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AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Section 1: Entity overview and resources

1.1 STRATEGIC DIRECTION STATEMENT

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia’s financial intelligence unit with regulatory responsibility for anti-money laundering and counter-terrorism financing (AML/CTF). AUSTRAC strives to be a global leader in AML/CTF and the primary source for financial intelligence in Australia. AUSTRAC collects and transforms financial information into actionable intelligence that is used to assist in the disruption, investigation and prosecution of serious criminal activity, including money laundering, terrorism financing, organised crime and tax evasion. These efforts directly contribute to protecting Australia’s economy and financial system and safeguarding its security.

Throughout 2016–17, AUSTRAC will continue to disseminate actionable intelligence on entities and networks of interest to its partners. AUSTRAC’s outputs will continue to have an emphasis on money laundering and terrorism financing as part of regional and global efforts to combat these threats. In collaboration with partners, AUSTRAC will build upon the system enhancements made in recent years, to further exploit the increasing information and data holdings available.

AUSTRAC’s engagement with the private sector during 2016–17 will be underpinned by a strong innovation agenda and collaborative approach to countering terrorism financing and money laundering. AUSTRAC will pursue greater recognition of those private sector businesses that support and are conforming with AML/CTF regulation in this country, and foster better regulation.

AUSTRAC will closely engage with stakeholders including financial technology start-ups that are involved in the digital transformation of the financial services and payments sectors in Australia. In 2016–17, AUSTRAC will explore opportunities for the application of regulatory safeguards in the development cycle of various transformation technologies, ultimately reducing the regulatory burden on current and future regulated businesses. AUSTRAC will work with stakeholders to understand and realise the potential of new technologies.

In relation to regulatory responsibilities, AUSTRAC will undertake a number of initiatives in 2016–17 that are centred on continuous improvement in its approach to supervision of regulated entities. This work will also respond to

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areas of improvement suggested by the Financial Action Task Force (FATF) in its mutual evaluation of Australia’s AML/CTF regime that was undertaken during 2014–15.

AUSTRAC is in the process of enhancing its supervisory risk model. This will advance AUSTRAC’s capability to identify issues, prioritise activities, craft responses to issues and evaluate whether it is achieving the desired impact.

By continuing to engage with industry and refining its supervisory risk model, AUSTRAC will continue to minimise compliance costs and the impact of regulatory changes.

In relation to serious non-compliance in 2016–17, AUSTRAC will focus efforts on responding to serious breaches, ranging from single entities to widespread risks or threats within industry and significant breakdowns in reporting.

In 2016–17, AUSTRAC will work closely with the Attorney-General’s Department to implement the reforms arising from the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This will deliver an AML/CTF regime that meets the needs of modern Australian businesses operating in the face of disruptive new technologies and rapidly changing consumer needs and business models.

AUSTRAC will also expand its international footprint, which forms a key part of the agency’s strategic direction. This expansion will enable AUSTRAC to build and enhance international relationships, increase influence with partners through active collaboration, improve cooperation and coordination with international partners, and improve access and exchange of information, intelligence and capabilities.

Australia and AUSTRAC have an extensive history of proactivity in the international AML/CTF environment. In 2016–17, AUSTRAC will continue its strong international involvement by chairing the Information Exchange Working Group of the Egmont Group of Financial Intelligence Units (now 155 countries strong) and co-chairing the FATF Risk, Trends and Methods Group.

AUSTRAC and its Indonesian counterpart PPATK will work with regional counterparts to produce a regional risk assessment on terrorism financing in 2016–17, which will be an important contribution to the global efforts to combat terrorism financing. This assessment acknowledges that terrorism is a transnational problem, requiring transnational collaboration and responses. This regional cooperation will strengthen existing relationships and forge new and closer relationships in the future.

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Australian Transaction Reports and Analysis Centre

AUSTRAC will continue to provide technical assistance and training to a range of overseas financial intelligence units and other agencies in the region.

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1.2 ENTITY RESOURCE STATEMENT

Table 1.1 shows the total funding from all sources available to AUSTRAC for its operations and to deliver programs and services on behalf of the government.

Table 1.1 is prepared on a resourcing (appropriations and cash available) basis, while the outcome expenses table in section 2 and the financial statements in section 3 are prepared on an accrual basis.

