The following is a brief summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2022-23 are attached to this report.
Statement of Comprehensive Income | 2022-23 Budget $000s | 2022-23 Actual $000s | Variation $000s
| 2021-22 Actual $000s |
|---|---|---|---|---|
Total Income | 33 244 | 33 313 | 69 | 33 038 |
Total Expenses | 25 642 | 25 691 | (49) | 27 494 |
Net Result | 7 602 | 7 622 | 20 | 5 544 |
Income tax equivalent | 2 278 | 2 287 | (9) | 1 663 |
Total Comprehensive Result | 5 324 | 5 335 | 11 | 3 881 |
Statement of Financial Position | 2022-23 Budget $000s | 2022-23 Actual $000s | Variation $000s
| 2021-22 Actual $000s |
|---|---|---|---|---|
Current assets | 10 155 | 9 918 | (237) | 9 273 |
Non-current assets | 32 987 | 33 292 | 305 | 33 207 |
Total assets | 43 142 | 43 210 | 68 | 42 480 |
Current liabilities | 5 812 | 6 282 | (470) | 5 588 |
Non-current liabilities | 13 664 | 13 478 | 186 | 14 678 |
Total liabilities | 19 476 | 19 760 | (284) | 20 266 |
Net assets | 23 666 | 23 450 | (216) | 22 214 |
Equity | 23 666 | 23 450 | (216) | 22 214 |
The Public Trustee’s net result before distributions was $7.6 million in 2022-23. That was $20,000 higher than budget as a result of:
- Revenue $69,000 (0.21%) better than budget primarily due to strong returns on Corporate Investments with investment markets rebounding in 2022-2023.
- Expenses $49,000 (0.19%) higher than budget. This was primarily due to a broad increase in goods and services costs linked to higher CPI.
The Public Trustee pays an annual dividend to the Department of Treasury and Finance equal to the net result after the income tax equivalent. The dividend for
2022-23 is $5.3 million (2020-21: $3.9 million).
The variation to budget in the Statement of Financial Position is primarily related to current liabilities and a higher income tax equivalent payable amount at 30 June 2023. The higher income tax equivalent payment is directly related to a higher result in
2022-23 than the prior year.
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 |
|---|---|---|
Nil | Not applicable | $0 |
Consultancies with a contract value above $10,000 each
Consultancies | Purpose | Actual payment |
|---|---|---|
Nil | Not applicable | $0 |
Total | $0 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept
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 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
Contractors | Purpose | Actual payment |
|---|---|---|
All contractors below $10,000 each - combined | Various | $78 103 |
Contractors with a contract value above $10,000 each
Contractors | Purpose | Actual payment |
|---|---|---|
Peoplebank Australia Ltd | Temporary Staff | $11 453 |
Modis Australia | Temporary Staff | $12 984 |
KPMG Pty Ltd | Strategic Planning Services | $16 960 |
Rawsons Electrical Pty Ltd | Building Electrical Services | $18 672 |
Bentleys SA Pty Ltd | Customer Relationship Management System post implementation review | $22 849 |
Pinnacle Workplace Consultants | Workplace Assessments | $25 942 |
Hays Specialist Recruitment Pty Ltd | Temporary Staff – Customer Relationship Management System | $38 765 |
PricewaterhouseCoopers | Common Fund Review – Attribution Managed Investment Trust (AMIT) regime | $53 900 |
The Information Management Group | Scanning Services | $58 380 |
Procurement Partners | Procurement Support | $64 317 |
Paxus Australia Pty Ltd | Temporary Staff | $65 347 |
Blue Crystal Solutions | ICT database support | $72 944 |
FDC Construction and Fit-out | Level 15 building works | $73 935 |
Data#3 Limited | ICT infrastructure refresh | $78 942 |
PricewaterhouseCoopers | Customer Relationship Management System Replacement | $96 500 |
Ernst and Young | Customer Investment Software Updates | $113 797 |
Deloitte Risk Advisory Pty Ltd | Audit and Taxation Services | $141 428 |
Deloitte Risk Advisory Pty Ltd | Customer Relationship Management System Replacement | $163 342 |
KPMG Australia Pty Ltd | Customer Relationship Management System Replacement | $269 662 |
Randstad Pty Ltd | Temporary Staff | $295 646 |
Hays Specialist Recruitment Pty Ltd | Temporary Staff | $593 928 |
Total | $2 289 693 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept
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.
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.
The 2022-23 financial year was positive for financial markets. Global share markets proved to be resilient, posting strong returns despite pressure from rising interest rates and high inflation.
During the financial year, the Reserve Bank of Australia (RBA) increased official interest rates from 0.85% to 4.10%. The RBA has been resolute in its approach to reduce inflation, which currently stands at 6% on an annual basis. The pick-up in interest rates has been beneficial for the return on cash investments, which make up a large portion of Public Trustee customer funds.
For the financial year, investment returns ranged from 2.00% for Cash to 14.16% for Equities, net of fees. Overall the Public Trustee’s investment strategies continue to perform soundly over the long term. Ten year returns stand at 1.67% for Cash to 8.52% for Equities, net of fees. During the financial year some strategies slightly lagged their benchmarks, which was due to the defensive positioning of fund managers and some weakness in the commercial property market. Due to the recent continued high levels of inflation (CPI) and market volatility a number of investments now trail CPI based objectives. This may continue in the short term, while inflation remains high.
