Section 1: Entity overview and resources
1.1 Strategic direction statement
The Australian Competition and Consumer Commission (ACCC) is seeking an additional $2.5 million in departmental outputs through Appropriation Bill (No. 3) 2015-16 and $11.6 million in equity injections through Appropriation Bill (No. 4) 2015-16.
These relate to measures outlined in the Mid-Year Economic and Fiscal Outlook 2015-16 for the Agriculture New Policy Proposal Stronger Farmers, Stronger Economy — a fairer go for farm business, and the reappropriation of 2013-14 equity related to the ACCC's Litigation Contingency Fund.
Accordingly, whilst there has been no significant change to the strategic direction of the ACCC from that outlined in the Portfolio Budget Statements 2015-16 (pages 89-91), an additional priority for 2015-16 is compliance with, and enforcement of, the Competition and Consumer Act 2010 in the agriculture sector.
1.2 Entity resource statement
The Entity Resource Statement details the resourcing for the ACCC at Additional Estimates. Table 1.1 outlines the total resourcing available from all sources for the 2015-16 budget year, including variations through Appropriation Bill Nos. 3 and 4, Special Appropriations and Special Accounts.
| Actual available appropriation | Estimate as at Budget | Proposed Additional Estimate | Total estimate at Additional Estimates | |
|---|---|---|---|---|
| 2014-15 $'000 |
2015-16 $'000 |
2015-16 $'000 |
2015-16 $'000 |
|
| Ordinary annual services (a) | ||||
| Departmental appropriation | ||||
| Prior year departmental appropriation (b) | 12,833 | 21,582 | - | 21,582 |
| Departmental appropriation (c) | 169,459 | 164,815 | 2,524 | 167,339 |
| s.74 Retained Revenue Receipts (d) | 5,458 | 2,764 | 857 | 3,621 |
| Total | 187,750 | 189,161 | 3,381 | 192,542 |
| Total ordinary annual services [A] | 187,750 | 189,161 | 3,381 | 192,542 |
| Other services (e) | ||||
| Departmental non-operating | ||||
| Prior year departmental appropriation (b) | 12,592 | 14,296 | - | 14,296 |
| Equity injections | 2,700 | 1,300 | 11,596 | 12,896 |
| Total | 15,292 | 15,596 | 11,596 | 27,192 |
| Total other services [B] | 15,292 | 15,596 | 11,596 | 27,192 |
| Total available annual appropriations | 203,042 | 204,757 | 14,977 | 219,734 |
| Special appropriations | ||||
| Special appropriations limited by criteria/entitlement | ||||
| Public Governance, Performance and Accountability Act 2013 - s.77 (f) | 12 | 20 | 11,000 | 11,020 |
| Total special appropriations [C] | 12 | 20 | 11,000 | 11,020 |
| Total appropriations excluding Special Accounts | 203,054 | 204,777 | 25,977 | 230,754 |
| Total resourcing [A+B+C] | 203,054 | 204,777 | 25,977 | 230,754 |
| Total net resourcing for ACCC | 203,054 | 204,777 | 25,977 | 230,754 |
(a) Appropriation Act (No. 1) 2015-16 and Appropriation Bill (No. 3) 2015-16.
(b) Estimated adjusted balance carried from previous year for annual appropriations.
(c) Includes an amount of $1.993m in 2015-16 for the Departmental Capital Budget (refer to table 3.2.5 for further details). For accounting purposes this amount has been designated as ‘contributions by owners'.
(d) Estimated retained revenue receipts under s.74 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
(e) Appropriation Act (No. 2) 2015-16 and Appropriation Bill (No. 4) 2015-16.
(f) Repayments not provided for under other appropriations.
Note: The ACCC provides financial services to the NCC and has drawdown access to manage the NCC's finances.
