Financial statements

Table 10: Operating statement

For the year ended 30 June 2025 2024–25
$’000		 2023–24
$’000
Income from transactions
Revenue from government* 258,505 229,408
Sales of goods and services 707 612
Payments to consolidated fund (415) (484)
Total income from transactions 258,797 229,536
Expenses from transactions
Employee benefits 129,135 102,645
Supplies and services 103,927 108,961
Depreciation and amortisation 8,915 7,530
Interest expenses 14 16
Total expenses from transactions 241,991 219,152
Net result from transactions 16,806 10,384
Other economic flows in net result
Net gains/(losses) on financial instruments (28) (22)
Net gains/(losses) on non-financial assets 13 100
Other gains/(losses) on other economic flows 107 244
Total other economic flows in net result 92 322
Net surplus/(deficit) for reporting period 16,898 10,706
* Revenue from government represents the output budget allocated to the SRO.

Notes to the operating statement

  • The increase of $26.4 million in employee benefits was mainly due to an overall increase in full-time equivalent numbers associated with compliance programs, in conjunction with Enterprise Agreement increases and costs associated with the mental health and wellbeing surcharge and the COVID debt levy – payroll $10m+.
  • The decrease of $5.0 million in supplies and services was mainly associated with a reduction in municipal valuation payments.
  • The increase of $1.3 million in depreciation and amortisation was mainly due to amortisation associated with software development.
  • Expenses from transactions exclude $0.7 million in relation to the administration of the growth area infrastructure contribution, which is operated through a Treasury Trust.

Table 11: Balance sheet

As at 30 June 2025 2024–25
$’000		 2023–24
$’000
Financial assets
Cash assets - -
Receivables 94,000 99,004
Total financial assets 94,000 99,004
Non-financial assets
Plant, property and equipment 77 60
Intangible assets 42,473 44,233
Other 5,151 4,679
Total non-financial assets 47,701 48,972
Total assets 141,701 147,976
Liabilities
Payables 28,632 53,185
Interest-bearing liabilities 473 1,159
Provisions 32,574 28,229
Total liabilities 61,679 82,573
Net assets 80,022 65,403

Notes to the balance sheet

Table 12: Receivables

  2024–25
$’000		 2023–24
$’000
Amounts owing from Victorian Government 92,008 95,061
GST input tax credit recoverable 1,394 1,904
Other receivables 598 2,039
Total receivables 94,000 99,004

Table 13: Written-down value of property, plant and equipment

  2024–25
$’000		 2023–24
$’000
Computer equipment 77 60
Plant, furniture and equipment - -
Leasehold improvements/fit-outs - -
Total written-down value of property, plant and equipment 77 60

Table 14: Written-down value of intangible assets

  2024–25
$’000		 2023–24
$’000
Other intangible produced assets* 34,753 28,809
Work in progress* 7,720 15,424
Total written-down value of intangible assets 42,473 44,233
* Capitalised and uncapitalised expenditure on e-Sys life extension project.

Table 15: Other non-financial assets

  2024–25
$’000		 2023–24
$’000
Prepayments 4,554 3,489
Right of use plant and equipment 258 904
Motor vehicle leased 339 286
Total other non-financial assets 5,151 4,679

Table 16: Payables

  2024–25
$’000		 2023–24
$’000
Unpresented cheques (1,322) (954)
Trade creditors 5,152 5,814
Accruals 19,960 43,620
Other payables 4,842 4,705
Total payables 28,632 53,185

Table 17: Interest-bearing liabilities

  2024–25
$’000		 2023–24
$’000
Current liabilities
Right of use lease liabilities 132 622
Motor vehicle leases 127 101
Total current liabilities 259 723
Non-current liabilities
Right of use lease liabilities - 251
Motor vehicle leases 214 185
Total non-current liabilities 214 436
Total interest-bearing liabilities 473 1,159

