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Budget 2024: The Government has announced FamilyBoost, a proposed new childcare payment to help eligible families with the rising costs of Early Childhood Education (ECE). Find out more:

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

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.

Operating expenses were $166.313 million lower than budget due to a reduction in transformation programme expenditure on consultants and contractors, and a reduction in travel costs due to new technology solutions that enable us to meet and work together virtually. Ongoing COVID-19-related restrictions reduced travel and legal activity. Transformation operating contingency funding, budgeted as other operating expenses, has been returned to the Crown.

Last updated: 22 Aug 2022
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