Reader note: All figures are GST exclusive. These figures may not match figures in the cash flow statement.
| Estimate at Budget | Estimate at Additional Estimates | |
|---|---|---|
| 2015-16 $'000 |
2015-16 $'000 |
|
| Payments made on behalf of the National Competition Council (NCC) | 1,740 | 1,740 |
1.3 Entity measures
Table 1.2 summarises new Government measures taken since the 2015-16 Budget. The table presents expense measures, with the affected programme identified.
| Programme | 2015-16 $'000 |
2016-17 $'000 |
2017-18 $'000 |
2018-19 $'000 |
|
|---|---|---|---|---|---|
| Expense measures | |||||
| Stronger Farmers, Stronger Economy - A fairer go for farm businesses | |||||
| Departmental expenses(a) | 1.1 | 2,591 | 2,737 | 3,025 | 3,054 |
| Public Sector Superannuation | |||||
| Accumulation Plan administration fees | |||||
| Departmental expenses(b) | 1.1 | (56) | (56) | (56) | (56) |
| Departmental expenses(b) | 1.2 | (11) | (11) | (11) | (11) |
| Public Sector Savings - Enterprise | |||||
| Resource Planning Systems | |||||
| Departmental expenses(c) | 1.1 | - | - | (75) | (91) |
| Departmental expenses(c) | 1.2 | - | - | (19) | (23) |
| Total measures | 2,524 | 2,670 | 2,864 | 2,873 |
Prepared on a Government Financial Statistics (fiscal) basis.
(a) This measure was included in the Mid-Year Economic and Fiscal Outlook 2015-16, and forms part of the Commonwealth Government's White Paper on Agricultural Competitiveness.
(b) This measure was announced in the Mid-Year Economic and Fiscal Outlook 2014-15 as a cross portfolio measure and has not previously appeared in a portfolio statement.
(c) This measure was announced in the 2015-16 Budget as a cross-portfolio measure and has not previously appeared in a portfolio statement.
1.4 Additional estimates and variations
The following tables detail the changes to the resourcing for the ACCC at Additional Estimates, by outcome. Table 1.3 details the Additional Estimates and variations resulting from new measures since the 2015-16 Budget in Appropriation Bills Nos. 3 and 4. Table 1.4 details Additional estimates or variations through other factors, such as parameter adjustments.
| Programme | 2015-16 $'000 |
2016-17 $'000 |
2017-18 $'000 |
2018-19 $'000 |
|
|---|---|---|---|---|---|
| Outcome 1 | |||||
| Increase in estimates (departmental) | |||||
| Stronger Farmers, Stronger Economy - A fairer go for farm businesses | |||||
| Departmental expenses | 1.1 | 2,591 | 2,737 | 3,025 | 3,054 |
| Decrease in estimates (departmental) | |||||
| Public Sector Superannuation (a) | |||||
| Accumulation Plan administration fees | |||||
| Departmental expenses | 1.1 | (56) | (56) | (56) | (56) |
| Departmental expenses | 1.2 | (11) | (11) | (11) | (11) |
| Public Sector Savings - Enterprise | |||||
| Resource Planning Systems (b) | |||||
| Departmental expenses | 1.1 | - | - | (75) | (91) |
| Departmental expenses | 1.2 | - | - | (19) | (23) |
| Net impact on estimates for Outcome 1 (departmental) | 2,524 | 2,670 | 2,864 | 2,873 |
(a) This measure was announced in the Mid-Year Economic and Fiscal Outlook 2014-15 as a cross portfolio measure and has not previously appeared in a portfolio statement.
(b) This measure was announced in the 2015-16 Budget as a cross-portfolio measure and has not previously appeared in a portfolio statement.