Table 1.1: Entity resource statement—Budget estimates for 2016–17 as at Budget May 2016

2015–16 Estimated

actual $’000

2016–17 Estimate

$’000

DEPARTMENTALAnnual appropriations—ordinary annual services(a)Prior year appropriations available 13,328 10,728Departmental appropriation 55,925 57,574s 74 retained revenue receipts(b) 4,683 2,235Departmental capital budget(c) 3,105 3,094

Annual appropriations—other services—non-operating(d)Equity injection 4,750 10,200Total net resourcing for entity 81,791 83,831

2015–16 2016–17Average staffing level (number) 281 302Prepared on a resourcing (appropriations and cash available) basis.Note: All figures are GST exclusive and may not match figures in the cash flow statement.(a) Appropriation Bill (No. 1) 2016–17.(b) Estimated retained revenue receipts under section 74 of the Public Governance, Performance and Accountability Act 2013.(c) Departmental capital budgets are not separately identified in Appropriation Bill (No. 1) and form part of ordinary annual services items. See Table 3.5 for further details. For accounting purposes, this amount is designated as ‘contributions by owners’.(d) Appropriation Bill (No. 2) 2016–17.

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1.3 BUDGET MEASURES

Measures announced in the 2015–16 Mid-Year Economic and Fiscal Outlook (MYEFO) and other measures not previously reported in a portfolio statement are summarised in Part 2 of Table 1.2.

Table 1.2: Entity 2016–17 Budget measuresPart 1: Measures announced since the 2015–16 MYEFOAUSTRAC has no new post-MYEFO measures.

Part 2: MYEFO measures and other measures not previously reported in a portfolio statement

Program2015–16

$’0002016–17

$’0002017–18

$’0002018–19

$’0002019–20

$’000Revenue measuresAUSTRAC—industry contribution 1.1

Administered revenue – 6,718 – – –Total revenue measures – 6,718 – – –

Expense measuresPublic Sector Savings—Enterprise Resource Planning Systems(a) 1.1

Departmental expenses – – (26) (32) (32)Public Sector Savings—Shared and Common Services Programme(b) 1.1

Departmental expenses – (51) (102) (102) –Public Sector Superannuation Accumulation Plan administration fees(c) 1.1

Departmental expenses (21) (21) (21) (21) (21)

Total expense measures (21) (72) (149) (155) (53)Prepared on a Government Finance Statistics (fiscal) basis. Figures displayed as a negative represent a decrease in funds, and figures displayed as a positive represent an increase in funds.(a) This is a cross-portfolio measure that was published in Budget Paper No. 2 2015–16. The lead entity is the Department of Finance.(b) This is a cross-portfolio measure that was published in the 2015–16 MYEFO. The lead entity is the Department of Finance.(c) This is a cross-portfolio measure that was published in the 2014–15 MYEFO. The lead entity is the Department of Finance.

1.4 CHANGES TO OUTCOME AND PROGRAM STRUCTURE

Table 1.3: Outcome change

Outcome 1The protection of the financial system from criminal abuse through actionable financial intelligence and collaboration with domestic and international partners

Description of change:

New outcome, created for Budget 2016–17; supersedes the old Outcome 1

Old statement: A financial environment hostile to money laundering, financing of terrorism,

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major crime and tax evasion through industry regulation and the collection, analysis and dissemination of financial intelligence

Section 2: Outcomes and planned performance

Government outcomes are the intended results, impacts or consequences of actions by the government on the Australian community. Commonwealth programs are the primary vehicle by which government entities achieve the intended results of their outcome statements. Entities are required to identify the programs that contribute to government outcomes over the budget and forward years.

AUSTRAC outcome is described below together with its related program.

Note: From 1 July 2015, performance reporting requirements in the Portfolio Budget Statements sit alongside the requirements under the enhanced Commonwealth performance framework. It is anticipated that the performance criteria described in Portfolio Budget Statements will be read with broader information provided in an entity’s corporate plans and annual performance statements—included in annual reports from October 2016—to provide the entity’s complete performance story.

2.1 BUDGETED EXPENSES AND PERFORMANCE FOR OUTCOME 1

Outcome 1: The protection of the financial system from criminal abuse through actionable financial intelligence and collaboration with domestic and international partners

Budgeted expenses for Outcome 1Table 2.1 shows how much AUSTRAC intends to spend (on an accrual basis) on achieving Outcome 1, broken down by program and by administered and departmental funding sources.

