Our performance

Business Unit Reports

Governance, Risk and Secretariat

The Governance, Risk and Secretariat business unit has a multitude of core functions including the effective running of the Governing Board and Audit and Risk Committee, providing sound governance advice as well as overall coordination of risk management across the Authority to support and ensure prudent and strategic decision making.

The business unit supports the Registrar to develop and maintain a mature risk culture that embeds risk management into the daily decision making of the Authority’s staff. The establishment of risk champions has further embedded a positive culture around risk management across staff of the Authority. Focussed and dedicated quarterly risk management meetings also continues to embed risk mitigation into the culture of the Authority.

The business unit is also responsible for maintaining a constructive corporate planning process and performance management framework, as well as scrutinising compliance and internal controls to ensure that the Authority meets its legislative obligations.

During the financial year, the business unit had responsibility for the coordination of the Authority’s three-year internal audit program to ensure that there is an adequate level of assurance and management of key areas of the Authority’s enterprise risks. The unit also progressed the Internal Control Framework which creates a foundation to review, analyse and evaluate the effectiveness of the Authority’s internal controls framework on a regular basis.

Other activities of the financial year led by the business unit included the Authority’s COVID-19 response, the review and update of the Authority’s Business Continuity Policy and the implementation of the Authority’s Business Continuity Plan, Crisis Escalation Matrix and Crisis Management Plan to provide a stronger and more robust foundation for the Authority to effectively manage future business disruptions.

Looking forward, the business unit will be focussed on refining the Authority’s internal messaging and looking to further embed sound governance and risk management principles across the Authority’s decision-making processes. There will be more work on educating business units through the intricacies of consistent project management and alignment of business unit cohesion in corporate strategy and planning in a post-COVID-19 working environment.

Financial Services

The Financial Services business unit has continued along the path set in the previous year of improving output by transitioning and refining business systems and processes.

The transition from using outsourced service providers to managing payroll and accounts internally has continued to provide both service and financial efficiencies to the Authority.

Following the significant work done in the previous two years in developing appropriate policies and procedures to ensure good financial governance, the Financial Services business unit has now embedded those policies and procedures into standard operating practices. These practices have resulted in significant operating efficiencies.

During the current year, 973 employer reimbursements totalling $1.5 million were processed, bringing the total amount reimbursed to employers to $2.2 million since the commencement of the Scheme.

The Authority now has $196.7 million in cash and investments. Those funds will provide for the future portable long service benefits of more than 228,000 registered workers.

The Authority continues to invest employer contributions with the Victorian Funds Management Corporation (VFMC). There have been challenges for our managed investments in the past year which can be attributed to several factors including the COVID-19 pandemic, rising inflation and the general downturn in global equity markets. The Authority will continue to work with VFMC to monitor the fund’s strategic asset allocation in order to manage portfolio risk.

The actuarial valuation process for the accrued portable long service benefit liabilities has been enhanced through an additional year of live data used to validate key assumptions underlying the valuation model.

The Financial Services business unit will continue to work closely with the Facilities, Information and Technology business unit to develop streamlined processes for submitting quarterly returns and employer reimbursements. As the business matures and the number of registered workers increases, greater reliance will be placed on core business systems to ensure the efficient operations of the Authority.

Customer Service and Operations

The Customer Service and Operations business unit is responsible for three teams: Customer Service and Education, Compliance and Enforcement, and Research and Education.

Customer Service and Education

The Customer Service and Education team has continued to deliver its core responsibilities of assessing employer applications for registration, being the key point of contact for employer and worker enquiries received by telephone and email, and processing employer quarterly returns.

A focus area in the 2021-22 financial year, we have enhanced our processes to assist employers complete their quarterly returns in a timely and accurate manner, as well as improved processing times while we continued our quality assurance program to educate employers to ensure that worker benefits are being recorded correctly.

Our frontline staff have been resilient and responsive to change and the impacts of the COVID-19 pandemic while continuing to work with employers and workers to help them understand matters of coverage under the Scheme.

Our processes and business systems have been further refined to support the delivery of our services and continue to be reviewed to ensure we provide employers and workers with quality service and support.

