scheme (LTCS Scheme).

The LTCS Scheme provides on-going treatment and care on a no-fault basis to people who have been

catastrophically injured as a result of a motor accident in the Australian Capital Territory (ACT) or a

workplace accident in the course of their private sector employment in the ACT.

The LTCS Scheme is funded by two levies: a levy on all Motor Accident Injuries (MAI) insurance

policies and a levy on private sector workers’ compensation insurers and self-insurers.

2024-25 Priorities

The LTCS fund will be pursuing several strategic and operational matters in 2024-25, including:

• issuing/amending guidelines and determinations when required under the LTCS Act;

• assessing future funding requirements and levy setting;

• collecting feedback from participants on their expectations and experience with the

LTCS Scheme; and

• undertaking investments in accordance with the Fund’s Investment Strategy.

Estimated Employment Levels

The functions of the LTCS Scheme are performed by officers of the Chief Minister, Treasury and

Economic Development Directorate (CMTEDD) and those employees are included in CMTEDD’s FTE

levels. The LTCS Fund reimburses CMTEDD for the salary and superannuation expenses associated

with the staff allocated to carry out the LTCS Scheme’s functions.

2024-25 Budget Statements 222 Lifetime Care and Support Fund

Strategic Objectives and Indicators

Strategic Objective 1

Achievement of Investment Return Objective

Strategic Indicator 1: To achieve a long-term investment return of CPI + 2.5 per cent per annum.1

Note:

1. This indicator measures the annual LTCS fund’s portfolio investment return since inception. The objective is to

achieve an investment return of CPI + 2.5 per cent per annum over the long-term.

Output Classes (Territorial)

EBT Class 1: Lifetime Care and Support Fund

Table 1: EBT Class 1: Lifetime Care and Support Fund ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost1

71 453

44 353

Payment for Expenses on Behalf of the Territory

Note:

1. Total cost includes depreciation and amortisation of $0.008 million in 2024-25.

EBT 1.1: Lifetime Care and Support Fund

The LTCS Fund reflects the operation of the LTCS Scheme to provide on-going treatment and care to

people who have been catastrophically injured as a result of a motor accident in the ACT or

workplace accident in the course of private sector employment in the ACT.

The key outputs to be delivered in 2024-25 include:

• deciding the eligibility of applicants to the LTCS Scheme in accordance with Part 4 of the

LTCS Act and the LTCS Guidelines;

• assessing the treatment and care needs of participants in the LTCS Scheme in accordance with

Part 5 of the LTCS Act;

• paying all reasonable expenses incurred by or on behalf of an injured person in relation to the

injured person’s assessed treatment and care needs in accordance with Part 6 and Part 9 of the

LTCS Act;

• monitoring service delivery and participant outcomes, including collecting feedback from

participants on their expectations and experience with the LTCS Scheme;

• assessing future funding requirements and levy setting;

• reviewing and updating the LTCS Guidelines;

• undertaking investments in accordance with the Fund’s Investment Strategy; and

• determining LTCS levies in accordance with Part 10 of the LTCS Act.

2024-25 Budget Statements 223 Lifetime Care and Support Fund

Accountability Indicators

EBT Class 1: Lifetime Care and Support Fund

EBT 1.1: Lifetime Care and Support Fund

Table 2: Accountability Indicators EBT 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

Provision of LTCS Scheme in the ACT

a. LTCS levies determined during the fourth quarter

b. Undertake an annual client feedback process

Note(s):

a. The levy determinations must be made in accordance with section 84 of the LTCS Act. The determinations need to

occur during the fourth quarter of the financial year so that they are available for commencement on 1 July. The levy

determination for the 2024-25 contribution period for motor vehicles was notified on the Legislation Register in

May 2024 and for private workers' compensation insurers and self-insurers in June 2024.

b. This indicator requires the LTCS Commission to seek formal feedback from scheme participants during the financial

year. The focus and process for each year’s feedback will be decided by the LTCS Commissioner. The survey for

2023-24 commenced in the second half of 2023-24 with the final report expected to be received in June 2024.

2024-25 Budget Statements 224 Lifetime Care and Support Fund

Financial Statements – Territorial

Table 3: Lifetime Care and Support Fund: Statement of Income and Expenses on behalf of the

Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Investment Revenue

4 905

3 809

7 304

8 910

10 641

12 517

Interest Revenue

284

529

341

-36

415

493

554

Other Income

36 790

36 671

43 406

46 274

49 250

52 335

Net Gain/(Loss) on

Investments

2 314

7 632

2 181

-71

2 661

3 178

3 739

Total Income

44 293

48 641

53 232

58 260

63 562

69 145

Expenses

Supplies and Services

870

876

1 062

1 144

1 226

1 137

Depreciation and Amortisation

Other Expenses

37 823

70 577

43 283

-39

46 865

50 555

54 494

Total Expenses

38 701

71 453

44 353

-38

48 017

51 789

55 639

Operating Result

5 592

-22 812

8 879

139

10 243

11 773

13 506

Total Comprehensive Result

5 592

-22 812

8 879

139

10 243

11 773

13 506

2024-25 Budget Statements 225 Lifetime Care and Support Fund

Table 4: Lifetime Care and Support Fund: Statement of Assets and Liabilities on behalf of the

Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash

8 940

8 708

10 937

13 176

15 095

16 853

Receivables

3 754

3 451

4 795

5 391

6 025

6 683

Total Current Assets

12 694

12 159

15 732

18 567

21 120

23 536

Non-Current Assets

Investments

154 781

163 936

201 668

243 126

287 853

336 579

Intangible Assets

Total Non-Current Assets

154 851

163 936

201 740

243 190

287 909

336 627

TOTAL ASSETS

167 545

176 095

217 472

261 757

309 029

360 163

Current Liabilities

Payables

1 203

524

1 125

115

1 605

2 190

2 599

Other Provisions

10 536

10 495

12 274

14 463

15 937

17 507

Total Current Liabilities

11 739

11 019

13 399

16 068

18 127

20 106

Non-Current Liabilities

Other Provisions

230 904

261 212

291 330

322 703

356 143

391 792

Total Non-Current

Liabilities

230 904

261 212

291 330

322 703

356 143

391 792

TOTAL LIABILITIES

242 643

272 231

304 729

338 771

374 270

411 898

NET ASSETS

-75 098

-96 136

-87 257

-77 014

-65 241

-51 735

Equity

Accumulated Funds

-75 098

-96 136

-87 257

-77 014

-65 241

-51 735

TOTAL EQUITY

-75 098

-96 136

-87 257

-77 014

-65 241

-51 735

2024-25 Budget Statements 226 Lifetime Care and Support Fund

Table 5: Lifetime Care and Support Fund: Statement of Changes in Equity on behalf of the

Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated

Funds

-80 690

-73 324

-96 136

-31

-87 257

-77 014

-65 241

Balance at the Start of the

Reporting Period

-80 690

-73 324

-96 136

-31

-87 257

-77 014

-65 241

Comprehensive Income

Operating Result

5 592

-22 812

8 879

139

10 243

11 773

13 506

Total Comprehensive

Result

5 592

-22 812

8 879

139

10 243

11 773

13 506

Closing Equity

Closing Accumulated Funds

-75 098

-96 136

-87 257

-77 014

-65 241

-51 735

Balance at the end of the

Reporting Period

-75 098

-96 136

-87 257

-77 014

-65 241

-51 735

2024-25 Budget Statements 227 Lifetime Care and Support Fund

Table 6: Lifetime Care and Support Fund: Statement of Cash Flows on behalf of the Territory

($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Investment Receipts

4 328

3 854

6 514

8 570

10 275

12 119

Interest Receipts

284

529

341

-36

415

493

554

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

993

890

1 081

1 300

1 526

1 712

Other

35 948

36 222

42 913

46 071

49 039

52 118

Total Receipts from Operating

Activities

41 553

41 495

50 849

56 356

61 333

66 503

Payments

Supplies and Services

869

877

1 061

1 142

1 225

1 138

Goods and Services Tax Paid to

Suppliers

1 026

896

1 142

1 353

1 583

1 755

Other

9 815

8 492

10 786

12 825

15 057

16 865

Total Payments from

Operating Activities

11 710

10 265

12 989

15 320

17 865

19 758

Net Cash Inflows/(Outflows)

from Operating Activities

29 843

31 230

37 860

41 036

43 468

46 745

CASH FLOWS FROM

INVESTING ACTIVITIES

Payments

Purchase of Intangibles

Purchase of Investments

28 913

32 101

35 551

38 797

41 549

44 987

Total Payments from

Investing

Activities

28 913

32 101

35 631

38 797

41 549

44 987

Net Cash Inflows/(Outflows)

from Investing Activities

-28 913

-32 101

-35 631

-11

-38 797

-41 549

-44 987

Net Increase/(Decrease) in

Cash

930

-871

2 229

356

2 239

1 919

1 758

Cash at the Beginning of the

Reporting Period

8 010

9 579

8 708

-9

10 937

13 176

15 095

Cash at the End of the

Reporting Period

8 940

8 708

10 937

13 176

15 095

16 853

2024-25 Budget Statements 228 Lifetime Care and Support Fund

Notes to the Territorial Budget Statements

Significant variations are as follows:

Statement of Income and Expenses on behalf of the Territory

• investment revenue: is associated with distributions from investments with the Territory

Banking Account (TBA):

- the decrease of $1.096 million in the 2023-24 estimated outcome from the original budget

reflects the level of available distribution income from TBA; and

- the increase of $3.495 million in the 2024-25 Budget from the 2023-24 estimated outcome is

due to the estimated additional investment during the financial year 2024-25 as well as the

distribution revenue being based on estimated distributable income and the long-term

investment return objective.

• other income: is associated with the two LTCS levies - a levy relating to motor accident injuries

and a levy relating to work injuries: the increase of $6.735 million in the 2024-25 Budget from

the 2023-24 estimated outcome is mainly due to the increase in the levies as determined by the

LTCS Commissioner.

LTCS levies for 2024-25 were determined in the last quarter of 2023-24 by the LTCS

Commissioner. The LTCS levy relating to motor accident injuries for the 2024-25 contribution

period is $105.40 (2023-24: $90.40) for a 12-month ACT MAI policy charged proportionately.

The LTCS levy for vehicles registered under the ACT’s Veteran, Vintage and Historic (VVH)

Registration Scheme including the modified historic vehicles, remains at 20 per cent of the full

year LTCS levy. The LTCS levy relating to private sector work injuries for the 2024-25

contribution period is $7.7 million (2023-24: $7 million).

Sufficiency of the LTCS levies to fund the Scheme’s estimated liabilities is reassessed before the

start of a financial year by the LTCS Commissioner based on advice of an independent actuary.

• net gain/(loss) on investments with the Territory Banking Account (TBA):

- the increase of $5.318 million in the 2023-24 estimated outcome from the original budget is

due to the expected investment return for the 2023-24 financial year being higher than

assumed; and

- the decrease of $5.451 million in the 2024-25 Budget from the 2023-24 estimated outcome

is due to the use of the long-term investment return objective, which is lower than the

expected investment return for the 2023-24 financial year; partially offset by the increase

associated with the estimated additional investment during the financial year 2024-25.

• other expenses: are associated with the provision for estimated future treatment and care costs

of LTCS Scheme participants based on actuarial projections and the unwinding of the discount

rate associated with the estimation of the present value of those future costs.

2024-25 Budget Statements 229 Lifetime Care and Support Fund

The 2024-25 Budget includes unwinding of discount expenses ($13.353 million) attributable to

the change in liabilities as they become one year closer to payment:

- the increase of $32.754 million in the 2023-24 estimated outcome from the original budget

is mainly due to the increase in provision for participants’ treatment and care costs mainly

resulting from an increase in the attendant care costs and the higher than average costs for

some of the new participants entering the Scheme during the financial year (associated with

their younger age and higher injury severity); and

- the decrease of $27.294 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the above average increase in provision that occurred in 2023-24.

Volatility is expected each year regarding the number of new participants entering the LTCS

Scheme and their estimated lifetime treatment and care expenses.

Statement of Assets and Liabilities on behalf of the Territory

• cash: the increase of $2.229 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly associated with maintaining sufficient cash balance to allow payment of all current

liabilities when they fall due.

• receivables: the increase of $1.344 million in the 2024-25 Budget from the 2023-24 estimated

outcome is mainly associated with the higher receivable for distribution on investments held

with the TBA for the quarter ended 30 June 2025 compared to 30 June 2024 and the higher levy

relating to motor accident injuries receivable for the month of June 2024.

• investments:

- the increase of $9.155 million in the 2023-24 estimated outcome from the original budget is

mainly due to the higher than anticipated gains on investments held with the TBA during

2023-24; and

- the increase of $37.732 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the $35.551 million estimated additional investment of collected funds to

provide for estimated new participants. Funds are collected to provide for the estimated

whole of life costs of participants in the year they are accepted into the Scheme.

• other provisions:

- the increase of $30.267 million in the 2023-24 estimated outcome from the original budget

is mainly due to the higher provision for participants’ treatment and care costs mainly

resulting from an increase in the attendant care costs and the higher than average costs for

some of the new participants entering the Scheme during the financial year (associated with

their younger age and higher injury severity); and

- the increase of $31.897 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the estimated lifetime costs of the estimated new participants entering the

LTCS Scheme in 2024-25 and the estimated unwinding of discount expenses in 2024-25.

Statement of Changes in Equity and Statement of Cash Flows on behalf of the Territory

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 230 Lifetime Care and Support Fund

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2024-25 Budget Statements 231 Motor Accident Injuries Commission

MOTOR ACCIDENT INJURIES COMMISSION – STATEMENT OF

INTENT

The Motor Accident Injuries Commission (MAI Commission) is a Territory Authority established

under the Motor Accident Injuries Act 2019 (MAI Act).

The Statement of Intent for 2024-25 has been prepared in accordance with section 61 of the

Financial Management Act 1996 (FMA).

The responsible Minister, Chris Steel MLA, was consulted during the preparation of the Statement of

Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the

MAI Commission’s strategic and planning processes.

The MAI Commission’s 202425 Statement of Intent has been agreed between:

Andrew Barr MLA

Treasurer

Chris Steel MLA

Special Minister of State

Lisa Holmes

Motor Accident

Injuries Commissioner

2024-25 Budget Statements 232 Motor Accident Injuries Commission

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2024-25 Budget Statements 233 Motor Accident Injuries Commission

MOTOR ACCIDENT INJURIES COMMISSION

Introduction

The MAI Commission is a Territory authority established under the Motor Accident Injuries Act 2019

(MAI Act). The MAI Commission started operations on the commencement of the MAI Act on

1 February 2020.

The Statement of Intent for the MAI Commission, including strategies, key performance indicators

and priorities, has been developed by the MAI Commission in accordance with the FMA and the

MAI Act.

Purpose

The MAI Commission is established by section 22 of the MAI Act and is headed by the

MAI Commissioner.

The functions of the MAI Commission are more extensive than those of the replaced ACT

Compulsory Third party (CTP) Insurance Regulator (whose responsibilities transferred to the

Commission). They include functions such as providing information and assistance on the

MAI Scheme, and a strengthened monitoring and regulatory role particularly in relation to the

provision of defined benefits by insurers. The MAI Commission’s functions are detailed in section 25

of the MAI Act. Its responsibilities include:

• regulating the licensing of insurers under the MAI Scheme;

• reviewing premiums to ensure they fully fund the present and likely future costs of the scheme

but are not excessive;

• monitoring insurers’ compliance with their obligations under the Act;

• providing information to the public about the MAI Scheme;

• managing complaints about the market practices of licensed insurers and the handling practices

of insurers under the MAI Scheme;

• issuing, monitoring and reviewing the MAI guidelines and other statutory instruments under the

Act; and

• monitoring and advising the Minister about the administration, efficiency and effectiveness of

the MAI Scheme.

