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Chief Financial Officer's review

Robert O'Meara, Chief Financial Officer, Austrade

Robert O'Meara, Chief Financial Officer, Austrade

Year in review

In 2017–18, the Government provided Austrade with $189.7 million in funding for ordinary annual services. Revenue from the Government decreased by $5.1 million compared to 2016–17. This decrease was mainly due to savings required to fund the continuation of the Approved Destination Status scheme in 2018–19 (a reduction of $2.6 million in 2017–18), and Austrade’s contribution to the Foreign Affairs and Trade portfolio savings in the 2017–18 Budget (a further reduction of $2.6 million in 2017–18).

In addition, Austrade received $28.7 million in own-source income—an increase of $0.9 million from 2016–17, mainly due to increased sponsorship for events. Expenditure was lower this year in line with government decisions to reduce appropriation. Austrade also received $14.1 million to fund capital expenditure.

Austrade continues to streamline numerous controls and processes to reduce the administrative burden across the organisation and on external parties.

Figure 3 on the next page summarises Austrade’s financial performance over the last four years, and Figure 4 summarises Austrade’s financial position at 30 June 2018.

Austrade’s financial statements for 2017–18 are provided in Part 4 of this report, and Austrade’s financial and staffing resource tables are provided in Appendix D.

Outlook for 2018–19

In a challenging fiscal environment where Austrade continues to absorb savings and an above-standard efficiency dividend, the agency is simultaneously completing a thorough assessment of its budget and resource utilisation framework, with the objective of placing an appropriate portion of the agency’s existing resourcing toward its digital transformation.

signature of the CFO Robert O'Meara

Robert O'Meara
Chief Financial Officer

Financial performance in 2017–18

Figure 3: Austrade’s financial performance, 2017–18 (including four-year trends)

Figure 3: Austrade's financial performance, 2017-18

Note: Figures have been rounded. Comparative percentage movements are in relation to the 2016–17 financial year. An increase in dollar value is shown as a positive percentage movement (upward arrow) and a decrease in dollar value is shown as a negative percentage movement (downward arrow).

Figure 4: Austrade's financial position, 2017–18

Figure 4: Austrade's financial position, 2017-18

Note: Figures have been rounded. Comparative percentage movements are in relation to the 2016–17 financial year. An increase in dollar value is shown as a positive percentage movement (upward arrow) and a decrease in dollar value is shown as a negative percentage movement (downward arrow).

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