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Annual Report 2017–18

StatementSection AAgency purpose or roleObjectivesKey strategiesPrograms and initiativesOrganisation of the agencyRelated agenciesEmployment opportunity programsPeformance management and development systemsWHS and rehabilitation programsFraud detectionWhistle-blowers' disclosureExecutive employmentConsultantsFinancial performanceSection BSection CPublic complaintsFinancial statements
Home » Board of Management » Annual Report 2017–18

This annual report is to be presented to Parliament to meet the statutory reporting requirements of the Urban Renewal Act 1995.

This report is verified to be accurate for the purposes of annual reporting to the Parliament of South Australia.

Submitted on behalf of the Urban Renewal Authority (trading as Renewal SA) by:

Damian De Luca
A/Chief Executive of Renewal SA

Section A

Agency purpose or role

Renewal SA is responsible for leading and coordinating urban renewal activity to ensure future housing needs are met through better planned, affordable and vibrant mixed use (residential and commercial) urban developments located near transport, employment, education and other services.

Guided by The 30-Year Plan for Greater Adelaide, Renewal SA facilitates unique development opportunities for the private sector through access to government land holdings.

Renewal SA is creating jobs and opportunities for people to live within ten kilometres of the city with the aim of having more people living, working, visiting and investing in South Australia.

Accelerated urban renewal is achieved through ongoing partnerships with the private sector and not-for-profit housing sector, and an unwavering commitment to conversations and engagement with federal and state agencies, local communities, councils and, most importantly, individuals.

Objectives

  • Focusing on marquee sites and creating premium places and iconic destinations
  • Facilitating medium to high urban infill development and areas with high concentrations of ageing social housing assets
  • Generating opportunities for non-government partners
  • Facilitating the supply of strategically located commercial and industrial land to support South Australia’s economic and employment growth
  • Fostering urban regeneration.

Key strategies

Key strategies and their relationship to SA Government objectives

Key strategy
SA Government objective

Facilitating the delivery of infrastructure agreements for growth areas and delivering projects that provide commercial and industrial opportunities to support jobs and industry growth

  • Supports the state government’s Strategic Priority No 1: Creating a Vibrant City and Strategic Priority No 4: Growing advanced manufacturing
  • Supports the South Australian Strategic Plan by contributing to Target 56 – Strategic infrastructure
  • Supports the Government’s Economic Priority 7: Growth through innovation
  • Guided by The 30-Year Plan for Greater Adelaide.

Enable unique development opportunities for the private sector through access to government land holdings

  • Supports the Government’s Strategic Priority No 1: Creating a Vibrant City and Strategic Priority No 4: Growing advanced manufacturing
  • Supports the Government’s Economic Priority 10: Opening doors for small business
  • Guided by The 30-Year Plan for Greater Adelaide
Conduct detailed precinct planning through consultation with government agencies, local communities, councils and other stakeholders
  • Supports the state government’s Strategic Priority No 1: Creating a Vibrant City, Strategic Priority No 2: An affordable place to live, and Strategic Priority No 5: Safe communities, healthy neighbourhoods
  • Supports the South Australian Strategic Plan by contributing to Target 56 – Strategic infrastructure, Target 60 – Energy efficiency, dwellings, Target 63 – Use of public transport and Target 75 – Sustainable water use
  • Supports the Government’s Economic Priority 6: Best place to do business
  • Guided by The 30-Year Plan for Greater Adelaide

Identifying and assembling development sites and engaging early and often with local communities, local government, other government agencies and the private sector to facilitate quality, well designed, affordable and sustainable developments

  • Supports the state government’s Strategic Priority No 1: Creating a Vibrant City, Strategic Priority No 2: An affordable place to live, and Strategic Priority No 5: Safe communities, healthy neighbourhoods
  • Supports the South Australian Strategic Plan by contributing to Target 7 – Affordable housing, Target 8 – Housing stress, Target 56 – Strategic infrastructure, Target 60 – Energy efficiency, dwellings and Target 75 – Sustainable water use
  • Supports the Government’s Economic Priority 3: A destination of choice and Economic Priority 9: Vibrant Adelaide
  • Guided by The 30-Year Plan for Greater Adelaide