The Commission does not have powers to change a decision of an insurer regarding a defined

benefit application or a common law claim.

The functions of the MAI Commission are funded by a levy applied on every motor vehicle

registration on a per annum basis.

2024-25 Budget Statements 234 Motor Accident Injuries Commission

Nature and scope of activities

General activities

MAI Scheme monitoring and insurer compliance

In order to monitor the operation of the MAI Scheme, the MAI Commission meets regularly with or

liaises with the Insurance Council of Australia, MAI insurers and the ACT Nominal Defendant to

discuss:

• operational aspects of the MAI Scheme;

• emerging issues; and

• review post implementation matters of the new MAI Scheme.

The MAI Commission also intends to periodically meet with other scheme service providers such as

the Defined Benefits Information Service, the ACT Civil and Administrative Tribunal and the legal

profession.

In addition, the MAI Commission receives feedback from the community regarding the MAI Scheme

through Access Canberra via email (address listed on the MAI Commission website at

www.treasury.act.gov.au/maic), and through direct enquiries (both oral and written

correspondence).

The MAI Commission monitors insurers’ compliance with the legislation using multiple sources of

information. Compliance activities include the analysis of the applications and claims data, on-site

audits, together with the follow-up of issues identified through self-assessment review, reportable

conduct notifications and complaints received.

The MAI Commission also monitors the regulations and guidelines developed to support the scheme,

including reviewing the documents in light of any feedback or issues raised with a view to providing

clarification where necessary.

Defined Benefits Information Service and other activities

The Defined Benefits Information Service (DBIS) was established on 1 February 2020 and assists the

public with information in relation to available benefits for injured people, the application process

and how to navigate the scheme. The DBIS is currently provided by Care Inc, a Canberra based

community organisation.

The MAI Commission has developed a website (www.treasury.act.gov.au/maic) to provide

information about the MAI Scheme. The Commission has been undertaking and will continue to

undertake other outreach activities to inform the community and service providers about the new

scheme.

Premiums and viability of the MAI Scheme

MAI premium filings are required to be submitted at least annually unless a longer period is

permitted by the MAI Commission. A premium filing is a document provided by a licensed insurer to

the MAI Commission containing a range of information in support of its annual MAI premiums. MAI

premium filings lodged with the MAI Commission are reviewed by the scheme’s actuary in

accordance with the MAI Act and Premium Guidelines to ensure that the premium fully funds the

insurer’s present and likely future liability and is not excessive.

2024-25 Budget Statements 235 Motor Accident Injuries Commission

The MAI Commissioner approved the insurers’ full de novo MAI premiums on 16 November 2023,

which applied from 1 February 2024, as well as several partial MAI premiums after the date (details

provided in the assessment of performance section). The MAI Commission publishes the applicable

MAI premiums for all vehicle classes on the MAI Commission’s website

see www.treasury.act.gov.au/maic.

The MAI Commission will continue to regulate premiums charged by insurers for MAI policies, based

on compliance with the Premium Guidelines and independent actuarial advice on whether a

premium meets the fully funded and not excessive tests.

The MAI Commission also provides targeted funding for various road safety initiatives to promote

public awareness of the causes of motor accidents, and ways of reducing and mitigating the impact

of motor accidents. A reduction in accidents assists in lowering MAI premiums.

Maintaining claims statistics for the MAI Scheme

The MAI Commission maintains the ICT system that was implemented to assist with data collection

and reporting requirements. The ICT system incorporates the CTP Scheme and the MAI Scheme data

on a shared platform to provide enhanced and systematic data capture and reporting capabilities. It

assists the Commission in monitoring compliance as well as analysing how the scheme is performing

relative to its aims.

The data are collected from licensed insurers and the Nominal Defendant at regular intervals. Data

are also being collected from lawyers who provide certain types of legal services in relation to the

MAI Scheme, through a lawyer portal link that is available on the MAI Commission’s website.

The MAI Commission continues the publishing of key MAI Scheme statistics quarterly (from the

quarter ended 30 June 2020) on its website – see the Scheme Knowledge Centre at

www.treasury.act.gov.au/maic.

Risks

Financial risks include adequacy of funding for the MAI Commission’s activities. From 1 July 2023, a

levy of $14 (2022-23: $16) per annum will be collected from every motor accident insurance policy

during vehicle registration to fund the MAI Commission. The MAI Commission’s revenues are thus

predominantly dependent upon the number of new registrations and registration renewals.

The MAI Commission has developed a risk management plan to identify and address risks and will

review and update this plan as part of its ongoing business processes.

2024-25 Priorities and next three financial years

Priorities in 2024-25 and over the next three financial years relate to the functions of the MAI

Commission and include:

• implementing in 2024-25 the 15 actions to improve the operation of the MAI Scheme identified

in the three yearly review report for the scheme including:

- refreshing information on the Commission’s website and developing information booklets to

help people navigate the scheme more easily;

- considering changes to forms and investigating the feasibility of providing a notification to

insurers through an online process;

2024-25 Budget Statements 236 Motor Accident Injuries Commission

- considering other evidence to inform an uplift in the capped amount for costs from legal

assistance able to be awarded by the ACT Civil and Administrative Tribunal for external

reviews; and

- developing a process to allow the Commission to assess the actual profit achieved by

insurers and the action to be taken if excess profit has occurred.

• issuing additional guidelines and regulations under the MAI Act, as required;

• actively monitoring and supervising the conduct of MAI Insurers;

• assessing MAI premium filings and monitoring premium processes;

• maintaining an ICT system for the scheme’s data requirements;

• monitoring the scheme’s performance;

• reporting on the scheme’s statistics; and

• contributing to targeted road safety initiatives that assist in reducing motor accidents and

personal injuries, and mitigating their impact.

Estimated Employment Levels

In accordance with section 24 of the MAI Act, the Executive Branch Manager, Insurance Branch,

Economic and Financial Group, Chief Minister, Treasury and Economic Development Directorate

(CMTEDD) has been appointed as MAI Commissioner. Roles and responsibilities of the

MAI Commission are delegated by the MAI Commissioner to officers of CMTEDD. The MAI

Commission does not employ any staff.

The Insurance Branch of the Economic and Financial Group provides a supporting role to the

MAI Commission by providing staff to carry out the Commission’s functions. The MAI Commission

reimburses the Insurance Branch for the salary and superannuation expenses associated with the

staff allocated to carrying out the MAI Commission’s functions.

2024-25 Budget Statements 237 Motor Accident Injuries Commission

Key performance indicators for 2024-25 to 2027-28

Table 1: Key performance indicators

Planned

2023-24

Estimated

Outcome

2024-25

2025-26

2026-27

2027-28

a. MAI Premium

filings are

reviewed by the

scheme actuary

and are approved

in accordance

with the MAI Act,

including fully

funding the

scheme 1,2

All MAI

premium

filings received

by the MAI

Commission

were reviewed

by the scheme

actuary and

approved in

accordance

with the MAI

Act

Actuarial

review of

annual MAI

premium

filings by

30/6/2025

Actuarial

review of

annual MAI

premium

filings by

30/6/2026

Actuarial

review of

annual MAI

premium

filings by

30/6/2027

Actuarial

review of

annual MAI

premium

filings by

30/6/2028

b. Insurer MAI

premiums for all

vehicle classes are

published on the

MAI Commission’s

website 3

All insurer MAI

premiums for

all vehicle

classes were

published on

the MAI

Commission’s

website six

weeks before

the effective

date

Insurer MAI

premiums for

all vehicle

classes

published on

the MAI

Commission’s

website six

weeks before

the effective

date

Insurer MAI

premiums for

all vehicle

classes

published on

the MAI

Commission’s

website six

weeks before

the effective

date

Insurer MAI

premiums for

all vehicle

classes

published on

the MAI

Commission’s

website six

weeks before

the effective

date

Insurer MAI

premiums for

all vehicle

classes

published on

the MAI

Commission’s

website six

weeks before

the effective

date

c. Promote public

awareness of the

causes of motor

accidents through

funding measures

directed at

reducing causes of

motor vehicle

accidents 4

The MAI

Commission

contributed

$350,000 (excl

GST) towards

road safety

strategies

Contribute

minimum

$50,000 to

road safety

strategies

consistent

with the MAI

Commission’s

function to

promote

public

awareness of

the causes of

motor

accidents

Contribute

minimum

$50,000 to

road safety

strategies

consistent

with the MAI

Commission’s

function to

promote

public

awareness of

the causes of

motor

accidents

Contribute

minimum

$50,000 to

road safety

strategies

consistent

with the MAI

Commission’s

function to

promote

public

awareness of

the causes of

motor

accidents

Contribute

minimum

$50,000 to

road safety

strategies

consistent

with the MAI

Commission’s

function to

promote

public

awareness of

the causes of

motor

accidents

d. Reporting on the

scheme’s

statistics 5

All reports

were published

within six

weeks after

the end of

Within six

weeks after

the end of

each quarter

on MAI

Within six

weeks after

the end of

each quarter

on MAI

Within six

weeks after

the end of

each quarter

on MAI

Within six

weeks after

the end of

each quarter

on MAI

2024-25 Budget Statements 238 Motor Accident Injuries Commission

Planned

2023-24

Estimated

Outcome

2024-25

2025-26

2026-27

2027-28

each quarter

on MAI

Commission

website

Commission

website

Commission

website

Commission

website

Commission

website

e. Queries handling

within 10 working

days of receipt of

the query 6

100%

compliance

85%

compliance

85%

compliance

85%

compliance

85%

compliance

f. Complaints

handling within 20

working days of

receipt of all the

required

information 7

71%

compliance

85%

compliance

85%

compliance

85%

compliance

85%

compliance

g. Three-yearly

review of the

operation of the

MAI Act in

accordance with

legislative

timeframes (s493)

Review report

tabled in May

2024 by the

Government.

The MAI

Commission’s

response was

also tabled.

N/A

Provide

assistance to

the reviewers8

N/A

The above should be read in conjunction with the accompanying notes.

Note(s):

1. A full de novo premium filing is one in which all evidence in support of a filed premium including assumptions and

statistical data, are considered anew. All of the premium filings are assessed and approved in accordance with the

MAI Act.

- A premium filing is a report provided by a MAI insurer to the MAI Commissioner containing a range of

information in support of its MAI premium submissions. Consistent with the MAI Act, each filing is assessed by

the scheme actuary to ensure the MAI insurance scheme remains fully funded and that the premium is not

excessive. The MAI Commissioner must then approve or reject the premium, and no later than six weeks after

the day of receiving the premium application from the licensed insurer, advise the insurer about the decision and

the reasons for the decision. Premiums can be rejected if they will not fully fund the present and likely future

liabilities of the insurer; or the premiums are excessive; or the premium does not comply with the MAI premium

guidelines.

2. An actuarial assessment is conducted in respect of each premium filing to ensure each met the fully funded test, that

is, the premium meets the present and likely future liabilities of the insurer under the MAI Scheme. Consistent with

the streamlining arrangements, the MAI Commissioner approves partial premium filings if the change in premiums is

within the permitted actuarially set bands, and are equal to or above the agreed minimum amount.

3. The MAI Commission publishes the applicable MAI premiums for all vehicle classes on the MAI Commission’s

website at www.treasury.act.gov.au/maic six weeks before the effective date.

4. The MAI Commission contributes a minimum of $50,000 towards road safety strategies targeted at supporting and

promoting the prevention of motor accidents and the safe use of motor vehicles, with the aim of reducing the number

2024-25 Budget Statements 239 Motor Accident Injuries Commission

and/or severity of injuries arising from these accidents (consistent with the pertinent MAI Commission’s objective

under the MAI Act).

5. Reports are published within six weeks after the end of each quarter. All scheme statistics reports are published on

the MAI Commission website –see the Scheme Knowledge Centre at www.treasury.act.gov.au/maic.

6. Responses to queries directed to the MAI Commission within ten working days of receipt of the queries apply in cases

where the MAI Commission does not need to liaise with another area of government or external entity. Queries do

not include responses received as part of a consultation process. Also refers to written correspondence only, not

phone calls.

7. Responses to complaints directed to the MAI Commission within twenty working days of receipt of all the details of

the complaint, including any clarifications and data from the complainant and/or insurers or another external entity

required by the MAI Commission to be able to review issues with an insurer’s handling of the claim.

Complaints do not include responses received as part of a consultation process. Also refers to written

correspondence only, not phone calls. This indicator does not apply to a complaint relating to multiple injured people

as such complaints are likely to require more liaison with insurers or other service providers and take longer to

finalise.

The MAI Commission can review the decision making process of an insurer but cannot change the insurer’s actual

decision. An injured person has review avenues under the MAI Scheme in relation to insurer decisions, such as

requesting an internal review or lodging an external review application with the ACT Civil and Administrative Tribunal.

8. The legislation requires the Minister to undertake a review. The Commission assists the reviewers with scheme data,

information on its activities and facilitates any input by the scheme actuary.

Assessment of performance against 2023-24 objectives

The MAI Commission’s performance against its objectives and targets from 1 July 2023 to

30 June 2024 included in its 2023-24 Statement of Intent shows that the MAI Commission met most

of its targets. Further non-financial and performance outcomes are detailed below.

• MAI Premiums are approved in accordance with the MAI Act

The MAI Commissioner is required to approve or reject a premium application under section 319

of the MAI Act. Under section 318, there are two key grounds on which the MAI Commissioner

is permitted to reject a premium filing: the premiums applied for by MAI insurers are too low

(the fully funded test); or are too high (the excessive premium test). Consistent with premium

streamlining arrangements, the MAI Commissioner approved premium partial filings if the

change in premiums was within the permitted set bands and above the agreed minimum

amount.

Premium filings for the MAI Scheme that were assessed and approved in accordance with the

Act for the year to date to 31 May 2024, were received from:

- GIO partial filing (received June 2023) and approved in June 2023 for MAI premiums

commencing 22 August 2023;

- NRMA partial filing (received July 2023) and approved in August 2023, for MAI premiums

commencing 13 October 2023;

- AAMI partial filings (received September 2023) and approved in September 2023 for MAI

premiums commencing 5 December 2023;

- GIO and APIA partial filing (received December 2023) and approved in December 2023 for

MAI premiums commencing 19 March 2024;

- AAMI, APIA, GIO and NRMA full de novo filings (received October 2023) and approved in

November 2023 for MAI premiums commencing 1 February 2024; and

- NRMA partial filing (received February 2024) and approved in April 2024 for MAI premiums

commencing 18 June 2024.

2024-25 Budget Statements 240 Motor Accident Injuries Commission

• The scheme is fully funded

All premium filings by licensed MAI insurers were reviewed by the scheme actuary to ensure

they met the fully funded test. This ensures that the scheme can pay out all present and future

liabilities. The scheme actuary considered that all insurers’ premiums met the fully funded and

not excessive test.

• Promote public awareness of the causes of motor accidents through funding measures

directed at reducing causes of motor vehicle accidents

The MAI Commission contributed $350,000 (Excl GST) in 2023-24 towards road safety strategies

with initiatives directed at supporting and promoting the prevention of motor accidents and the

safe use of motor vehicles. The initiatives aimed to reduce the number and/or severity of

injuries arising from motor accidents (consistent with the relevant MAI Commission’s objective

under the MAI Act). In 2023-24, the MAI Commission provided the following funding:

- $80,000 to develop a “Stop it or Cop it’ drink and drug driving campaign that focused on

changing attitudes and drivers’ behaviours towards driving the influence of illegal drugs

and alcohol;

- $30,000 for an extension to undertake further broadcasting of the – ‘Every K Counts’ casual

speeding campaign, directed at changing motorists ’attitudes towards low level speeding;

and

- $240,000 for a Dangerous Driving initiative to tackle road activity that puts the safety of all

road users at risk and includes illegal behaviours such as excessive speeding, burnouts,

street races and failing to obey road rules and signs. This is made up of two Dangerous

Driving intervention pilots: $110,000 for 10 week programs for referred participants aimed

at encouraging a safe driving culture and positive behavioural shifts; and $130,000 to focus

on education, awareness and compliance via in school visits, community information and

materials.