Prepared on a Government Financial Statistics (fiscal) basis.
| Programme | 2015-16 $'000 |
2016-17 $'000 |
2017-18 $'000 |
2018-19 $'000 |
|
|---|---|---|---|---|---|
| Outcome 1 | |||||
| Increase in estimates (departmental) | |||||
| Movement of Funds - Equity | 1.1 | 11,596 | - | - | - |
| Decrease in estimates (departmental) | |||||
| Adjustment to reflect movement in indicies relating to prices and wages | |||||
| Departmental expenses | 1.1 | - | - | (130) | (261) |
| Departmental expenses | 1.2 | - | - | (33) | (66) |
| Departmental capital | 1.1 | - | - | (2) | (4) |
| Net impact on estimates for Outcome 1 (departmental) | 11,596 | - | (165) | (331) |
1.5 Breakdown of additional estimates by appropriation bill
The following tables detail the Additional Estimates sought for the ACCC through Appropriation Bills Nos. 3 and 4.
| 2014-15 Available $'000 |
2015-16 Budget $'000 |
2015-16 Revised $'000 |
Additional Estimates $'000 |
Reduced Estimates $'000 |
|
|---|---|---|---|---|---|
| Departmental programmes | |||||
| Outcome 1 - Lawful competition, consumer protection, and regulated national infrastructure markets and services through regulation, including enforcement, education, price monitoring and determining the terms of access to infrastructure services. | 169,459 | 164,815 | 167,339 | 2,524 | - |
| Total | 169,459 | 164,815 | 167,339 | 2,524 | - |
| 2014-15 Available $'000 |
2015-16 Budget $'000 |
2015-16 Revised $'000 |
Additional Estimates $'000 |
Reduced Estimates $'000 |
|
|---|---|---|---|---|---|
| Non-operating | |||||
| Equity injections | 2,700 | 1,300 | 12,896 | 11,596 | - |
| Total | 2,700 | 1,300 | 12,896 | 11,596 | - |
Section 2: Revisions to outcomes and planned performance
2.1 Outcomes and performance information
The additional priority of compliance and enforcement of the Competition and Consumer Act 2010 (CCA) in the agriculture sector will be achieved through increased engagement with the agriculture sector, increased investigations of possible breaches of the CCA and, as appropriate, enforcement action and outcomes. Accordingly, there is no change to the ACCC's outcome statement, objectives, outcome strategies and deliverables, and the performance information included in the Portfolio Budget Statements 2015-16 (pages 94-102) will require the ACCC to report on the additional work that the ACCC undertakes and the outcomes achieved.
| Outcome 1: Lawful competition, consumer protection, and regulated national infrastructure markets and services through regulation, including enforcement, education, price monitoring and determining the terms of access to infrastructure services. | 2014-15 Actual expenses $'000 |
2015-16 Revised estimated expenses $'000 |
|---|---|---|
| Programme 1.1: Australian Competition and Consumer Commission | ||
| Departmental expenses | ||
| Departmental appropriation(a) | 134,363 | 137,219 |
| Expenses not requiring appropriation in the Budget year(b) | 5,870 | 6,276 |
| Total for Programme 1.1 | 140,233 | 143,495 |
| Program 1.2: Australian Energy Regulator | ||
| Departmental expenses | ||
| Departmental appropriation(a) | 36,299 | 33,567 |
| Total for Programme 1.2 | 36,299 | 33,567 |
| Outcome 1 Totals by appropriation type | ||
| Departmental expenses | ||
| Departmental appropriation(a) | 170,662 | 170,786 |
| Expenses not requiring appropriation in the Budget year(b) | 5,870 | 6,276 |
| Total expenses for Outcome 1 | 176,532 | 177,062 |
| 2014-15 | 2015-16 | |
| Average staffing level (number) | 716 | 739 |
(a) Departmental Appropriation combines ‘Ordinary annual services (Appropriation Act No. 1 and Bill No. 3)' and ‘Retained Revenue Receipts under s.74 of the PGPA Act 2013'.
(b) Expenses not requiring appropriation in the Budget year is made up of depreciation expense, amortisation expense, makegood expense and audit fees.
Programme objective 1.1: Australian Competition and Consumer Commission
Other than the additional priority focus in the agricultural sector, there is no change to programme objectives, deliverables or key performance indicators for the ACCC from that included in the Portfolio Budget Statements 2015-16.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward year 1 $'000 |
2017-18 Forward year 2 $'000 |
2018-19 Forward year 3 $'000 |
|
|---|---|---|---|---|---|
| Annual departmental expenses: | |||||
| Departmental items | 134,363 | 137,219 | 134,278 | 133,811 | 134,572 |
| Expenses not requiring appropriation in the Budget year(a) | 5,870 | 6,276 | 6,379 | 5,659 | 5,075 |
| Total programme expenses | 140,233 | 143,495 | 140,657 | 139,470 | 139,647 |
(a) Expenses not requiring appropriation in the Budget year is made up of depreciation expense, amortisation expense, makegood expense and audit fees.
Programme objective 1.2: Australian Energy Regulator
There has been no change to programme objectives, deliverables or key performance indicators for the Australian Energy Regulator from that included in the Portfolio Budget Statements 2015-16.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward year 1 $'000 |
2017-18 Forward year 2 $'000 |
2018-19 Forward year 3 $'000 |
|
|---|---|---|---|---|---|
| Annual departmental expenses: | |||||
| Departmental items | 36,299 | 33,567 | 33,009 | 33,184 | 33,374 |
| Total programme expenses | 36,299 | 33,567 | 33,009 | 33,184 | 33,374 |
Section 3: Explanatory tables and budgeted financial statements
3.1 Explanatory tables
Estimates of special account flows
There has been no change to the estimates of special account flows and balances from that included in the Portfolio Budget Statements 2015-16 (page 103).
3.2 Budgeted financial statements
3.2.1 Analysis of budgeted financial statements
The ACCC is budgeting for a departmental breakeven operating result for 2015-16 after adjusting for non-appropriated expenses of depreciation and amortisation.
3.2.2 Budgeted financial statements
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| EXPENSES | |||||
| Employee benefits | 97,372 | 101,110 | 97,700 | 96,542 | 96,512 |
| Suppliers | 72,470 | 69,708 | 69,600 | 70,461 | 71,428 |
| Depreciation and amortisation | 5,779 | 6,185 | 6,288 | 5,568 | 4,984 |
| Finance costs | 88 | 59 | 78 | 83 | 97 |
| Write-down and impairment of assets | 673 | - | - | - | - |
| Other expenses | 150 | - | - | - | - |
| Total expenses | 176,532 | 177,062 | 173,666 | 172,654 | 173,021 |
| LESS: | |||||
| OWN-SOURCE INCOME | |||||
| Own-source revenue | |||||
| Sale of goods and rendering of services | 1,189 | 4,437 | 1,250 | 1,250 | 1,250 |
| Rental income | - | 1,003 | 1,003 | 1,003 | 1,003 |
| Other revenue | 1,432 | - | - | - | - |
| Total own-source revenue | 2,621 | 5,440 | 2,253 | 2,253 | 2,253 |
| Gains | |||||
| Other | 91 | 91 | 91 | 91 | 91 |
| Total gains | 91 | 91 | 91 | 91 | 91 |
| Total own-source income | 2,712 | 5,531 | 2,344 | 2,344 | 2,344 |
| Net cost of (contribution by) services | 173,820 | 171,531 | 171,322 | 170,310 | 170,677 |
| Revenue from Government | 167,446 | 165,346 | 165,034 | 164,742 | 165,693 |
| Surplus/(deficit) attributable to the Australian Government | (6,374) | (6,185) | (6,288) | (5,568) | (4,984) |
| OTHER COMPREHENSIVE INCOME | |||||
| Changes in asset revaluation surplus | 247 | - | - | - | - |
| Total other comprehensive income | 247 | - | - | - | - |
| Total comprehensive income/(loss) | (6,127) | (6,185) | (6,288) | (5,568) | (4,984) |
| 2014-15 $'000 |
2015-16 $'000 |
2016-17 $'000 |
2017-18 $'000 |
2018-19 $'000 |
|
|---|---|---|---|---|---|
| Total comprehensive income/(loss) excluding depreciation/amortisation expenses previously funded through revenue appropriations | (6,127) | (6,185) | (6,288) | (5,568) | (4,984) |
| less depreciation/amortisation expenses previously funded through revenue appropriations(a) | |||||
| Total comprehensive income/(loss) - as per the Statement of Comprehensive Income | (6,127) | (6,185) | (6,288) | (5,568) | (4,984) |
(a) From 2010-11, the Government introduced net cash appropriation arrangements where Appropriation Act No. 1 or Bill No. 3 revenue appropriations for the depreciation/amortisation expenses of non-corporate Commonwealth entities were replaced with a separate capital budget (the departmental capital budget, or DCB) provided through Appropriation Act No. 1 or Bill No. 3 equity appropriations. For information regarding DCBs, please refer to Table 3.2.5 Departmental capital budget statement.