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Table 2.1: Budgeted expenses for Outcome 12015–16

Estimated actual$’000

2016–17Budget

$’000

2017–18 Forward estimate

$’000


$’000

2019–20Forward estimate

$’000

Program 1.1: AUSTRAC

Departmental expensesDepartmental appropriation

55,925 57,574 60,720 61,589 59,184s 74 retained revenue receipts(a)

4,683 2,235 1,693 1,003 –Expenses not requiring appropriation in the budget year(b)

8,878 8,542 7,123 6,822 6,573Total expenses for Outcome 1 69,486 68,351 69,536 69,414 65,757

2015–16 2016–17

Average staffing level (number) 281 302Note: Departmental appropriation splits and totals are indicative estimates and may change in the course of the budget year as government priorities change.(a) Estimated expenses incurred in relation to receipts retained under section 74 of the Public Governance, Performance and Accountability Act 2013.(b) Expenses not requiring appropriation in the budget year are made up of depreciation and amortisation expenses and audit fees.

Performance criteria for Outcome 1Table 2.2 details the performance criteria for the program associated with Outcome 1. It also summarises how the program is delivered.

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Table 2.2: Performance criteria for Outcome 1Outcome 1: The protection of the financial system from criminal abuse through actionable financial intelligence and collaboration with domestic and international partners

Program 1.1: AUSTRACThe objective of program 1.1 is to detect, deter and disrupt money laundering and terrorism financing risks and threats that affect Australia’s financial system, and to contribute to the growth of Australia’s economy.

Purposes(a) To discover, understand and disrupt money laundering and terrorism financing threats and risks.

Delivery AUSTRAC will deliver its outcome by harnessing collaboration and innovation within its compliance, intelligence, international and policy activities at the domestic and international levels. Industry partners from financial services, gambling, bullion and remittance services, and state, Commonwealth and international partner agencies and other bodies, benefit from these activities.AUSTRAC’s key delivery strategies include:

• development of an intelligence-led centre of excellence in collaboration with the private sector

• development of AUSTRAC’s domestic and international footprint to enhance the agency’s influence in the global financial intelligence and AML/CTF community

• improvements to the AML/CTF model for better regulation through harnessing collaboration and innovation with national and international government entities and the private sector.

Performance information

Year Performance criteria Targets

2015–16 SupervisionAn increase in the number of reporting entities that submit transaction reports to AUSTRAC(b)An increase in the overall number of, and improvement in the quality of, transaction reports submitted by regulated entities to AUSTRAC(b)An increase in the number of regulated entities that self-identify that they have an AML/CTF program in placeRectification of identified non-compliance by reporting entities to address potential vulnerabilities in Australia’s AML/CTF regimeAn increase in the effectiveness of reporting entities’ AML/CTF programs

IntelligenceThe ongoing value to partner agency and taskforce operations of financial intelligence products produced by AUSTRACIncreased targeted financial intelligence exchange, which indicates the effectiveness of AUSTRAC’s international exchange instruments and the value of its financial intelligenceThe effectiveness of AUSTRAC’s international technical assistance and training, as measured by the internationally accepted indicator of delivered outcomes against agreed program objectives and budget

AUSTRAC is on track to deliver on its performance criteria.Information relating to performance criteria and targets will be published in the annual performance statement in the 2015–16 annual report.

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Program 1.1: AUSTRAC (continued)

Performance information

Year Performance criteria Targets

2016–17(c) DiscoverEffectiveness of a domestic and international information exchange network to detect and monitor existing and emerging money laundering and terrorism financing threats

UnderstandThe ongoing value to domestic and international partner agencies, taskforces and industry of financial intelligence capability, information and intelligence products produced by AUSTRAC

DisruptThe effectiveness of AUSTRAC’s operations in protecting revenue, supporting the prevention and disruption of money laundering and terrorism financing, and influencing policy and law reform

Conduct a baseline stakeholder survey of national and international partners and industry to measure their assessment of AUSTRAC’s effectiveness in aiding them to achieve their outcomes

2017–18 and beyond

As per 2016–17. Targets for 2017–18 and beyond will be influenced by feedback in the baseline stakeholder survey conducted in 2016–17.