• Reporting on the scheme’s statistics

Report for each quarter during 2023-24 was published on the MAI Commission website within

target timeframes.

• Queries handling within ten working days of receipt of the query

All queries received by the MAI Commission for the year to date to 31 May 2024 were

responded to within ten working days of receipt.

• Complaints handling within 20 working days of receipt of all the required information.

The MAI Commission received seven (7) complaints in the year to date to 31 May 2024.

Five (5) of the seven (7) complaints met the KPI of 20 working days.

Two (2) complaints did not meet the KPI. This was because of the number and complexity of the

issues raised and the need to liaise with the complainant and / or insurers on several occasions.

• Three-yearly review of the operation of the MAI Act with legislative timeframes (s493)

The review report was tabled by the Government in the Legislative Assembly on 16 May 2024.

The MAI Commission provided to the reviewers, scheme data and information on the activities

of the Commission. In addition, the Commission facilitated the scheme actuary providing a

report on the financial aspects of the scheme. The MAI Commission formally responded to the

review report, which was also tabled in the Assembly on 16 May 2024.

2024-25 Budget Statements 241 Motor Accident Injuries Commission

Monitoring and Reporting

The MAI Commission will satisfy the requirements of the Chief Minister’s Annual Reports Directions.

The MAI Commission’s Annual Report will, amongst other things, report against the requirements of

this Statement of Intent.

The FMA authorises the Treasurer to obtain financial and other statements from the

MAI Commission for a stated period including annual, quarterly and monthly reporting.

Monthly reporting

The MAI Commission prepares monthly financial reports for internal scrutiny and management.

These reports include tables and variance analysis for:

• an Operating Statement;

• a Balance Sheet; and

• a Statement of Cash Flows.

Annual reporting

As part of preparations for end of year reporting CMTEDD will advise the dates when the following

documents are required by the Audit Office and to CMTEDD. These reports include:

• certified financial statements;

• management discussion and analysis;

• a full and accurate set of audited financial records for the preceding financial year in the form

requested; and

• consolidation packs relating to the annual financial statements, draft and final.

Financial Arrangements

The MAI Commission is a self-funded statutory authority.

The Motor Accident Levy (MA Levy) of $14 (2022-23: $16; i.e. a reduction of $2 or 12.5 per cent)

per annum is payable in relation to MAI policies issued with effect from 1 July 2023, except for

veteran, vintage and historic (VVH) registration scheme vehicles and modified VVH vehicles that

have a $3.50 (2022-23: $4) levy per annum per MAI policy. The levy applies for a full year policy and

is pro-rated for shorter registration periods.

This levy has been estimated to fully fund the MAI Commission.

Financial statements

The budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

three financial years commencing 2025-26 appear below. These general purpose financial

statements include:

• an Operating Statement;

2024-25 Budget Statements 242 Motor Accident Injuries Commission

• a Balance Sheet;

• a Statement of Changes in Equity; and

• a Statement of Cash Flows.

2024-25 Budget Statements 243 Motor Accident Injuries Commission

Financial Statements

Table 2: Motor Accident Injuries Commission: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Taxes, Licences, Fees and

Fines

4 616

4 743

4 840

4 935

5 035

Interest Revenue

333

462

422

-9

429

438

446

Total Income

4 949

5 078

5 165

5 269

5 373

5 481

Expenses

Supplies and Services

3 413

2 440

3 592

3 658

3 724

3 792

Depreciation and Amortisation

184

Transfer Expenses

1 352

1 389

1 427

1 465

1 505

Total Expenses

4 949

3 976

5 165

5 269

5 373

5 481

Operating Result

1 102

-100

Other Comprehensive Income

Total Comprehensive Result

1 102

-100

2024-25 Budget Statements 244 Motor Accident Injuries Commission

Table 3: Motor Accident Injuries Commission: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash

8 305

9 515

9 712

9 891

10 068

10 249

Receivables

410

416

433

444

453

459

Total Current Assets

8 715

9 931

10 145

10 335

10 521

10 708

Non-Current Assets

Intangible Assets

1 061

877

-17

692

508

324

Total Non-Current Assets

1 061

877

-17

692

508

324

TOTAL ASSETS

9 776

10 992

11 022

11 027

11 029

11 032

Current Liabilities

Payables

144

106

136

141

143

146

Total Current Liabilities

144

106

136

141

143

146

TOTAL LIABILITIES

144

106

136

141

143

146

NET ASSETS

9 632

10 886

Equity

Accumulated Funds

9 632

10 886

TOTAL EQUITY

9 632

10 886

2024-25 Budget Statements 245 Motor Accident Injuries Commission

Table 4: Motor Accident Injuries Commission: Statement of Changes in Equity ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

9 632

9 784

10 886

Balance at the Start of the

Reporting Period

9 632

9 784

10 886

Comprehensive Income

Operating Result

1 102

-100

Total Comprehensive Result

1 102

-100

Closing Equity

Closing Accumulated Funds

9 632

10 886

Balance at the end of the

Reporting Period

9 632

10 886

2024-25 Budget Statements 246 Motor Accident Injuries Commission

Table 5: Motor Accident Injuries Commission: Statement of Cash Flows ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Taxes, Licences, Fees and

Fines

4 667

4 700

4 734

4 831

4 928

5 029

Interest Receipts

333

462

422

-9

429

438

446

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

107

141

150

152

156

Total Receipts from Operating

Activities

5 092

5 269

5 297

5 410

5 518

5 631

Payments

Supplies and Services

3 379

2 392

3 563

3 653

3 723

3 790

Transfer Expenses

1 352

1 389

1 427

1 465

1 505

Goods and Services Tax Paid

to Suppliers

106

113

148

151

153

155

Total Payments from

Operating Activities

4 837

3 857

5 100

5 231

5 341

5 450

Net Cash Inflows/(Outflows)

from Operating Activities

255

1 412

197

-86

179

177

181

Net Increase/(Decrease) in

Cash

255

1 412

197

-86

179

177

181

Cash at the Beginning of the

Reporting Period

8 050

8 103

9 515

9 712

9 891

10 068

Cash at the End of the

Reporting Period

8 305

9 515

9 712

9 891

10 068

10 249

2024-25 Budget Statements 247 Motor Accident Injuries Commission

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• supplies and services:

- the decrease of $0.973 million in the 2023-24 estimated outcome from the original budget is

mainly due to lower salary and associated expenses for the CMTEDD staff allocated to

undertake the MAI Commission’s functions due to the timing of recruitment of some

positions; and

- the increase of $1.152 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due to the lower expenses in 2023-24 explained above and additional expenses

required to implement the three-year review report action items in 2024-25.

Balance Sheet

• cash:

- the increase of $1.210 million in the 2023-24 estimated outcome from the original budget is

mainly due to lower than anticipated expense payments.

Statement of Changes in Equity and Statement of Cash Flows

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 248 Motor Accident Injuries Commission

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2024-25 Budget Statements 249 Office of the Work Health and Safety Commissioner

OFFICE OF THE WORK HEALTH AND SAFETY COMMISSIONER

– STATEMENT OF INTENT

The Office of the Work Health and Safety Commissioner (WorkSafe ACT) is a Territory Authority

established under the Work Health and Safety Act 2011.

The Statement of Intent for 2024-25 has been prepared in accordance with Section 61 of the

Financial Management Act 1996.

The responsible Minister, Mick Gentleman MLA, was consulted during the preparation of the

Statement of Intent.

The Statement of Intent, which focuses on the 2024-25 Budget year, has been developed in the

context of a four year forward planning horizon to be incorporated, as far as practicable, into the

WorkSafe ACT’s strategic and business planning processes.

The WorkSafe ACT’s 2024-25 Statement of Intent has been agreed between:

Jacqueline Agius

Work Health and Safety Commissioner

Andrew Barr MLA

Treasurer

Mick Gentleman MLA

Minister for Industrial Relations and

Workplace Safety

2024-25 Budget Statements 250 Office of the Work Health and Safety Commissioner

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2024-25 Budget Statements 251 Office of the Work Health and Safety Commissioner

OFFICE OF THE WORK HEALTH AND SAFETY COMMISSIONER

Purpose

The Office of the Work Health and Safety Commissioner (WorkSafe ACT) was established on

1 July 2020. It is an independent prescribed Territory authority headed by the Work Health and

Safety (WHS) Commissioner.

In addition to being the ACT’s WHS regulator, WorkSafe ACT also has regulatory responsibility for

workers’ compensation, labour hire and long service leave. It achieves its regulatory objectives

through a combination of compliance and enforcement, awareness raising, education, inspection

and investigation.

This Statement outlines the strategic priorities, objectives and indicators for the 2024-25 financial

year and next three financial years and reports against the accountability indicators for the 2023-24

financial year.

Nature and Scope of Activities

The nature and scope of WorkSafe ACT’s activities is guided by the Agency’s Strategic Plan. The

current WorkSafe ACT Strategic Plan 2020-2024 expires this year, and as required by the Work

Health and Safety Act 2011 (WHS Act), a new Strategy is currently under development. It will be

developed in the context of Safe Work Australia’s (SWA) Australian Work Health and Safety Strategy

2023-2033 (the Australian Strategy). The current Strategic Plan includes four high-level strategies:

• ensuring fair and firm enforcement against non-compliance

• minimising physical and psychological harm and improving WHS practices and culture

• engaging with stakeholders to better understand and respond to current and emerging WHS

issues, and

• creating an exemplary regulator.

WorkSafe ACT’s Strategic Plan 2024-2028 will be finalised by the end of 2024 and will guide the

priorities of WorkSafe ACT during 2024-25 and subsequent years.

Quality Assurance

WorkSafe ACT ensures the consistent application of powers and sanctions through the Compliance

and Enforcement Policy, standard operating procedures and operational policies. Quality assurance

and training is a continual improvement process that uses the principles of MERI (monitoring,

evaluation, reporting and improvement) to ensure work is conducted within a quality management

system. This process is applied to key elements of governance mechanisms, systems and capability

and training. Work is also continuing to implement a formal Quality Assurance Framework that

focuses on improving the standard of inspections and associated documentation.

Within WorkSafe ACT, the delegation of powers and standard procedures are distributed to ensure

that review, decision making, and release of regulatory sanctions is escalated through a hierarchy,

and quality is addressed and improved at each step.

2024-25 Budget Statements 252 Office of the Work Health and Safety Commissioner

Risks

In relation to the delivery of WorkSafe ACT’s objectives, the following risks have been identified and

mitigation measures applied.

• Inadequate internal change management: mitigated through appropriate and effective planning

and consultation including with worker representatives.

• Poor stakeholder management leading to lack of engagement from influential workplace

parties including industry, government and unions: mitigated through appointment of a new

Senior Director, Engagement, systematic and planned stakeholder engagement, including

targeted industry breakfasts, and horizon scanning to identify stakeholders with a potential or

perceived need.

• Lack of appropriate governance: mitigated through the implementation and annual review of a

strong Governance Framework, an Audit & Risk Committee, internal audit and continuous

improvements to business processes, practices, and systems.

• Identified capability gaps are not addressed: mitigated by the development and

implementation of a capability framework and an associated investment in continuous

improvement of capability.

• Identified capacity gaps are not managed: mitigated through the astute analysis and use of data

to develop strategies to target the most at risk workers and industries and to address priority

diseases, conditions, hazards and risks.

• Inadequate information management and the failure to effectively use data to inform better

practice: mitigated through ongoing investment in business systems and processes to embed

contemporary technologies and practices that support a strong data analytics and evidence

building capability to inform compliance programs and reporting.

• WorkSafe ACT failing to meet the expectations of the Minister provided in the annual

Statement of Expectations: mitigated through monthly meetings with the Minister and the

monitoring of response timeframes and the allocation of dedicated resources to effectively

manage business requirements and track progress against identified projects.

2024-25 Priorities and Next Three Financial Years

2024-25 Priorities

In accordance with the WHS Act, the WHS Commissioner is required to provide a Statement of

Operational Intent in response to the Minister for Industrial Relations and Workplace Safety’s

Statement of Expectations. WorkSafe ACT’s 2024-25 priorities are guided by both the Minster’s

expectations and the WHS Commissioner’s operational intent. Accordingly, the activities and

initiatives WorkSafe ACT will prioritise in 2024-25 will include:

• reducing worker fatalities through:

- targeting industries with the highest rates of serious injuries with proactive workplace

visits and strong regulatory enforcement;

- targeting workplaces with repeated history of failure to manage WHS risks;

- continuing work to improve processes and information available for supporting families

impacted by a workplace incident; and

2024-25 Budget Statements 253 Office of the Work Health and Safety Commissioner

- working with the ACT government to progress recommendations of the Conduct of Work

Health and Safety Prosecutions Review.

• continuing work addressing psychosocial hazards in the workplace by:

- increasing awareness of existing and new psychosocial resources, including the new

regulations and Code of Practice published in 2023;

- increasing the number of workplace visits and interactions by WorkSafe ACT inspectors to

address psychosocial complaints;

- developing additional resources for employers and workers to assist with improving

psychosocial hazard identification and management (including workplace sexual assault

and workplace sexual harassment);

- improved capability for WorkSafe ACT Inspectors to target psychosocial hazards during all

workplace inspections; and

- developing and fostering relationships with general and industry-specific subject matter

experts.

• a strong and ongoing focus on construction industry safety standards and compliance in the

residential, commercial and civil sectors. Importantly a key focus for WorkSafe ACT will be its

continued dedicated response to the changing regulatory environment for managing workplace

exposure to silica dust and the engineered stone prohibition that commences on 1 July 2024.

WorkSafe ACT will continue to support workers and industry with appropriate education,

communication, and guidance, and by undertaking compliance and enforcement activities,

including moving to a stronger, prosecution-focused compliance and enforcement strategy for

the residential construction sector;

• a continued strong focus on improving health and safety outcomes for young and vulnerable

workers. This will be led through a dedicated vulnerable workers team, in collaboration with

relevant stakeholders, and continued work to increase awareness of WHS rights and

responsibilities through guidance, presentations and other engagement activities;

• improving the capability of health and safety representatives (HSRs) through the provision of

targeted information and guidance and the development of an HSR network; and

• enhanced efforts to ensure that WHS and workers’ compensation infringement notices, and

workers’ compensation premium recoveries are paid.

Next Three Financial Years

WorkSafe ACT’s vision focusses on ensuring the health, safety and wellbeing of all workers in all

workplaces, regardless of their status or employment arrangements. From a WHS perspective, the

priorities for the next three financial years are informed and guided by the Australian Strategy. In

line with the Australian Strategy’s targets, WorkSafe ACT will be working to reduce:

• worker fatalities caused by traumatic injuries by 30%;

• the frequency rate of serious claims resulting in one or more weeks off work by 20%;

• the frequency rate of claims resulting in permanent impairment by 15%;

• the overall incidence of work-related injury or illness among workers to below 3.5%;

• the frequency rate of work-related respiratory disease by 20%; and

• have no new cases of accelerated silicosis by 2033.

2024-25 Budget Statements 254 Office of the Work Health and Safety Commissioner

Worksafe ACT will also be working to:

• increase the awareness of persons conducting a business or undertaking (PCBUs) about their

duty to protect workers from exposure to harmful substances;

• continue to build the capability of PCBUs and workers to ensure compliance with the duty to

manage psychosocial hazards at work;

• protect vulnerable workers;

• assist small business to better understand their work health and safety duties and workers’

compensation obligations; and

• respond to emerging challenges, such as:

- changes in working arrangements and workforce demographics;

- climate change;

- new technologies; and

- more complex supply chains.

