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Operating expenses are recognised as an expense in the period to which they relate.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to the ownership of an asset.

Accommodation lease rentals payable under operating leases are recognised as an expense on a straight-line basis over the term of the relevant lease. Lease incentives received as an incentive to enter into an operating lease are also recognised evenly over the term of the lease as a reduction in the rental expense.

Explanation of major variances against budget

Operating expenses were $95.335 million lower than budget due to the timing of transformation programme expenditure on consultants and contractors, a reduction in travel costs due to new technology solutions that enable us to meet and work together virtually and COVID-19 related travel restrictions, and transformation operating contingency funding that has been transferred to 2021-22.

Last updated: 02 Nov 2021
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