Compliance and Enforcement

The Compliance and Enforcement team continues to work closely with employers to ensure they fulfil their obligations and financial commitments to the Scheme. We commenced significant work to strengthen our investigation capacity and develop a more wholistic system for compliance and enforcement. This includes the recruitment of a Compliance and Enforcement Manager, critical decision-making processes, and escalation processes to activate enforcement activities. This aligns with an increased effort ensuring timely and consistent communication about the Scheme’s coverage through multiple channels.

The Authority undertook projects targeting contract cleaning and community services which uncovered additional unregistered employers.

The Compliance and Enforcement team has also been exploring different ways to monitor employer compliance under the legislation. This includes adopting new technologies and plans to trial dedicated compliance software to assist with investigations and simplify processes and procedures.

The team has also dedicated significant research effort into gaining deeper insights into the complexity of the relationships between employers and workers within the business structures that operate within the sectors that we regulate. With this information, we have been able to uncover more unregistered employers.

Research and Education

The Research and Education team identifies employers in the covered industries who are likely to be eligible for the Scheme, and develops, tests, and evaluates the engagement processes required for converting this information into registrations.

We believe that there are a number of employers in particular areas still not registered, and that some employers are not paying for all eligible workers.

The team has therefore developed a detailed program of work centred around eight key strategies to identify eligible employers that remain unregistered within the covered sectors, to be implemented in the coming year. These eight strategies are aligned to the Authority’s risk appetite and allow for a systematic and methodical regulator approach to the identification and focus of the Authority’s efforts in targeting under-registration in selected subsectors.

Facilities, Information and Technology

The Facilities, Information and Technology business unit ensures the Authority operates to its full potential by providing enhanced information and technology support.

Our resolve was once again tested as the organisation continued to maintain operations whilst managing the impact of the COVID 19 pandemic on the Authority.

The challenge created by the continued increase in the number of employers and workers registered with the Authority involved the implementation of new technologies for more efficient and effective systems.

We made major improvements to our core business platform, and those developments included increased functionality to assist employers with the handling of bulk employer quarterly returns as well as data analytics to review the quality of data submissions.

There were also upgrades to the worker and employer portals to enable better communication offering a better customer experience.

Cost reductions were achieved by replacing the phone system with voice calling via Microsoft Teams. Meanwhile, within the organisation, there was a continued focus on security and cyber awareness in staff training sessions and the introduction of a standardised Information Security Framework was also implemented.

We appointed an Information Management and Project Support Officer, focussing on records management and compliance areas. A full review of our current records management systems and practices is underway with a view to further improving our record keeping procedures in the new financial year.

On another front, the business unit provided technical support as the Authority successfully adapted to the hybrid workplace environment, which involved the crossover of staff working from home and returning to an office environment.

In relation to workplace facilities, the business unit made sure the Authority’s Bendigo and Melbourne offices remained fit for purpose and provided staff with a COVID-19 safe environment.

The business unit has also been involved in the planning process for the new GovHub building in central Bendigo: a $90 million project that will accommodate about 1,000 City of Greater Bendigo and Victorian Government workers including staff of the Authority. The building is expected to be completed in early 2023. The Authority has been working with key stakeholders to ensure the needs of the organisation are accommodated and continue assessing our facility needs now and into the future in line with our workforce profile.

People and Culture

The People and Culture business unit continued its commitment to supporting our staff through a second challenging year of the COVID-19 pandemic.

The mental health and well-being of our people continued to remain at the forefront of the Registrar and the team.

We were creative and highly agile in developing initiatives to boost staff morale and productivity, ensuring everyone retained social connectivity and felt supported as they adjust to a hybrid working environment.

To foster this social connectivity, many best practice initiatives were introduced, while webinars focussing on exercise and ergonomics in the home office were available to staff. The team also coordinated the communication of regular up-to-date official health and safety advice to staff along with re-entry support webinars to enable a seamless transition upon return to the physical office premises. Engagement from staff was enabled through a People and Culture led Return to Office planning committee where the team developed guidelines for attending our offices in Bendigo and Melbourne’s CBD with relevant and valued input from staff.

We also made physical modifications to the office workplace and changed access levels in response to government and WorkSafe advice to minimise the risk of exposure and spread of COVID-19 at the height of transmission during the pandemic.

At the forefront of priorities, we have been working with the Registrar on the Authority’s Cultural Transformation journey and People Matter Survey Action Planning Framework. We established a Cultural Champions working group who are gentle architects of change, seeking out new ideas and opportunities to make the Authority a happy, inclusive and productive workplace.

