Dear Minister

The above statement should be read in conjunction with the accompanying notes.

Balance Sheet

for the year ended 30 June 2011

	Notes	Consol 2011 $,000	Consol 2010 $,000	ILC 2011 $,000	ILC 2010 $,000
Assets
Financial assets
Cash and cash equivalents	9A	59,999	132,714	52,551	132,355
Trade and other receivables	9B	10,670	3,629	5,385	3,523
Investments	9C	25,000	24,987	25,001	24,986
Other financial assets	9D	21,806	746	322,788	2,252
Total financial assets		117,475	162,076	405,725	163,116
Non-financial assets
Biological assets	10A	34,691	32,907	34,691	32,907
Inventory – other	10B	3,891	213	438	213
Held for sale assets	10C	1,448	1,876	1,448	1,876
Inventory – property held for grant	10D	122,296	117,346	122,296	117,346
Assets held in trust	10E	3,583	125	3,583	125
Land	10F	56,528	–	–	–
Property, plant & equipment	10G	303,591	85,075	87,827	85,050
Intangible assets and goodwill	10L	27,027	293	189	293
Other non-financial assets	10M	9,819	8,338	9,538	8,338
Deferred tax assets	5I	694	–	–	–
Total non-financial assets		563,568	246,173	260,010	246,148
Total Assets		681,043	408,249	665,735	409,264
LIABILITIES
Payables
Suppliers	11A	14,231	5,049	8,491	4,621
Other payables	11B	13,497	1,156	12,893	1,077
Interest bearing loans	11C	220,520	–	220,520	–
Income tax payable	5I	354	–	–	–
Deferred tax liability	5I	5,524	–	–	–
Total payables		254,126	6,205	241,904	5,698
Provisions
Employee provisions	12A	4,558	2,336	2,189	2,007
Provision for property held for grant	10D	122,296	117,191	122,296	117,191
Provision for assets held in trust	10E	3,583	125	3,583	125
Provision for make good	12B	295	290	295	290
Total provisions		130,732	119,942	128,363	119,613
Total Liabilities		384,858	126,147	370,267	125,311
NET ASSETS		296,185	282,102	295,468	283,953
EQUITY
Parent entity interest
Reserves		3,490	3,665	3,415	3,566
Retained surplus		292,695	278,437	292,053	280,387
Total Parent Entity Interest		296,185	282,102	295,468	283,953
TOTAL EQUITY		296,185	282,102	295,468	283,953

The above statement should be read in conjunction with the accompanying notes.

Statement of Changes in Equity

for the year ended 30 June 2011

		Retained Earnings	Asset Revaluation Reserve	Contributed Equity/Capital	Total Equity
		2011	2010	2011	2010	2011	2010	2011	2010
Consolidated	Notes	$,000	$,000	$,000	$,000	$,000	$,000	$,000	$,000
Opening Balance
Balance carried forward from previous period		278,437	302,733	3,665	3,304	–	–	282,102	306,037
Adjusted opening balance		278,437	302,733	3,665	3,304	–	–	282,102	306,037
Comprehensive Income
Surplus (deficit) for the period		14,083	(24,439)	–	–	–	–	14,083	(24,439)
Other comprehensive income:
Fair value revaluation of property, plant and equipment		–	–	–	504	–	–	–	504
Total comprehensive income attributable to the Australian Government		14,083	(24,439)	–	504	–	–	14,083	(23,935)
Transactions with owners
Contribution by owners		–	–	–	–	–	–	–	–
Other:
Restructuring	13	–	–	–	–	–	–	–	–
Sub total transactions with owners		–	–	–	–	–	–	–	–
Amount transferred from evaluation reserve for property, plant and equipment disposed of		175	143	(175)	(143)	–	–	–	–
Closing balance attributable to the Australian Government		292,695	278,437	3,490	3,665	–	–	296,185	282,102
Asset Revaluation Reserve
The asset revaluation reserve is used to record increments and decrements in the fair value of property, plant and equipment to the extent that they offset one another.