The following is a brief summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2019-20 are attached to this report.

Statement of Comprehensive Income

Actual $000
Budget $000
Variation $000

2018-19 Actual $000

Revenue32 20830 7771 43130 985
Expenses26 56024 689(1 871)26 073
Net result before distributions5 6486 088(440) 4 912
Income tax equivalent1 6941 826(132)1 474
Net result after Income Tax Equivalents3 9544 262(308)3 438

Statement of Financial Position



Actual $000

Budget $000
Variation $000

2018-19 Actual $000

Current assets13 24410 4002 84410 270
Non-current assets34 24139 366(5 125)24 343
Total assets47 48549 766(2 281)34 613
Current liabilities5 8035 3154885 141
Non-current liabilities18 26919 749(1 480)4 769
Total liabilities24 07225 064(992)       9 910
Net assets23 41324 702(1 289)24 703
Equity23 41324 702(1 289)24 703

During 2019-20 an interim dividend was paid and a final dividend is payable in 2020-21. The total payment will be $3.954 million (2018-19 total $3.438 million).

The Public Trustee’s net result before distributions was $5.648 million in 2019-20. That was $0.440 million below budget. The following items contributed to the unfavourable result:

Expenses were 7.5% ($1.871 million) above budget. This is mainly due to unrealised losses on investments ($1.518 million) and additional unavoidable expenditure to sustain operations as a result of the COVID-19 global pandemic ($300,000).

Revenue was 4.6% ($1.431 million) above budget. The favourable variance was attributable to a depreciation write back $2.464 million, gain on lease modification $0.532 million and sundry income $0.157 million. This was partially offset by unfavourable fees and charges revenue ($1.504 million) and investment revenue ($0.218 million).  Investment revenue and fees and charges revenue were impacted by the COVID-19 global pandemic.

The variations to budget in the Statement of Financial Position are primarily related to the Accounting treatment for the Public Trustee’s accommodation lease which changed on 1 July 2019 as a result of the new AASB16 Lease standard. The accommodation lease is reflected in the Statement of Financial Position for the first time as a lease asset with an associated lease liability. The lease asset is depreciated over the life of the lease term and the lease liability is reduced with lease payments over the life of the lease term.

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
All consultancies below $10,000 each – combinedN/A$ 0

Consultancies with a contract value above $10,000 each

ConsultanciesPurposeActual payment
NilN/A$ 0
 Total$ 0

Data for previous years is available at:

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.

Contractors disclosure

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

Contractors with a contract value below $10,000

ContractorsPurpose Actual payment
All contractors below $10,000 each – combinedVarious$78,561

Contractors with a contract value above $10,000 each

Contractors Purpose Actual payment
Jtwo Solutions Pty LtdOffice 365 Planning$13,200
Rosslyn Cox and Mark WilliamsManagement Training$14,575
Scan Conversion Services Pty LtdScanning Services$19,550
Harrison McMillan Pty LtdTemporary Staff$21,938
Hays Specialist Recruitment Pty LtdTemporary Staff$27,395
The Information Management GroupScanning Services$33,198
Excel RecruitmentTemporary Staff$37,195
T & P Removals Pty LtdRemovalist Services$40,746
Chamonix IT Management ConsultingInformation Technology – SharePoint Upgrade$49,500
Deloitte Risk Advisory Pty LtdInternal Audit and Risk Management Services$61,373
Careerlink People SolutionsTemporary Staff$59,927
SS&C Solutions Pty LtdInformation Technology upgrades – Customer Asset Management system$84,998
Ernst YoungCustomer Investment Management System$80,150
Pricewaterhouse CoopersInternal Audit and Risk Management Services$123,535
Randstad Pty LtdTemporary Staff$165,345

Data for previous years is available at:

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.

Other information

Under the Public Corporations Act 1993, a Charter must be prepared for a Public Corporation and agreed between the Attorney-General and the Treasurer.

The Charter describes the reporting and accountability requirements and outlines objectives for invested customer funds, financial and other performance targets. It also sets out the responsibilities and the expectations of both the Public Trustee and the Government. The Charter is reviewed annually.

Customer Investments

The Public Trustee’s Growth and Equities investment strategies outperformed their target returns. The Capital Stable and Balanced investment strategies underperformed their targets due to the COVID-19 pandemic impact on strategies with a short term investment horizon.

Investment Performance versus CPI Objectives as at 30 June 2020

Investment StrategyCPI ObjectiveInvestment HorizonTarget Return % paActual Return % paOver (+)/


Over/Under performance

% pa

Capital StableCPI + 1.5% pa3 Years2.60%2.45%-0.15%
BalancedCPI + 3% pa5 Years4.25%4.18%-0.07%
GrowthCPI + 3.5% pa7 Years5.04%6.71%+1.67%
EquitiesCPI + 4% pa10 Years5.79%9.26%+3.47%

2019–20 Investment Strategies' performance


12 Months


3 Years


5 Years


7 Years


10 Years

Capital Stable-0.02%2.45%3.03%3.96%4.79%

The cash objective is to provide customers a very low risk strategy designed to achieve a return comparable to the 90 day bank bill rate and provide the advantage of having funds available at 24 hour call for amounts of up to $1m.

Common FundAllocation (%) 2019-20Allocation (%) 2018-19
 NeutralPeriod End$mNeutralPeriod End$m
Australian Shares10.0%9.4%12.7710.0%9.9%13.25
Overseas Shares8.0%7.7%10.398.0%7.9%10.52
Long Term Fixed Interest15.0%15.3%20.6315.0%14.9%19.87
Short Term Fixed Interest26.5%27.3%36.8826.5%26.6%35.44
Overseas Fixed Interest12.5%12.2%16.4212.5%12.1%16.16

Common FundAllocation (%) 2019-20Allocation (%) 2018-19
 NeutralPeriod End$mNeutralPeriod End$m
Australian Shares20.5%18.3%45.8119.0%18.8%48.58
Overseas Shares12.0%15.7%39.2616.0%15.8%40.65
Long Term Fixed Interest19.0%22.8%57.0622.0%21.8%56.16
Short Term Fixed Interest7.0%7.3%18.387.0%7.0%18.05
Overseas Fixed Interest15.0%11.9%29.7612.0%11.6%29.93

Common FundAllocation (%) 2019-20Allocation (%) 2018-19
 NeutralPeriod End$mNeutralPeriod End$m
Australian Shares29.0%28.2%61.6229.0%28.8%64.79
Overseas Shares24.0%23.7%51.9024.0%23.6%53.28
Long Term Fixed Interest12.5%13.1%28.5612.5%12.4%27.86
Short Term Fixed Interest4.5%4.8%10.414.5%4.5%10.14
Overseas Fixed Interest6.0%6.0%13.106.0%5.8%13.06

Common FundAllocation (%) 2019-20Allocation (%) 2018-19
 NeutralPeriod End$mNeutralPeriod End$m
Australian Shares55.0%54.6%44.3655.0%55.2%46.86
Overseas Shares45.0%45.4%36.9345.0%44.8%38.07