Annual Report 2020–21

This annual report will be presented to Parliament to meet the statutory reporting requirements of the Urban Renewal Act 1995 and the requirements of Premier and Cabinet Circular PC013 Annual Reporting..

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:

Chris Menz
Chief Executive of Renewal SA

From the Chief ExecutiveAbout the agencyThe agency's performanceFinancial PerformananceRisk managementPublic complaintsFinancial statements

From the Chief Executive

Internally, our team continue to drive to be easier to do business with and more agile in decision making. This has led to a program of system transformation and process improvement.

As we work in partnership with the private development and investment sectors and across government, we will continue to seek economic impact for South Australia.

We are striving to achieve our bold and aspirational ambitions by continuing to grow our pipeline of future projects, unlock new opportunities and deliver city shaping projects.

Collectively with the Treasurer and our Board, we are proud to provide this summary of our achievements in 2020-21 which strongly reflect our efforts to drive the economic and social growth of South Australia, through property and projects.

Chris Menz
Chief Executive
Renewal SA

About the agency

Our strategic focus

The key functions of Renewal SA as outlined in the Urban Renewal Act 1995 are to:

  • initiate, undertake, support and promote residential, commercial and industrial development in the public interest
  • acquire, assemble and use land and other assets in strategic locations for urban renewal
  • promote community understanding of, and support for, urban renewal by working with government agencies, local government, community groups and organisations involved in development
  • undertake preliminary works (including the remediation of land) to prepare land for development and other functions such as planning and coordination
  • encourage, facilitate and support public and private sector investment and participation in development of the State
  • acquire, hold, manage, lease and dispose of land, improvements in property.
Renewal SA Organisational Chart

Legislation administered by the agency

The agency's performance

Performance at a glance

Renewal SA’s success in achieving impact in South Australia is being attained by generating value from the government’s real property holdings, investing in our people, creating a strong investment pipeline, building mutually beneficial partnerships and delivering ‘best in class’ on our projects.

We are committed to putting our people, customers and our partners at the heart of everything we do.

Renewal SA has a portfolio covering over 3,370 hectares of land and delivers significant revenue to South Australia of more than $100 million of income each financial year to the State through:

  • seven residential trading projects: Bowden, Playford Alive, Tonsley, The Square Woodville West, Lightsview, Our Port, Eyre – Penfield
  • three innovation precincts: Lot Fourteen, Tonsley Innovation District and Technology Park
  • three civic projects: Adelaide Railway Station, Festival Plaza and Adelaide Riverbank
  • six industrial/employment land projects: Northern Lefevre Peninsula, Edinburgh Parks, Elizabeth South, Gillman, Osborne North, East Grand Trunkway
  • management of $78 million in property assets
  • sale of government land that has been declared surplus, which this financial year equated to revenue of $6 million.

Our activities both seek to drive the property market in South Australia and respond to the opportunities it presents. Our people have a strong understanding of this balance of being responsive and identifying and demonstrating opportunities for growth.

During 2020-21, we delivered major opportunities to the private sector including

  • multiple development opportunities in Bowden, including Nightingale apartments
  • development of 52 hectares Oakden
  • the Entrepreneur and Innovation Centre at Lot Fourteen on behalf of Department of Premier and Cabinet
  • proposals sought through an Affordable Housing EOI
  • development at Woodville St Clair
  • a mixed-use development of 3 hectares Forestville.

Significant work was also undertaken to plan and gain approvals for development of approximately 60 hectares of land at Aldinga, 2.3 hectares on Churchill Road at Prospect, and a city-defining opportunity to develop the former Gasworks site at Bowden.

We also announced our partnership with SA Housing Authority to deliver the Seaton Demonstration Project and began work to deliver 101 new homes.

Agency response to Covid-19

Renewal SA supported our commercial tenants leasing Renewal SA-managed properties by offering the opportunity to receive rent relief for their tenancy.

During the financial year we managed more than 110 individual requests for support and provided rent relief in the order of $2.5 million to reduce the impact of COVID-19 pandemic restrictions on our leased properties.

Within Renewal SA, our Preparedness Co-ordinating Group continued to oversee a response to the COVID-19 pandemic. Our internal efforts focussed on the safety and wellbeing of staff as part of the workforce response to COVID-19, delivering effective and timely communication, and using employee engagement tools to seek relevant feedback. Measures to safeguard our employees were implemented, monitored and enhanced as required.

Our organisational response to the COVID-19 pandemic is supported by our result in the 2021 I Work for SA – Your Voice Survey. The survey results highlighted that out of the 118 respondents (89% of total workforce):

  • 87% believed that we provided sufficient resources and arrangements to help them feel safe (+10% variance from SA Public Sector overall score)
  • 86% were satisfied with the communications they received from senior managers about changes impacting their work (+20% variance from SA Public Sector score)
  • 81% felt that their work group went the extra mile to support each other (+7% variance from SA Public Sector overall score).

Agency contribution to whole of government objectives

Renewal SA is aligned to, and supports, the Government of South Australia’s Growth State agenda, a government commitment to grow and accelerate the economy through partnerships between the public sector and industry.

We support this by identifying, prioritising and leading projects and initiatives that will stimulate the economy and create jobs for South Australians.

Moreover, Renewal SA is guided by the government’s 30-Year Plan for Greater Adelaide and participates in the delivery of The 20-Year State Infrastructure Strategy, which sets the long-term direction and priorities for infrastructure development in South Australia. Our activities are driven by the Our Housing Future 2020-2030 strategy which is delivering a better housing future by coordinating activity and opportunities across the housing sector to deliver 20,000 housing outcomes by 2030.

Agency specific objectives and performance

In 2020, we launched our Renewal SA Strategic Plan 2020-23, which guides our focus on driving economic growth in South Australia through property development and urban renewal projects of scale.

Our Strategic Plan is formulated on a foundation of four pillars — people, pipeline, partnerships, and projects. These pillars underpin our three-year organisational goals and initiatives, all of which are designed to support ambitious outcomes. They are critical to our success and are the reference points against which we benchmark and measure progress.


Three-Year Goal

Renewal SA is an inclusive and dynamic working environment that drives high levels of engagement, market-leading capability, and results-driven performance.

Indicators Performance
Renewal SA and its projects operate incident and injury free, and staff and contractors are engaged with a “safety is how we do business around here” mindset
  • achieved zero notifiable incidents across the organisation in 2020-21
  • offered various and significant wellbeing initiatives for employees
  • organised first aid mental health training and a peer support initiative, which was completed by six employees.
Renewal SA has great people in the right positions, at the right time, and creates a positive employee experience so our people are proud to work here and want to stay
  • formed the new People and Culture Sub-Committee of the Board of Management
  • refreshed our Values and Behaviours, and ensured they link back to the over-arching public sector values
  • introduced flexible working arrangements following a Work from Home (non-COVID-19 related) trial
  • supported the public sector I Work for SA Your Voice Survey with a strong participation rate of 89%
  • developed and implemented a Recognition of Service program
  • enhanced Renewal SA recruitment processes to better ensure that prospective employees add to the culture of the organisation.
Renewal SA sets clear expectations and engages our people so they are motivated to perform at their best.
  • launched an improved Performance Framework and achieved 85% against our target of 100% of staff with performance and development plans as of 30 June 21.
Renewal SA enables our people to reach their potential and develops future capabilities for the business.
  • launched an improved Training and Development Framework
  • ensured that training and development planning is now underway at team and individual level
  • filled 31% of vacant roles with internal candidates who were successful in their applications for the roles.
Renewal SA recruits, retains and develops a diverse workforce that reflects the community that we serve, and embraces, respects and values the differences of our people.
  • developed a Diversity and Inclusion Strategy and formed a new Diversity and Inclusion committee to drive this strategy and delivery of its initiatives
  • closed out the Reflect Reconciliation Action Plan (RAP) and drafted an Innovate RAP which is now under consultation.


Three-Year Goal

Renewal SA’s strong and collaborative partnerships unlock new opportunities and produces exceptional market-leading results for the State.