Estimated Employment Levels and Employment Profile

Table 1: Estimated Employment Levels

2022-23

Actual

Outcome

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Staffing (FTE)

Table 2: 2024-25 Employment Profile

Classification

Total 1

Executive

SOGA

SOGB

SOGC

WCO6

WCO5

ASO6

ASO5

ASO4

GAA

Total

Notes(s):

1. Figures in the table are the number of Full Time Equivalent (FTE) staff.

2024-25 Budget Statements 255 Office of the Work Health and Safety Commissioner

Strategic Objectives and Indicators

WorkSafe ACT’s performance is measured through its Accountability Indicators. Performance

against these indicators is publicly reported within the WorkSafe ACT Annual Report.

With the release of the Australian WHS Strategy in 2023, WorkSafe ACT has examined the strategy’s

targets and actions and continues to apply these, where applicable, to its priorities.

The performance of the ACT is also reported in the Comparative Performance Monitoring Report

produced by SWA and published annually on its website.

Output Classes

Output Class 1: WorkSafe ACT

Table 3: Regulatory compliance and enforcement ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

18 364

21 336

Controlled Recurrent Payments

13 899

16 491

Output 1.1: Regulatory compliance and enforcement

The aim of WorkSafe ACT’s compliance and enforcement activity is to prevent work-related deaths,

injuries and diseases and to protect property and the environment from the damage presented by

hazards associated with dangerous substances, by securing the highest possible level of compliance

with legislation.

WorkSafe ACT’s regulatory approach and decision-making process is detailed in its Compliance and

Enforcement Policy 2020 2024. Integral to WorkSafe ACT’s approach is the recognition that:

• duty holders in control of work or premises that pose risks to health and safety are in the best

position to eliminate or minimise these risks, and

• real and sustainable improvement in managing risks to health and safety is achieved through the

active involvement of all duty holders and workers in the processes of hazard identification, risk

assessment and management and the review of control measures.

In accordance with the WHS Act, during 2024-25 the WHS Commissioner will provide the

2024-28 Compliance and Enforcement Policy to ensure WorkSafe ACT continues to achieve its

objectives. A priority for WorkSafe ACT for 2024-25 will be also the development of a Compliance

and Enforcement Policy for Workers’ Compensation and a Compliance and Enforcement Policy for

Workplace Privacy to ensure its regulatory approach and decision making processes are made clear

to regulated entities.

2024-25 Budget Statements 256 Office of the Work Health and Safety Commissioner

Accountability Indicators

Output Class 1: WorkSafe ACT

Output 1.1: Regulatory compliance and enforcement

Table 4: Accountability Indicators Output 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Improvement notices finalised within 7 days of

the end of the compliance period.

95% 1

67%

95%

b. Prohibition notices reviewed within 14 days of

being issued.

90% 2

70%

90%

c. Notifiable incident notifications reviewed and

actioned within 24 hours of receipt.

100% 3

50%

100%

d. Community engagement activities undertaken

to improve safety, licensing and workers’

compensation awareness.

50 4

e. Number of workers’ compensation compliance

inspections.

250 5

510

250

f. Labour hire licence applications processed

within 5 working days of receipt of all required

documentation.

100% 6

52%

100%

g. Investigations commenced within 14 days of

notification of incident.

100% 7

80% 9

100%

h. Major investigations completed within 12

months of commencing investigation, with the

exception of fatalities.

60% 8

25% 10

60%

Note(s):

1. Measures that a safety improvement activity requested by a WorkSafe ACT inspector and actioned by a person

conducting a business or undertaking, is finalised within 7 days of the end of the compliance period.

2. Measures that WorkSafe ACT has re-engaged with a person conducting a business or undertaking who was issued

with a prohibition notice within 14 days of the notice being issued.

3. Measures that WorkSafe ACT has reviewed and undertaken an action within 24 hours of receiving notification of a

notifiable incident.

4. Measures WorkSafe ACT’s active engagement with the ACT community in promoting WHS including psychosocial

health and safety, workers’ compensation and labour hire licencing compliance.

5. Measures the number of workers’ compensation compliance visits undertaken by WorkSafe ACT.

6. Measures that labour hire licence applications are processed within 5 working days of WorkSafe ACT receiving all

required information.

7. Measures the percentage of investigations opened within 14 days of WorkSafe ACT being notified of a serious WHS

incident within WorkSafe ACT’s jurisdiction which the Regulator considers requires investigation.

8. Measures the percentage of major investigations completed (referred for enforcement/regulatory action) within

12 months of the investigation’s commencement. The major investigations relevant to this indicator are those

completed (not commenced) in a financial year.

9. This indicator is estimated to have improved from the 2022-23 result, following reviews of internal regulatory

processes and increased resourcing to ensure the more timely commencement of investigations.

10. Staff turnover and prior resourcing issues have affected WorkSafe ACT’s ability to meet this indicator. Processes are

in place to improve the outcome of this indicator in 2024-25.

2024-25 Budget Statements 257 Office of the Work Health and Safety Commissioner

Changes to Appropriation

Table 5: Changes to appropriation – Controlled Recurrent Payments ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

14 306

16 490

16 679

16 473

16 537

2024-25 Budget Policy Decisions

Savings – Investing in our digital future

-2

-3

2024-25 Budget Technical Adjustments

Continued Support for the Labour Hire Licensing

Scheme

-407

Revised Superannuation Parameters

Rationalising Rent Payment

2024-25 Budget

13 899

16 491

16 718

16 576

16 628

Table 6: Changes to appropriation – Capital Injections, Controlled ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

788

2024-25 Budget Technical Adjustments

Continued Support for the Labour Hire Licensing

Scheme

407

Implementation of the Magistrates Court

(Infringement Notices) Amendment Act 2020 and

Court Fee Parity

-142

142

2024-25 Budget

1 053

142

2024-25 Budget Statements 258 Office of the Work Health and Safety Commissioner

Monitoring and Reporting

WorkSafe ACT shall satisfy the requirements of the Chief Minister’s Annual Reports Directions. The

WorkSafe ACT Annual Report will, amongst other things, report against the requirements of this

Statement of Intent.

The Financial Management Act 1996 authorises the Treasurer to obtain financial and other

statements from WorkSafe ACT for a stated period including annual reporting.

Quarterly Reporting

To enable consolidated whole of Government reporting requirements to be met on a quarterly basis,

WorkSafe ACT will ensure the availability to the Treasurer, through the Chief Minister, Treasury and

Economic Development Directorate (CMTEDD) (by the eighth working day of each quarter, unless

otherwise indicated), information, in the prescribed form and detail, in respect of the previous

quarter:

• an Operating Statement;

• a Balance Sheet;

• a Cash Flow Statement;

• Operating Statement material variance explanations against seasonal budget provided by

WorkSafe ACT;

• Status Report to supplement performance reporting to the Assembly and provide stakeholders

with a summary on progress against budget highlights, significant initiatives and major projects

(by the tenth working day of each quarter); and

• Management Discussion and Analysis of results to date, forecast results and related issues that

may impact on the financial condition of WorkSafe ACT (by the tenth working day of each

quarter).

Annual Reporting

As part of preparations for end of year reporting, CMTEDD will advise the dates when the following

documents are required by CMTEDD and at the Auditor-General's Office:

• certified financial statements;

• management discussion and analysis;

• a full and accurate set of audited financial records for the preceding financial year in the form

requested; and

• consolidation packs relating to the annual financial statements, draft and final.

Financial Arrangements

A majority of WorkSafe ACT’s budgeted operating revenue is received as an appropriation based on

the estimated expenditure for the period.

2024-25 Budget Statements 259 Office of the Work Health and Safety Commissioner

Budgeted Financial Statements

Budgeted financial statements for the 2024-25 Budget year, as well as forward estimates for the

three financial years commencing 2025-26 appear below.

These general purpose financial statements include:

• an Operating Statement;

• a Balance Sheet;

• a Statement of Changes in Equity;

• a Cash Flow Statement; and

• notes to the Financial Statements as appropriate including variations from the 2023-24 Budget

to the 2023-24 estimated outcome and variances from the 2023-24 estimated outcome to the

2024-25 Budget that are in excess of $0.5 million and 10 per cent.

2024-25 Budget Statements 260 Office of the Work Health and Safety Commissioner

Financial Statements

Table 7: Office of the Work Health and Safety Commissioner: Operating Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Controlled Recurrent

Payments

14 306

13 899

16 491

16 718

16 576

16 628

Licences, Fees and Fines

3 806

4 007

4 045

4 315

4 599

4 879

Sale of Goods and Services

from Contracts with

Customers

Grants and Contributions

Revenue

584

601

617

633

634

Total Income

18 721

18 515

21 163

21 676

21 835

22 169

Expenses

Employee Expenses

11 671

11 273

13 323

13 759

13 653

13 815

Supplies and Services

3 354

3 930

3 757

3 750

3 821

Depreciation and Amortisation

170

139

365

163

306

270

Borrowing Costs

Other Expenses

186

-47

Transfer Expenses

3 578

3 410

3 617

3 851

4 131

4 249

Total Expenses

18 796

18 364

21 336

21 767

21 891

22 234

Operating Result

-75

151

-173

-215

-91

-56

-65

Total Comprehensive Result

-75

151

-173

-215

-91

-56

-65

2024-25 Budget Statements 261 Office of the Work Health and Safety Commissioner

Table 8: Office of the Work Health and Safety Commissioner: Balance Sheet ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash

999

990

1 121

1 252

1 383

1 514

Receivables

343

507

680

852

1 023

1 193

Other Assets

Total Current Assets

1 342

1 516

1 821

2 125

2 428

2 729

Non-Current Assets

Plant and Equipment

337

280

283

259

236

207

Intangible Assets

894

1 012

735

494

253

Capital Works in Progress

1 204

-100

Total Non-Current Assets

1 231

1 486

1 295

-13

994

730

460

TOTAL ASSETS

2 573

3 002

3 116

3 119

3 158

3 189

Current Liabilities

Payables

364

462

472

482

492

502

Lease Liabilities

147

-52

Employee Benefits

1 980

2 556

2 671

2 762

2 856

2 957

Total Current Liabilities

2 491

3 110

3 187

3 307

3 422

3 544

Non-Current Liabilities

Lease Liabilities

108

103

163

129

104

Employee Benefits

170

167

175

183

188

193

Total Non-Current

Liabilities

278

270

338

312

292

266

TOTAL LIABILITIES

2 769

3 380

3 525

3 619

3 714

3 810

NET ASSETS

-196

-378

-409

-8

-500

-556

-621

Equity

Accumulated Funds

-196

-378

-409

-8

-500

-556

-621

TOTAL EQUITY

-196

-378

-409

-8

-500

-556

-621

2024-25 Budget Statements 262 Office of the Work Health and Safety Commissioner

Table 9: Office of the Work Health and Safety Commissioner: Statement of Changes in Equity

($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

-909

-1 582

-378

-409

-500

-556

Balance at the Start of the

Reporting Period

-909

-1 582

-378

-409

-500

-556

Comprehensive Income

Operating Result

-75

151

-173

-215

-91

-56

-65

Total Comprehensive Result

-75

151

-173

-215

-91

-56

-65

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

788

1 053

142

-87

Total Transactions Involving

Owners Affecting

Accumulated Funds

788

1 053

142

-87

Closing Equity

Closing Accumulated Funds

-196

-378

-409

-8

-500

-556

-621

Balance at the end of the

Reporting Period

-196

-378

-409

-8

-500

-556

-621

2024-25 Budget Statements 263 Office of the Work Health and Safety Commissioner

Table 10: Office of the Work Health and Safety Commissioner: Cash Flow Statement ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Controlled Recurrent

Payments

14 306

13 899

16 491

16 718

16 576

16 628

Licences, Fees and Fines

3 741

3 573

3 807

4 084

4 376

4 666

Sale of Goods and Services

from Contracts with

Customers

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

161

164

Total Receipts from

Operating Activities

18 233

17 658

20 488

20 992

21 143

21 486

Payments

Employee Payments

11 788

11 381

13 194

13 653

13 547

13 702

Supplies and Services

2 678

3 327

3 139

3 116

3 186

Transfer of Territory Receipts

to the ACT Government

3 578

3 410

3 617

3 850

4 130

4 248

Goods and Services Tax Paid to

Suppliers

215

219

Total Payments from

Operating Activities

18 259

17 684

20 357

20 861

21 012

21 355

Net Cash Inflows/(Outflows)

from Operating Activities

-26

131

604

131

CASH FLOWS FROM

INVESTING ACTIVITIES

Payments

Purchase of Plant and

Equipment

540

Purchase of Capital Works

805

142

-82

Total Payments from

Investing Activities

540

805

142

-82

Net Cash (Outflows) from

Investing Activities

-540

-805

-142

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

788

1 053

142

-87

Total Receipts from

Financing Activities

788

1 053

142

-87

2024-25 Budget Statements 264 Office of the Work Health and Safety Commissioner

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Net Cash Inflows from

Financing Activities

788

1 053

142

-87

Net Increase in Cash

222

131

-41

131

Cash at the Beginning of the

Reporting Period

777

768

990

1 121

1 252

1 383

Cash at the End of the

Reporting Period

999

990

1 121

1 252

1 383

1 514

2024-25 Budget Statements 265 Office of the Work Health and Safety Commissioner

Notes to the Controlled Budget Statements

Significant variations are as follows:

Operating Statement

• controlled recurrent payments (CRP): the increase of $2.592 million in the 2024-25 Budget from

the 2023-24 estimated outcome is largely due to the increased funding associated with the

2023-24 budget initiative to increase resources for WorkSafe ACT’s operations.

• employee expenses: the increase of $2.050 million in the 2024-25 Budget from the 2023-24

estimated outcome is mainly due to increased salary expenses associated with the 2023-24

budget initiative mentioned above.

• supply and services: the increase of $0.576 million in the 2024-25 Budget from the 2023-24

estimated outcome mostly reflects increases in expenses relating to website upgrade and

campaigns for raising public awareness of psychosocial hazards and risks.

Balance Sheet

• intangible assets: the decrease of $0.892 million in the 2023-24 estimated outcome from the

2023-24 Budget and the increase of $1.010 million in the 2024-25 Budget from the 2023-24

estimated outcome is due to the completion of case management system enhancements

expected in 2024-25.

• capital works in progress: the increase of $1.204 million in the 2023-24 estimated outcome from

the 2023-24 Budget and the decrease of $1.204 million in the 2024-25 Budget from the 2023-24

estimated outcome are due to the delay in completion of case management system

enhancements.

• employee benefits: the increase of $0.576 million in the 2023-24 estimated outcome from the

2023-24 Budget is mainly due to higher leave balances carried by new employees transferred

from other ACT Government agencies.

Statement of Changes in Equity and Cash Flow Statement

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 266 Office of the Work Health and Safety Commissioner

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2024-25 Budget Statements 267 Public Sector Workers Compensation Fund

PUBLIC SECTOR WORKERS COMPENSATION FUND

Purpose

The Public Sector Workers Compensation Fund (PSWCF or PSWC Fund) is established by the Public

Sector Workers Compensation Fund Act 2018 (PSWCFA) and commenced operations on

1 March 2019.

The PSWCFA provides a financial and prudential governance framework to support the Territory’s

workers’ compensation self-insurance arrangements for public sector employees which are

delivered under a licence issued by the Safety Rehabilitation and Compensation Commission in

accordance with the Safety Rehabilitation and Compensation Act 1988 (SRC Act).

The PSWCF has been designed to ensure the effective management of the Territory’s workers’

compensation assets and features governance and management arrangements in relation to those

assets. The PSWCF is integral to the Territory’s compliance with its self-insurance licence.

The PSWCF is administered by the Public Sector Workers Compensation Commissioner (PSWC

Commissioner) who is responsible for:

• managing the PSWCF;

• advising the Minister about the administration `efficiency and effectiveness of the PSWC fund;

and

• in relation to a licence granted to the Territory under section 103 of the SRC Act:

- managing the Territory’s liability under the SRC Act; and

- managing claims under the SRC Act.

