Annual Report 2021–22

This annual report will be presented to Parliament to meet the statutory reporting requirements of the Urban Renewal Act 1995, Public Sector Act 2009 and the requirements of Premier and Cabinet Circular 013 – Annual Reporting Requirements.

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:

Stephen Hains
Presiding Member, Urban Renewal Authority Board of Management

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

From the Chief Executive

Organisation and Leadership

We represent an industry tied to the land and we know that each of our projects is located on land that has been nurtured by First Nations peoples for thousands of years.

It was with enormous pride that we appointed our first Manager of Reconciliation and Cultural Heritage in September 2021 and launched our Innovate Reconciliation Action Plan (RAP). This RAP outlines a series of actions and deliverables that will help us take our commitment to reconciliation from aspiration to reality.

As part of our commitment to growing our people and motivating them to perform at their best, 20% of our workforce attained internal promotions or moved into new roles, enabling career progression and important professional development.

It has certainly been a year of achievement, underpinned by enormous hard work and change.

Throughout the 2021–22 financial year, along with the sectors we represent and partner with, Renewal SA faced considerable challenges and opportunities associated with the growth of industrial sectors, housing affordability, supply chain and cost escalation, growth in regions, and the future growth of our city.

We know that there is much more to do in the urban property landscape, and we remain committed to unlocking more opportunities to drive the state’s prosperity and supporting our industry to address the challenges associated with enabling jobs, housing supply and affordability, and regional growth.

Together with the Minister for Housing and Urban Development, the Hon. Nick Champion, and the Urban Renewal Authority Board, I am proud to present our annual report for the 2021–2022 financial year. We look forward to continuing to improve the lives of all South Australians through property and projects now and into the future.

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 the development of the State
  • acquire, hold, manage, lease and dispose of land, improvements in property.

Key legislation and governance requirements

Pursuant to section 9 of the Urban Renewal Act 1995, the following Ministerial Directions were implemented:

  • Aldinga Rail Corridor – Land Preservation
  • Lot Fourteen – Project management of the refurbishment of the Eleanor Harrald and Hanson Buildings.

Other related agencies (within the Minister’s area/s of responsibility)

  • Department of Trade and Investment
  • Planning and Land Use Services.

The agency's performance

Performance at a glance

Throughout the 2021-22 financial year Renewal SA continued to drive long-term economic growth in South Australia through property development and urban renewal projects of scale.

Renewal SA currently manages a portfolio comprising more than 3,358 hectares of land that generates in excess of $140 million of income each financial year for the South Australian Government.

Our major projects include:

  • thirteen residential developments, including Bowden, Playford Alive, Tonsley Village, Oakden, Lightsview, Forestville, The Square at Woodville West, Our Port, Prospect, St Clair, Eyre at Penfield, Kent Town and the Seaton Demonstration Project
  • three innovation precincts, including Lot Fourteen, Tonsley Innovation District and Technology Park Adelaide
  • three civic projects, including Adelaide Railway Station, Festival Plaza and Adelaide Riverbank
  • six industrial/employment land projects, including those at Northern Lefevre Peninsula, Edinburgh Parks, Elizabeth South, Gillman, Osborne North and East Grand Trunkway.

Renewal SA manages a total of $105 million in investment property assets and as part of its role, continues to generate further revenue for the state of South Australia by transacting on government land and assets that has been declared surplus by the state. This financial year, surplus land sales managed through Renewal SA equated to $34.6 million in additional revenue.

Our ongoing activities also seek to contribute to providing consistent land supply for residential, industrial and commercial projects, responding to emerging market opportunities and trends as they arise, and delivering major development opportunities for the private sector.