Programs and initiatives

Agency programs and initiatives and their effectiveness and efficiency

Program name
Indicators of performance/effectiveness/efficiency
Comments

Vibrant City program

  • Small Venue Licence Case Management Service
  • City Makers program
  • Hub Adelaide Spark Entrepreneurs initiative
  • Market to Riverbank link project
  • Assisted 53 new small to medium businesses starting up in the city through Hub Adelaide, City Makers Case Management and Renew Adelaide
  • 16 City Makers applications funded to a total value of $123,000
  • 10 entrepreneurs were supported through the Spark Program
Established in 2012, the program aims to create a city where people want to live, work, invest and spend time. The program is achieving this by improving and maximising opportunities for communities, businesses, entrepreneurs and investors.
Placemaking and activation
  • 57,000 people attended Winterfest at Port Adelaide between 14 and 23 July 2017
  • 5000 attendees at Playford Alive Fun Day in November 2017
  • 40,000 visitors to the Urban Beach demonstration project at Pinky Flat in the Adelaide Riverbank between 1 December 2017 and 29 January 2018
  • 20,000 people visited Lot Fourteen (the former Royal Adelaide Hospital site) through a curated activation program between September 2017 and June 2018
  • 25,000 visitors to Tonsley Innovation District through major partnership events

A people-centred approach to developing public and non-public spaces, placemaking and activation discovers the needs and aspirations of those who live, work and play in a particular place, and creates a common vision for it. Renewal SA builds on a community’s assets, their inspiration and participation, creating and shaping good spaces that promote people’s health, happiness and wellbeing.

Works Program
  • 158 paid employment outcomes
  • 192 training places in programs
  • 271 work experience placements
  • 28 Renewal SA Contract paid employment placements
  • $1.7 million in funding secured with partners
  • 70 work experience placements through Renewal SA Contracts
Established in 2008, the Works Program extends the benefits of Renewal SA’s urban renewal activities by creating opportunities for local people, through training and work experience across varied industries including building and construction, horticulture, retail, childcare and health.
Community engagement

We demonstrated our intent to actively listen through various parts of the planning process, from concepts and early design to detailed master planning for a range of different projects throughout 2017-18.

More than 1300 people were engaged face-to-face through community forums such as drop-in sessions. A further 7500 people were engaged through letterbox drops and electronic direct mail.

Renewal SA engages with organisations and the community to place people at the centre of urban planning and design. We pride ourselves on making a genuine attempt to engage and bring people along the journey through collaboration and honesty.
Affordable housing

The Government of South Australia's policy of 15% affordable housing in significant developments has been integrated into the state planning system.

As at 30 June 2018, affordable housing was included in 85% of greater Adelaide development plans.

263 affordable homes were delivered during the 2017-18. This includes home ownership, and social rental including community housing.
Affordable Housing Program
The Affordable Homes Program continues to support eligible buyers in South Australia into home ownership. Improvements have been undertaken including a refresh of the Affordable Homes Program website, and a simplification of the declaration of eligibility.
144 Affordable Homes Program sales of land, new homes or ex-SANT stock to low-to-moderate income home buyers.

Legislation administered by the agency

  • Urban Renewal Act 1995
  • Housing and Urban Development (Administrative Arrangements) (Urban Renewal) Amendment Act 2013
  • South Australian Housing Trust Act 1995
  • South Australian Co-operative and Community Housing Act 1991
  • Community Housing Providers (National Law) (South Australia) Act 2013

Organisation of the agency

For the 2017-18 financial year, Renewal SA coordinated, managed and delivered activities and initiatives on behalf of three representative boards.

Urban Renewal Authority Board of Management

Responsible for continual improvements in performance and protecting both the long-term viability of, and the government’s financial and other interests in, the Urban Renewal Authority (trading as Renewal SA).

Riverbank Authority Board of Management

Appointed to oversee the coordination of events, development and promotion of Adelaide’s Riverbank precinct.

South Australian Housing Trust Board

Created to help deliver more affordable homes and public housing for South Australians who are locked out of the housing market.

