Overview of financial statements

Administered schedule

A schedule of administered items is presented within the financial statements disclosing all revenues, expenses, assets, liabilities, cash flow, commitments, contingent assets and liabilities.

Customs duty collections in 2004–05 totalled $5.6b ($5.6b in 2003–04). The impact of the implementation of general tariff reductions and the commencement of the United States and Thai Free Trade Agreements from 1 January 2005 was offset by the continuation of a strong economy and low interest rate environment.

Other taxes, fees and fines are predominantly made up of Passenger Movement Charge collections of $363.8m ($329.8m in 2003–04) and import processing charges of $128.6m ($119.7m in 2003–04). The significant increase in the Passenger Movement Charge reflects a 12percent increase in passenger movement into and out of Australia during the year. Similarly the increase in the import processing charge revenue reflects a continuation of strong economic conditions.

Total administered expenses $535.7m ($609.9m in 2003–04) reduced due to the reduction of duty offsets associated with the Automated Competitiveness and Investment Scheme during the year and also as additional provisioning for collectables such as penalties, fines and fees had been made in the 2003–04 financial year.

Total net administered financial assets of $65.1m ($54.6m in 2003–04) principally consists of revenues receivable and liabilities associated with funds held in special accounts.