The PSWCF is funded by the Territory including from annual contributions apportioned by the PSWC

Commissioner amongst Territory agencies (directorates and entities). Assets are invested with

earnings retained to help meet workers’ compensation costs.

2024-25 Priorities

Strategic and operational priorities for the PSWCF in 2024-25 include:

• developing and deploying best practice health wellbeing and return to work strategies policies

and interventions for the ACT public sector;

• ensuring the effective and efficient management of new and existing ACT public sector workers’

compensation claims;

• ensuring the effective and efficient management of PSWCF assets in accordance with the PSWCF

investment guidelines; and

• continuously improving injured worker and directorate satisfaction with workers’ compensation

insurance and rehabilitation services.

2024-25 Budget Statements 268 Public Sector Workers Compensation Fund

Estimated Employment Levels

The functions of the PSWCF are performed by officers of the Chief Minister, Treasury and Economic

Development Directorate (CMTEDD) and those employees are included in CMTEDD’s FTE levels. The

PSWCF may reimburse CMTEDD for expenses associated with the staff allocated to carry out PSWCF

functions.

Strategic Objectives and Indicators

Strategic Objective 1

The PSWCF will support the achievement of the harm prevention and return to work objective

Strategic Indicator 1: To achieve superior health and return to work outcomes for ACT Public Sector

workers who are injured in the course of their work.

Strategic Objective 2

The PSWCF will fund the workers’ compensation liabilities of the ACT Public Sector

Strategic Indicator 2: To achieve and maintain a fully funded scheme.

Strategic Objective 3

The PSWCF will support the achievement of the investment return objective

Strategic Indicator 3: To achieve a long-term annualised return of CPI plus 1.5 per cent to

2.5 per cent.

Output Classes (Territorial)

EBT Class 1 (EBT 1.1): Public Sector Workers Compensation Fund

The output involves the management of ACT public sector workers’ compensation self-insurance in

accordance with the SRC Act. This includes managing the PSWC Fund and providing associated claim

management and vocational rehabilitation services.

The key outputs to be delivered in 2024-25 include:

• delivering best practice health wellbeing and return to work strategies policies and interventions;

and

• continuously improving workers’ compensation claim management service standards.

Table 1: EBT 1.1: Public Sector Workers Compensation Fund ($’000)

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

74 318

71 702

Controlled Recurrent Payments

2024-25 Budget Statements 269 Public Sector Workers Compensation Fund

Accountability Indicators

EBT Class 1 (EBT 1.1): Public Sector Workers Compensation Fund

Table 2: Accountability Indicators EBT 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Reduce the ACT public sector incidence of

serious workplace injury

8.34

8.67

12.9

b. Achieve a conformance rating of 85 per cent

or higher in the annual audit of the ACT

workers compensation self-insurance

rehabilitation management system

85%

100%

≥85%

c. Maintain a PSWC Fund asset to liability ratio

greater than or equal to 100 per cent

≥100%

d. Achieve a conformance rating of 85 per cent

or higher in the annual audit of the ACT

workers compensation self-insurance claims

management system

85%

100%

≥85%

Note(s):

a. This accountability indicator measures the number of ACT public servant workers’ compensation claims resulting in

absence from the workplace of one week or more per 1 000 employees. This is an annual measure only. For 2023-24

the measure was based on workers’ compensation claims lodged in the reporting period. For 2024-25 the measure is

based on workers’ compensation claims determined in the reporting period. This change brings the measurement

methodology in line with the ACT Government’s self-insurance licence and the Safety Rehabilitation and

Compensation Commission’s Licensee Compliance and Performance model. The 2024-25 target aims to achieve 10 per

cent reduction in the incidence rate of serious workplace injuries over five years (to 2028-29). This target level of

improvement is informed by national Safe Work Australia work injury reduction targets.

b. It is a condition of the ACT Government’s self-insurance licence that the Territory maintain a rehabilitation

management system that complies with Commonwealth guidelines and that conformance be audited annually. The

target was exceeded in 2023-24 with the outcomes of an independent audit conducted in year 5 of the self-insurance

licence recording 100 per cent compliance with the relevant rehabilitation standards and associated audit criteria. The

target for 2024-25 has been expressed as a threshold for clarity.

c. This accountability indicator aligns with requirements under the Public Sector Workers Compensation Fund

(Investment and Funding Ratio) Management Guidelines 2019 (No 1). An asset to liability ratio greater than

100 per cent indicates that the PSWCF has sufficient assets to be able to cover the expected lifetime costs of public

sector workers’ compensation claims and other liabilities it owes. The 2023-24 estimated outcome ratio of total

assets to total liabilities was 178 per cent.

d. It is a condition of the ACT Government’s self-insurance licence that the Territory maintains a claims management

system that complies with Commonwealth guidelines and that conformance be audited annually. The target is

expected was exceeded in 2023-24 with the outcomes of an independent audit conducted in year 5 of the self-

insurance licence recording 100 per cent compliance with the relevant claims management standards and associated

audit criteria. The target for 2024-25 has been expressed as a threshold for clarity.

2024-25 Budget Statements 270 Public Sector Workers Compensation Fund

Financial Statements – Territorial

Table 3: Public Sector Workers Compensation Fund: Statement of Income and Expenses on behalf

of the Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Sale of Goods and Services

from Contracts with

Customers

74 318

71 702

-4

75 300

79 600

84 100

Grants and Contributions

Revenue

350

Investment Revenue

10 793

7 327

13 521

14 375

15 229

16 084

Interest Revenue

791

2 220

1 066

-52

2 007

2 037

2 068

Net Gain/(Loss) on

Investments

1 787

13 088

226

-98

240

254

269

Total Income

88 039

96 953

86 515

-11

91 922

97 120

102 521

Expenses

Supplies and Services

2 420

3 628

3 938

3 366

3 524

3 434

Underwriting Expenses

73 906

70 364

-5

73 642

77 668

81 880

Total Expenses

76 326

77 534

74 302

-4

77 008

81 192

85 314

Operating Result

11 713

19 419

12 213

-37

14 914

15 928

17 207

Total Comprehensive Result

11 713

19 419

12 213

-37

14 914

15 928

17 207

2024-25 Budget Statements 271 Public Sector Workers Compensation Fund

Table 4: Public Sector Workers Compensation Fund: Statement of Assets and Liabilities on behalf

of the Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

139 695

146 656

136 746

-7

130 857

125 967

122 341

Receivables

2 908

2 066

3 614

3 827

4 040

4 254

Claims Related Recoveries

373

211

Other Assets

Total Current Assets

142 976

148 934

140 572

-6

134 896

130 219

126 807

Non-Current Assets

Investments

304 826

318 816

339 041

359 281

379 536

399 805

Claims Related Recoveries

1 032

1 006

Total Non-Current Assets

305 858

319 822

340 047

360 287

380 542

400 811

TOTAL ASSETS

448 834

468 756

480 619

495 183

510 761

527 618

Current Liabilities

Payables

7 701

5 145

4 725

-8

4 303

3 883

3 467

Other Provisions

44 918

44 498

Other Liabilities

1 500

2 000

2 070

2 142

2 212

2 278

Total Current Liabilities

54 119

51 643

51 293

-1

50 943

50 593

50 243

Non-Current Liabilities

Other Provisions

231 303

211 706

Total Non-Current Liabilities

231 303

211 706

TOTAL LIABILITIES

285 422

263 349

262 999

262 649

262 299

261 949

NET ASSETS

163 412

205 407

217 620

232 534

248 462

265 669

Equity

Accumulated Funds

163 412

205 407

217 620

232 534

248 462

265 669

TOTAL EQUITY

163 412

205 407

217 620

232 534

248 462

265 669

2024-25 Budget Statements 272 Public Sector Workers Compensation Fund

Table 5: Public Sector Workers Compensation Fund: Statement of Changes in Equity on behalf of

the Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated Funds

151 699

185 988

205 407

217 620

232 534

248 462

Balance at the Start of the

Reporting Period

151 699

185 988

205 407

217 620

232 534

248 462

Comprehensive Income

Operating Result

11 713

19 419

12 213

-37

14 914

15 928

17 207

Total Comprehensive Result

11 713

19 419

12 213

-37

14 914

15 928

17 207

Transactions Involving

Owners Affecting

Accumulated Funds

Total Transactions Involving

Owners Affecting

Accumulated Funds

Closing Equity

Closing Accumulated Funds

163 413

205 407

217 620

232 534

248 462

265 669

Balance at the end of the

Reporting Period

163 413

205 407

217 620

232 534

248 462

265 669

2024-25 Budget Statements 273 Public Sector Workers Compensation Fund

Table 6: Public Sector Workers Compensation Fund: Cash Flow Statement on behalf of the

Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Sale of Goods and Services

from Contracts with

Customers

74 318

71 703

-4

75 300

79 600

84 100

Investment Receipts

10 793

7 366

11 973

14 162

15 015

15 870

Interest Receipts

791

8 076

1 066

-87

2 007

2 037

2 068

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

1 170

2 220

2 301

2 146

2 282

2 412

Goods and Services Tax

Collected from Customers

756

393

430

450

476

504

Total Receipts from Operating

Activities

87 828

92 373

87 473

-5

94 065

99 410

104 954

Payments

Supplies and Services

2 070

3 550

3 679

2 948

3 089

3 434

Goods and Services Tax Paid

to the Australian Taxation

Office

406

210

230

240

255

269

Goods and Services Tax Paid

to Suppliers

1 870

3 100

2 851

-8

2 706

2 853

2 997

Claims Payments

63 709

60 167

-6

63 186

66 794

70 571

Claims Management Fees

10 197

20 974

10 456

-50

10 874

11 309

Total Payments from

Operating Activities

78 252

91 543

77 383

-15

79 954

84 300

88 580

Net Cash Inflows/(Outflows)

from Operating Activities

9 576

830

10 090

14 111

15 110

16 374

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Payments

Purchase of Investments

12 500

20 000

Total Payments from

Investing Activities

12 500

20 000

Net Cash Inflows/(Outflows)

from Investing Activities

-12 500

-20 000

-60

-20 000

Net Increase/(Decrease) in

Cash and Cash Equivalents

-2 924

-11 670

-9 910

-5 889

-4 890

-3 626

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

142 619

158 326

146 656

-7

136 746

130 857

125 967

Cash and Cash Equivalents at

the End of the Reporting

Period

139 695

146 656

136 746

-7

130 857

125 967

122 341

2024-25 Budget Statements 274 Public Sector Workers Compensation Fund

Notes to the Territorial Budget Statements

Significant variations are as follows:

Statement of Income and Expenses on behalf of the Territory

• sale of goods and services from contracts with customers:

- the decrease of $2.616 million in the 2024-25 Budget from the 2023-24 estimated outcome

is due to an overall decrease in workers’ compensation contribution rate; and

- the 2024-25 Budget and forward years reflect workforce and wages growth expectations.

• grants and contributions revenue: the decrease of $0.350 million in the 2023-24 estimated

outcome from the original budget reflects services received free of charge associated with

support services provided to the PSWCF by CMTEDD staff. In 2023-24 an expense associated

with the recovery of CMTEDD staff costs for support services provided to the PSWCF is included

in supplies and services.

• investment revenue:

- the decrease of $3.466 million in the 2023-24 estimated outcome from the original budget

reflects the lower than expected in distributions on investments with the Territory Banking

Account; and

- the increase of $6.194 million in the 2024-25 Budget from the 2023-24 estimated outcome

reflects planned investments for 2024-25 and the latest advice from the Territory Banking

Account in relation to the target total return of CPI plus 1.5 per cent indicating an expected

total return of 5.70 per cent for 2024-25 and the forward years.

• interest revenue:

- the increase of $1.429 million in the 2023-24 estimated outcome from the original budget

reflects the increase in cash at bank in 2023-24 and the increase in related interest revenue;

and

- the decrease of $1.154 million in the 2024-25 Budget from the 2023-24 estimated outcome

reflects the expected decrease in cash at bank in 2024-25 and the decrease in related

interest revenue.

• net gain/(loss) on investments:

- the increase of $11.301 million in the 2023-24 estimated outcome from the original budget

is largely due to favourable market movements in 2023-24 with an estimated total return of

6.93 per cent for 2023-24 which is above the target total return of CPI plus 1.5 per cent and

the expected total return of 4.29 per cent for the original budget; and

- the decrease of $12.862 million the 2024-25 Budget from the 2023-24 estimated outcome

reflects planned investments for 2024-25 and the latest advice from the Territory Banking

Account in relation to target total return of CPI plus 1.5 per cent indicating an expected total

return of 5.70 per cent for 2024-25 and the forward years.

• supplies and services:

- the increase of $1.208 million in the 2023-24 estimated outcome from the original budget

are largely due to the expense associated with the recovery of CMTEDD staff costs for

services provided to the PSWCF; and

2024-25 Budget Statements 275 Public Sector Workers Compensation Fund

- the increase of $0.310 million in the 2024-25 Budget from the 2023-24 estimated outcome is

mainly due to anticipated increases in actuarial fees, self-insurance licence fees and costs

associated with audit and assurance.

• underwriting expenses: the decrease of $3.542 million in the 2024-25 Budget from the

2023-24 estimated outcome reflects an expected decrease in claims expenses corresponding to

improvements in the claims performance offset by an expected increase in claims management

expenses associated with the fees agreed for the TPA agreement first extension period including

costs relating to the TPA on-shoring some of their accounts and administrative support services.

Statement of Assets and Liabilities on behalf of the Territory

• investments (current and non-current):

- the increase of $13.990 million in the 2023-24 estimated outcome from the original budget

reflets the observed market conditions with investments in 2023-24 following the original

budget plan; and

- the increase of $20.225 million in the 2024-25 Budget from the 2023-24 estimated outcome

reflects planned investments and forecast market movements.

• receivables (current and non-current):

- the decrease of $0.842 million in the 2023-24 estimated outcome from the original budget

arises is largely due to distributions receivable on investments with the Territory Banking

Account being lower than budgeted; and

- the increase of $1.548 million in the 2024-25 Budget from the 2023-24 estimated outcome

reflects the expected distributions receivable on investments with the Territory Banking

Account for 2024-25 and the latest advice from the Territory Banking Account in relation to

target total return of CPI plus 1.5 per cent indicating an expected total return of

5.70 per cent for 2024-25 and the forward years.

• claims related recoveries (current and non-current):

- the decrease of $0.188 million in the 2023-24 estimated outcome from the original budget

reflects the latest available actuarial estimates (at 30 June 2023); and

- the 2024-25 Budget assumes claims related recoveries will follow gross outstanding claims

liabilities and will remain the same as in the 2023-24 estimated outcome with provisions for

new claims being offset by provisions used plus any changes in actuarial assumptions in each

of the forecast years.

• other provisions (current and non-current):

- the decrease of $20.017 million in the 2023-24 estimated outcome from the original budget

reflects the latest available actuarial estimates (at 30 June 2023); and

- the 2024-25 Budget assumes gross outstanding claims liabilities will remain the same as the

in the 2023-24 estimated outcome with provisions for new claims being offset by provisions

used plus any changes in actuarial assumptions in each of the forecast years.

• payables (current):

- the decrease of $2.556 million in the 2023-24 estimated outcome from the original budget is

mainly due to anticipated accrued expenses including TPA service and performance fees;

and

- the decrease of $0.420 million in the 2024-25 Budget from the 2023-24 estimated outcome

reflects forecasted accrued expenses.

2024-25 Budget Statements 276 Public Sector Workers Compensation Fund

• other liabilities (current):

- the increase of $0.5 million in the 2023-24 estimated outcome from the original budget

relates to anticipated claims costs not yet reimbursed to Territory agencies not allowed for

in the original budget; and

- the 2024-25 Budget forecasts a rolling amount of claims costs not yet reimbursed to

Territory agencies in line with current operational arrangements for reimbursements to be

paid one month in arrears.

