The following is a brief summary of the overall financial position of the agency. The information is unaudited. Full audited financial statements for 2024-2025 are attached to this report.
Statement of Comprehensive Income | 2024-25 Budget $000 | 2024-25 Actual $000 | Variation $000
| 2023-24 Actual $000 |
|---|---|---|---|---|
Total Income | 36 210 | 39 309 | 3 099 | 36 580 |
Total Expenses | 27 617 | 31 590 | 3 973 | 27 700 |
Net Result | 8 593 | 7 719 | 874 | 8 880 |
Income tax equivalent | 2 578 | 2 315 | 263 | 2 664 |
Total Comprehensive Result | 6 015 | 5 404 | 611 | 6 216 |
Statement of Financial Position | 2024-25 Budget $000 | 2024-25 Actual $000 | Variation $000
| 2023-24 Actual $000 |
|---|---|---|---|---|
Current assets | 11 457 | 17 907 | 6 450 | 12 261 |
Non-current assets | 36 835 | 30 148 | 6 687 | 35 356 |
Total assets | 48 292 | 48 055 | 237 | 47 617 |
Current liabilities | 7 105 | 14 707 | 7 602 | 6 871 |
Non-current liabilities | 11 296 | 10 857 | 439 | 12 480 |
Total liabilities | 18 401 | 25 564 | 7 163 | 19 351 |
Net assets | 29 891 | 22 491 | 7 400 | 28 266 |
Equity | 29 891 | 22 491 | 7 400 | 28 266 |
The Public Trustee’s net result before distributions was a $7.72 million profit in 2024-25. This was $0.87 million lower than budget as a result of:
- Revenue $3.10 million (8.5%) better than budget primarily due to strong returns on Corporate Investments with investment markets performing well in 2024-2025.
- Expenses $3.97 million (14.3%) higher than budget. This was primarily due to a change in the accounting treatment of the implementation of the customer financials replacement system project. This system was budgeted to be capitalised as an intangible asset however accounting advice resulted in the system being expensed in accordance with industry interpretations of Software as a Service arrangements. This resulted in $2.87 million being expensed instead of capitalised. In the absence of this change in accounting treatment the Net Result would have been a profit of $10.59 million which is $1.997 million favourable to the 2024-25 budget. Unavoidable staff expenditure associated with WorkCover costs, systems implementation and agency costs whilst filling permanent roles were also incurred during the financial year. In addition, insurance costs have increased significantly for the financial year.
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 2024-25 was $5.4 million (2023-24: $6.2 million).
The liability variation to budget, in the Statement of Financial Position, is primarily related to accruals for the interim Dividend payment to Department of Treasury and Finance.
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 |
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 | $34 124 |
Contractors with a contract value above $10,000 each
Contractors | Purpose | $ Actual payment |
|---|---|---|
PTM EDV - System | ICT Support | $10 585 |
The Local Guys Tag and Test | Building Maintenance | $13 146 |
Ernst and Young | Taxation services | $15 000 |
Pinnacle Workplace Consultants | Workplace Assessments | $15 859 |
Red Rock Consulting | ICT support | $36 380 |
Leslie Jones | Customer financial system replacement | $49 410 |
Blue Crystal Solutions | ICT support | $60 827 |
The Information Management Group | Scanning services | $81 916 |
Ernst and Young | Customer investment software maintenance | $96 300 |
KPMG Australia Technology Solutions | Ongoing 3rd party system support | $103 133 |
Deloitte Touche Tohmatsu | Internal audit services | $157 875 |
Hays Specialist Recruitment | Temporary staff | $181 087 |
Randstad Pty Ltd | Temporary staff | $719 267 |
KPMG Australia Technology Solutions | Customer financial system replacement | $2 514 336 |
Total | $4 055 121 |
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.
While the 2024-25 financial year was dominated by US trade policy and geopolitical conflicts, share markets delivered another year of robust returns. Global shares were the best performing asset class, led by the information technology sector.
Public Trustee returns lagged the broad market, due to some defensive positioning to manage risk exposure but still achieved attractive absolute returns for customers. Public Trustee implements a diversified approach, focusing on active fund managers, high quality investments and avoiding speculative areas of the market.
During the financial year, the Reserve Bank of Australia (RBA) reduced interest rates by 0.50% to 3.85%, reflecting more confidence that inflation is moving sustainably towards the 2-3% target. For the last 5 years, annualised inflation has been high, running at 4.37%.
For the financial year, investment returns ranged from 4.41% for Cash to 10.52% for Equities, net of fees. Overall, the Public Trustee’s investment strategies continue to perform soundly over the long term, with a continued focus on quality and downside protection. Ten year returns stand at 1.88% for Cash to 7.80% for Equities, net of fees. Due to the recent high levels of inflation (CPI) some investments trail CPI based objectives over their suggested time frames. This may continue in the short term but is expected to improve as inflation gradually subsides.
Investment Performance versus CPI Objectives as at 30 June 2025
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 | 5.46% | 5.06% | - | -0.40% |
Balanced | CPI + 2.5% pa | 5 Years | 6.87% | 4.93% | - | -1.94% |
Growth | CPI + 3.5% pa | 7 Years | 6.79% | 4.81% | - | -1.98% |
Equities | CPI + 4% pa | 10 Years | 6.80% | 7.80% | + | 1.00% |
*Net of fees.