Prepared on Australian Accounting Standards basis.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| ASSETS | |||||
| Financial assets | |||||
| Cash and cash equivalents | 1,083 | 2,000 | 2,000 | 2,000 | 2,000 |
| Trade and other receivables | 36,576 | 30,600 | 31,225 | 23,301 | 22,434 |
| Total financial assets | 37,659 | 32,600 | 33,225 | 25,301 | 24,434 |
| Non-financial assets | |||||
| Land and buildings | 12,643 | 10,031 | 7,389 | 11,040 | 9,889 |
| Property, plant and equipment | 5,020 | 4,696 | 4,614 | 4,191 | 3,514 |
| Intangibles | 3,839 | 3,383 | 2,410 | 2,522 | 1,986 |
| Inventories | - | - | - | - | - |
| Other non-financial assets | 1,039 | 999 | 997 | 1,010 | 1,024 |
| Total non-financial assets | 22,541 | 19,109 | 15,410 | 18,763 | 16,413 |
| Total assets | 60,200 | 51,709 | 48,635 | 44,064 | 40,847 |
| LIABILITIES | |||||
| Payables | |||||
| Suppliers | 8,644 | 8,377 | 8,455 | 8,650 | 8,860 |
| Other payables | 16,389 | 10,368 | 11,601 | 10,446 | 9,163 |
| Total payables | 25,033 | 18,745 | 20,056 | 19,096 | 18,023 |
| Provisions | |||||
| Employee provisions | 26,178 | 27,193 | 26,311 | 26,015 | 26,033 |
| Other provisions | 5,906 | 5,580 | 5,274 | 4,419 | 4,121 |
| Total provisions | 32,084 | 32,773 | 31,585 | 30,434 | 30,154 |
| Liabilities included in disposal groups held for sale | |||||
| Total liabilities | 57,117 | 51,518 | 51,641 | 49,530 | 48,177 |
| Net assets | 3,083 | 191 | (3,006) | (5,466) | (7,330) |
| EQUITY* | |||||
| Parent entity interest | |||||
| Contributed equity | 68,331 | 71,624 | 74,715 | 77,823 | 80,943 |
| Reserves | 3,967 | 3,967 | 3,967 | 3,967 | 3,967 |
| Retained surplus/(accumulated deficit) | (69,215) | (75,400) | (81,688) | (87,256) | (92,240) |
| Total parent entity interest | 3,083 | 191 | (3,006) | (5,466) | (7,330) |
| Total equity | 3,083 | 191 | (3,006) | (5,466) | (7,330) |
*Equity is the residual interest in assets after the deduction of liabilities.