Table 18: Provisions

  2024–25
$’000		 2023–24
$’000
Current provisions
Annual leave 8,433 7,660
Long service leave 15,393 14,188
Other employee entitlements 5,256 3,696
Total current provisions 29,082 25,544
Non-current provisions
Long service leave 3,492 2,685
Total non-current provisions 3,492 2,685
Total provisions 32,574 28,229

Administered items

Table 19: Administered revenues

Administered revenues 2024–25
$’000		 2023–24
$’000
Payroll tax 10,265,590 9,643,104
COVID debt levy – payroll $10m+ 1,259,244 1,110,048
Mental health and wellbeing surcharge 1,259,212 1,200,575
Duties* 11,466,072 10,514,281
Land tax 6,117,612 5,933,008
COVID debt levy – landholdings 1,131,781 1,164,231
Congestion levy 122,774 117,012
Growth areas infrastructure contribution 184,202 254,711
Windfall gains tax 14,837 113,799
Metropolitan planning levy 24,066 19,793
Fire services property levy 1,030,588 839,496
Commercial passenger vehicle service levy 85,919 73,194
Short stay levy 19,104 -
Wagering and betting tax 353,343 242,442
Keno tax 12,407 12,593
Casino tax 176,977 158,292
Community benefit levy 9,605 8,747
Licence fees (1) 37
Total 33,533,332 31,405,363
Less: cattle compensation fund (6,188) (4,847)
Less: swine compensation fund (206) (218)
Less: sheep and goat compensation fund (4,355) (4,256)
Add: unclaimed money receipts 238,865 196,312
Add: user charges 6,811 5,268
Add: sundry income 488 842
Total administered revenues 33,768,747 31,598,464
* Includes cattle compensation fund, swine compensation fund and sheep and goat compensation fund.

Table 20: Administered expenses

Administered expenses 2024–25
$’000		 2023–24
$’000
First Home Owner Grant 89,570 99,033
HomeBuilder Grant 3,767 8,459
First Home Bonus - 79
Liquor subsidies 5,004 5,600
Other grants, rebates and other payments 73,111 72,944
Unclaimed money refunds 18,660 11,581
Bad and doubtful debts 74,694 68,851
Total administered expenses 264,806 266,547
Net administered revenues 33,503,941 31,331,917

Notes to administered items

  • Tax and duty revenue increased by $2,127 million to $33,533 million. This included:
    • an increase of $622 million in payroll tax
    • an increase of $149 million in COVID debt levy – payroll $10m+
    • an increase of $58 million in the mental health and wellbeing payroll tax surcharge
    • an increase of $821 million in land transfer duty
    • an increase of $184 million in land tax
    • a decrease of $32 million in COVID-19 debt levy – landholdings
    • an increase of $19 million in casino tax and community benefit.
  • The fire services property levy increased by $191 million mainly due to the change of fixed charges and levy rates under sections 11 and 12 of the Fire Services Property Levy Act 2012.
  • Unclaimed money receipts represent monies transferred to the Registrar under the Unclaimed Money Act 2008 and the Gambling Regulation Act 2003. There was an increase of $42 million in the 2024–25 financial year.
  • The First Home Owner Grant decreased by $9 million as a result of a reduction in applications compared to 2023–24.
  • The HomeBuilder Grant was introduced to assist eligible owner-occupiers to build a new home, substantially renovate an existing home or buy off the plan. The grant applies to eligible contracts entered into between 4 June 2020 and 31 March 2021. Applications for the HomeBuilder Grant closed in April 2021, with applicants having until 30 June 2025 to lodge supporting documentation. There was a decrease of $4 million in the 2024–25 financial year.
  • Other grants, rebates and other payments increased by $0.1 million mainly due to an increase in interest on tax overpayment of $1 million and a decrease in ex gratia payments of $0.6 million.
  • The $5 million increase in bad and doubtful debts includes an increase of $31 million in bad debts and a decrease of $25 million in the provision for doubtful debts.