During 2021-22, we undertook the following:

  • launched two new Green Star rated townhouse projects at Bowden, including Tapestry at Bowden (5 Star Green Star) and Tribeca Bowden (6 Star Green Star)
  • secured a national developer for the construction of 1,500 homes at Oakden
  • released 60 hectares of land in Aldinga for the development of a sustainable, master-planned community (now proceeding with a preserved rail corridor)
  • finalised the draft master plan for the creation of a new residential development in Prospect
  • facilitated increased affordable housing outcomes at the upcoming redevelopment of the Royal Hotel site in Kent Town, in partnership with Flagship Group
  • undertook a national process to identify a preferred proponent for the redevelopment of the former Gasworks site at Brompton (part of the Bowden development)
  • renegotiated the Festival Plaza project with various partners and launched the largest section of Festival Plaza’s revitalised public realm including commencing a short-term curated activation program of the new public space
  • secured a development partner for the transformation of the former Le Cornu site at Forestville into a new community-focused, mixed-use development including delivery of 300 homes
  • completed the heritage restoration and uplift of Adelaide Railway Station
  • sold the final residential allotment of the 450-home development at The Square at Woodville West
  • opened a new display village at Playford Alive showcasing homes from eight builders
  • helped drive delivery of Australian Space Park alongside the Department of Trade and Investment
  • sold 3.7 hectares in St Clair for the development of high-quality terraces and apartments
  • sold approximately 22.5 hectares of industrial land to support ongoing growth in the defence, food and logistics sector
  • leased approximately 45 hectares of industrial land to ANI to allow the Australian Government to investigate an expansion of the Osborne Naval Shipyard to accommodate future AUKUS projects, including the potential construction of nuclear-powered submarines
  • secured approximately 16 hectares of land, immediately adjacent to RAAF Edinburgh to facilitate delivery of the Deep Maintenance and Modification Facility which will enable the Department of Defence to service aircraft in South Australia
  • delivered new infrastructure and public realm to support existing tenants and enable the future delivery of the Entrepreneur and Innovation Centre, Tarrkarri (Centre for First Nations Cultures) and the Digital Technologies Academy.

Agency response to Covid-19

Our response to the COVID-19 pandemic changed rapidly throughout the financial year to support vulnerable people within Renewal SA workplaces and in the South Australian community.

A dedicated Renewal SA COVID-19 Preparedness Co-ordinating Group met regularly to oversee a response to the COVID-19 pandemic and implement workplace controls across Renewal SA workplaces to meet the regularly updated SA Health COVID-19 guidelines and ensure business continuity.

Effective and timely communication with employees was a focus during the regular changes to the SA Health workplace guideline implemented to ensure the safety and wellbeing of employees. This was not limited to physical health and included the mental health and wellbeing of employees. COVID-19 controls were implemented, monitored and enhanced as required.

Agency COVID-19 statistics Current year 2021-21 Past year 2020-21 % change (+/-)
Staff reports of positive COVID-19 infection 61 0 +100%
Staff reports of Close Contact 68 0 +100%
Potential positive COVID-19 reports due to workplace transmission 1 0 +100%


Agency contribution to whole of government objectives

Renewal SA supports the South Australian Government’s vision to make housing more accessible for first time homeowners in South Australia; bolster the trades sector and reverse the state’s labour skills shortage; stimulate jobs and private investment in our state; and secure the long-term liveability and economic prosperity of South Australia.

Agency’s contribution during 2021–22:

  • delivered 300+ affordable homes
  • generated a pipeline of 820+ future affordable homes to be delivered over the next 5-8 years through our projects
  • secured private investment for vibrant new residential developments at Bowden, Oakden and Forestville close to services and amenities
  • released major development opportunities to the private sector at Aldinga (now proceeding with a preserved rail corridor) and the former Brompton gasworks site
  • supported more than 2,500 FTEs across the construction and related industries
  • facilitated 77 accredited training places, 23 traineeships/apprenticeships, 36 work experience placements and six paid employment positions for South Australians across Renewal SA’s flagship projects
  • unlocked 22.5 hectares of employment land to support ongoing growth in the defence, food and logistics sectors
  • unlocked an estimated $500 million of private sector capital expenditure
  • generated an estimated $400 million in Gross State Product
  • launched the largest section of Festival Plaza’s revitalised public realm as part of the $1 billion plaza redevelopment project with Walker Corporation and SkyCity Adelaide.