Appointed by the Governor, the Urban Renewal Authority Board of Management was subject to the control and direction of the Minister for Housing and Urban Development (from 1 July 2017 to 16 March 2018), and follow the election and change of government, now reports to the Minister for Transport, Infrastructure and Local Government.

The Board is responsible to the Minister for securing continuing improvements in performance and protecting both the long-term viability of Renewal SA and the government’s financial and other interest in Renewal SA.

Renewal SA High Level Governance Structure

Employment opportunity programs

Program name
Result of the program
Renewal SA graduate program
Renewal SA supports and regularly provides work experience placements for school and university students. In 2017-18 the agency continue the two-year Graduate Program. To date, two graduates have successfully attained ongoing positions during their program term.
Disability Access and Inclusion Plan
Support for employees with a disability is ongoing, in line with Renewal SA's Disability Access and Inclusion Plan. Where applicable, staff are encouraged to access special leave to manage any disability.

Peformance management and development systems

Performance management and development system
Assessment of effectiveness and efficiency
Partnering for Performance Program (PPP)
Renewal SA's PPP reinforces the importance of values and behaviours while reinforcing the agency's strategic plan. The program provides staff with the opportunity to discuss a development plan to assist with individual career aspirations. Over 55 per cent of Renewal SA reported participating in the program compared to a South Australian Public Sector average of 44.1 per cent (for the reporting period to 31 December 2017).

WHS and rehabilitation programs

Work health, safety and return-to-work programs of the agency and their
effectiveness

Occupational health, safety and rehabilitation programs
Program effectiveness
Work Health and Safety (WHS) program

Renewal SA follows a risk management approach to its safety program, with extensive consultation through employee and management representation on our WHS committee.

Health and wellbeing program

Renewal SA's health and wellbeing program continues to have a substantial focus on equality and the prevention of gender based violence, both within and outside of the workplace. Frontline customer care employees were trained in violence prevention and the de-escalation of work—related and domestic violence.

Continuous offering of an Employee Assistance Program and a Wellness Program that celebrates selected national and international days aligned with the organisation's core values, including International Woman's Day, R U OK? Day and International Day for the Elimination of Violence against Women, were implemented.

The preventative health care program focused on skin screening and an influenza vaccinations program, to allow staff the option of accessing medical screening at work.

White Ribbon Workplace program

As an accredited White Ribbon workplace, Renewal SA continued to build on existing workplace policies to support victims of domestic violence. Support for victims of domestic violence and the prevention of violence against women are incorporated in all People and Culture policies and procedures.

As a result of a staff engagement activity, Renewal SA now has a better understanding of how violence against women affects our staff.

Work health and safety and return to work performance

2017–18 2016–17 % change (+/-)

Workplace injury claims
Total new workplace injury claims 2 3 -50%
Fatalities 0 0 0%
Seriously injured workers* 0 0 0%
Significant injuries (where lost time exceeds a working week, expressed as a frequency rate per 1000 FTE) 3.27 9.76 -67%

Work health and safety regulation
Number of notifiable incidents (WHS Act 2012, Part 3) 0 0 0%
Number of provisional improvement, improvement and prohibition notices (WHS Act 2012 Sections 90, 191 and 195) 0 0 0%

Return to work costs**
Total gross workers compensation expenditure ($) 57,463.80 190,524.83 -70%
Income support payments – gross ($) 3910.82 95,026.68 -96%

*number of claimants assessed during the reporting period as having a whole person impairment of 30 per cent or more under the Return to Work Act 2014 (Part 2 Division 5)

**before third party recovery

Refer to previous years’ Work Health and Safety and Return to Work Performancedata on Data.SA

Fraud detection

Strategies implemented to control and prevent fraud

Renewal SA has a Fraud and Corruption: Prevention, Detection and Response Policy applying to both staff and suppliers, and undertakes fraud awareness training in order to prevent fraudulent behaviour.