Indicators Performance
Be the government ‘partner of choice’ for the public and private sector on property initiatives and projects.
  • identified current and future opportunities with flexible and tailored arrangements for future partnering with the private sector
  • worked with a multitude of agencies on property initiatives and projects such as SA Housing Authority, Department for Infrastructure and Transport, Department for Trade and Investment, Department Premier and Cabinet and Defence SA
  • established a ‘joined up’ approach to the Affordable Housing Program with the SA Housing Authority and Development Management service model
  • worked on over 15 significant opportunities through direct approaches from government agencies and councils to assist with strategic property and new project matters
  • delivered the draft Innovate RAP and commenced consultation with Kaurna nation
  • worked with First Nations groups successfully on all new pipeline projects such as Oakden, Forestville and Aldinga.
Develop a Corporate Communications and Partnerships Plan to consult with community, industry and government, build relationships, drive collaboration and build reputation.
  • formed strong relationships with the Urban Development Institute of Australia (UDIA) and Property Council of Australia (PCA) and Housing Industry Association (HIA)
  • continued our corporate partnerships with UDIA and PCA
  • initiated a 360-degree survey of key partners to drive continuous improvement.
Develop a corporate brand platform to build trust and understanding.
  • completed review of corporate materials and developed a brand framework and strategy
  • developed a refreshed visual corporate brand.


Three-Year Goal

We are constantly initiating and contributing to a strong pipeline of development opportunities that enable growth and attract additional investment for the State.

Indicators Performance
Renewal SA uses a structured business planning process that results in a tangible and achievable pipeline of opportunities
  • undertook a review and realignment of business planning processes against budgeting timelines
  • undertook a key geographical supply and demand assessment for all corridors and identified short to medium-term development opportunities.
Renewal SA is the peak government agency for property and project delivery
  • worked with multiple agencies who requested assistance, including but not limited to Treasury and Finance, Trade and Investment, Infrastructure and Transport, SA Health, SA Pathology, Planning, Education and South Australian Housing Authority
  • finalised negotiations with government agencies and obtained approval to acquire land at Oakden and completed a two-stage process to identify a preferred proponent
  • reached agreement with agencies to progress local structure planning for Aldinga, rezoning is now complete.
Renewal SA delivers a pipeline of projects annually that leads the market and increases investment into South Australia and Gross State Product (GSP).
  • negotiated and settled the acquisition of Kaufland sites (Prospect and Forestville). Forestville submissions are currently being evaluated and Prospect sales are set to begin in 2022 (subject to final approval)
  • negotiated a Development Agreement with Quintessential Equity for the Entrepreneur and Innovation Centre at Lot Fourteen
  • Development, on behalf of Capital City Committee and in partnership with City of Adelaide and State Planning Commission, of a strategic precinct plan for the Adelaide Riverbank. This document provides a framework for multi-agency coordination, and for the assessment and delivery of development, investment and activity within the precinct
  • released six major opportunities to the private sector against a target of three: Nightingale at Bowden, Oakden, Lot Fourteen Entrepreneur and Innovation Centre, Affordable Housing EOI, Woodville St Clair, Forestville, as well as multiple smaller opportunities at Bowden.
Project origination comes from across the entire organisation. Staff are engaged and active in the process; ‘pipeline is everyone’s responsibility’.
  • ensured there was regular opportunities for collaboration and information sharing across the organisation
  • implemented new pipeline processes and embedded a new Pipeline division to work with project teams and lead key initiatives
  • initiated 6 projects that originated from outside of the pipeline team.


Three-Year Goal

Alongside our partners, Renewal SA leads the market to deliver economic, social and environmental benefits through excellence in project delivery.

Indicators Performance
Renewal SA is a market leader in data analysis enabling the organisation to meet and exceed sales and revenue forecasts
  • improved data analysis and forecasts, through an always up-to-date system with sales and conversion data to identify trends, drive performance and adjust activities accordingly
  • significantly exceeded our budgeted outcomes with total settlements of $69.1 million (inclusive of JV arrangements) against a budget of $61.3 million.
  • achieved record sales volumes at Bowden, Playford and Woodville, resulting in the early completion and exit from this project.
Projects demonstrate excellence in delivery, management and completion/ handover
  • completed project reviews on Bowden, Tonsley, Lot Fourteen and Festival Plaza ensuring product meets market need, trade out in the most expedient timeframe, correction of any unrealistic assumptions and driving future investment and completion of vision
  • began a review of industrial land in collaboration with the Pipeline division, focussing on inventory levels, markets serviced, geographical and strategic relevance to the private sector, market trends and infrastructure connectivity.
The Our Future Housing Strategy 2020-30 objectives and activities for Renewal SA are incorporated within the relevant projects and developments.
  • completed the evaluation of 81 project proposals and shortlist of affordable housing projects submitted through an EOI which was released in partnership with the SA Housing Authority. Up to $20.4 in government investment will facilitate the accelerated development of $103 million in private sector capital spend.
All projects result in job growth.
  • established a tool to track job growth in the 2021‑22 financial year, to ensure consistency across projects
  • created at least 1500 jobs across the 2020-21 financial year through Renewal SA’s construction capital expenditure
  • facilitated 165 training program work experience placements, and 38 paid employment outcomes in our partnership programs
  • facilitated 76 traineeships/apprenticeships through partnership programs and initiatives
  • economic development clauses in our contracts delivered 91 work experience placements and 12 paid employment positions with Renewal SA contractors.
Renewal SA leads and delivers on economic recovery initiatives relating to property.
  • managed the impact of COVID-19 pandemic restrictions on our leased properties
  • managed more than 100 individual cases for rent relief since March. Total relief provided to date is in the order of $2.5 million.

Corporate performance summary

Employment opportunity programs

Diversity and Inclusion

Renewal SA is committed to diversity and inclusion and seeks to embrace diversity of thought to drive creativity, innovation, and performance in an inclusive environment.

Our inaugural Diversity and Inclusion Strategy was developed during 2020-21. As part of this Strategy, we will seek to diversify the workforce to better understand the needs of our internal and external customers, assisting in delivering projects with high level impact to the South Australian community.

As at 30 June 2021 our workforce comprised of:

  • 52% females
  • 35% females in leadership roles (defined as reporting to the Chief Executive and General Managers), compared to 29% as at 30 June 2020
  • 0.78% of the workforce identifying as being Aboriginal or Torres Strait Islander heritage
  • 10.93% of employees that were born in another country.

Additionally, there was a 233% increase in the number of employees who completed training in Aboriginal Cultural Awareness Training, compared to the 12-month period ending 30 June 2020.

Aboriginal Workforce Participation

To support the delivery of our strategic objectives and Reconciliation Action Plan, a Manager Reconciliation and Cultural Heritage role was created. This role will ensure that the agency actively engages and works collaboratively with local Aboriginal communities.

The recruitment for this critical role was successfully finalised, with the appointee commencing in September 2021. This appointment represents a 100% increase to Aboriginal workforce participation within Renewal SA.

Skilling SA

We contributed to the Skilling SA Public Sector Project. This project supports increased traineeship and apprenticeship opportunities in the SA Government, creating a pipeline of talent with transferable skills across the public and private sectors. A trainee was recruited in the reporting period and commenced their traineeship within the agency in July 2021.

Agency performance management and development systems

A key focus during 2020-21 was establishment of a new performance and development framework.

A key objective of the implementation of the new framework included all employees establishing performance plans, and associated development plans aligned to the Renewal SA Strategic Plan 2020-23. This ensured that all employees line-of-sight to the strategic objectives of our agency and their contribution to delivery on this plan, enhancing employee engagement and accountability.

Performance management and development system Performance
Performance plans are facilitated and documented through our Performance Development Conversations (PDC) framework. The formal performance conversation process is biannual. As at 30 June 2021, 85% of our employees had a performance and development conversation and plan created in the past six months. This figure includes new starters in the organisation (i.e. those that had commenced within 90 days as at 30 June 2021). With the exclusion of new starters, 93% of employees had a performance development conversation and plan created in the same period.

Work health, safety and return to work programs

Program name Performance
Work Health and Safety Program Our Work Health and Safety (WHS) program is based on the Work, Health and Safety Act 2012 (SA) and Regulations. In 2020-21 we:

  • undertook continuous improvement activities to encourage and improve the WHS program and to identify emerging trends
  • successfully implemented a new cross-government digital platform (MySAFETY) which captures all safety related incidents
  • consulted, communicated, and cooperated with all workers and stakeholders as a key feature of the WHS program.

One Return to Work Claim was recorded in the financial year across all locations within Renewal SA.

Wellbeing Program Our Wellbeing program recognises and values the benefits of worker wellbeing and wellness. We offer holistic worker wellness programs focusing on mental health, physical health and the emotional and social aspects of worker wellness.

In addition to the Mental Health First Aid training, we maintain a fully trained complement of Mental Health First Aiders in the workplace.

Return to Work Program Renewal SA is committed to the effective management and care of any injured employees with either a compensable injury or non-compensable injury.

We work with our Injury Management and Return to Work Service provider to ensure employees receive care and support in their return to the workplace following an injury.

We consistently maintain 100% performance ratings for:

  • early assessment within two business days for Rehabilitation, and
  • claims determined within 10 days.

Renewal SA has a trained Return to Work Coordinator to coordinate effective return to work of injured employees.

Workplace injury claims Current year 2020-21 Past year 2019-20 % change (+/-)
Total new workplace injury claims 1 1 0%
Fatalities 0 0 0%
Seriously injured workers* 0 0 0%
Significant injuries (where lost time exceeds a working week, expressed as frequency rate per 1000 FTE) 0 0 0%

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

Work health and safety regulations Current year 2020-21 Past year 2019-20 % change (+/-)
Number of notifiable incidents (Work Health and Safety Act 2012, Part 3) 0 0 0%
Number of provisional improvement, improvement and prohibition notices (Work Health and Safety Act 2012, Sections 90, 191 and 195) 0 0 0%


Return to work costs** Current year 2020-21 Past year 2019-20 % change (+/-)
Total gross workers compensation expenditure ($) $3,944 $841 +369%
Income support payments (gross) ($) 0 $0 0%

**Before third party recovery.

Data for previous years is available at:

Executive employment in the agency

Executive classification Number of executives
Chief Executive 1
Executives* 21

*In accordance with the workforce information data definition Office of the Commissioner for Public Sector Employment, an Executive is an employee who receives:

  • A total salary equivalent to $123,648 per annum or more; or
  • Receives a Total Remuneration Package Value type contract equivalent to $154,678 per annum or more; and
  • Has professional or managerial ‘executive’ responsibilities

Four of the Executives reported above are in the Executive team supporting the Chief Executive. The remainder of the Executives reported are high level senior professionals that are responsible for the delivery of key outcomes e.g. project directors, or leaders of functional business units.

Data for previous years is available at:

The Office of the Commissioner for Public Sector Employment has a workforce information page that provides further information on the breakdown of executive gender, salary and tenure by agency.

Financial Performanance

Financial performance at a glance

The following is a summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2020-21 are attached to this report.

The Comprehensive Result is a loss of $6.7 million, which is an improvement of $105.6 million on the previous financial year. The Comprehensive Result is impacted by one-off valuation adjustments and financing costs resulting from the level of borrowings determined by the South Australian Government for Renewal SA.

The buoyant property market has led to strong sales performance for the year, particularly in our residential development projects. Notably, in 2020‑21, the Bowden project achieved its best annual sales since its establishment. Additionally, the Playford project achieved its best sales year since 2013-14 and Woodville West had its best sales year since 2017‑18. Property carrying values have also increased by $4.1 million, representing a significant improvement on the write downs reported in recent years.

The Statement of Financial Position shows a return to a positive Net Asset and Equity position, representing a $50.7 million improvement on the negative Net Asset position reported for the last financial year.  The government provided additional equity contributions during the financial year of $58.7 million. A further $32.0 million of new equity contributions is budgeted to be received from the government in the 2021-22 financial year, which will further improve the Net Asset position.

It is noted that our inventory assets are recorded at the lower of cost and net realisable value, in accordance with the Accounting Standard AASB 102 – Inventories. The net realisable value of Renewal SA’s inventory assets are estimated to be significantly higher than the reported book value.

A summary of the financial result is presented below and the full audited financial statements for the year ended 30 June 2021 are attached to this report.

Statement of comprehensive income
2020-21 actual $000s
2019-20 actual $000s
Revenue from sales
Less: cost of sales
Gross profit on sales
Other income
Operating expenses
Underlying operating result
Borrowing costs
Revaluation loss from early termination of loans
Net gain/(loss) from changes in asset values
Comprehensive Result

Consultants disclosure

The following is a summary of external consultants that have been engaged by the agency, the nature of work undertaken, and the actual payments made for the work undertaken during the financial year.