Agency specific objectives and performance

We have continued delivery of our 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 (2020-23) is formulated on a foundation of four pillars — people, pipeline, partnerships and projects. These pillars underpin our three-year organisational goals and initiatives, all designed to support ambitious outcomes. They are critical to our success and are the reference points against which we benchmark and measure progress.

During 2021-22, we committed to and invested in a program of work to ensure that our business systems and processes were market leading to enable our people to (a) work more effectively and (b) better respond, more quickly, to the evolving needs of our partners and stakeholders. The Business and Systems Transformation project team has been established to drive this work and is working across the business to deliver significant improvements across the areas of people and organisation, technology and business, policy and processes.

The organisation has also implemented a new governance model to ensure that we have transparency on decision making internally, and structure ourselves to achieve the objectives and goals set out in our Strategic Plan (2020-23). The model supports and enables the successful delivery of our day-to-day work and provides a forum for strategic discussions to inform decision-making, capability building, and business transformation and innovation.

The table below outlines our achievements against our second-year objectives in our Strategic Plan (2020-23).


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 reportable incidents, and no new workers compensation claims
  • developed and implemented a Safety Culture Plan, and had 96.1% of eligible staff complete WHS legislation training
  • achieved an increase in hazard reporting indicating a shift to the desired positive and proactive reporting culture.
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
  • established an internal People, Safety and Culture Committee to support the delivery of plans and strategies that enhance our employee experience and ensure that Renewal SA achieves key people, safety and culture deliverables and milestones
  • awarded internal promotions (or internal role transfers) to 29 staff, highlighting our focus on creating career pathways and internal mobility
  • developed and implemented flexible working guidelines and supported implementation with training for people managers.
Renewal SA sets clear expectations and engages our people so they are motivated to perform at their best.
  • ensured 100% of eligible employees had a Performance Development Plan following the roll-out of an improved performance framework, aligning our work at an individual level to our Business Plans and Strategic Plan (2020-23).
Renewal SA enables our people to reach their potential and develops future capabilities for the business.
  • created and implemented a training and development program to enhance organisational capability, including a new leadership development program
  • filled 20.7% 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.
  • launched and began implementation of our Diversity and Inclusion Strategy and Action Plan
  • supported the industry through representation on both the Urban Development Industry Association – SA (UDIA) SA and Property Council of Australia – SA (PCA) Diversity committees
  • developed, launched and began delivery of Renewal SA’s Innovate Reconciliation Action Plan
  • ensured that 97.6% of staff completed cultural awareness training.


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.
  • assisted multiple agencies with strategic property solutions including the Department of Infrastructure and Transport, Department of Education, Department of Corrections, Department of Energy and Mining and Department of Environment and Water
  • continued working on property initiatives and projects with government partners such as SA Housing Authority, Department for Trade and Investment, Department of the Premier and Cabinet and Defence SA
  • launched and began delivery of our Innovate Reconciliation Action Plan
  • sponsored the Property Council of Australia’s Reconciliation Breakfast and spoke to industry attendees about our commitment to reconciliation and what it means to be part of our nation’s journey towards a united future for First Nations peoples and non-Indigenous peoples
  • successfully collaborated with First Nations groups on all new pipeline projects and ensured this approach was embedded in our pipeline process.
Develop a Corporate Communications and Partnerships Plan to consult with community, industry and government, build relationships, drive collaboration and build reputation.
  • maintained strong relationships with relevant industry associations to promote our strategic and business goals and contribute to capability-building in our industry
  • continued our corporate partnerships with the Urban Development Institute of Australia and the Property Council of Australia
  • partnered with the Property Council of Australia to promote the Girls in Property program and advocate for property careers among female high school students at the Adelaide Careers Expo
  • supported the Housing Industry Association (HIA) to deliver their Building Women Building Purpose initiative
  • finalised a 360-degree survey of key partners to drive continuous improvement and inform our Corporate Partnerships Plan.
Develop a corporate brand platform to build trust and understanding.
  • reviewed our corporate messaging to ensure consistency and clarity across all communications platforms
  • delivered regular communications through our digital channels and electronic direct mail about our achievements and opportunities to partner with Renewal SA
  • maximised proactive communications and media opportunities to inform stakeholders of our activities and achievements.