Prepared on Australian Accounting Standards basis.
| Retained earnings $'000 |
Asset revaluation reserve $'000 |
Other reserves $'000 |
Contributed equity/ capital $'000 |
Total equity $'000 |
|
|---|---|---|---|---|---|
| Opening balance as at 1 July 2015 | |||||
| Balance carried forward from previous period | (69,215) | 3,967 | - | 68,331 | 3,083 |
| Adjustment for changes in accounting policies | - | - | - | - | - |
| Adjusted opening balance | (69,215) | 3,967 | - | 68,331 | 3,083 |
| Comprehensive income | |||||
| Other comprehensive income | - | - | - | - | - |
| Surplus/(deficit) for the period | (6,185) | - | - | - | (6,185) |
| Total comprehensive income | (6,185) | - | - | - | (6,185) |
| of which: | |||||
| Attributable to the Australian Government | (6,185) | - | - | - | (6,185) |
| Transactions with owners | |||||
| Distributions to owners | |||||
| Returns of capital: | |||||
| Other | (11,596) | (11,596) | |||
| Contributions by owners | |||||
| Equity Injection - Appropriation | - | - | - | 12,896 | 12,896 |
| Departmental Capital Budget (DCB) | - | - | - | 1,993 | 1,993 |
| Sub-total transactions with owners | - | - | - | 3,293 | 3,293 |
| Transfers between equity components | - | ||||
| Estimated closing balance as at 30 June 2016 | (75,400) | 3,967 | - | 71,624 | 191 |
| Closing balance attributable to the Australian Government | (75,400) | 3,967 | - | 71,624 | 191 |
Prepared on Australian Accounting Standards basis.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||
| Cash received | |||||
| Appropriations | 165,238 | 174,943 | 166,848 | 175,103 | 168,999 |
| Sale of goods and rendering of services | 1,621 | 3,621 | 2,438 | 2,438 | 2,438 |
| Net GST received | 6,456 | 6,857 | 6,934 | 7,652 | 7,120 |
| Other | 3,804 | - | - | - | - |
| Total cash received | 177,119 | 185,421 | 176,220 | 185,193 | 178,557 |
| Cash used | |||||
| Employees | 94,685 | 103,353 | 98,207 | 96,849 | 96,494 |
| Suppliers | 77,515 | 78,030 | 76,075 | 80,106 | 80,125 |
| s.74 Retained Revenue Receipts transferred to OPA | 5,458 | 3,621 | 2,438 | 2,438 | 2,438 |
| Other | 150 | - | - | - | - |
| Total cash used | 177,808 | 185,004 | 176,720 | 179,393 | 179,057 |
| Net cash from/(used by) operating activities | (689) | 417 | (500) | 5,800 | (500) |
| INVESTING ACTIVITIES | |||||
| Cash used | |||||
| Purchase of property, plant, equipment and intangibles | 3,178 | 2,793 | 2,591 | 8,908 | 2,620 |
| Total cash used | 3,178 | 2,793 | 2,591 | 8,908 | 2,620 |
| Net cash from/(used by) investing activities | (3,178) | (2,793) | (2,591) | (8,908) | (2,620) |
| FINANCING ACTIVITIES | |||||
| Cash received | |||||
| Contributed equity | 3,009 | 3,293 | 3,091 | 3,108 | 3,120 |
| Total cash received | 3,009 | 3,293 | 3,091 | 3,108 | 3,120 |
| Net cash used by financing activities | 3,009 | 3,293 | 3,091 | 3,108 | 3,120 |
| Net increase/(decrease) in cash held | (858) | 917 | - | - | - |
| Cash and cash equivalents at the beginning of the reporting period | 1,941 | 1,083 | 2,000 | 2,000 | 2,000 |
| Cash and cash equivalents at the end of the reporting period | 1,083 | 2,000 | 2,000 | 2,000 | 2,000 |
Prepared on Australian Accounting Standards basis.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| NEW CAPITAL APPROPRIATIONS | |||||
| Capital budget - Act No. 1 (DCB) | 2,013 | 1,993 | 1,991 | 2,008 | 2,020 |
| Equity injections - Act No. 2 | 2,700 | 12,896 | 1,100 | 1,100 | 1,100 |
| Total new capital appropriations | 4,713 | 14,889 | 3,091 | 3,108 | 3,120 |
| Provided for: | |||||
| Purchase of non-financial assets | 3,713 | 2,793 | 2,591 | 2,608 | 2,620 |
| Other Items | 1,000 | 12,096 | 500 | 500 | 500 |
| Total items | 4,713 | 14,889 | 3,091 | 3,108 | 3,120 |
| PURCHASE OF NON-FINANCIAL ASSETS | |||||
| Funded by capital appropriations (a) | 1,868 | 800 | 600 | 600 | 600 |
| Funded by capital appropriation - DCB (b) | 2,013 | 1,993 | 1,991 | 2,008 | 2,020 |
| Funded internally from departmental resources (c) | - | - | - | 6,300 | - |
| TOTAL AMOUNT SPENT | 3,881 | 2,793 | 2,591 | 8,908 | 2,620 |
| RECONCILIATION OF CASH USED TO ACQUIRE ASSETS TO ASSET MOVEMENT TABLE | |||||
| Total purchases | 3,178 | 2,793 | 2,591 | 8,908 | 2,620 |
| TOTAL CASH REQUIRED TO ACQUIRE ASSETS | 3,178 | 2,793 | 2,591 | 8,908 | 2,620 |
(a) Includes both current and prior Act 3 and Bills 4-6 appropriations and special capital appropriations.