Consultancies with a contract value below $10,000 each

Consultancies Purpose Actual Payment ($)
26 consultants engaged Various 108,911


Consultancies with a contract value above $10,000 each

Consultancies Purpose Actual Payment ($)
Agon Environmental Stockpile sampling 14,770
Baukultur Pty Ltd Riverbank Strategic Precinct Plan 107,240
Bluesphere Environmental Site investigations 66,171
Doug and Wolf Lot Fourteen – Architecture Visualisation – Innovation Centre 10,060
Fyfe Pty Ltd Aldinga: Structure Plan & Development Planning Application 19,700
GTA Consultants Bowden: Car Parking Study 38,200
Holmes Dyer New Castalloy: Code Amendment Investigations 63,083
Integrated Heritage Services Oakden: Cultural Heritage Surve 15,674
Johnsons MME Garden Island: Emissions Reduction Fund Audit 13,460
KPMG Leadership Workshop and Advisory 28,718
KPMG Values and behaviours workshop 65,095
KPMG Enterprise Risk Management Review 24,945
KPMG Lot Fourteen: Due Diligence Services – Innovation Centre 30,000
KPMG Governance Model Options study 40,999
Land & Water Consulting Suitability of Use Assessment 17,583
Mark Neill Information Security Review & Updates 15,600
Objective Corporation Limited Objective Auto Discovery Solution 21,250
Price Waterhouse Coopers Renewal SA Strategy Development 28,930
Price Waterhouse Coopers Accounting Advice: Long Term Leases 18,870
Price Waterhouse Coopers Business Continuity Plan 14,790
Rider Levett Bucknall SA Lot Fourteen: Cost Management – Innovation Hub 66,550
Rider Levett Bucknall SA Lot Fourteen: Cost Management – International Centre for Food, Hospitality & Tourism 25,000
Robert Bird Group Dock One: Concept Design – Pedestrian Bridge 43,459
Stillwell Mgt Consultants Human Resources Management Consulting Advice 37,975
Thriving People Consulting Culture and Capability Assessment and People and Culture Strategy 24,500
Uniquity Human Resources & Organisation Change Matter Advice 20,500
Woods Bagot Lot Fourteen: International Centre – Lot C Vision 30,000
Woods Bagot Lot Fourteen: Site Analysis & Design – International Centre for Food, Hospitality & Tourism * 331,750
WT Partnership Cost Estimation 14,050

*externally funded through the Adelaide City Deal.

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

The details of South Australian Government-awarded contracts for goods, services, and works are displayed on the SA Tenders and Contracts website. View the agency list of contracts.

The website also provides details of across government contracts.

Risk management

Risk and audit at a glance

Renewal SA has a robust risk management framework currently in place. The objective of this framework is to ensure an appropriate risk culture prevails with a high level of risk awareness throughout the organisation. The framework includes formalised risk management processes to manage risk in line with contemporary risk management standards.  It also ensures that risks are identified, assessed and assigned to risk owners with risk treatment and mitigating strategies required.

There is also appropriate risk reporting in place to the Executive, the Finance, Risk and Audit Committee and the Board of Management.

The Urban Renewal Authority Board of Management has an established Finance, Risk and Audit Committee whose principal functions are to:

  • assess the quality of financial reporting and the effectiveness of internal controls
  • oversee the administration of the Risk Management Framework
  • maintain an effective and efficient internal control environment
  • advise the Board on procedures and ways of working within Renewal SA to align these with the organisation’s overall strategic direction
  • oversee financial performance.

The Finance, Risk and Audit Committee comprises members of the Board of Management.

Renewal SA’s Internal Audit function is provided by the Department of Human Services Internal Audit team, under a Service Level Agreement. The Internal Audit work plan is reviewed and approved by the Finance Risk and Committee with all findings reported to the Committee.

Fraud detected in the agency

There were zero instances of fraud detected in the agency in the reporting period

Data for previous years is available at:

Strategies implemented to control and prevent fraud

Renewal SA’s fraud policies include a range of internal controls to ensure employees, volunteers, agents, contractors, sub-contractors and suppliers of goods and services are aware that they must refrain from engaging in any activity that is, or could be perceived as, fraudulent or unethical.

Renewal SA has developed a fraud and corruption control strategy, which includes operational arrangements to improve awareness of obligations and to minimise the chance of fraud such as:

  • training for all staff in fraud and corruption control is conducted every three years
  • induction is provided to all new starters and includes information on fraud and corruption as well as obligations for employees
  • all offers of gifts or benefits (whether or not accepted) are centrally recorded and reported to the Executive and the Finance, Risk and Audit Committee
  • employees are required to conduct risk assessments, as appropriate, at an enterprise, program, project, operational and transactional level
  • an annual assurance program is undertaken, whereby all Directors and Executives sign statements of compliance regarding fraud and risk management and any breaches are reported to the Finance, Risk and Audit Committee.

Public complaints

Number of public complaints reported

No specific categories of formal complaints were received by, or made against, Renewal SA for the 2020-21 financial year.

The total number of enquiries between 1 July 2020 – 30 June 2021 was 340.

Service Improvements

Renewal SA has considered our processes for receiving and managing enquiries and complaints. No specific service improvements were deemed to be required as part of the management of these enquiries, nor as a result of the enquiries received.

Further information

For further up-to-date information regarding Renewal SA and its activities, please refer to

Financial statements

For the year ended 30 June 2021

Statement of comprehensive income

For the year ended 30 June 2021



Revenue from sales 4 69,115 62,567
Less: cost of sales 4 47,545 36,489
Gross profit from sales 21,570 26,078
Share of net profit in joint ventures 5 1,668 844
Revenues from SA Government 6 6,961 6,267
Interest revenues 7 477 711
Property income 8 22,872 45,493
Other revenues 9 2,670 1,755
Net gain from disposal of non-current assets 10 1
Total other income 38,712 55,070
Total income 60,282 81,148


Employee benefits expenses 13 14,079 14,573
Operating expenditure 15 41,015 49,559
Bad and doubtful debts expense 19 (137) 1,311
Borrowing costs 16 8,928 89,356
Depreciation and amortisation 22 3,116 1,903
Net loss from changes in value of non-current assets/provision for development expenditure 23 36,761
Total expenses 67,001 193,463
Profit/Loss before income tax equivalent (6,719) (112,315)
Total comprehensive result (6,719) (112,315)

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 2021


Current assets

Cash and cash equivalents 18 12,403 11,236
Receivables 19 8,879 5,080
Inventories 20 65,271 74,702
Investment in joint ventures 5 1,588 3,246
Total current assets 88,141 94,264

Non-current assets

Receivables 19 13,129 13,142
Inventories 20 255,578 162,002
Investment properties 21 83,765 77,590
Property, plant and equipment 22 12,326 15,780
Investment in joint ventures 5 485 659
Total non-current assets 365,283 269,173
Total assets 453,424 363,437

Current liabilities

Payables 25 14,766 11,667
Unearned income 27 2,964 2,817
Financial liabilities 26 38,681 256,113
Provisions 28 26 27,137
Employee benefits 14 2,438 2,880
Other liabilities 29 896 152
Total current liabilities
59,771 300,766

Non-current liabilities

Payables 25 1,967 9,119
Unearned income 27 13,576 14,865
Financial liabilities 26 375,411 86,357
Provisions 28 65 48
Employee benefits 14 2,559 2,963
Total non-current liabilities 393,578 113,352
Total liabilities
453,349 414,118
Net assets 75 (50,681)


Contributed capital 567,856 509,188
Retained earnings (567,781) (559,869)
Total equity
75 (50,681)

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

  • Unrecognised contractual commitments: 31
  • Contingent assets and liabilities: 32

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

Statement of changes in equity

For the year ended 30 June 2021

Contributed capital
Retained earnings
Balance at 30 June 2019 381,857 (445,805) (63,948)
Total comprehensive result for 2019-20 (112,315) (112,315)
Transactions with the SA Government in their capacity as owners:
  • Equity contribution
127,331 127,331
  • Net assets transferred from administrative restructure
  • Dividends paid
17 (1,749) (1,749)
Balance as at 30 June 2020
509,188 (559,869) (50,681)
Total comprehensive result for 2020-21 (6,719 (6,719)
Transactions with the SA Government in their capacity as owners:
  • Equity contribution
58,668 58,668
  • Dividends paid
17 (1,193) (1,193)
Balance as at 30 June 2021
567,856 (567,781) 75