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
  • ensured that all projects and strategic initiatives had an approved annual business plan
  • established an internal Investment Committee to support strategic pipeline goals by assessing and endorsing investment/pipeline opportunities against agreed criteria.
Renewal SA is the peak government agency for property and project delivery
  • worked with government agencies in the management of 8 property disposals including the sale of
    • TechInSA High-Tech Precinct on behalf of the Department for Innovation and Skills
    • Fort Largs and the former Stirling Police Station on behalf of SAPOL
    • vacant land in Upper Hermitage and Arthur’s Seat in Mt Lofty on behalf of the Minister for Planning
    • Gilles Plains Primary School on behalf of the Department for Education
    • vacant land in Port Lincoln on behalf of Safecom
    • a commercial building at 108 Kermode St in North Adelaide on behalf of the Department for Human Services
  • finalised market sounding for Highgate Park (former Julia Farr Centre) on behalf of the sole trustee, the Minister for Human Services
  • worked with the Department of Defence in support of property requirements to facilitate progression of the Aircraft Deep Maintenance and Modification Facility at Edinburgh.
Renewal SA delivers a pipeline of projects annually that leads the market and increases investment into South Australia and Gross State Product (GSP).
  • negotiated a development agreement with Villawood to develop 52 hectares at Oakden
  • negotiated a development agreement with Commercial Retail Group (and consortium partners) to redevelop the former Le Cornu site at Forestville
  • released greenfield land at Aldinga to the open market (now to proceed with a preserved rail corridor).
  • released the former Brompton gasworks site in Bowden to market and selected a preferred development partner.
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
  • the internal Investment Committee drives new project development across the organisation and institutes cross agency working groups to deliver on key investment/pipeline opportunities.


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
  • continued to track, analyse and update sales and conversion data weekly and adjusted forecasts and activities accordingly
  • achieved record sales at Bowden and Playford Alive while sales performance across the industrial portfolio including Tonsley was extremely strong
  • achieved total sales and settlements revenue of $149 million* for the 2021-22 financial year, which represented a $79.9 million increase on the 2020-21 financial year.
    * inclusive of AASB 15 upfront revenue recognition for development agreements at Oakden and Tonsley
Projects demonstrate excellence in delivery, management and completion/ handover
  • earned the 2021 Innovation in Development Award in partnership with Peet Limited for Tonsley Innovation District (UDIA Awards for Excellence)
  • earned the 2021 Healthy Parks Healthy People Award in partnership with Oxigen for the Tonsley Forests (South Australian Landscape Architecture Awards)
  • earned the 2022 David Saunders Award for Heritage in partnership with Hassell, Purcell & Baukultur for the refurbishment of the 1927 Bice Building at Lot Fourteen (South Australian Architecture Awards)
  • completed an audit of our Project Management Framework and began revision of the framework to match industry best practice
  • established a Project Strategy and Development Committee which is tasked with overseeing the delivery of projects to ensure that we are achieving excellence
  • successfully completed the delivery of the Lightsview project, a joint venture with Peet Limited
  • finalised negotiations and began the process to transfer community assets—including selected buildings, land parcels and roads—from the South Australian Government to the City of Port Adelaide Enfield as part of our stepped exit from the Port Adelaide Renewal Project.
The Our Future Housing Strategy 2020-30 objectives and activities for Renewal SA are incorporated within the relevant projects and developments.
  • secured the following outcomes as a result of the Affordable Housing Expression of Interest that was released in partnership with the SA Housing Authority in 2020:
    • negotiated a development agreement for the delivery of 172 dwellings (minimum 45% affordable housing) on 3.7 hectares in St Clair
    • facilitated the delivery of 300+ affordable homes through key projects including Playford Alive, Dock One by Kite (Port Adelaide), Bowden and Tonsley
    • generated a further 820+ affordable homes over the coming 5-8 years through our key projects and Development Management Agreements
    • partnered with SAHA to drive delivery and renewal in Playford Alive, including the delivery of substantial affordable homes.
All projects result in job growth.
  • supported more than 2,500 FTEs across the construction and related industries through Renewal SA enabled projects
  • engaged with 1,434 people across Renewal SA flagship project communities through the Renewal SA Works Program, providing pathways to employment through engagement activities, education, training and work experience.
    Achievements include:

    • delivery of STEM Works at Tonsley tours to 601 students
    • facilitation of 77 accredited training places, and 21 paid employment outcomes in our partnership programs
    • facilitation of 23 traineeships/apprenticeships through partnership programs and initiatives
    • delivery of 36 work experience placements and six paid employment positions with Renewal SA contractors through economic development clauses in our contracts.
Renewal SA leads and delivers on economic recovery initiatives relating to property.
  • supported our commercial tenants leasing Renewal SA-managed properties by offering the opportunity to receive rent relief for their tenancy (the rent relief scheme ended on 31 March 2021 however late applications for this period were accepted up until 23 July 2021)
  • supported more than 110 individual requests for support during the rent relief period and provided rent relief in the order of $2.84 million to reduce the impact of COVID-19 pandemic restrictions on our leased properties.

Corporate performance summary

Employment opportunity programs

Diversity and Inclusion

Renewal SA remains committed to fostering a diverse and inclusive workplace that enriches the environment we work in and enhances our ability to deliver great outcomes for South Australia. We support the evolution and advancement of dynamic professionals from diverse heritage.

As at 30 June 2022 our workforce comprised:

  • 53.6% females
  • 33% females in leadership roles (defined as reporting to the Chief Executive and General Managers)
  • 2.9% of the workforce identifying as being Aboriginal or Torres Strait Islander heritage
  • 21.4% staff born outside of Australia.

Aboriginal Workforce Participation

In support of Renewal SA’s strategic objective to embed and progress our Reconciliation Action Plan, we appointed our first Manager of Reconciliation and Cultural Heritage in September 2021. This new position has helped us facilitate new pathways to working collaboratively with First Nation stakeholders.

Skilling SA

In July 2021 through to April 2022, Renewal SA hosted a trainee through the Skilling SA Public Sector project. The trainee was appointed as a Project Support Officer within the Renewal SA Works Program team and supported the team with administrative duties whilst studying towards their Certificate III in Business.

The Skilling SA project allowed the trainee to expand their knowledge and develop their expertise in a supportive and development-focused environment, whilst allowing the team to mentor a new employee and build internal capability.

Women in Property program

At Renewal SA, we are committed to providing opportunities for women to thrive in their careers and grow into leadership roles.

We recognise the importance of promoting and encouraging women to pursue a career in the property industry; creating a diverse, inclusive and psychologically safe environment where employees are all treated equally; providing more opportunities for women in senior leadership roles; and supporting and encouraging women to take a step up in their career.

Current initiatives include staff participation in the Property Council of Australia’s 500 Women in Property program and sponsorship of the Girls in Property program. We have recently implemented a leadership development program and are proud to share that 82% of participants are women.

Agency performance management and development systems

The Renewal SA performance and development framework remained a key focus during 2021-22.

A key objective of this framework has included the creation of performance plans for all employees and the alignment of associated development plans to the Strategic Plan (2020-23). This has ensured that all employees have line-of-sight to the strategic objectives of our agency and their contribution to the delivery of these objectives. In turn, this has enhanced employee engagement and accountability across the business.

Performance management and development system Performance
Performance plans are facilitated and documented through our Performance Development Conversations framework. The formal performance conversation process is biannual. During the 2021-22 financial year, 100% of our eligible employees had a performance development conversation and a custom performance plan.

Work health, safety and return to work programs

Program name Performance
Work Health and Safety framework Our Work Health and Safety (WHS) framework is based on the Work, Health and Safety Act 2012 (SA) and the international standard for Safety Management systems ISO45001:2018.

