Residential Tenancies Authority
Annual Report
2021–22
RTA Annual Report 2021–22 | Page 2
Letter of compliance
Friday 9 September 2022
The Honourable Leeanne Enoch MP
Minister for Communities and Housing, Minister for Digital Economy and Minister for the Arts
GPO Box 806
Brisbane Qld 4000
Dear Minister
I am pleased to present the Annual Report 2021–22 and financial statements for the Residential Tenancies
Authority (RTA).
I certify this Annual Report complies with:
• the prescribed requirements of the Financial Accountability Act 2009 (Qld) and the Financial and
Performance Management Standard 2019 (Qld), and
• the detailed requirements set out in the Annual report requirements for Queensland Government
agencies.
A checklist outlining compliance with the annual reporting requirements can be found on page 88 of
this report.
Yours sincerely
Paul Melville
Board Chair, Residential Tenancies Authority
RTA Annual Report 2021–22 | Page 3
Contents
Accessibility
Page
The Queensland Government and the
RTA are committed to providing
accessible services to Queenslanders
from culturally and linguistically diverse
backgrounds. If you have difficulty in
understanding this report, you can access
the Queensland Government’s Translating
and Interpreting Services online
via www.qld.gov.au/help/languages or by
calling the RTA on 1300 366 311 and we will
arrange an interpreter to communicate this
report to you.
Additional online reporting
The following additional annual reporting
requirements can be accessed through the
Queensland Government Open Data website
(data.qld.gov.au):
•
consultancies
•
overseas travel
•
Queensland Language Services Policy.
Providing feedback
Readers are invited to comment on this report
or by calling the RTA Contact Centre
on 1300 366 311.
Copyright
© The Residential Tenancies Authority 2022
Licence
This Annual Report is licensed by the State of
Queensland (Residential Tenancies Authority)
under a Creative Commons Attribution (CC BY)
4.0 International licence. You are free to copy,
communicate and adapt this Annual Report, as
long as you attribute the work to the State of
Queensland Residential Tenancies Authority
Annual Report 2021–22. To view a copy of this
licence visit: creativecommons.org/licenses.
For more information on access and use visit:
https://www.qgcio.qld.gov.au/documents/in
formation-access-and-use-policy-is33.
ISSN 18388248
To read the Residential Tenancies Authority
Annual Report 2021–22 online visit:
rta.qld.gov.au/annualreport.
Letter of compliance 2
Chair’s message 4
CEO’s message 5
About us 6
Our operations 7
Our customers 8
Our customised services
13
Bond management 15
Contact Centre 16
Dispute resolution 17
Our sector
19
Tenancy support and stakeholder engagement 19
Regulatory and compliance activities 22
Our organisation
24
Organisational structure 24
Board of Directors 25
Executive Leadership Team 28
Corporate governance framework 30
Digital innovation and information systems 33
Our people
35
Performance highlights 37
RTA Service Delivery Statement 40
Our finances
42
Financial overview 42
General Purpose Financial Report 44
Management Certificate 84
Auditor’s report 85
Compliance checklist 88
Glossary 90
RTA Annual Report 2021–22 | Page 4
Chair’s message
It gives me great pleasure to present the Residential Tenancies Authority (RTA) Annual Report 2021–22,
which details the RTA’s ongoing efforts and achievements to help make renting work for everyone.
There were several changes this year designed to positively impact Queensland’s rental sector.
Firstly, the Residential Tenancies and Rooming Accommodation Act 2008 was amended with the passing of
the Housing Legislation Amendment Act 2021, following consultation with the sector, and the RTA is
currently implementing the changes. These amendments, which came into effect in October 2021, provide
critical protections and options to support tenants experiencing domestic and family violence. Over the next
two years, we will continue to support the sector as additional reforms are implemented around pets,
ending a tenancy, repair orders and minimum housing standards.
Secondly, due to sector dynamics and advancements at the RTA, a new strategic plan was launched earlier
than scheduled on 1 July 2022. The RTA Strategic Plan 2022–26 outlines a renewed focus on: improving
customer experience through the delivery of new digital services and experiences; continued influence and
partnerships with stakeholders across the sector; and building a sustainable and contemporary organisation
to support our staff. Recent changes to the RTA funding model also ensure the sustainability of our
operations and the delivery of the new strategic plan.