Investment Performance versus CPI Objectives as at 30 June 2023
Investment Strategy | CPI Objective | Investment Horizon | Target Return % pa | Actual Return % pa | Over (+)/ Under(-) | Over/Under performance % pa |
Capital Stable | CPI + 1.5% pa | 3 Years | 6.83% | 1.76% | - | -5.07% |
Balanced | CPI + 2.5% pa | 5 Years | 5.92% | 2.75% | - | -3.17% |
Growth | CPI + 3.5% pa | 7 Years | 6.51% | 5.31% | - | -1.20% |
Equities | CPI + 4% pa | 10 Years | 6.66% | 8.52% | + | +1.86% |
2022–23 Standard Investment Strategies’ Performance
Last | Last | Last | Last | Last | |
Cash | 2.00% | 0.71% | 1.02% | 1.25% | 1.67% |
Benchmark | 1.87% | 0.01% | 0.17% | 0.35% | 0.69% |
Variance | 0.13% | 0.70% | 0.85% | 0.90% | 0.98% |
| |||||
Capital Stable | 3.76% | 1.76% | 1.67% | 2.44% | 3.29% |
Benchmark | 3.78% | 1.30% | 1.91% | 2.37% | 3.12% |
Variance | -0.02% | 0.46% | -0.24% | 0.07% | 0.17% |
| |||||
Balanced | 5.56% | 3.72% | 2.75% | 3.97% | 5.04% |
Benchmark | 6.18% | 3.71% | 3.51% | 4.24% | 5.09% |
Variance | -0.62% | 0.01% | -0.76% | -0.27% | -0.05% |
| |||||
Growth | 7.43% | 5.43% | 3.67% | 5.31% | 6.33% |
Benchmark | 8.38% | 6.09% | 4.83% | 5.84% | 6.47% |
Variance | -0.95% | -0.66% | -1.16% | -0.53% | -0.14% |
| |||||
Equities | 14.16% | 8.31% | 5.29% | 7.92% | 8.52% |
Benchmark | 14.83% | 10.15% | 7.02% | 8.79% | 8.88% |
Variance | -0.67% | -1.84% | -1.73% | -0.87% | -0.36% |
2022–23 Asset Allocation
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 $1 million.
2022–23 Capital Stable Standard Investment Strategy
Common Fund | Allocation (%) 2022-23 | Allocation (%) 2021-22 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 12.0% | 10.5% | 16.81 | 12.0% | 10.2% | 15.29 |
Overseas Shares | 10.0% | 9.6% | 15.43 | 10.0% | 8.6% | 13.02 |
Property | 12.0% | 12.8% | 20.64 | 12.0% | 12.9% | 19.64 |
Long Term Fixed Interest | 16.0% | 15.9% | 25.70 | 16.0% | 16.3% | 24.78 |
Short Term Fixed Interest | 24.0% | 24.9% | 40.09 | 24.0% | 25.2% | 38.32 |
Overseas Fixed Interest | 14.0% | 13.6% | 21.95 | 14.0% | 13.9% | 21.15 |
Cash | 12.0% | 12.7% | 20.50 | 12.0% | 12.9% | 19.60 |
TOTAL | 100% | 100% | 161.12 | 100% | 100% | 151.80 |
2022–23 Balanced Standard Investment Strategy
Common Fund | Allocation (%) 2022-23 | Allocation (%) 2021-22 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 23.0% | 20.4% | 54.07 | 23.0% | 20.0% | 52.15 |
Overseas Shares | 16.0% | 15.7% | 41.46 | 16.0% | 14.2% | 37.10 |
Property | 22.5% | 24.5% | 64.93 | 22.5% | 25.1% | 65.52 |
Long Term Fixed Interest | 16.0% | 16.3% | 43.11 | 16.0% | 16.9% | 44.08 |
Short Term Fixed Interest | 6.0% | 6.4% | 16.82 | 6.0% | 6.5% | 17.05 |
Overseas Fixed Interest | 13.0% | 12.9% | 34.20 | 13.0% | 13.4% | 34.95 |
Cash | 3.5% | 3.8% | 10.03 | 3.5% | 3.9% | 10.17 |
TOTAL | 100% | 100% | 264.62 | 100% | 100% | 261.02 |
2022–23 Growth Standard Investment Strategy
Common Fund | Allocation (%) 2022-23 | Allocation (%) 2021-22 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 29.0% | 26.0% | 56.03 | 29.0% | 25.8% | 56.26 |
Overseas Shares | 24.0% | 23.7% | 51.14 | 24.0% | 21.8% | 47.63 |
Property | 24.0% | 26.4% | 56.96 | 24.0% | 27.4% | 59.82 |
Long Term Fixed Interest | 10.0% | 10.3% | 22.16 | 10.0% | 10.8% | 23.59 |
Short Term Fixed Interest | 4.0% | 4.3% | 9.22 | 4% | 4.5% | 9.73 |
Overseas Fixed Interest | 6.0% | 6.0% | 12.98 | 6% | 6.3% | 13.80 |
Cash | 3.0% | 3.3% | 7.07 | 3% | 3.4% | 7.46 |
TOTAL | 100% | 100% | 215.56 | 100% | 100% | 218.29 |
2022–23 Equities Standard Investment Strategy
Common Fund | Allocation (%) 2022-23 | Allocation (%) 2021-22 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 55.0% | 52.6% | 39.78 | 55.0% | 54.4% | 39.28 |
Overseas Shares | 45.0% | 47.4% | 35.89 | 45.0% | 45.6% | 32.87 |
TOTAL | 100% | 100% | 75.67 | 100% | 100% | 72.15 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept