Territory Stories

Northern Territory Auditor-General's Office, February 2023 Report to the Legislative Assembly



Northern Territory Auditor-General's Office, February 2023 Report to the Legislative Assembly

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Tabled Paper 772


Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT




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Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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Legislative Assembly of the Northern Territory

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Legislative Assembly of the Northern Territory



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Auditor-General for the Northern Territory February 2023 Report Page 28 of 131 Treasurers Annual Financial Statements cont Dividend and income tax equivalent income represents increased returns from government controlled entities such as government business divisions and government owned corporations. The increase is mainly due to higher net profits recorded by the Public Non Financial Corporations with tax equivalents being $17.0 million higher than 2020-21 and dividend revenue increasing by $2.3 million from the prior year. Revenue received from Northern Territory Treasury Corporation also increased with dividend income and tax equivalents increasing from 2020-21 by $5.8 million and $2.5 million respectively. The improved profitability of the Northern Territory Treasury Corporation resulted from lower costs of external borrowings combined with growth in borrowings provided to Central Holding Authority (CHA) and government owned corporations. Other revenue increased by $44.0 million including increases in royalty income of $66.7 million since 2020-21, mainly from mining royalties as a result of increased production and commodity prices ($65.4 million). The increase in royalty income was partially offset by a decrease in miscellaneous income of $16.5 million. Total expenses were $444.0 million higher than the total (restated) expenditure for the prior year. Employee expenses represent the largest expenditure category within the General Government Sector and the Total Public Sector. Employee expenses in the General Government Sector were $2,875.9 million for the year ended 30 June 2022, representing an increase from the 2020-21 year of $160.8 million, as a result of both increased employee numbers and additional overtime costs. Costs were driven upward by: increased Territory-funded resources in health and hospital services, community welfare and safety sectors to maintain the Territorys public health and community safety response to COVID-19; and resources brought on to deliver COVID-19 quarantine arrangements to repatriated Australians paid for by additional Commonwealth funding.