Particular activities undertaken during the financial year include the following:

  • New staff receive a compliance induction that includes an overview of obligations as a public officer to report instances of fraud in accordance with Renewal SA’s policies;
  • Online Fraud Awareness Training; and
  • Internal audit conducted reviews and risk assessments on fraud prevention and control mechanisms as part of the audit program.

No categories of fraud were detected in Renewal SA for the 2017–2018 financial year.

Whistle-blowers' disclosure

There were 0 occasions on which public interest information has been disclosed to a responsible officer of the agency under the Whistle-blowers’ Protection Act 1993.

Executive employment

Five executives were employed by the agency in the 2016-17 year.

The Office for the Public Sector has a data dashboard for further information on the breakdown of executive gender, salary and tenure by agency.

Executive employment data

Consultants

The following is a summary of external consultants engaged by the agency, the nature of work undertaken and the total cost of the work.

Consultants
Purpose
Value (ex-GST)
Consultancies below $10,000 each
Seven consultants engaged
$28,043.57
Consultancies above $10,000 each
City Collective Pty Ltd
Retail and Hospitality Plan
$61,050.00
Deloitte Access Economics
Due Diligence Report
$53,492.00
Inside Infrastructure Pty Ltd
Recycled Water Cost and Benefit Study
$15,000.00
Jensen Plus
Master Plan
$84,415.00
KPMG
Accounting Advice
$10,000.00
Senversa Pty Ltd
Traffic Impact Assessment
$12,549.00
Tonkin Consulting
Economic Value of Renewal SA Report
$43,182.00
Woods Bagot Pty Ltd
Master Plan
$223,785.61
Subtotal
$503,473.61
Total all consultancies
$531,517.18

Refer also to the Consolidated Financial Report of the Department of Treasury and Finance for total value of consultancy contracts across the South Australian Public Sector.

Financial performance

Renewal SA achieved an operating profit before tax of $29.4 million for the 2017–18 financial year. As a result, Renewal SA made dividend and income tax payments to the government of $13.5 million during the financial year, which were based on budgeted profit.

Renewal SA also made payments to the government for land tax, Local Government Rate Equivalents, Emergency Services Levy and Guarantee Fees on borrowings, totaling $36.9 million. Once these payments are included, total payments to the government totaled $50.4 million in 2017–18.

The full year result is an improvement of $48.3 million on that achieved in the previous financial year and represents the third successive year of improvement in profitability. The result was supported by $87.0 million of property sales, which is 23 per cent higher than the previous financial year and represents the fifth consecutive year of increasing sales. Revaluations of land and property holdings contributed a positive $2.4 million to the result in 2017–18, a significant improvement on the revaluation outcomes in previous years. These outcomes are influenced by the maturation of Renewal SA’s projects such as Tonsley, Bowden and Woodville West. The result also includes the full year impact of income from the portfolio of TAFE properties, which were purchased from the former Department of State Development in March 2016.

Other financial information

Nil to report.

Other information requested by the Minister(s) or other significant issues affecting the agency or reporting pertaining to independent functions

Nil to report.

Section B

Reporting required under any other act or regulation

Nil to report

Section C

Reporting of public complaints as requested by the Ombudsman

Public complaints

Reporting of public complaints as requested by the Ombudsman

Public complaints received by Renewal SA

No categories of complaints were received by or made against Renewal SA for the 2017–2018 financial year.

Financial statements

The following statements should be read in conjunction with the accompanying notes, available in the PDF version of the 2017–18 Annual Report Appendix.

Statement of comprehensive income

For the year ended 30 June 2018

Note
No.		 2018
$’000		 2017
$’000

Income
Revenue from sales 3 87,033 70,841
Less: cost of sales 3 48,938 36,935
Gross profit from sales 38,095 33,546
Share of net profit/(loss) in joint ventures 4 1,110 3,002
Revenues from Commonwealth and SA Government 5 9,111 6,750
Interest revenues 6 268 1,465
Property income 7 79,957 42,513
Other revenues 8 20,635 17,721
Net gain from changes in value of non-current assets 19, 20 2,442 –
Net gain from disposal of non-current assets 9 250 1,319
Total other income 113,773 72,770
Net gain from transferred functions 36 325 548
Total income 152,193 106,864