In response to the People Matter Results 2022, we are empowering staff to shape a culture they want to work in and are meeting with staff via Listen and Learn focus groups to ensure every staff member has a voice. People and Culture aim to continue to use empowerment strategies to support the Authority’s culture transformation journey and encompass a phased approach to create a values-driven organisation.

Communications and Engagement

The Communications and Engagement business unit leads the organisation’s internal and external communication initiatives.

The team was focussed on several major organisational achievements during the financial year. The highlight was the 200,000th worker campaign. This involved developing relationships with the employer and worker who marked the 200,000th worker registered with the Authority and working closely with the Minister’s office in developing media releases and organising the ministerial media event at state parliament.

The outcome was national television and statewide radio coverage. Internal communications kept staff up to date with proceedings, along with the production of a commemorative booklet.

Elsewhere, the business unit produced creative content for the monthly email newsletter, which has a steady readership. Additionally, acknowledging the changing external environment and the way employers and workers consume information, focus shifted to the Authority’s digital channels in terms of operating as a modern regulator. This work has led to strong growth in social media content and audience engagement, especially through the Authority’s twitter account. Our website content was consistently improved through the year. Additional employer information was published on the number of workers they registered in their previous quarterly return, to encourage employers to register all eligible workers.

The Authority has also developed a suite of content in other languages to support the Authority’s culturally and linguistically diverse audiences.

The business unit also led the coordination of the Authority’s participation in trade exhibitions and other external events to strengthen the understanding of the Authority’s work in covered sectors. The Authority also participated in and spoke at various events during the financial year.

The challenge ahead is to leverage these significant achievements and develop messaging and raise awareness to employers and workers on the broad coverage of the Scheme through our research and education activities. This will reduce the reliance of the Authority on the use of compliance and enforcement powers.

Legal

The Legal business unit continued to provide high-level practical and strategic legal advice to all areas of the Authority, including the Chief Executive Officer / Registrar, Governing Board and business units.

The guidance covers a wide range of disciplines, including administrative and criminal law, privacy and data protection, freedom of information, along with general corporate and commercial law.

Our efforts during the year were enhanced by the recruitment of senior legal personnel to the business unit, technological solutions to support workflow and streamline processes and professional development opportunities for legal team members.

We also appointed a dedicated Privacy Officer and enhanced the Authority’s privacy framework.

The key word for the Legal business unit during the year was ‘collaboration’, working closely with our internal stakeholders to support them in achieving the objectives of their business units and the Authority.

This was evident in our support to the Customer Service and Education team in a variety of projects and initiatives regarding coverage of employers and workers in the Scheme, particularly in relation to amendments to the Regulations.

We also worked closely with the Compliance and Enforcement team to progress investigations in relation to possible contraventions under the Act.

The challenge ahead for the Legal business unit is to compliment the Authority’s growing maturity by continuing to provide high quality and practical legal advice to empower business units to achieve their objectives in a legally compliant manner.

Delivering on our objectives

The Authority’s Corporate Plan 2020-23 sets out the Authority’s short and medium-term priorities along with its key measures for success.

Below is an overview of the Authority’s activities in meeting these objectives.

Fulfil our legislative obligations by effectively administering the Long Service Benefits Portability Act 2018.

Key highlights

Customer Service and Education

• Improved and streamlined processes to improve efficiencies and create a robust and transparent operating environment.
• The Authority’s Worker Customer Relationship Manager (WCRM) system continues to be refined with the vendor, as the Customer Service and Education team identify and carry out improvements.
• Ongoing review of data accuracy of quarterly returns to ensure worker entitlements are being recorded correctly, with the team undertaking quality assurance and education to assist employers better understand their obligations and importance of accurate data reporting.
• Continued education activity to support employers to fulfil their quarterly return obligations.

Compliance and Enforcement

• Issued 147 enforcement notices to compel documents and information, of which 43% of employers complied.
• Engaged 135 potential employers who had been identified to register with the Scheme, of which 35% of employers complied.
• Issued 19 letters of demand for overdue levy invoices, of which 57% of employers complied before a lodgement for default was listed.
• Engaged 145 employers via telephone and email, who were not meeting their obligations, of which 64% complied with their obligations.
• Received 54 worker disclosures of possible failure of employer to meet obligations, of which 29% have been resolved.
• Engaged with 801 employers where obligations were in dispute, of which 61% complied before the dispute escalated.