My appointment as Board Chair comes to an end on 31 October 2022. Since joining the RTA Board in May
2017, I’ve seen great progress achieved by our people in the face of a global pandemic, extreme weather
events, and low vacancy rates. It has been a privilege to witness and contribute to the growth of the
organisation, and I am confident this will continue under the direction of the next Board Chair and the Board.
Thank you to both the Honourable Leeanne Enoch MP, Minister for Communities and Housing, Minister for
Digital Economy and Minister for the Arts and the Honourable Mick de Brenni MP, former Minister for
Housing and Public Works, Minister for Digital Technology and Minister for Sport, as well as their teams, for
their ongoing work in helping the RTA achieve positive outcomes for the sector.
Finally, I would like to say a very big thankyou to all the wonderful people who work at the RTA. The
organisation has changed enormously over the last five years. It has had to deal with everything from
pandemics to significant legislative reforms whilst going through an operational transformation – all of which
was handled with the upmost skill and judgment. The team have been excellently led by our CEO Jennifer
Smith and the Executive Leadership Team. I would also like to thank my fellow Board members for their
support and counsel and wish them, and all at the RTA, every success over coming years. It has been a
pleasure to serve and be part of such a wonderful organisation.
Paul Melville Board Chair
RTA Annual Report 2021–22 | Page 5
CEO’s message
It’s been another challenging year for Queensland’s rental sector and I’m immensely proud of the work the
RTA has done in supporting Queenslanders. In the 2021–22 financial year, our Contact Centre received over
368,000 calls and conciliated over 19,000 disputes. Despite the challenges the sector faced, we retained
strong customer satisfaction rating of 83 per cent for our services.
This year we continued to work closely with our stakeholders, from consultation to help inform the
development of the new RTA Strategic Plan 2022–26, to ongoing engagement through the Stakeholder
Forum. We also collaborated with our Stakeholder Working Group on new resources to educate customers
on their rights and responsibilities.
This year we supported the sector by commencing implementation of the first stage of reforms under the
Housing Legislation Amendment Act 2021. We will continue to support the sector to understand and
navigate the additional upcoming reforms, which will be released in separate stages over the next two years.
To further support our customers in 2021–22, we:
• launched the final product in the RTA Web Services suite, the Bulk Bond Lodgement service
• launched our Proactive Compliance Program, allowing us to identify agencies with high rates of
non-compliance around lodging bonds within the required 10-day period, and provide tailored
education sessions
• delivered 70 tailored information and education activities, including 14 in-person and online
sessions for property managers and owners in Cairns, Gold Coast, Mount Isa, Gladstone, Ipswich
and the Redlands.
This year we also embarked on a Customer Experience Research Project. This saw extensive engagement
with our stakeholders and customers to better understand their experiences and how we can improve our
processes to better support them. This consultation will continue into the 2022–23 financial year, and I’m
looking forward to sharing the findings and outcomes with you in next year’s annual report.
I would like to recognise the significant efforts of RTA Board Chair Paul Melville, who in the last five years has
worked to improve the culture and reach of the organisation, with insightful conversations with the Board,
executives, staff and our customers. Paul has been deeply involved with the RTA’s transformation and has
united support from all of us. Paul, thank you for your service and for helping us map our future direction
through the RTA Strategic Plan 2022–26. I have every confidence that you have set us on the right course.
I look forward to continuing the excellent work we’re doing with the Honourable Leeanne Enoch MP,
Minister for Communities and Housing, Minister for Digital Economy and Minister for the Arts, and her staff.
I’d also like to thank Clare O’Connor, Director-General of the Department of Communities, Housing and
Digital Economy and her team, the RTA Board and members of our Stakeholder Forum and Stakeholder
Working Group. Finally, my greatest thanks and appreciation goes to all the staff and the Executive
Leadership Team at the RTA.
Jennifer Smith Chief Executive Officer
RTA Annual Report 2021–22 | Page 6
About us
Our vision and purpose
The Residential Tenancies Authority (RTA) is Queensland’s independent statutory authority that administers
the Residential Tenancies and Rooming Accommodation Act 2008 (RTRA Act). We offer a range of services to
uphold fairness, integrity and balance within the residential rental sector, and empower Queenslanders to
make informed renting choices.