(a) Refers to updated purposes that will be reflected in the 2016–20 AUSTRAC corporate plan.(b) Numbers to be published in the 2015–16 AUSTRAC annual report.(c) New or modified performance criteria and targets are shown in italics.

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Section 3: Budgeted financial statements

This section presents budgeted financial statements that provide a comprehensive snapshot of entity finances for the 2016–17 budget year, including the impact of budget measures and resourcing.

3.1 DIFFERENCES BETWEEN ENTITY RESOURCING AND FINANCIAL STATEMENTS

AUSTRAC was appropriated for $4.75m through an equity injection (Appropriation Act No. 2) in 2015–16. Approval has been granted to move $3.40m of that funding from 2015–16 to 2017–18.

3.2 ANALYSIS OF BUDGETED FINANCIAL STATEMENTS

Departmental income statementRevenue from government in 2016–17 is $57.574m, which is an increase of $1.649m when compared to 2015–16 ($55.925m). The increase is primarily due to the budget measure Strengthening the integrity of welfare payments, which was reported in the 2015–16 Portfolio Budget Statements.

AdministeredRevenue administered on behalf of government, as reported in Table 3.7, is collected by AUSTRAC through the AUSTRAC industry contribution arrangement. The amount is calculated as a percentage of AUSTRAC’s operating costs, including amortisation and annual depreciation costs of assets. In 2016–17, AUSTRAC’s administered revenues are expected to increase to $65.956m from $58.178m in 2015–16. This is due to an increase in the proportion of AUSTRAC’s operating costs to be recovered under the industry contribution arrangement, from 90% in 2015–16 to 100% in 2016–17. The change was announced by the government as part of the 2015–16 MYEFO.

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3.3 BUDGETED FINANCIAL STATEMENTS TABLES

Table 3.1: Comprehensive income statement (showing net cost of services)for the period ended 30 June

2015–16 Estimated

actual $’000

2016–17 Budget

$’000


$’000


$’000


$’000

EXPENSESEmployee benefits 36,496 36,691 37,475 37,442 35,259Suppliers 24,272 23,278 25,098 25,310 24,085Depreciation and amortisation 8,718 8,382 6,963 6,662 6,413Total expenses 69,486 68,351 69,536 69,414 65,757

LESS:OWN-SOURCE INCOME

Own-source revenueOther 4,683 2,235 1,693 1,003 –Total own-source revenue 4,683 2,235 1,693 1,003 –

GainsOther 160 160 160 160 160Total gains 160 160 160 160 160Total own-source income 4,843 2,395 1,853 1,163 160Net cost of (contribution by) services 64,643 65,956 67,683 68,251 65,597Revenue from government 55,925 57,574 60,720 61,589 59,184Surplus (deficit) attributable to the Australian Government (8,718) (8,382) (6,963) (6,662) (6,413)

OTHER COMPREHENSIVE INCOMEChanges in asset revaluation surplus – – – – –Total other comprehensive income – – – – –Total comprehensive income (loss) (8,718) (8,382) (6,963) (6,662) (6,413)Total comprehensive income (loss) attributable to the Australian Government (8,718) (8,382) (6,963) (6,662) (6,413)

Note: Impact of net cash appropriation arrangements2015–16

$’0002016–17

$’0002017–18

$’0002018–19

$’0002019–20

$’000Total comprehensive income (loss) excluding depreciation/amortisation expenses previously funded through revenue appropriations – – – – –Less depreciation/amortisation expenses previously funded through revenue appropriations 8,718 8,382 6,963 6,662 6,413Total comprehensive income (loss) as per the statement of comprehensive income (8,718) (8,382) (6,963) (6,662) (6,413)Prepared on Australian Accounting Standards basis.