Research and Education

• Identified unregistered employers using multiple data sources.
• Commenced implementation of eight strategies to increase employer registration.
• Produced internal training resources to strengthen the Authority’s relationship with external stakeholders.
• Provided tailored education sessions to employers and stakeholders.

Numbers

• 228,767 workers registered:
  • 150,137 in community services
  • 54,033 in contract cleaning
  • 24,597 in security.

• 2,875 employers registered:
  • 1,753 in community services
  • 648 in contract cleaning
  • 474 in security.
• 13,332 employer quarterly returns submitted (incorporating the retrospective returns outside of this financial year due to late registration with the Scheme).
• 19,923 calls were made and received during the financial year.

Of the 18 successful service of affidavits to employers failing to meet their obligations, 80% of employers either complied or engaged with the Authority to put a plan in place.

Implement effective responsible budget and investment strategies which grow levy funds and deliver long-term sustainability.

Key highlights

• Investment strategy reviewed.
• Final year of three year rolling internal audit review of compliance with the Standing Directions of the Assistant Treasurer which did not identify any material compliance deficiencies.
• Total Authority expenditure remained prudent for the year.
• Implemented a process for monitoring investment returns since inception.
• Business unit budget monitoring implemented.
• Cost savings achieved through centralisation of procurement and human resource activities.

Numbers

• $105.4 million invoiced, $4.9 million outstanding at 30 June 2022 of which $0.7 million is more than 30 days overdue.
• $169.6 million invested with VFMC in the Balanced Fund.
• $196.7 million in cash and investments.
• $1.5 million reimbursed to employers for workers who have taken long service leave.

Be clear, consistent, transparent and responsive in our stakeholder communications which encourages registration, levy payments and ensures that workers and employers are aware of their rights and obligations.

Key highlights

• Achieved state-wide coverage of our 200,000 worker celebrations raising awareness of the Authority and Scheme.
• Social media channels continued to grow with increased engagement and awareness, and we broadened our presence by establishing our twitter account.
• Continued circulating our email newsletter, increasing subscribers, improving our content through feedback from our reader survey and updating the design to increase engagement and click through rates which remain above the industry average.
• Enhanced our internal communications via PLSA Pulse – the Authority intranet – including updating content to support initiatives such as Strategic Alignment, COVID-19 updates, Return to Office and, the Social Committee while ensuring staff were trained and contributed updates to their business unit content.
• Evolved the Authority brand by introducing new style elements, increasing our image library, updating templates, producing a suite of Authority branded Teams backgrounds and internal email banners, and developing internal project-specific design concepts for staff to clearly identify project material.
• Conducted a website review, amending and updating our content in response to feedback and ensuring it remains relevant, informative and accessible.
• Translated material into 8 languages to support our culturally and linguistically diverse employers and workers.
• Undertook design projects including the updating of the worker annual statement to ensure the design and information was useful and informative.
• Provided the Customer Service and Education team with support for their quarterly return information sessions delivered to employers consistently through the year.
• Continued planning and preparing for the trade exhibitions across the three industry sectors and the Authority’s third birthday communications to internal and external audiences.

Numbers

• 205,000 visits to the Authority’s website, an increase of 2.9% on the previous year.
• Audience was 59.5% female and 40.5% male.
• The most visited page is the home page followed by the ‘worker information’ page.
• The average open rate for the email newsletter is a healthy 51.3% and click through rate of 10.1%.
• Email newsletter contacts have increased by almost 15%.
• Both Facebook and LinkedIn follower numbers have increased.
• Business development was the highest visiting demographic, followed by Information and Communication Technology (ICT) and then human resources.

Maintain a healthy and safe workplace with a culture that encourages engaged, resilient and solution-focussed staff.