In 2021-22 we:

  • provided 283 hours of WHS training to employees in WHS legislation awareness (99.2% of employees completed) and WHS risk management principles (96.9% of employees completed)
  • increased hazard awareness and hazard reporting by 800% compared to the previous financial year
  • undertook continuous improvement activities to encourage and improve the WHS program and Emergency Preparedness program to identify emerging trends across Renewal SA
  • successfully implemented a new cross-government digital platform (Gov SAfety) which now captures all safety related incidents
  • consulted, communicated and cooperated with all workers and stakeholders as a key feature of the WHS framework.

No Return-to-Work Claims were recorded in the 2021-22 financial year across Renewal SA or its work sites.

Wellbeing Program Our Wellbeing Program values the benefits of worker wellbeing and wellness, particularly during the changing working environment throughout the year. We offer holistic worker wellness programs focused on mental health, physical health, fatigue and the financial, emotional and social aspects of worker wellness.

In addition to the mandatory Mental Health First Aid requirements, we maintain a fully trained complement of Mental Health First Aiders in the workplace across Renewal SA work sites.

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 closely 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 the effective return to work of injured employees.

Workplace injury claims Current year 2021-22 Past year 2021-21 % change (+/-)
Total new workplace injury claims 0 1 -100%
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 2021-22 Past year 2021-22 % 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 2021-22 Past year 2021-22 % change (+/-)
Total gross workers compensation expenditure ($) $0 $3,944 -100%
Income support payments (gross) ($) 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* 20

*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

Five 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 who 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 brief summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2021-2022 are attached to this report.

The Comprehensive Result is a profit of $34.9 million, which is an improvement of $41.1 million on the previous financial year. A significant driver of the improved profit position over the prior year was the Oakden sale, which saw $81.1 million of sales and $37.1 million of gross profit being recognised in the current year, due the passing of control from Renewal SA to Villawood.

The Underlying Operating Result is a profit of $39.4 million. This result excludes the impact of one-off valuation adjustments and financing costs resulting from the level of borrowings determined by the South Australian Government for Renewal SA.

The continuation of the buoyant property market has led to strong sales performance for the year, particularly in our residential development projects notably at Playford Alive.

The Statement of Financial Position shows a positive Net Asset and Equity position of $71.0 million, representing a $71.0 million improvement on the minor Net Asset surplus reported for the last financial year. The government provided additional equity contributions during the financial year of $32.5 million, primarily for the Lot Fourteen and Tonsley projects.

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 2022 are attached to this report.

Statement of comprehensive income
2021-22 actual $000s
2020-21 actual $000s
Revenue from sales
Less: cost of sales
Gross profit on sales
Other income
Operating expenses
Underlying operating result
Borrowing costs
Net gain/(loss) from changes in asset values
Comprehensive Result - before Income Tax
Income Tax
Total Comprehensive Result
Statement of Financial Position
2021-22 actual $000s
2020-21 actual $000s
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Total Equity

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 ($)
31 consultants engaged Various 117,743


Consultancies with a contract value above $10,000 each

Consultancies Purpose Actual Payment ($)
Agon Environmental Stockpile Sampling – Soilbank 23,580
Capisce QS Pty Ltd Cost Estimate – Proposed Stress Ribbon Design – Port Adelaide 12,000
Ernst & Young Due Diligence – Oakden 36,000
GPA Engineering Pty Ltd Engineering Advice – Former Australia Renewable Fuels Infrastructure Site 13,061
Greencap – NAA Pty Ltd Environmental Advice – Forestville 122,770
Greencap – NAA Pty Ltd Environmental Advice – 63 Conyngham Street 12,290
Greenhill Engineers Cost Analysis – Prospect Infrastructure 11,537
HAYMAKR Market Research – Sydney and Melbourne First Home Buyers 16,450
Jodie Murphy HR Consulting and Advice 24,000
Jones Lang LaSalle Industrial Land Strategy 44,900
KPMG Leadership Workshop and Strategic Planning 12,398
M L Smith Consulting Policy Governance Advice 28,635
Metric Marketing Pty Ltd Market Research and Reporting – WCH North Adelaide 37,424
Price Waterhouse Coopers Accounting, Tax and Economic Impact Advice 115,250
Price Waterhouse Coopers Bowden Economic Assessment 46,350
Price Waterhouse Coopers Business Systems and Processes Review and Digital Strategy 299,763
Robert Bird Group Pty Ltd Concept Design – Dock One Pedestrian Bridge 19,326
Stallard Meek – Flightpath Feasibility – Adelaide Railway Station – Skybridge Removal and Eastern Balcony 13,320
Swanbury Penglase Interior Architecture Advice – Adelaide Railway Station 22,040
Turner & Townsend Project Management Framework Review 59,500