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

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

Statement of cash flows

For the year ended 30 June 2021


Cash flows from operating activities

Cash inflows
Receipts from sales 69,878 63,876
Receipts from tenants (rent and recoveries) 23,986 44,926
Receipts from SA Government 6,911 6,267
Interest received 10 270
Recoveries and sundry receipts 2,420 806
GST recovered from the ATO 5,678
Cash generated from operations
108,883 116,145
Cash outflows
Payments for land purchase and development (163,715) (107,157)
Payments in the course of operations for supplies and services (64,242) (78,148)
Interest paid (9,125) (92,522)
GST paid to the ATO (58,780)
Cash used in operations
(237,082) (336,607)
Net cash used in operating activities 30 (128,199) (220,462)

Cash flows from investing activities

Cash inflows
Distributions of profit by joint ventures 3,500 1,000
Proceeds from the sale of plant and equipment 1
Proceeds from the sale of investment properties 1 661,243
Cash generated from investing activities 3,501 661,243
Cash outflows
Purchase of property, plant and equipment (6,601) (175)
Cash used in investing activities (6,601) (175)
Net cash (Used in)/provided by investing activities 3,109 662,068

Cash flows from financing activities

Cash inflows
Equity contributions received from the SA Government 58,668 127,331
Proceeds from borrowings 348,050 226,152
Cash generated from financing activities 406,718 353,483
Cash outflows
Repayment of borrowings (273,050) (803,187)
Dividends paid to SA Government (1,193) (1,749)
Cash used in financing activities (274,483) (804,936)
Net cash provided by/(used in) financing activities 132,475 (451,453)
Net increase/(decrease) in cash held
(1,167) (9,847)
Cash at the beginning of the financial year
11,236 21,083
Cash at the end of the financial year 18 12,403 11,236

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

Certification of the financial statements

We certify that the attached general purpose financial statements for the Urban Renewal Authority (trading as Renewal SA):

  • comply with relevant Treasurer’s instructions issued under Section 41 of the Public Finance and Audit Act 1987, and relevant Australian Accounting Standards;
  • are in accordance with the accounts and records of the Urban Renewal Authority; and
  • present a true and fair view of the financial position of the Urban Renewal Authority as at 30 June 2021 and the results of its operations and cash flows for the financial year.

Internal controls employed by the Urban Renewal Authority for the financial year over its financial reporting and its preparation of the general purpose financial statements have been effective throughout the financial year and there are reasonable grounds to believe the Urban Renewal Authority will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Urban Renewal Authority Audit and Risk Committee.


C. Menz
Chief Executive

15 September 2021


B. Naylor
A/General Manager

15 September 2021


C. Tragakis
Presiding Member

15 September 2021

Independent Auditor’s Report

Government of South Australia
Auditor-General’s Department

Level 9, State Administration Centre,
200 Victoria Square, Adelaide  SA 5000

Tel: +618 8226 9640
Fax: +618 8226 9688

ABN 53 327 061 410

To the Presiding Member
Urban Renewal Authority


I have audited the financial report of Urban Renewal Authority for the financial year ended 30 June 2021.

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 2020, its financial performance and its cash flows for the year then ended in accordance with relevant 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 2021
  • a Statement of Financial Position as at 30 June 2021
  • a Statement of Changes in Equity for the year ended 30 June 2021
  • a Statement of Cash Flows for the year ended 30 June 2021
  • 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 with 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 (including Independence Standards) have been met.

I believe that the audit evidence I have 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 relevant 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.

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

As required by section 31(1)(b) of the Public Finance and Audit Act 1987 and section 27(4) of the Urban Renewal Act 1995, I have audited the financial report of Urban Renewal Authority for the financial year ended 30 June 2021.

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 responsive 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 for 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, but not for the purpose of expressing an opinion on the effectiveness of the Urban Renewal Authority’s internal control
  • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Chief Executive
  • 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 manner that achieves fair presentation.

My report refers only to the financial report described above and does not provide assurance over the 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 about, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during the audit.



Andrew Richardson

22 September 2021

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