2024–25 Standard Investment Strategies’ Performance
Last | Last | Last | Last | Last | |
Cash | +4.14% | +3.31% | +2.00% | +1.85% | +1.88% |
Benchmark | +3.35% | +2.88% | +1.34% | +1.08% | +1.04% |
Variance | +0.79% | +0.42% | +0.66% | +0.78% | +0.84% |
| |||||
Capital Stable | +6.58% | +5.06% | +3.32% | +2.81% | +3.18% |
Benchmark | +6.67% | +5.12% | +3.07% | +3.01% | +3.14% |
Variance | -0.09% | -0.06% | +0.25% | -0.20% | +0.04% |
| |||||
Balanced | +7.91% | +6.37% | +4.93% | +3.89% | +4.55% |
Benchmark | +8.54% | +6.98% | +5.16% | +4.60% | +4.79% |
Variance | -0.63% | -0.61% | -0.23% | -0.71% | -0.24% |
| |||||
Growth | +8.73% | +7.63% | +6.35% | +4.81% | +5.64% |
Benchmark | +9.92% | +8.73% | +7.21% | +5.98% | +6.09% |
Variance | -1.19% | -1.10% | -0.86% | -1.16% | -0.46% |
| |||||
Equities | +10.52% | +11.93% | +9.31% | +6.58% | +7.80% |
Benchmark | +13.68% | +14.12% | +11.58% | +8.91% | +8.78% |
Variance | -3.15% | -2.19% | -2.27% | -2.06% | -0.98% |
2024–25 Asset Allocation
The cash objective is to provide customers with 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.
2024–25 Capital Stable Standard Investment Strategy
Common Fund | Allocation (%) 2024-25 | Allocation (%) 2023-24 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 12.0% | 10.2% | 19.35 | 12.0% | 10.2% | 18.97 |
Overseas Shares | 10.0% | 10.5% | 19.97 | 10.0% | 10.6% | 19.74 |
Property | 12.0% | 12.9% | 24.42 | 12.0% | 12.4% | 23.24 |
Long Term Fixed Interest | 16.0% | 15.8% | 29.92 | 16.0% | 15.9% | 29.75 |
Short Term Fixed Interest | 24.0% | 24.5% | 46.55 | 24.0% | 24.7% | 46.23 |
Overseas Fixed Interest | 14.0% | 13.8% | 26.21 | 14.0% | 13.6% | 25.47 |
Cash | 12.0% | 12.3% | 23.33 | 12.0% | 12.6% | 23.44 |
TOTAL | 100% | 100% | 189.75 | 100% | 100% | 161.12 |
2024–25 Balanced Standard Investment Strategy
Common Fund | Allocation (%) 2024-25 | Allocation (%) 2023-24 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 21.0% | 19.8% | 59.70 | 21.0% | 19.8% | 56.62 |
Overseas Shares | 18.0% | 17.1% | 51.49 | 18.0% | 17.2% | 49.24 |
Property | 22.5% | 24.4% | 73.70 | 22.5% | 23.8% | 67.85 |
Long Term Fixed Interest | 16.0% | 15.9% | 48.14 | 16.0% | 16.2% | 46.32 |
Short Term Fixed Interest | 6.0% | 6.2% | 18.73 | 6.0% | 6.3% | 18.00 |
Overseas Fixed Interest | 13.0% | 13.0% | 39.18 | 13.0% | 12.9% | 36.83 |
Cash | 3.5% | 3.6% | 10.95 | 3.50% | 3.80% | 10.64 |
TOTAL | 100% | 100% | 301.89 | 100% | 100% | 285.50 |
2024–25 Growth Standard Investment Strategy
Common Fund | Allocation (%) 2024-25 | Allocation (%) 2023-24 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 29.0% | 25.0% | 55.23 | 29.0% | 25.1% | 54.34 |
Overseas Shares | 24.0% | 25.7% | 56.71 | 24.0% | 25.9% | 56.24 |
Property | 24.0% | 26.1% | 57.71 | 24.0% | 25.4% | 55.12 |
Long Term Fixed Interest | 10.0% | 10.0% | 22.09 | 10.0% | 10.2% | 22.05 |
Short Term Fixed Interest | 4.0% | 4.1% | 9.17 | 4.0% | 4.2% | 9.14 |
Overseas Fixed Interest | 6.0% | 6.0% | 13.27 | 6.0% | 6.0% | 12.94 |
Cash | 3.0% | 3.1% | 6.89 | 3.0% | 3.2% | 6.94 |
TOTAL | 100% | 100% | 221.07 | 100% | 100% | 216.77 |
2024–25 Equities Standard Investment Strategy
Common Fund | Allocation (%) 2024-25 | Allocation (%) 2023-24 | ||||
Neutral | Period End | $m | Neutral | Period End | $m | |
Australian Shares | 55.0% | 49.6% | 43.89 | 55.0% | 49.4% | 40.06 |
Overseas Shares | 45.0% | 50.4% | 44.56 | 45.0% | 50.6% | 40.98 |
TOTAL | 100% | 100% | 88.45 | 100% | 100% | 81.04 |
Data for previous years is available at: https://data.sa.gov.au/data/organization/attorney-general-s-dept