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 Policy and Framework in place 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.

The Urban Renewal Authority Board of Management has an established Finance, Risk and Audit Committee. The principal functions of this committee 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 committee comprises members of the Board of Management. The committee met on five occasions during 2021-22.

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

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

The Auditor General completed their annual audit of Renewal SA’s financial statements and internal controls for 2021/22 and raised no material concerns.

Strategies implemented to control and prevent fraud

Renewal SA’s two fraud policies – namely the Fraud and Corruption Prevention, Detection and Reporting Policy (for staff) and the Fraud and Corruption Prevention, Detection and Reporting Policy (for suppliers) 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.

The strategy encompasses:

  • training for all staff in fraud and corruption control every three years
  • provision of information on fraud and corruption and employee obligations to all new starters
  • maintenance of a central record of all offers of gifts or benefits made to staff (whether or not accepted), which are reported to the Executive and the Finance, Risk and Audit Committee
  • regular risk assessments undertaken by staff, as appropriate, at an enterprise, program, project, operational and transactional level
  • implementation of an annual assurance program, whereby all Directors and Executives provide statements of compliance regarding fraud and risk management, with any breach reported to the Finance, Risk and Audit Committee.

Fraud detected in the agency

There were no actual (or reasonably suspected) incidents of fraud at Renewal SA for the 2021-22 financial year.

Data for previous years is available at:

Public interest disclosure

Number of occasions on which public interest information has been disclosed to a responsible officer of the agency under the Public Interest Disclosure Act 2018:


Data for previous years is available at:

Note:  Disclosure of public interest information was previously reported under the Whistleblowers Protection Act 1993 and repealed by the Public Interest Disclosure Act 2018 on 1/7/2019.

Public complaints

Number of public complaints reported

No specific categories of complaints were received by, or made against, Renewal SA for the 2021-22 financial year.

The total number of enquiries during 2021-22 was 392.

Service Improvements

Renewal SA has considered its processes for receiving and managing enquires and complaints.

Renewal SA is developing a Complaints and Feedback Policy to manage complaints and feedback in a responsive and effective way.

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 2022

Statement of comprehensive income

For the year ended 30 June 2022



Revenue from sales 4 149,020 69,115
Less: cost of sales 4 89,683 47,545
Gross profit from sales 59,337 21,570
Share of net profit in joint ventures 5 3,046 1,668
Revenues from SA Government 6 7,694 6,961
Interest revenues 7 6,877 477
Property income 8 25,753 22,872
Other revenues 9 4,959 2,670
Net gain from changes in value of non-current assets 23 16,016 4,063
Net gain from disposal of non-current assets 10 1
Total other income 64,342 38,712
Total income 123,679 60,282


Employee benefits expenses 13 15,747 14,079
Operating expenditure 15 49,769 41,015
Bad and doubtful debts expense 19 (105) (137)
Borrowing costs 16 5,651 8,928
Depreciation and amortisation 22 2,794 3,116
Net loss from disposal of non-current assets 10 2
Total expenses 73,858 67,001
Profit/Loss before income tax equivalent 49,821 (6,719)
Less: Income tax equivalent 14,946
Profit/Loss after income tax equivalent 34,875 (6,719)
Total comprehensive result 34,875 (6,719)