Key highlights

• Organisational-wide training opportunities provided by the Authority included Re-Entry Office Support Training, Successful Computing (Microsoft Word), Vicarious Trauma Training, and Thriving Through Workplace Change.
• Supported and endorsed staff to undertake external secondment opportunities to extend the depth and breadth of their VPS exposure.
• Prioritised internal staff to undertake higher duty arrangements to act up in a senior or team leader roles to support development and leadership capabilities.
• Celebrated and recognised International Day Against Homophobia, Biphobia, Intersex Discrimination and Transphobia (IDAHOBIT), International Women’s Day and NAIDOC week.
• Embarked on a phase of research and analysis, drawing out themes and uncovering areas of focus following People Matter Results. Held an organisational wide focus group session and 1:1 staff empathy mapping session as a basis to build a cultural climate action plan.
• Created the Authority’s Cultural Transformation journey and People Matter Survey Action Planning Framework.
• Created a Cultural Champions group to support as a key driver to influence the desired culture and ultimately embed a sustainable positive organisational culture.
• Created the Social Committee to facilitate and lead in organising activities/events to foster greater social cohesion and connectivity.
• Established the Return to Office (RTO) Planning Committee to aid the Authority’s transition back to our primary workplaces following Victoria reaching the 90 per cent vaccination milestone, Phase D of Victoria’s Roadmap.
• Created a hybrid working model to recapture the benefits of spending face-to-face time with colleagues whilst committing to what has worked well during the remote working period.
• Organised a ‘Welcome back’ pack issued to staff upon their return to the office and created a calendar of events to boost employee morale for staff through the initial transition return to office period.
• Enabled staff to submit individual flexible requests for consideration to the Executive leadership group and supported staff to work collaboratively with their manager to use flexible arrangements on an as needed basis.
• Partnered with our Employer Assistance Provider to deliver “Thriving through Change” workshops to support staff with personal coping mechanisms to self-motivate, be more adaptable and resilient to change and deliver re-entry and anxiety support seminars to help staff transition to a hybrid working model.
• Launched the Performance Development program using the Authority’s performance development framework along with support sessions providing staff enhanced understanding of performance development and feedback strategies.

Numbers

• 12 merit-based fixed term higher duties assignments with 1 internal promotion
• 6 external secondments
• 2 accredited Mental Health First Aiders
• 21 roles were advertised
• 50 staff employed as of 30 June 2022, an increase of 6.38% from last financial year.

Implement an innovative, secure, resilient and integrated information technology environment that supports effective operations now and in the future.

Key highlights

• Implemented Microsoft Teams Calling improving the telephony system’s resilience to a high level as well as the accessibility for all staff, removing legacy equipment and achieving cost savings.
• Developed Power Business Intelligence Reporting to assist with workforce planning and operational reporting.
• Continued enhancement of Worker Customer Relationship Management system to improve employer experience as well as process efficiency for back-office staff.
• Maintained effective and efficient contact centre operations, while working remotely, during the extended lockdowns in Victoria supported by technology enhancements.
• Supported the implementation of superior Human Resource management modules in core information technology systems.
• Conducted a review and updating of document and records management policy and procedures.
• Improved our cyber resilience and implemented Domain-based Message Authentication Reporting and Conformance (DMARC) to protect the Authority’s email from ‘spoofing’: this allows people to validate the trustworthiness of the ‘from’ address which users see in their email clients. By adopting DMARC only someone from the government (or someone we authorise) will be able to send emails using our plsa.vic.gov.au domain.
• Completed the Protective Data Security Plan.

Numbers

• 103 WCRM Support tickets created (59 issues, 44 enhancements and tasks)
• 4 major releases WCRM implemented during the year and 6 minor / Hotfix releases
• 51 incidents lodged and closed with Cenitex
• 1 major project managed with Cenitex
• 117 Internal ICT Support interactions.

Protect the long-term interests of the Authority through effective regulation using procedure governance, strategic risk management and clear policies and procedures.

Key highlights

• Developed a suite of business continuity procedures and plans.
• Implemented Risk Champions across the Authority, with the group meeting quarterly.
• Governance Framework in place.
• Developed key corporate policies.
• Implemented project risk registers to improve the quality of risk reporting, streamline the monitoring and amendment of project risk.
• Implemented an Occupational Health, Safety and Wellbeing (OHSW) specific risk register.
• Risk Framework, including a risk policy, procedures and appetite in place and aligned with the Victorian Government Risk Management Framework (VGRMF) (and ISO 31000: 2018 standard).
• 91.1% overall score on the risk maturity selfassessment, which places the Authority well above the average benchmark of 78.2% (from 217 submissions).
• Integrity Framework consistent with Victorian Public Service practices in place.
• Implemented voluntary risk training to all Authority staff members.
• Developed Project Management tools, including Project Plan template, PM template - Dashboard Monitor and Traffic Light Report and Terms of Reference template.
• Made available a staff online risk assessment system, as well as governance, integrity, strategy and policy material via the Authority’s intranet.
• Implemented an enterprise level Issues Register.
• Established a new three-year risk aligned strategic internal audit program providing assurance over key areas of the Authority’s enterprise risks.
• Completed eight internal audits and concluded 13 internal audit recommendations.
• Conducted six internal audits.