Statement of Changes in Equity and Cash Flow Statement on behalf of the Territory

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 277 Superannuation Provision Account

SUPERANNUATION PROVISION ACCOUNT

Purpose

The Chief Minister, Treasury and Economic Development Directorate (CMTEDD), through the

financial operations of the Superannuation Provision Account, assists the Government to effectively

manage the defined benefit employer superannuation liabilities of the Territory.

These liabilities are related to past and current ACT employees who are members of the Australian

Government’s Commonwealth Superannuation Scheme and Public Sector Superannuation Scheme

and Members of the Legislative Assembly Defined Benefit Superannuation Scheme.

2024-25 Priorities

Strategic and operational priorities for CMTEDD in 2024-25 include:

• completing the annual actuarial valuation review of the Territory’s defined benefit employer

superannuation liability using salary and membership data on 30 June 2024;

• managing the Investment Plan of the Superannuation Provision Account; and

• managing the funding plan to extinguish the unfunded defined benefit superannuation liability.

Estimated Employment Levels

The functions of the Superannuation Provision Account are performed by officers of the Chief

Minister, Treasury and Economic Development Directorate (CMTEDD) and those employees are

included in CMTEDD’s FTE levels. The Superannuation Provision Account reimburses CMTEDD for the

salary and superannuation expenses associated with the staff allocated to carrying out the functions

of the Superannuation Provision Account.

2024-25 Budget Statements 278 Superannuation Provision Account

Strategic Objectives and Indicators

Strategic Objective 1

Achievement of Investment Return Objective

To achieve a long-term investment return of CPI + 4.75 per cent per annum.1

Figure 1: Strategic Indicator 1 – Investment Return

Note(s):

1. This indicator measures the annual Superannuation Provision Account portfolio investment return since the base

performance financial year of 1996-97. The objective is to achieve an investment return of CPI + 4.75 per cent

per annum over the long-term, calculated since the base financial year. Over the past 27 financial years to

30 June 2023 the portfolio has achieved an investment return of CPI + 5.0 per cent per annum, which exceeds the

investment return objective.

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Per cent

Annualised Real Return (Net of CPI) Real Return Objective (Net of CPI)

Estimate

2024-25 Budget Statements 279 Superannuation Provision Account

Strategic Objective 2

Funding the Defined Benefit Superannuation Liability

To fully fund the defined benefit superannuation liability by 30 June 2030.1

Figure 2: Strategic Indicator 2 – Liability Funding

Note(s):

1. This indicator measures the percentage of liabilities funded by assets. The funding objective is to increase the liability

funding percentage over time with 100 per cent coverage by 30 June 2030. The liability funding percentage is

calculated by comparing the value of total assets to total liabilities at the end of each financial year. From

30 June 2024 the projected defined benefit superannuation liability valuation is based on a long-term average

discount rate assumption of 5 per cent.

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Per cent

Liability Funding Ratio

Estimate

2024-25 Budget Statements 280 Superannuation Provision Account

Output Classes (Territorial)

EBT Class 1 (EBT 1.1): Superannuation Provision Account

Table 1: EBT Class 1 (EBT 1.1): Superannuation Provision Account

2023-24

Estimated Outcome

2024-25

Budget

Total Cost

661 122

669 035

Payment for Expenses on Behalf of the Territory

EBT 1.1: Superannuation Provision Account

This output involves the management of the Territory’s defined benefit employer superannuation

liabilities and financial investment assets.

The key outputs to be delivered in 2024-25 include:

• managing the Investment Plan and reporting on the financial investment assets set aside to fund

the Territory’s defined benefit employer superannuation liability;

• completing the annual superannuation liability valuation review of the Territory’s

Commonwealth Superannuation Scheme and Public Sector Superannuation Scheme defined

benefit employer superannuation liability;

• managing the defined benefit superannuation liability funding plan and emerging cost payments

to the Commonwealth Government in respect of the Territory’s employer share of employee

retirement benefits;

• completing the annual Member Information Statements for the Members of the Legislative

Assembly Defined Benefit Superannuation Scheme, with calculation and settlement of benefit

determinations as required; and

• budgeting and financial reporting on the operations of the Superannuation Provision Account.

2024-25 Budget Statements 281 Superannuation Provision Account

Accountability Indicators

EBT Class 1: Superannuation Provision Account

EBT 1.1: Superannuation Provision Account

Table 2: Accountability Indicators EBT 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Completion of annual liability valuation review

b. Completion of monthly financial reporting

c. Completion of unmodified annual financial

statements

d. Completion of annual budget estimates

e. Completion of MLA Member superannuation

statements

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator involves an annual actuarial review of the Territory’s defined benefit employer

superannuation liabilities that will be completed and included in the budget estimates.

b. This accountability indicator incorporates monthly financial reporting and the preparation of accrual financial

statements. The monthly financial reporting will not be counted for the year if the financial statements are not

prepared after the end of each month.

c. This accountability indicator incorporates the preparation of the previous year’s annual financial statements for

auditing and inclusion in the Chief Minister, Treasury and Economic Development Directorate annual report. The

objective is to receive an unmodified auditor’s report.

d. This accountability indicator incorporates the preparation of annual budget estimates for inclusion in the annual

Territory Budget.

e. This accountability indicator incorporates the preparation of annual Member Information Statements for those

Members of the Legislative Assembly who have a defined benefit superannuation entitlement on 30 June in

accordance with the Legislative Assembly (Members’ Superannuation) Act 1991. Any individual Member Information

Statement for the previous financial year not delivered by end September of the Budget Year will not be counted in

the result.

Changes to Appropriation

Table 3: Changes to appropriation – Capital Injections, Territorial ($’000)

2023-24

Estimated

Outcome

2024-25

Budget

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

2023-24 Budget

382 097

405 181

428 374

453 007

2024-25 Budget Technical Adjustments

Estimated Outcome – Capital Injection Appropriation

16 766

17 508

17 610

41 365

2024-25 Budget

382 097

421 947

445 882

470 617

494 372

2024-25 Budget Statements 282 Superannuation Provision Account

Financial Statements – Territorial

Table 4: Superannuation Provision Account: Statement of Income and Expenses on behalf of the

Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Investment Revenue

181 987

138 417

218 993

235 458

253 161

272 194

Interest Revenue

7 136

3 671

3 152

-14

3 152

Net Gain/(Loss) on

Investments

219 069

385 413

230 927

-40

248 290

266 957

287 027

Total Income

408 192

527 501

453 072

-14

486 900

523 270

562 373

Expenses

Superannuation Expenses

637 323

656 802

664 608

666 738

668 108

668 565

Supplies and Services

4 320

4 427

4 536

4 651

4 764

Total Expenses

641 643

661 122

669 035

671 274

672 759

673 329

Operating Result

-233 451

-133 621

-215 963

-62

-184 374

-149 489

-110 956

Other Comprehensive Income

Items that will not be

Reclassified Subsequently

to Profit or Loss

Superannuation Prior Year

Actuarial Movement

787 700

-100

Total Other Comprehensive

Income

787 700

-100

Total Comprehensive Result

-233 451

654 079

-215 963

-133

-184 374

-149 489

-110 956

2024-25 Budget Statements 283 Superannuation Provision Account

Table 5: Superannuation Provision Account: Statement of Assets and Liabilities on behalf of the

Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

164 047

65 000

Investments

5 677 430

5 934 227

6 361 020

6 839 268

7 353 461

7 906 312

Receivables

45 499

32 896

54 748

58 864

63 290

68 048

Total Current Assets

5 886 976

6 032 123

6 480 768

6 963 132

7 481 751

8 039 360

TOTAL ASSETS

5 886 976

6 032 123

6 480 768

6 963 132

7 481 751

8 039 360

Current Liabilities

Payables

Employee Benefits

405 182

421 947

445 883

470 617

494 373

520 374

Total Current Liabilities

405 225

421 982

445 918

470 652

494 408

520 409

Non-Current Liabilities

Employee Benefits

9 280 189

9 630 450

9 849 175

10 045 297

10 219 032

10 367 224

Total Non-Current

Liabilities

9 280 189

9 630 450

9 849 175

10 045 297

10 219 032

10 367 224

TOTAL LIABILITIES

9 685 414

10 052 432

10 295 093

10 515 949

10 713 440

10 887 633

NET ASSETS

-3 798 438

-4 020 309

-3 814 325

-3 552 817

-3 231 689

-2 848 273

Equity

Accumulated Funds

-3 798 438

-4 020 309

-3 814 325

-3 552 817

-3 231 689

-2 848 273

TOTAL EQUITY

-3 798 438

-4 020 309

-3 814 325

-3 552 817

-3 231 689

-2 848 273

2024-25 Budget Statements 284 Superannuation Provision Account

Table 6: Superannuation Provision Account: Statement of Changes in Equity on behalf of the

Territory ($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated

Funds

-3 947 084

-5 056 485

-4 020 309

-3 814 325

-3 552 817

-3 231 689

Balance at the Start of the

Reporting Period

-3 947 084

-5 056 485

-4 020 309

-3 814 325

-3 552 817

-3 231 689

Comprehensive Income

Superannuation Prior Year

Actuarial Movement

787 700

-100

Operating Result

-233 451

-133 621

-215 963

-62

-184 374

-149 489

-110 956

Total Comprehensive

Result

-233 451

654 079

-215 963

-133

-184 374

-149 489

-110 956

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Injections

382 097

421 947

445 882

470 617

494 372

Total Transactions

Involving Owners

Affecting Accumulated

Funds

382 097

421 947

445 882

470 617

494 372

Closing Equity

Closing Accumulated Funds

-3 798 437

-4 020 309

-3 814 325

-3 552 817

-3 231 689

-2 848 273

Balance at the end of the

Reporting Period

-3 798 437

-4 020 309

-3 814 325

-3 552 817

-3 231 689

-2 848 273

2024-25 Budget Statements 285 Superannuation Provision Account

Table 7: Superannuation Provision Account: Cash Flow Statement on behalf of the Territory

($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Investment Receipts

181 987

138 417

218 993

235 458

253 161

272 194

Interest Receipts

7 136

3 671

3 152

-14

3 152

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

Total Receipts from Operating

Activities

189 151

142 116

222 173

238 638

256 341

275 374

Payments

Superannuation

382 097

421 947

445 882

470 617

494 372

Supplies and Services

4 320

4 427

4 536

4 651

4 764

Total Payments from

Operating Activities

386 417

426 374

450 418

475 268

499 136

Net Cash Inflows/(Outflows)

from Operating Activities

-197 266

-244 301

-204 201

-211 780

-218 927

-223 762

CASH FLOWS FROM

INVESTING ACTIVITIES

Payments

Purchase of Investments

184 831

214 619

217 746

234 102

251 690

270 610

Total Payments from

Investing Activities

184 831

214 619

217 746

234 102

251 690

270 610

Net Cash Inflows/(Outflows)

from Investing Activities

-184 831

-214 619

-217 746

-1

-234 102

-251 690

-270 610

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Capital Injections

382 097

421 947

445 882

470 617

494 372

Total Receipts from Financing

Activities

382 097

421 947

445 882

470 617

494 372

Net Cash Inflows/(Outflows)

from Financing Activities

382 097

421 947

445 882

470 617

494 372

Net Increase/(Decrease) in

Cash and Cash Equivalents

-76 823

100

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

164 047

141 823

65 000

-54

65 000

Cash and Cash Equivalents at

the End of the Reporting

Period

164 047

65 000

2024-25 Budget Statements 286 Superannuation Provision Account

Notes to the Territorial Budget Statements

Significant variations are as follows:

Statement of Income and Expenses on behalf of the Territory

• investment revenue:

- the decrease of $43.570 million in the 2023-24 estimated outcome from the original budget

is related to distributions from investments held with the Territory Banking Account which

are determined by the level of distributable income; and

- the increase of $80.576 million in the 2024-25 Budget from the 2023-24 estimated outcome

is due to distribution revenue being based on expected distributable income and the long-

term investment return objective.

• interest revenue:

- the decrease of $3.465 million in the 2023-24 estimated outcome from the original budget is

due to a lower-than-assumed cash balance, offset by higher interest rates; and

- the decrease of $0.519 million in the 2024-25 Budget from the 2023-24 estimated outcome

is due to maintaining a lower cash balance over the year.

• net gain/(loss) on investments:

- the increase of $166.344 million in the 2023-24 estimated outcome from the original budget

is due to the expected investment return for the 2023-24 financial year being higher-than-

assumed; and

- the decrease of $154.486 million in the 2024-25 Budget from the 2023-24 estimated

outcome is due to the use of the long-term investment return objective, which is lower than

the expected investment return for the 2023-24 financial year.

• superannuation expenses:

- the increase of $19.479 million in the 2023-24 estimated outcome from the original budget

is due to the 30 June 2023 AASB 119 superannuation liability valuation and change in the

financial assumptions; and

- the increase of $7.806 million in the 2024-25 Budget from the 2023-24 estimated outcome is

due to the latest triennial superannuation liability valuation review using salary and

membership data on 30 June 2023.

Statement of Assets and Liabilities on behalf of the Territory

• investments:

- the increase of $256.797 million in the 2023-24 estimated outcome from the original budget

is due mainly to a higher-than-assumed opening investment balance at the start of the

2023-24 financial year, with a higher-than-assumed investment return achieved for the

2022-23 financial year, and a higher-than-assumed investment return expected for the

2023-24 financial year; and

2024-25 Budget Statements 287 Superannuation Provision Account

- the increase of $426.793 million in the 2024-25 Budget from the 2023-24 estimated

outcome reflects the long-term investment return objective.

• employee benefits (current):

- the increase of $16.765 million in the 2023-24 estimated outcome from the original budget

is due to the latest triennial superannuation liability valuation review; and

- the increase of $23.936 million in the 2024-25 Budget from the 2023-24 estimated outcome

reflects the projected growth in the annual payment of the Territory’s employer share of

superannuation retirement benefits.

• employee benefits (non-current):

- the increase of $350.261 million in the 2023-24 estimated outcome from the original budget

is due to the latest triennial superannuation liability valuation review; and

- the increase of $218.725 million in the 2024-25 Budget from the 2023-24 estimated

outcome is due to the expected growth in the superannuation liability.

Statement of Changes in Equity and Cash Flow Statement on behalf of the Territory

Variations in these Statements are explained in the notes above.

2024-25 Budget Statements 288 Superannuation Provision Account

This page deliberately left blank

2024-25 Budget Statements 289 Territory Banking Account

TERRITORY BANKING ACCOUNT

Purpose

The Chief Minister, Treasury and Economic Development Directorate, through the financial

operations of the Territory Banking Account, provides services to the Government including financial

asset and liability management.

The Territory Banking Account is established to recognise and manage the Government’s financial

investment assets and borrowing liabilities. Revenues on behalf of the Territory are transferred to

the Territory Banking Account and fortnightly budget appropriation disbursements are made to

agencies from the Territory Banking Account.

2024-25 Priorities

Strategic and operational priorities to be pursued in 2024-25 include:

• managing the Territory’s borrowing program;

• managing the levels of cash and liquidity;

• managing the centralised investment administration platform for Territory financial investment

assets; and

• managing and reporting on the Government’s Responsible Investment policy.

Estimated Employment Levels

The functions of the Territory Banking Account are performed by officers of the Chief Minister,

Treasury and Economic Development Directorate (CMTEDD) and those employees are included in

CMTEDD’s FTE levels. The Territory Banking Account reimburses CMTEDD for the salary and

superannuation expenses associated with the staff allocated to carrying out the Territory Banking

Account functions.

2024-25 Budget Statements 290 Territory Banking Account

Strategic Objectives and Indicators

Strategic Objective 1

Management of the Government’s Financing Requirements

The activities of the Territory Banking Account include the issuance of debt instruments to meet the

Government’s financing requirements and managing the aggregate daily cash balances of the

Territory Banking Account to ensure the settlement and payment of debt obligations of the

Government can be met.

The achievement of this objective involves:

• managing the Territory’s debt issuance program which provides access to funding from the

Australian capital markets;

• establishing benchmark bond lines with varying maturities; and

• maintaining appropriate levels of liquidity to meet the Government’s financial obligations.

Strategic Indicator 1a: Cash and Investment Balance

Figure 1: Cash and Investment Balance of the Territory Banking Account

Note(s):

1. This Figure reflects the aggregate cash and investment balance of the Territory Banking Account at 30 June each year.

2. The daily cash balance of the Territory Banking Account is managed to maintain required daily liquidity and to enable

financial obligations to be met as they fall due.

2024-25 Budget Statements 291 Territory Banking Account

Strategic Indicator 1b: Territory Benchmark Bonds on Issue

Figure 2: Territory Benchmark Bonds on Issue

Note(s):

1. Benchmark bond lines represent medium to long-term bonds in the form of fixed rate medium term notes and

inflation-linked bonds. Short-term variable rate notes and off-market loans provided by the Commonwealth

Government are not included in this Figure.

2. The establishment of benchmark bond lines is an important feature of the borrowing strategy. Benchmark-size bond

lines with varying maturities increase the liquidity and appeal of Territory bonds to investors and supports the

management of refinancing risk. Varying maturities also provide relative pricing guidance (comparative cost of funds

to peers) to investors. This Figure shows the estimated outstanding benchmark bond lines at 30 June 2024.

2024-25 Budget Statements 292 Territory Banking Account

Output Classes (Territorial)

EBT Class 1 (EBT 1.1): Territory Banking Account

Table 1: EBT Class 1: Territory Banking Account

2023-24

Estimated Outcome

$000's

2024-25

Budget

$000's

Total Cost

8 512 927

8 795 942

Payment for Expenses on Behalf of the Territory

EBT 1.1: Territory Banking Account

This output involves the management of the Government’s investment and borrowing activities and

the Territory Banking Account as the central account of the Government. The key outputs to be

delivered in 2024-25 include:

• managing the Territory Banking Account centralised investment platform for Territory financial

investment assets;

• managing the Government’s Responsible Investment policy framework;

• managing the borrowing liabilities of the Territory Banking Account;

• raising new Territory borrowings as required;

• managing the cash flow and liquidity requirements of the Territory Banking Account; and

• budgeting and financial reporting on the operations of the Territory Banking Account.

2024-25 Budget Statements 293 Territory Banking Account

Accountability Indicators

EBT Class 1: Territory Banking Account

EBT 1.1: Territory Banking Account

Table 2: Accountability Indicators EBT 1.1

2023-24

Targets

2023-24

Estimated

Outcome

2024-25

Targets

a. Cash and liquidity management of the Territory

Banking Account

100%

b. Exposure to directly owned share investments

that are prohibited in accordance with the

Government’s Responsible Investment policy

c. Exercising of ownership voting rights for directly

owned shares

>95%

d. Completion of the Principles for Responsible

Investment annual reporting and assessment

framework

n/a

e. Completion of new Territory borrowings

100%

f. Completion of debt servicing obligations

100%

g. Completion of Budget appropriation

disbursements

100%

h. Completion of monthly financial reporting

i. Completion of unmodified annual financial

statements

j. Completion of annual budget estimates

k. Responsible Investment policy outcomes annual

summary

n/a

Accountability Indicator Descriptions and Variance Commentary:

a. This accountability indicator involves maintaining a positive aggregate cash and investment balance of the Territory

Banking Account to meet ongoing cash payment obligations. For performance measurement purposes, the actual

daily aggregate cash and investment balance will be counted as the result. If the aggregate cash and investment

balance is not positive at the end of the day, this will not be counted in the result.

b. This accountability indicator incorporates the monitoring of the investment portfolio to ensure it is not exposed to any

prohibited investments, in accordance with the Government’s Responsible Investment policy. For performance

measurement, the actual portfolio direct share holdings will be compared with the prevailing prohibited shares list at

the end of each month. The exposure measure will be the weighted value of any prohibited share investments on the

total value of the share portfolio.

c. This accountability indicator incorporates the exercising of proxy voting rights in accordance with the Government’s

Responsible Investment policy. The target is that more than 95 per cent of all eligible voting items in the year will be

cast in relation to the total voting items. The measure will be the total actual votes cast compared to total eligible

voting items.

d. Discontinued indicator. This accountability indicator incorporates the completion of the Principles of Responsible

Investment annual reporting framework via an online reporting portal. This indicator will be replaced with a new

accountability indicator from 2024-25.

e. This accountability indicator incorporates raising new Territory borrowing requirements in accordance with approved

borrowing limits and guidelines. The measure will be the actual number of conforming borrowing transactions

compared to the total borrowing transactions completed.

f. This accountability indicator incorporates the accurate and timely payment of Territory debt interest and principal

repayment obligations being paid accurately and on-time. The measure will be the actual number of conforming debt

servicing settlement transactions compared with the total number of settlement transactions completed.

g. This accountability indicator incorporates the payment of budget appropriation disbursements to agencies to be

completed accurately and within required timeframes. The measure will be the actual number of conforming

disbursement payments compared with the total number of disbursement transactions completed.

2024-25 Budget Statements 294 Territory Banking Account

h. This accountability indicator incorporates monthly financial reporting and the preparation of accrual financial

statements. The monthly financial reporting will not be counted for the year if the financial statements are not

prepared after the end of each month.

i. This accountability indicator incorporates the preparation of the previous year’s annual financial statements for

auditing and inclusion in the Chief Minister, Treasury and Economic Development Directorate annual report. The

objective is to receive an unmodified auditor’s report.

j. This accountability indicator incorporates the preparation of annual budget estimates for inclusion in the annual

Territory Budget.

k. New accountability indicator. This accountability indicator incorporates the preparation of a summary of the

outcomes of the of the Government’s Responsible Investment policy for the financial investment assets managed

through the Territory Banking Account. The measure will be the annual production and publication on Treasury’s

website.

2024-25 Budget Statements 295 Territory Banking Account

Financial Statements – Territorial

Table 3: Territory Banking Account: Statement of Income and Expenses on behalf of the Territory

($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

Income

Investment Revenue

181 564

119 657

177 919

191 736

206 552

222 426

Interest Revenue

201 402

243 733

244 492

215 394

242 636

322 877

Transfer Revenue

5 927 300

5 848 836

6 291 388

6 708 388

7 197 631

7 441 557

Other Income

203 188

174 235

206 943

208 901

209 118

210 801

Net Gain/(Loss) on

Investments

229 279

406 706

237 450

-42

255 588

275 081

296 020

Total Income

6 742 733

6 793 167

7 158 192

7 580 007

8 131 018

8 493 681

Expenses

Payments to ACT Government

Agencies

7 464 922

7 559 603

7 825 248

7 834 538

8 096 682

8 536 568

Borrowing Costs

346 497

354 057

466 302

528 743

643 917

783 990

Other Expenses

14 294

15 925

13 797

-13

12 952

15 314

14 352

Agency Investment Expenses

439 566

583 342

490 595

-16

528 567

569 289

612 936

Total Expenses

8 265 279

8 512 927

8 795 942

8 904 800

9 325 202

9 947 846

Operating Result

-1 522 546

-1 719 760

-1 637 750

-1 324 793

-1 194 184

-1 454 165

Total Comprehensive Result

-1 522 546

-1 719 760

-1 637 750

-1 324 793

-1 194 184

-1 454 165

2024-25 Budget Statements 296 Territory Banking Account

Table 4: Territory Banking Account: Statement of Assets and Liabilities on behalf of the Territory

($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Current Assets

Cash and Cash Equivalents

2 090 241

2 107 971

1 697 978

-19

1 310 237

2 702 108

2 411 363

Investments

6 500 210

6 756 355

7 263 162

7 826 654

8 429 626

9 075 521

Receivables

711 233

545 902

720 533

804 115

1 450 039

958 653

Total Current Assets

9 301 684

9 410 228

9 681 673

9 941 006

12 581 773

12 445 537

Non-Current Assets

Receivables

2 111 352

2 014 397

1 902 638

-6

2 038 542

1 668 092

2 304 500

Total Non-Current Assets

2 111 352

2 014 397

1 902 638

-6

2 038 542

1 668 092

2 304 500

TOTAL ASSETS

11 413 036

11 424 625

11 584 311

11 979 548

14 249 865

14 750 037

Current Liabilities

Payables

81 940

92 108

115 995

120 939

126 233

131 896

Borrowings

1 005 360

529 157

-47

5 123

1 250 891

904 207

Agency Investment

Deposits

6 500 210

6 756 354

7 263 163

7 826 654

8 429 625

9 075 520

Total Current Liabilities

7 587 510

7 853 822

7 908 315

7 952 716

9 806 749

10 111 623

Non-Current Liabilities

Borrowings

10 875 302

10 792 567

12 474 100

14 087 235

15 632 443

17 219 492

Total Non-Current

Liabilities

10 875 302

10 792 567

12 474 100

14 087 235

15 632 443

17 219 492

TOTAL LIABILITIES

18 462 812

18 646 389

20 382 415

22 039 951

25 439 192

27 331 115

NET ASSETS

-7 049 776

-7 221 764

-8 798 104

-22

-10 060 403

-11 189 327

-12 581 078

Equity

Accumulated Funds

-7 049 776

-7 221 764

-8 798 104

-22

-10 060 403

-11 189 327

-12 581 078

TOTAL EQUITY

-7 049 776

-7 221 764

-8 798 104

-22

-10 060 403

-11 189 327

-12 581 078

2024-25 Budget Statements 297 Territory Banking Account

Table 5: Territory Banking Account: Statement of Changes in Equity on behalf of the Territory

($’000)

Budget

30/6/24

Estimated

Outcome at

30/6/24

Budget

30/6/25

Var

Estimate

30/6/26

Estimate

30/6/27

Estimate

30/6/28

Opening Equity

Opening Accumulated

Funds

-5 582 664

-5 535 935

-7 221 764

-30

-8 798 104

-10 060 403

-11 189 327

Balance at the Start of the

Reporting Period

-5 582 664

-5 535 935

-7 221 764

-30

-8 798 104

-10 060 403

-11 189 327

Comprehensive Income

Operating Result

-1 522 546

-1 719 760

-1 637 750

-1 324 793

-1 194 184

-1 454 165

Total Comprehensive

Result

-1 522 546

-1 719 760

-1 637 750

-1 324 793

-1 194 184

-1 454 165

Transactions Involving

Owners Affecting

Accumulated Funds

Capital Distributions to

Government

55 434

33 931

61 410

62 494

65 260

62 414

Total Transactions

Involving Owners

Affecting Accumulated

Funds

55 434

33 931

61 410

62 494

65 260

62 414

Closing Equity

Closing Accumulated Funds

-7 049 776

-7 221 764

-8 798 104

-22

-10 060 403

-11 189 327

-12 581 078

Balance at the end of the

Reporting Period

-7 049 776

-7 221 764

-8 798 104

-22

-10 060 403

-11 189 327

-12 581 078

2024-25 Budget Statements 298 Territory Banking Account

Table 6: Territory Banking Account: Cash Flow Statement on behalf of the Territory ($’000)

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts

Investment Receipts

181 564

119 657

177 919

191 736

206 552

222 426

Interest Receipts

186 396

225 724

231 202

202 522

230 731

311 001

Goods and Services Tax Input

Tax Credits from the

Australian Taxation Office

520

730

601

-18

625

650

678

Other

194 031

170 083

204 596

206 549

206 767

208 450

Transfers from ACT

Government Agencies

5 813 654

5 805 131

6 270 315

6 510 316

7 090 365

7 516 133

Total Receipts from Operating

Activities

6 376 165

6 321 325

6 884 633

7 111 748

7 735 065

8 258 688

Payments

Borrowing Costs

325 390

305 620

446 020

507 916

624 339

764 466

Goods and Services Tax Paid to

the Australian Taxation

Office

520

730

601

-18

625

650

678

Payments to General

Government Agencies for

Outputs

4 677 219

4 865 947

4 962 219

4 847 293

4 872 910

4 964 400

Payments to Agencies for

Expenses on Behalf of the

Territory

1 015 998

934 250

1 030 367

1 202 561

1 292 978

1 356 155

Agency Investment

Distributions Paid

210 287

157 540

253 146

272 978

294 208

316 915

Other

14 294

6 642

13 797

108

12 952

15 313

14 352

Total Payments from

Operating Activities

6 243 708

6 270 729

6 706 150

6 844 325

7 100 398

7 416 966

Net Cash Inflows/(Outflows)

from Operating Activities

132 457

50 596

178 483

253

267 423

634 667

841 722

CASH FLOWS FROM

INVESTING ACTIVITIES

Receipts

Net Investment Deposits from

Agencies

223 870

258 636

293 261

312 859

333 199

355 551

Capital Distributions from ACT

Government Agencies

54 257

38 246

60 102

60 066

65 260

62 414

Total Receipts from Investing

Activities

278 127

296 882

353 363

372 925

398 459

417 965

Payments

Net Purchase of Investments

231 667

266 435

301 429

321 412

392 973

417 263

Net Loans Provided to

Agencies

83 845

20 246

13 065

-35

11 080

108 450

157 508

Capital Payments to ACT

Government Agencies

1 771 691

1 759 420

1 832 676

1 784 698

1 930 808

2 216 027

Total Payments from

Investing Activities

2 087 203

2 046 101

2 147 170

2 117 190

2 432 231

2 790 798

Net Cash Inflows/(Outflows)

from Investing Activities

-1 809 076

-1 749 219

-1 793 807

-3

-1 744 265

-2 033 772

-2 372 833

2024-25 Budget Statements 299 Territory Banking Account

2023-24

Budget

2023-24

Estimated

Outcome

2024-25

Budget

Var

2025-26

Estimate

2026-27

Estimate

2027-28

Estimate

CASH FLOWS FROM

FINANCING ACTIVITIES

Receipts

Proceeds from Borrowings

2 264 914

2 186 855

1 210 023

-45

1 094 004

2 796 099

1 245 128

Total Receipts from Financing

Activities

2 264 914

2 186 855

1 210 023

-45

1 094 004

2 796 099

1 245 128

Payments

Repayment of Borrowings

4 490

4 692

4 903

5 123

4 762

Total Payments from

Financing Activities

4 490

4 692

4 903

5 123

4 762

Net Cash Inflows/(Outflows)

from Financing Activities

2 260 424

2 182 365

1 205 331

-45

1 089 101

2 790 976

1 240 366

Net Increase/(Decrease) in

Cash and Cash Equivalents

583 805

483 742

-409 993

-185

-387 741

1 391 871

-290 745

Cash and Cash Equivalents at

the Beginning of the

Reporting Period

1 506 436

1 624 229

2 107 971

1 697 978

1 310 237

2 702 108

Cash and Cash Equivalents at

the End of the Reporting

Period

2 090 241

2 107 971

1 697 978

-19

1 310 237

2 702 108

2 411 363

2024-25 Budget Statements 300 Territory Banking Account

Notes to the Territorial Budget Statements

Many of the variations in the Territory Banking Account budget statements are driven by agency

activity during and between financial years.

Significant variations are as follows:

Statement of Income and Expenses on behalf of the Territory

• investment revenue:

- the decrease of $61.907 million in the 2023-24 estimated outcome from the original budget

is related to dividends and distributions from investments which are determined by the level

of distributable income; and

- the increase of $58.262 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to dividend and distribution revenue being based on expected distributable

income and the long-term investment return objectives for the portfolio investment

strategies.

• interest revenue:

- the increase of $42.331 million in the 2023-24 estimated outcome from the original budget

is mainly due to higher loan interest from Icon Water in relation to inflation-linked loans and

higher interest on investments; and

- the decrease of $0.759 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to lower loans and cash at bank interest offset by investment interest.

• transfer revenue: represents the transfer from agencies of revenue received on behalf of the

Territory and includes taxes, fees, fines and grants. Revenue variances are driven by agency

activity.

• other income:

- the decrease of $28.953 million in the 2023-24 estimated outcome from the original budget

is mainly due lower agencies notional superannuation employer superannuation

contributions and other investment revenue; and

- the increase of $32.708 million in the 2023-24 Budget from the 2023-24 estimated outcome

is mainly due to higher agencies notional superannuation employer superannuation

contributions and other investment revenue.

• net gain/(loss) on investments:

- the increase of $177.427 million in the 2023-24 estimated outcome from the original budget

is due to higher than expected investment returns for the 2023-24 financial year, being

higher than originally assumed; and

- the decrease of $169.256 million in the 2024-25 Budget from the 2023-24 estimated

outcome is due to the use of the long-term investment return assumptions for each of the

portfolio investment strategies, which are lower than the expected returns for the 2023-24

financial year.

2024-25 Budget Statements 301 Territory Banking Account

• payments to ACT Government agencies: represents the transfer of budget appropriation funds

to agencies. Variances are driven by agency activity.

• borrowing costs:

- the increase of $7.560 million in the 2023-24 estimated outcome from the original budget is

mainly due to the impact of higher interest costs on inflation-linked bonds; and

- the increase of $112.245 million in the 2024-25 Budget from the 2023-24 estimated

outcome is mainly due to the impact of higher interest rates on a higher level of borrowings.

• other expenses:

- the increase of $1.631 million in the 2023-24 estimated outcome from the original budget

2023-24 estimated outcome is mainly due to higher investment administration expenses on

higher investments balances due to the higher than expected returns for the 2023-24

financial year; and

- the decrease of $2.128 million in the 2024-25 Budget from the 2023-24 estimated outcome

is mainly due to the use of the long-term investment return assumptions for each of the

portfolio investment strategies, which are lower than the expected returns for the 2023-24

financial year.

• agency investment expenses:

- the increase of $143.776 million in the 2023-24 estimated outcome from the original budget

is due to higher than-expected investment returns for the 2023-24 financial year, being

higher than originally assumed; and

- the decrease of $92.747 million in the 2024-25 Budget from the 2022-23 estimated outcome

is due to the use of the long-term investment return assumptions for each of the portfolio

investment strategies, which are lower than the expected returns for the 2023-24 financial

year.

Statement of Assets and Liabilities on behalf of the Territory

• cash and cash equivalents:

- the increase of $17.730 million in the 2023-24 estimated outcome from the original budget

reflects a lower cash at bank balance from underlying aggregate cash flow transactions; and

- the decrease of $409.993 million in the 2024-25 Budget from the 2023-24 estimated

outcome is due to the estimated operational and liquidity requirements of the Territory

Banking Account.

• investments:

- the increase of $256.145 million in the 2023-24 estimated outcome from the original budget

is due mainly to higher than assumed opening investment balances at the start of the

2023-24 financial year because of higher than assumed investment returns achieved for the

2022-23 financial year; and

2024-25 Budget Statements 302 Territory Banking Account

- the increase of $506.807 million in the 2024-25 Budget from the 2023-24 estimated

outcome reflects the higher than expected investment returns for the 2023-24 financial year

and the long-term investment return assumptions for each of the portfolio investment

strategies.

• receivables (current and non-current) are accrued transfer revenue receivables from agencies

and loans provided to Icon Water:

- the net decrease of $262.286 million in the 2023-24 estimated outcome from the original

budget is mainly due to lower accrued receivables from agencies; and

- the net increase of $62.872 million in the 2024-25 Budget from the 2023-24 estimated

outcome comprises higher accrued receivables from agencies and higher loan receivables

from Icon Water.

• borrowings (current and non-current):

- the net decrease of $82.735 million in the 2023-24 estimated outcome from the original

budget is mainly due to a lower new borrowing requirement than originally assumed and

higher inflation on outstanding inflation linked bonds; and

- the net increase of $1,205.330 million in the 2024-25 Budget from the 2023-24 estimated

outcome reflects an increase in net borrowings to meet budget funding requirements.

• agency investment deposits:

- the increase of $256.144 million in the 2023-24 estimated outcome from the original budget

is due to higher opening investment balances at the start of the 2023-24 financial year

because of the higher than assumed investment returns achieved for the 2022-23 financial

year; and

- the increase of $506.809 million in the 2024-25 Budget from the 2023-24 estimated

outcome reflects the higher than expected investment returns for the 2023-24 financial year

and the long-term investment return assumptions for each of the portfolio investment

strategies.

Statement of Changes in Equity and Cash Flow Statement on behalf of the Territory

Variations in these Statements are explained in the notes above.

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Structure and Content

of the 2024-25 Budget Papers

The 2024-25 Budget is presented in two papers and a series of agency

Budget Statements.

Budget Speech

The Treasurer’s speech to the Legislative Assembly highlights the Government’s Budget strategy

and key features of the Budget.

Budget Outlook

The Budget Outlook summarises the 2024-25 Budget and forward estimates for the General Government Sector,

the Public Trading Enterprise sector and the total Territory Government. Details of the projected

2024-25 Budget results are provided, as well as background information on the development of the

2024-25 Budget, including economic conditions and federal financial relations. It also provides an overview of

the Territory’s infrastructure investment program and details of 2024-25 initiatives. Full accrual financial

statements and notes are provided for all sectors.

Budget Statements

The Budget Statements contain information on each directorate and agency, including descriptions of

functions and roles and responsibilities, together with major strategic priorities.

Acknowledgement

We wish to acknowledge the Ngunnawal people as traditional custodians of the land we are meeting on and

recognise any other people or families with connection to the lands of the ACT and region. We wish to acknowledge

and respect their continuing culture and the contribution they make to the life of this city and this region.

ISSN 1327-581X ©

Publication No 24008

Material in this publication may be reproduced provided due

acknowledgement is made. Produced by the Chief Minister, Treasury

and Economic Development Directorate.

Enquiries about this publication should be directed to the:

Chief Minister, Treasury and Economic Development Directorate

GPO Box 158

Canberra ACT 2601

https://www.treasury.act.gov.au/budget

Telephone: Access Canberra - 13 22 81

Ph 131 450

Accessibility

Ph 13 22 81

 
2024-25 Budget Statements  i  Chief Minister, Treasury and Economic Development Directorate 
Contents 
CHIEF MINISTER, TREASURY AND ECONOMIC DEVELOPMENT DIRECTORATE ....................................... 1 
Purpose ............................................................................................................................................... 1 
2024-25 Priorities ................................................................................................................................ 2 
Estimated Employment Levels ............................................................................................................ 7 
Strategic Objectives and Indicators .................................................................................................... 7 
Output Classes .................................................................................................................................. 20 
Accountability Indicators .................................................................................................................. 33 
Changes to Appropriation ................................................................................................................. 51 
Summary of 2024-25 Infrastructure Program .................................................................................. 61 
Financial Statements ......................................................................................................................... 66 
Financial Statements – Territorial ..................................................................................................... 74 
Output Class Financial Statements ................................................................................................... 80 
ACT GAMBLING AND RACING COMMISSION – STATEMENT OF INTENT .............................................. 89 
ACT GAMBLING AND RACING COMMISSION ........................................................................................ 91 
The Gambling and Racing Commission Board .................................................................................. 91 
Purpose ............................................................................................................................................. 92 
Nature and Scope of Activities .......................................................................................................... 93 
2024-25 Priorities and Next Three Financial Years ........................................................................... 94 
Estimated Employment Levels .......................................................................................................... 96 
Strategic Objectives and Indicators .................................................................................................. 97 
Output Classes ................................................................................................................................ 101 
Accountability Indicators ................................................................................................................ 102 
Changes to Appropriation ............................................................................................................... 103 
Monitoring and Reporting .............................................................................................................. 103 
Financial Arrangements .................................................................................................................. 104 
Financial Statements ....................................................................................................................... 105 
ACT INSURANCE AUTHORITY - STATEMENT OF INTENT ..................................................................... 111 
ACT INSURANCE AUTHORITY .............................................................................................................. 113 
Purpose ........................................................................................................................................... 113 
Nature and Scope of Activities ........................................................................................................ 114 
2024-25 Priorities and Next Three Financial Years ......................................................................... 115 
Estimated Employment Levels ........................................................................................................ 116 

 
2024-25 Budget Statements  ii  Chief Minister, Treasury and Economic Development Directorate 
Accountability Indicators ................................................................................................................ 117 
Monitoring and Reporting .............................................................................................................. 118 
Financial Arrangements .................................................................................................................. 119 
Financial Statements ....................................................................................................................... 120 
CANBERRA INSTITUTE OF TECHNOLOGY – STATEMENT OF INTENT .................................................. 127 
CANBERRA INSTITUTE OF TECHNOLOGY ............................................................................................ 129 
Purpose ........................................................................................................................................... 129 
Nature and Scope of Activities ........................................................................................................ 129 
2024-25 Priorities and the Next Three Years .................................................................................. 131 
2024-25 Training Profile and Associated Items .............................................................................. 133 
Monitoring and Reporting .............................................................................................................. 133 
Estimated Employment Levels ........................................................................................................ 134 
Strategic Objective and Indicator ................................................................................................... 135 
Output Class .................................................................................................................................... 136 
Accountability Indicators ................................................................................................................ 137 
Key Performance Indicators for 2024 ............................................................................................. 138 
Changes to Appropriation ............................................................................................................... 140 
Summary of 2024-25 CIT Infrastructure Program .......................................................................... 142 
Monitoring and Reporting .............................................................................................................. 143 
Financial Arrangements .................................................................................................................. 144 
Financial Statements ....................................................................................................................... 146 
Calendar Year Financial Statements ............................................................................................... 153 
CIT SOLUTIONS .................................................................................................................................... 159 
Purpose ........................................................................................................................................... 159 
2024-25 Priorities ............................................................................................................................ 159 
Estimated Employment Levels ........................................................................................................ 160 
Strategic Objectives and Indicators ................................................................................................ 160 
Financial Arrangements .................................................................................................................. 160 
Financial Statements – Controlled (PTE) ......................................................................................... 162 
CULTURAL FACILITIES CORPORATION – STATEMENT OF INTENT ....................................................... 169 
CULTURAL FACILITIES CORPORATION ................................................................................................. 171 
Purpose ........................................................................................................................................... 171 
Nature and Scope of Activities ........................................................................................................ 171 
2024-25 Priorities and Next Three Financial Years ......................................................................... 174 

 
2024-25 Budget Statements  iii  Chief Minister, Treasury and Economic Development Directorate 
Estimated Employment Levels and Employment Profile ................................................................ 175 
Strategic Objectives and Indicators ................................................................................................ 176 
Output Classes ................................................................................................................................ 179 
Accountability Indicators ................................................................................................................ 180 
Changes to Appropriation ............................................................................................................... 181 
Summary of 2024-25 Infrastructure Program ................................................................................ 183 
Monitoring and Reporting .............................................................................................................. 184 
Financial Arrangements .................................................................................................................. 184 
Financial Statements ....................................................................................................................... 186 
ICON WATER LIMITED ......................................................................................................................... 193 
Purpose ........................................................................................................................................... 193 
2024-25 Priorities ............................................................................................................................ 193 
Estimated Employment Levels ........................................................................................................ 194 
Changes to Appropriation ............................................................................................................... 195 
Financial Statements – Controlled (PTE) ......................................................................................... 196 
INDEPENDENT COMPETITION AND REGULATORY COMMISSION – STATEMENT OF INTENT ............. 205 
INDEPENDENT COMPETITION AND REGULATORY COMMISSION ...................................................... 207 
Purpose ........................................................................................................................................... 207 
Nature and Scope of Activities ........................................................................................................ 208 
2024-25 Priorities and Next Three Financial Years ......................................................................... 211 
Estimated Employment Levels ........................................................................................................ 212 
Key Performance Indicators for 2024-25 to 2027-2028 ................................................................. 212 
Assessment of Performance Against 2023-24 Objectives .............................................................. 213 
Changes to Appropriation ............................................................................................................... 213 
Monitoring and Reporting .............................................................................................................. 213 
Financial Statements ....................................................................................................................... 215 
LIFETIME CARE AND SUPPORT FUND.................................................................................................. 221 
Purpose ........................................................................................................................................... 221 
2024-25 Priorities ............................................................................................................................ 221 
Estimated Employment Levels ........................................................................................................ 221 
Strategic Objectives and Indicators ................................................................................................ 222 
Output Classes (Territorial) ............................................................................................................. 222 
Accountability Indicators ................................................................................................................ 223 
Financial Statements – Territorial ................................................................................................... 224 

 
2024-25 Budget Statements  iv  Chief Minister, Treasury and Economic Development Directorate 
MOTOR ACCIDENT INJURIES COMMISSION – STATEMENT OF INTENT .............................................. 231 
MOTOR ACCIDENT INJURIES COMMISSION ........................................................................................ 233 
Introduction .................................................................................................................................... 233 
Purpose ........................................................................................................................................... 233 
Nature and scope of activities ........................................................................................................ 234 
2024-25 Priorities and next three financial years ........................................................................... 235 
Estimated Employment Levels ........................................................................................................ 236 
Key performance indicators for 2024-25 to 2027-28 ..................................................................... 237 
Assessment of performance against 2023-24 objectives ............................................................... 239 
Monitoring and Reporting .............................................................................................................. 241 
Financial Arrangements .................................................................................................................. 241 
Financial Statements ....................................................................................................................... 243 
OFFICE OF THE WORK HEALTH AND SAFETY COMMISSIONER – STATEMENT OF INTENT ................. 249 
OFFICE OF THE WORK HEALTH AND SAFETY COMMISSIONER ........................................................... 251 
Purpose ........................................................................................................................................... 251 
Nature and Scope of Activities ........................................................................................................ 251 
Quality Assurance ........................................................................................................................... 251 
Risks ................................................................................................................................................ 252 
2024-25 Priorities and Next Three Financial Years ......................................................................... 252 
Estimated Employment Levels and Employment Profile ................................................................ 254 
Strategic Objectives and Indicators ................................................................................................ 255 
Output Classes ................................................................................................................................ 255 
Accountability Indicators ................................................................................................................ 256 
Changes to Appropriation ............................................................................................................... 257 
Monitoring and Reporting .............................................................................................................. 258 
Financial Arrangements .................................................................................................................. 258 
Financial Statements ....................................................................................................................... 260 
PUBLIC SECTOR WORKERS COMPENSATION FUND ............................................................................ 267 
Purpose ........................................................................................................................................... 267 
2024-25 Priorities ............................................................................................................................ 267 
Estimated Employment Levels ........................................................................................................ 268 
Strategic Objectives and Indicators ................................................................................................ 268 
Output Classes (Territorial) ............................................................................................................. 268 
Accountability Indicators ................................................................................................................ 269 

 
2024-25 Budget Statements  v  Chief Minister, Treasury and Economic Development Directorate 
Financial Statements – Territorial ................................................................................................... 270 
SUPERANNUATION PROVISION ACCOUNT ......................................................................................... 277 
Purpose ........................................................................................................................................... 277 
2024-25 Priorities ............................................................................................................................ 277 
Estimated Employment Levels ........................................................................................................ 277 
Strategic Objectives and Indicators ................................................................................................ 278 
Output Classes (Territorial) ............................................................................................................. 280 
Accountability Indicators ................................................................................................................ 281 
Changes to Appropriation ............................................................................................................... 281 
Financial Statements – Territorial ................................................................................................... 282 
TERRITORY BANKING ACCOUNT ......................................................................................................... 289 
Purpose ........................................................................................................................................... 289 
2024-25 Priorities ............................................................................................................................ 289 
Estimated Employment Levels ........................................................................................................ 289 
Strategic Objectives and Indicators ................................................................................................ 290 
Output Classes (Territorial) ............................................................................................................. 292 
Accountability Indicators ................................................................................................................ 293 
Financial Statements – Territorial ................................................................................................... 295 
 
   