(b) Does not include annual finance lease costs. Includes purchases from current and previous years' departmental capital budgets (DCBs).
(c) Includes current and prior year Act (No. 1) and Bills 3/5 appropriations (excluding amounts from the DCB).
Prepared on Australian Accounting Standards basis.
| Buildings $'000 |
Other property, plant and equipment $'000 |
Computer software and intangibles $'000 |
Total $'000 |
|
|---|---|---|---|---|
| As at 1 July 2015 | ||||
| Gross book value | 12,643 | 5,020 | 12,851 | 30,514 |
| Accumulated depreciation/amortisation and impairment | - | - | (9,012) | (9,012) |
| Opening net book balance | 12,643 | 5,020 | 3,839 | 21,502 |
| Capital asset additions | ||||
| Estimated expenditure on new or replacement assets | ||||
| By purchase - appropriation equity(a) | 30 | - | 770 | 800 |
| By purchase - appropriation ordinary annual services(b) | - | 1,392 | 601 | 1,993 |
| Total additions | 30 | 1,392 | 1,371 | 2,793 |
| Other movements | ||||
| Depreciation/amortisation expense | (2,642) | (1,716) | (1,827) | (6,185) |
| Total other movements | (2,642) | (1,716) | (1,827) | (6,185) |
| As at 30 June 2016 | ||||
| Gross book value | 12,673 | 6,412 | 14,222 | 33,307 |
| Accumulated depreciation/amortisation and impairment | (2,642) | (1,716) | (10,839) | (15,197) |
| Closing net book balance | 10,031 | 4,696 | 3,383 | 18,110 |
(a) ‘Appropriation equity' refers to equity injections or Administered Assets and Liabilities appropriations provided through Appropriation Act (No.2) 2015-16 and Bill (No.4) 2015-16, including CDABs.
(b) ‘Appropriation ordinary annual services' refers to funding provided through Appropriation Act (No.1) 2015-16 and Bill (No.3) 2015-16 for depreciation/amortisation expenses, DCBs or other operational expenses.
Prepared on Australian Accounting Standards basis.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT | |||||
| Write-down and impairment of assets | 2,262 | - | - | - | - |
| Other expenses | 11,000 | - | - | - | - |
| Total expenses administered on behalf of Government | 13,262 | - | - | - | - |
| LESS: | |||||
| OWN-SOURCE INCOME | |||||
| Own-source revenue | |||||
| Non-taxation revenue | |||||
| Fees and fines | 34,050 | 40,000 | 40,000 | 40,000 | 40,000 |
| Other revenue | - | - | - | - | - |
| Total non-taxation revenue | 34,050 | 40,000 | 40,000 | 40,000 | 40,000 |
| Total own-source revenue administered on behalf of Government | 34,050 | 40,000 | 40,000 | 40,000 | 40,000 |
| Total own-source income administered on behalf of Government | 34,050 | 40,000 | 40,000 | 40,000 | 40,000 |
| Net cost of/(contribution by) services | (20,788) | (40,000) | (40,000) | (40,000) | (40,000) |
Prepared on Australian Accounting Standards basis.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| ASSETS | |||||
| Financial assets | |||||
| Cash and cash equivalents | - | - | - | - | - |
| Trade and other receivables | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 |
| Total financial assets | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 |
| Total assets administered on behalf of Government | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 |
| LIABILITIES | |||||
| Payables | |||||
| Other payables | 11,000 | - | - | - | - |
| Total payables | 11,000 | - | - | - | - |
| Total liabilities administered on behalf of Government | 11,000 | - | - | - | - |
| Net assets/(liabilities) | (5,748) | 5,252 | 5,252 | 5,252 | 5,252 |
Prepared on Australian Accounting Standards basis.