Numbers

• 91.1% on the Risk maturity self-assessment
• 4 Quarterly Risk Management meetings held
• 1 Quarterly Risk Champions meeting held
• 2 Management Strategy meetings held
• 5 Governing Board meetings held
• 5 Audit and Risk Committee meetings held
• 147 processes currently in use across the Authority:
  • 111 updates approved
  • 53 new processes.

Financial performance

Five-year financial summary

The Authority commenced operations on 18 March 2019, therefore only three full years of comparative information is available.

Table 1: Authority four-year financial summary

Current-year financial performance

The 2021-22 financial year is the Authority’s third full year having only commenced on 18 March 2019.

The Authority administers three schemes which provide portability of long service leave benefits for registered workers in the community services, contract cleaning and security industries in Victoria.

The Authority levies registered employers for workers in the covered industries in accordance with the Long Service Benefits Portability Act 2018 and the Portable Long Service Regulations 2020 and makes payments for benefits taken.

In the 2021-22 financial year, the Authority reported a net loss for the year of $2.8 million compared to $6.2 million surplus in 2020-21. The current year result was significantly impacted by a loss of $22.6 million on the fair value of investments, driven by the general downturn in global equity markets.

Levy contributions from employers and contractors based on levy rates set by the Governing Board was the largest source of income from transactions. Levy contributions increased by $18.5 million in the current year as a result of the increase in registered workers. There are 228,767 (177,960 2020-21) registered workers with 2,875 (2,540 2020-21) registered employers.

The Authority continued investing with the VFMC Balanced Fund and transferred a total of $83.6 million additional investments during the year, increasing the total investments to $169.6 million.

A final payment of $0.2 million in Government grants was received during the year to continue the assistance with the establishment of the Authority.

The portable long service benefit expense for 2021-22 was $93.1 million ($88.7 million 2020-21).

Administration costs totalled $7.7 million with $5.5 million relating to employee benefits expense and $2.2 million for information technology costs, office expenses, professional services, promotion costs and internal and external audit fees.

Financial position balance sheet

The Authority ended the financial year with net assets of $13.6 million and a solvency ratio of 105.9%.

Cash at bank totalled $27.2 million, which included scheme funds collected and not transferred to VFMC investments and administration charge received to fund the Authority but not spent.

The Authority increased the investment funds with VFMC to $169.6 million and accrued $7.9 million of investment income due in July 2022.

The Authority’s actuary valued the long service leave benefits for the Scheme’s 228,767 registered workers as at 30 June 2022. This amounted to $229.4 million and is supported by $234.2 million in Scheme assets.

Operating cash flows

Net cash flow from operating activities was positive for the year totalling $95.4 million, which included $104.0 million of receipts from employers for their worker levy contributions and $0.2 million from Government to continue the establishment of the Authority.

The Authority transferred $83.6 million to VFMC Balanced Fund and received $6.1 million of proceeds from these investments during the year.

Investment performance

The Governing Board has approved an investment strategy based on an analysis of desired investment returns against investment risk appetite.

The investment objectives of the Authority at 30 June 2022 are:

• Return: To achieve an average return objective of at least CPI + 3.0% p.a. with greater than 60% probability over a rolling 10-year period; and
• Risk: To limit the likelihood of a negative annual return to no more than one year in every five years and when negative returns occur, for this not to exceed a 10% loss of capital on average.

Current-year investment performance

Under the Act, the Authority is permitted to invest Scheme assets for the benefit of the schemes.

The Authority has appointed VFMC as its investment manager and VFMC has determined the following balanced asset allocation of investments for the Authority’s portfolio:

For the 12 months from 1 July 2021 – 30 June 2022, the Authority recorded unrealised investment losses of $22.6 million against total scheme funds of $169.6 million as at 30 June 2022. The Authority received $8.7 million of investment income during the year.

Outlook

The Authority is continually working with its investment manager to adjust portfolio positioning in response to market movements and changes to economic conditions and policy outlook of governments, which may affect key investment asset classes.