Expenses
Employee benefits expenses 10 31,675 31,252
Operating expenditure 13 50,875 45,320
Borrowing costs 14 39,754 28,002
Depreciation and amortisation 21 495 473
Net loss from changes in value of non-current assets 19, 20 – 20,744
Total expenses 122,799 125,791
Profit/Loss before income tax equivalent 29,394 (18,927)
Income tax equivalent 16 8,819 –
Profit/Loss after income tax equivalent 20,575 (18,927)
Total comprehensive result 20,575 (18,927)

The Profit/Loss After Income Tax Equivalent and Total Comprehensive Result are attributable to the SA Government as owner.

The above statement should be read in conjunction with the accompanying notes.

Statement of financial position

As at 30 June 2018

Note
no.		 2018
$’000		 2017
$’000

Current assets
Cash and cash equivalents 34 42,050 11,144
Receivables 18 4,033 13,145
Inventories 19 73,837 66,504
Work in progress 22 – –
Investment in joint ventures 4 2,736 2,492
Total current assets 122,656 93,285

Non-current assets
Receivables 18 6,720 6,504
Inventories 19 241,230 247,654
Investment properties 20 716,160 719,505
Property, plant and equipment 21 1,874 2,061
Investment in joint ventures 4 159 168
Total non-current assets 966,143 975,892
Total assets 1,088,799 1,069,177

Current liabilities
Payables 24 21,375 20,760
Unearned income 27 6,287 6,149
Borrowings 25 174,218 161,280
Provisions 26, 28 5,784 125
Employee benefits 29 4,143 4,516
Other liabilities 30 458 302
Total current liabilities
 212,265 193,132

Non-current liabilities
Payables 24 7,872 545
Unearned income 27 15,530 4,846
Borrowings 25 720,102 749,621
Provisions 28 23 235
Employee benefits 29 6,701 5,917
Total non-current liabilities 750,228 761,164
Total liabilities
 962,493 954,296
Net assets 126,306 114,881

Equity
Contributed capital 356,857 356,857
Retained earnings (230,551) (241,976)
Total equity
 126,306 114,881

The total equity is attributable to the SA Government as owner.

  • Unrecognised contractual commitments – capital expenditure: note 31
  • Contingent liabilities: note 32

The above statement should be read in conjunction with the accompanying notes.

Statement of changes in equity

For the year ended 30 June 2018

Note
no.		 Contributed capital
$’000		 Retained earnings
$’000		 Total
$’000
Balance at 30 June 2016 242,939 (220,990) 21,949
Total comprehensive result for 2016-17 – (18,927) (18,927)
Transactions with the SA Government in their capacity as owners:
  • Equity contribution*
 113,918 – 113,918
  • Dividends paid
 17 – (2,059) (2,059)
Balance as at 30 June 2017
 356,857 (241,976) 114,881
Total comprehensive result for 2016-17 – (9,150) (9,150)
Transactions with the SA Government in their capacity as owners:
  • Equity contribution
 – – –
  • Dividends paid
 17 – (9,150) (9,150)
Balance as at 30 June 2018
 356,857 (230,551) 126,306

All changes in equity are attributable to the SA Government as owner.

The above statement should be read in conjunction with the accompanying notes.

*Renewal SA received an equity contribution from the SA Government of $113.9 million during 2016–17, which was used to partly fund the acquisition of a portfolio of TAFE properties from the Department of State Development during 2016–17.

Statement of cash flows

For the year ended 30 June 2018

Note
no.		 2018
$’000		 2017
$’000

Cash flows from operating activities
Cash inflows
Receipts from sales 96,766 79,277
Receipts from SA Government 28,045 14,414
Interest received 286 1,508
Receipts from tenants (rent and recoveries) 102,160 50,601
Recoveries and sundry receipts 22,217 17,614
Funds held in trust 4 4
Receipts for paid parental leave scheme 43 53
GST recovered from the ATO – 55,636
Cash generated from operations
 249,521 219,107
Cash outflows
Payments for land purchase and development (49792) (76,092)
Payments to SA Government (4,300) (1,272)
Land tax paid (20,955) (19,548)
Interest paid (41,181) (28,004)
Payments to suppliers (36,399) (29,600)
Payments for employee benefits payments (33,826) (33,149)
Payments for paid parental leave scheme (46) (54)
GST paid to the ATO (9,052) –
Cash used in operations
 (195,551) (187,719)
Net cash provided by/(used in) operating activities 33 53,970 31,388