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Table 3.2: Budgeted departmental balance sheet (as at 30 June)2015–16

Estimated actual $’000

2016–17 Budget

$’000


$’000


$’000


$’000

ASSETS

Financial assetsCash and cash equivalents 1,818 1,818 1,818 1,818 1,818Trade and other receivables 11,284 11,284 11,284 11,284 11,284Total financial assets 13,102 13,102 13,102 13,102 13,102

Non-financial assetsProperty, plant and equipment 10,766 13,455 11,568 9,327 7,474Intangibles 16,521 18,744 22,191 21,519 20,136Other non-financial assets 2,935 2,935 2,935 2,935 2,935Total non-financial assets 30,222 35,134 36,694 33,781 30,545Total assets 43,324 48,236 49,796 46,883 43,647

LIABILITIESPayablesSuppliers 1,406 1,406 1,406 1,406 1,406Other payables 3,541 3,541 3,541 3,541 3,541Total payables 4,947 4,947 4,947 4,947 4,947

ProvisionsEmployee provisions 10,153 10,153 10,153 10,153 10,153Other provisions 448 448 448 448 448Total provisions 10,601 10,601 10,601 10,601 10,601Total liabilities 15,548 15,548 15,548 15,548 15,548Net assets 27,776 32,688 34,248 31,335 28,099

EQUITY

Parent entity interestContributed equity 63,739 77,033 85,556 89,305 92,482Reserves 3,994 3,994 3,994 3,994 3,994Retained surplus (accumulated deficit) (39,957) (48,339) (55,302) (61,964) (68,377)Total parent entity interest 27,776 32,688 34,248 31,335 28,099Total equity 27,776 32,688 34,248 31,335 28,099Prepared on Australian Accounting Standards basis.

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Table 3.3: Departmental statement of changes in equity—summary of movement (budget year 2016–17)

Retained earnings

$’000

Asset revaluation reserve

$’000

Contributed equity/

capital $’000

Total equity $’000

Opening balance as at 1 July 2016Balance carried forward from previous period (39,957) 3,994 63,739 27,776Adjustment for changes in accounting policies – – – –Adjusted opening balance (39,957) 3,994 63,739 27,776Comprehensive incomeSurplus (deficit) for the period (8,382) – – (8,382)Total comprehensive income (8,382) – – (8,382)

Of which:Attributable to the Australian Government (8,382) – – (8,382)

Transactions with ownersContributions by owners

Equity injection—appropriation – – 10,200 10,200Departmental capital budget – – 3,094 3,094

Sub-total transactions with owners – – 13,294 13,294Estimated closing balance as at 30 June 2017 (48,339) 3,994 77,033 32,688Closing balance attributable to the Australian Government (48,339) 3,994 77,033 32,688Prepared on Australian Accounting Standards basis.

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Table 3.4: Budgeted departmental statement of cash flows (for the period ended 30 June)

2015–16 Estimated

actual $’000

2016–17 Budget

$’000


$’000


$’000


$’000

OPERATING ACTIVITIESCash receivedAppropriations 58,525 57,574 60,720 61,589 59,184Net GST received 2,200 2,200 2,200 2,200 2,200Other 2,083 2,235 1,693 1,003 –Total cash received 62,808 62,009 64,613 64,792 61,384

Cash usedEmployees 36,496 36,691 37,475 37,442 35,259Suppliers 26,312 25,318 27,138 27,350 26,125Total cash used 62,808 62,009 64,613 64,792 61,384Net cash from (used by) operating activities – – – – –

INVESTING ACTIVITIES

Cash usedPurchase of property, plant and equipment and intangibles 4,455 13,294 8,523 3,749 3,177Total cash used 4,455 13,294 8,523 3,749 3,177Net cash from (used by) investing activities (4,455) (13,294) (8,523) (3,749) (3,177)

FINANCING ACTIVITIES

Cash receivedContributed equity 4,455 13,294 8,523 3,749 3,177Total cash received 4,455 13,294 8,523 3,749 3,177Net cash from (used by) financing activities 4,455 13,294 8,523 3,749 3,177Net increase (decrease) in cash held – – – – –Cash and cash equivalents at the beginning of the reporting period 1,818 1,818 1,818 1,818 1,818Cash and cash equivalents at the end of the reporting period 1,818 1,818 1,818 1,818 1,818Prepared on Australian Accounting Standards basis.

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Table 3.5: Departmental capital budget statement (for the period ended 30 June)

2015–16 Estimated

actual $’000

2016–17 Budget

$’000


$’000


$’000


$’000

NEW CAPITAL APPROPRIATIONSCapital budget—Bill 1 (DCB) 3,105 3,094 3,123 3,149 3,177Equity injections—Bill 2 4,750 10,200 2,000 600 –Total new capital appropriations 7,855 13,294 5,123 3,749 3,177

Provided for:Purchase of non-financial assets 7,855 13,294 5,123 3,749 3,177Total items 7,855 13,294 5,123 3,749 3,177PURCHASE OF NON-FINANCIAL ASSETSFunded by capital appropriations(a) 1,350 10,200 5,400 600 –Funded by capital appropriation—DCB(b) 3,105 3,094 3,123 3,149 3,177Total purchases of non-financial assets 4,455 13,294 8,523 3,749 3,177RECONCILIATION OF CASH USED TO ACQUIRE ASSETS TO ASSET MOVEMENT TABLETotal purchases 4,455 13,294 8,523 3,749 3,177Total cash used to acquire assets 4,455 13,294 8,523 3,749 3,177Prepared on Australian Accounting Standards basis.DCB = departmental capital budget.(a) Includes both current Bill 2 and prior year Act 2, 4 and 6 appropriations and special capital appropriations.(b) Does not include annual finance lease costs. Includes purchases from current and previous years’ DCBs.

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Table 3.6: Statement of asset movements (budget year 2016–17)Property,

plant & equipment

$’000

Computer software & intangibles

$’000Total $’000

As at 1 July 2016Gross book value 21,724 37,223 58,947Accumulated depreciation/amortisation and impairment (10,958) (20,702) (31,660)Opening net book balance 10,766 16,521 27,287CAPITAL ASSET ADDITIONSEstimated expenditure on new or replacement assetsBy purchase—appropriation equity(a) 4,142 6,058 10,200By purchase—appropriation ordinary annual services(b) 3,094 – 3,094Total additions 7,236 6,058 13,294

Other movementsDepreciation/amortisation expense (4,547) (3,835) (8,382)Total other movements (4,547) (3,835) (8,382)As at 30 June 2017Gross book value 28,960 43,281 72,241Accumulated depreciation/amortisation and impairment (15,505) (24,537) (40,042)Closing net book balance 13,455 18,744 32,199Prepared on Australian Accounting Standards basis.(a) ‘Appropriation equity’ refers to equity injection appropriations provided through Appropriation Bill (No. 2) 2016–17.(b) ‘Appropriation ordinary annual services’ refers to funding provided through Appropriation Bill (No. 1) 2016–17 for depreciation and amortisation expenses, departmental capital budgets or other operational expenses.

Table 3.7: Schedule of budgeted income and expenses administered on behalf of government (for the period ended 30 June)

2015–16 Estimated

actual $’000

2016–17 Budget

$’000


$’000


$’000


$’000EXPENSESTotal expenses administered on behalf of government – – – – –

OWN-SOURCE INCOME

Non-taxation revenueFees and fines 250 250 200 150 100Other revenue 58,178 65,956 67,683 68,251 65,597Total non-taxation revenue 58,428 66,206 67,883 68,401 65,697Total own-source income administered on behalf of government 58,428 66,206 67,883 68,401 65,697Net cost of (contribution by) services (58,428) (66,206) (67,883) (68,401) (65,697)Surplus (deficit) 58,428 66,206 67,883 68,401 65,697

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Total comprehensive income (loss) 58,428 66,206 67,883 68,401 65,697Prepared on Australian Accounting Standards basis.

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Table 3.8: Schedule of budgeted assets and liabilities administered on behalf of government (as at 30 June)AUSTRAC has no assets or liabilities administered on behalf of the government.

Table 3.9: Schedule of budgeted administered cash flows (for the period ended 30 June)

2015–16 Estimated

actual $’000

2016–17 Budget

$’000


$’000


$’000


$’000

OPERATING ACTIVITIESCash receivedFines 250 250 200 150 100Other 58,305 65,956 67,683 68,251 65,597Total cash received 58,555 66,206 67,883 68,401 65,697Net cash from (used by) operating activities 58,555 66,206 67,883 68,401 65,697Net increase (decrease) in cash held 58,555 66,206 67,883 68,401 65,697Cash and cash equivalents at the beginning of the reporting period – – – – –

Cash to Official Public Account for:Transfers to other entities (Finance—whole of government)

(58,555) (66,206) (67,883) (68,401) (65,697)Cash and cash equivalents at the end of the reporting period – – – – –Prepared on Australian Accounting Standards basis.

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