| 2014-15 Actual $'000 |
2015-16 Revised budget $'000 |
2016-17 Forward estimate $'000 |
2017-18 Forward estimate $'000 |
2018-19 Forward estimate $'000 |
|
|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||
| Cash received | |||||
| Fees | 32,581 | 40,000 | 40,000 | 40,000 | 40,000 |
| Other | 240 | 11,000 | - | - | - |
| Total cash received | 32,821 | 51,000 | 40,000 | 40,000 | 40,000 |
| Cash used | |||||
| Other | 32,830 | 51,000 | 40,000 | 40,000 | 40,000 |
| Total cash used | 32,830 | 51,000 | 40,000 | 40,000 | 40,000 |
| Net cash from/(used by) operating activities | (9) | - | - | - | - |
| Net increase/(decrease) in cash held | (9) | - | - | - | - |
| Cash and cash equivalents at beginning of reporting period | 9 | - | - | - | - |
| Cash and cash equivalents at end of reporting period | - | - | - | - | - |
Prepared on Australian Account ing Standards basis.
Notes to the financial statements
Accounting policy
The budgeted financial statements have been prepared on an accrual accounting basis having regard to statements of accounting concepts, and in accordance with:
- the Government's financial budgeting and reporting framework; and
- Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board.
Departmental and administered items
Entity assets, liabilities, revenues and expenses are those items that are controlled by the ACCC that are used by the ACCC in producing its programme and include:
- computers, plant and equipment and building fitout used in providing goods and services;
- liabilities for employee entitlements;
- revenue from appropriations or independent sources in payment for the departmental programme; and
- employee, supplier and depreciation expenses incurred in providing entity programme.
Administered items are those items incurred in providing programmes that are controlled by the Government and managed, or oversighted by the ACCC on behalf of the government. Administered revenues include fees and fines.
Departmental revenue
Revenue from government represents the purchase of outputs from the ACCC by the Government and is recognised to the extent that it has been received into the ACCC's bank account.
Revenue from other sources, representing sales from goods and services, is recognised at the time that it is imposed on customers.
Departmental expenses — employees
Payments and net increases in entitlements to employees for services rendered in the financial year.
Departmental expenses — suppliers
Payments to suppliers for goods and services used in providing entity programmes.
Departmental expenses — depreciation and amortisation
Depreciable property, plant and equipment, buildings and intangible assets are written-off to their estimated residual values over their estimated useful life, using the straight-line calculation method.
Departmental assets — financial assets
The primary financial asset relates to receivables. Financial assets are used to fund the ACCC's capital programme, employee entitlements, creditors and to provide working capital.
Departmental assets — non-financial assets
These items represent future benefits that the ACCC will consume in producing outputs. The reported value represents the purchase paid less depreciation incurred to date in using the asset.
Departmental liabilities — provisions and payables
Provision has been made for the ACCC's liability for:
- employee entitlements arising from services rendered by employees. The liability includes unpaid annual leave and long service leave;
- making good leased premises and lease incentives;
- onerous lease for the Nishi building in New Acton, Canberra; and
- unpaid expenses and unearned revenue as at balance date.