Cash flows from investing activities
Cash inflows
Distributions of profit by joint ventures 875 4,101
Proceeds from the sale of investment properties 2100 33,010
Cash generated from investing activities 2975 37,111
Cash outflows
Purchase of investment property – (678,421)
Purchase of plant and equipment (308) (357)
Cash used in investing activities (308) (678,778)
Net cash provided by/(used in) investing activities 2,667 (641,667)

Cash flows from financing activities
Cash inflows
Capital contributions received from SA Government – 113,918
Proceeds from borrowings 144,700 516,694
Cash generated from financing activities 144,700 630,612
Cash outflows
Repayment of borrowings (161,281) (124,437)
Dividends paid to SA Government (9,150) (2,059)
Cash used in financing activities (170,431) (126,496)
Net cash provided by/(used in) financing activities (25,731) 504,116
Net increase/(decrease) in cash held
 30,906 (106,163)
Cash at the beginning of the financial year
 11,144 117,307
Cash at the end of the financial year
 34 42,050 11,144

The above statement should be read in conjunction with the accompanying notes.

Independent Auditor’s Report

To the Presiding Member
Urban Renewal Authority

As required by section 31(1)(b) of the Public Finance and Audit Act 1987 and section 27(4) of the Urban Renewal Act 1994, I have audited the financial report of the Urban Renewal Authority for the financial year ended 30 June 2018.

In my opinion, the accompanying financial report gives a true and fair view of the financial position of the Urban Renewal Authority as at 30 June 2018, its financial performance and its cash flows for the year then ended in accordance with the Treasurer’s Instructions issued under the provisions of the Public Finance and Audit Act 1987 and Australian Accounting Standards.

The financial report comprises:

  • a Statement of Comprehensive Income for the year ended 30 June 2018
  • a Statement of Financial Position as at 30 June 2018
  • a Statement of Changes in Equity for the year ended 30 June 2018
  • a Statement of Cash Flows for the year ended 30 June 2018
  • notes, comprising significant accounting policies and other explanatory information
  • a Certificate from the Presiding Member, the Chief Executive and the General Manager, Corporate Services.

Basis for opinion

I conducted the audit in accordance wit the Public Finance and Audit Act 1987 and Australian Auditing Standards. My responsibilities under those standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Financial Report’ section of my report.

I am independent of the Urban Renewal Authority. The Public Finance and Audit Act 1987 establishes the independence of the Auditor-General. In conducting the audit, the relevant ethical requirements of APES 110 Code of Ethics for Professional Accountants have been met.

I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my opinion.

Responsibilities of the Chief Executive and the members of the Board for the financial report

The Chief Executive is responsible for the preparation of the financial report that gives a true and fair view in accordance with the Treasurer’s Instructions issued under the provisions of the Public Finance and Audit Act 1987 and Australian Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of the financial report that gives a true and fair view and that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Chief Executive is responsible for assessing the entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the entity is to be liquidated or to cease operations, or has no realistic alternative but to do so.

The members of the Board are responsible for overseeing the entity’s financial reporting process.

Auditor’s responsibilities for the audit of the financial report

My objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with Australian Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit.

I also:

  • identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsible to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control
  • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
  • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Chief Executive
  • conclude on the appropriateness of the entity’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern
  • evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a matter that achieves fair presentation.

My report refers only to the financial report described above and does not provide assurances over integrity of electronic publication by the entity on any website nor does it provide an opinion on other information which may have been hyperlinked to/from the report.

I communicate with the Chief Executive and members of the Board regarding, among other matters, the planned scope and timing of the audits and significant audit findings, including any significant deficiencies in internal control that I identify during the audit.

(signed)
Andrew Richardson
Auditor-General
18 September 2018

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