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 2022


Current assets

Cash and cash equivalents 18 14,491 12,403
Receivables 19 19,500 8,879
Inventories 20 108,802 65,271
Investment in joint ventures 5 219 1,588
Total current assets 143,012 88,141

Non-current assets

Receivables 19 83,048 13,129
Inventories 20 182,057 255,578
Investment properties 21 105,035 83,765
Property, plant and equipment 22 17,134 12,326
Investment in joint ventures 5 485
Total non-current assets 387,274 365,283
Total assets 530,286 453,424

Current liabilities

Payables 25 13,139 14,766
Unearned income 27 11,723 2,964
Financial liabilities 26 146,266 38,681
Provisions 28 16,694 26
Employee benefits 14 2,070 2,438
Other liabilities 29 746 896
Total current liabilities
190,638 59,771

Non-current liabilities

Payables 25 163 1,967
Unearned income 27 13,569 13,576
Financial liabilities 26 252,296 375,411
Provisions 28 155 65
Employee benefits 14 2,418 2,559
Total non-current liabilities 268,601 393,578
Total liabilities
459,239 453,349
Net assets 71,047 75


Contributed capital 608,007 567,856
Retained earnings (536,960) (567,781)
Total equity
71,047 75

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 2022

Contributed capital
Retained earnings
Balance 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
  • Net assets transferred from administrative restructure
  • Dividends paid
17 (1,193) (1,193)
Balance as at 30 June 2021
567,856 (567,781) 75
Total comprehensive result for 2021-22 34,875 34,875
Transactions with the SA Government in their capacity as owners:
  • Equity contribution
40,151 40,151
  • Dividends paid
17 (4,054) (4,054)
Balance as at 30 June 2022
608,007 (536,960) 71,047

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 2022


Cash flows from operating activities

Cash inflows
Receipts from sales 74,046 69,878
Receipts from tenants (rent and recoveries) 30,136 23,986
Receipts from SA Government 9,347 6,911
Interest received 10
Recoveries and sundry receipts 3,515 2,420
GST recovered from the ATO 10,238 5,678
Cash generated from operations
127,283 108,883
Cash outflows
Payments for land purchase and development (61,578) (163,715)
Payments in the course of operations for supplies and services (69,713) (64,242)
Interest paid (5,306) (9,125)
Cash used in operations (136,597) (237,082)
Net cash used in operating activities 30 (9,314) (128,199)

Cash flows from investing activities

Cash inflows
Distributions of profit by joint ventures 4,900 3,500
Proceeds from the sale of plant and equipment 1
Proceeds from the sale of investment properties 1,400 1
Cash generated from investing activities 6,300 3,501
Cash outflows
Purchase of investment property (9,019)
Purchase of property, plant and equipment (1,976) (6,610)
Cash used in investing activities (10,995) (6,601)
Net cash (Used in)/provided by investing activities (4,695) (3,109)

Cash flows from financing activities

Cash inflows
Equity contributions received from the SA Government 40,151 58,668
Proceeds from borrowings 6,401 348,050
Cash generated from financing activities 46,552 406,718
Cash outflows
Repayment of borrowings (26,401) (273,050)
Dividends paid to SA Government (4,054) (1,193)
Cash used in financing activities (30,455) (274,243)
Net cash provided by/(used in) financing activities 16,097 132,475
Net increase/(decrease) in cash held
(2,088) (1,167)
Cash at the beginning of the financial year
12,403 11,236
Cash at the end of the financial year 18 14,491 12,403

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 2022 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

13 September 2022


M. Wood
General Manager

13 September 2022


S. Hains
Presiding Member

13 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 2022.

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 2022, 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 2022
  • a Statement of Financial Position as at 30 June 2022
  • a Statement of Changes in Equity for the year ended 30 June 2022
  • a Statement of Cash Flows for the year ended 30 June 2022
  • 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 2022.

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
  • conclude on the appropriateness of the Chief Executive’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. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify the opinion. My conclusion is based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause an entity to cease 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 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

16 September 2022

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