In addition to providing tailored tenancy information, support, education and bond management services,
the RTA offers a free dispute resolution service to help parties resolve tenancy issues in a cost-effective
manner and potentially avoid legal action. We also provide education to our customers about their
legislative obligations and investigate alleged offences under the RTRA Act, with the aim to prevent repeat
offending and improve compliance.
With the rental landscape shifting rapidly in response to the COVID-19 pandemic, the RTA has continued to
monitor and research residential rental data and trends. We have strengthened our relationships with key
stakeholders and industry sector bodies, allowing us to proactively identify the challenges our customers
face, tailor our services to best serve their needs and concerns, and make renting work for everyone.
The RTA is governed by a Board of Directors, which is appointed by the Queensland Parliament’s Governor in
Council, and is responsible to the Minister for Communities and Housing, Minister for Digital Economy and
Minister for the Arts, the Honourable Leeanne Enoch MP.
Our objectives and strategies
The RTA Strategic Plan 2019–23 outlined four strategic objectives that guided our organisation, including our
people and our investments in projects and initiatives. Through this plan, we aimed to provide smart digital
services, improve business efficiency, build a customer-focused workforce, and ensure customers valued our
services. Our strategic plan reinforced our commitment to delivering excellent customer services and
experiences, and provided clear direction and performance indicators to guide us towards being a customer-
centric organisation. It also demonstrated our commitment to protect and promote human rights in our
decision-making and actions.
At the beginning of 2022, we made the decision to undertake a comprehensive review of the RTA Strategic
Plan 2019–23 and replace it one year ahead of schedule. This plan was developed in 2018 and no longer
reflected the landscape of Queensland’s rental sector, which has changed significantly over the past few
years. On 1 July 2022, we launched our new RTA Strategic Plan 2022–26. As this annual report reflects the
RTA’s achievements over the 2021–22 financial year, before the new strategic plan came into effect, all
reporting measures refer to those outlined in the RTA Strategic Plan 2019–23.
The RTA also supports the Queensland Housing Strategy 2017–2027, a 10-year framework led by the
Queensland Government, to create better housing pathways and help every Queenslander access a safe,
secure and affordable home.
Our contribution to community objectives
The RTA is committed to supporting the Queensland Government’s objectives for the community – Unite
and Recover – by backing our frontline services and providing easy to access services to support the
residential rental sector.
RTA Annual Report 2021–22 | Page 7
Our operations
Contact Centre phone enquiries
2017–18
2018–19
2019–20
2020–21
2021–22
401,069
360,399
426,615^
423,221*
368,695†
^Includes 30,786 COVID-19 hotline enquiries *Includes 7,071 COVID-19 hotline enquiries
†Includes 4,839 COVID-19 enquiries
New bond lodgements
1
2017–18
2018–19
2019–20
2020–21
2021–22
272,939
267,210
268,188
238,099
232,011
Number of bonds held
2
(30 June)
2017–18
2018–19
2019–20
2020–21
2021–22
607,053
621,960
638,481
631, 545
624,427
Value of bonds held
3
($’M 30 June)
2017–18
2018–19
2019–20
2020–21
2021–22
855.58
900.8^
943.4
971.0
1,025.0
^ Figure updated due to the definition of unclaimed bond monies being redefined
Conciliated disputes
4
2017–18
2018–19
2019–20
2020–21
2021–22
16,657
17,627
19,882^
21,163*
19,733†
^ Includes 1,791 COVID-19 related disputes *Includes 1,080 COVID-19 related disputes
†Includes 53 COVID-19 related disputes
Investigations finalised
2017–18
2018–19
2019–20
2020–21
2021–22
1,018
(Received
1,020
requests)
1,159
(Received
1,040
requests)
1,050
(Received
925 requests)
567
(Received 490
requests)
241
(Received 243
requests)
Website visits
2017–18
2018–19
2019–20
2020–21
2021–22
2,219,609
2,270,595
2,939,273
3,123,023
3,396,313
Operating surplus/(deficit) ($’M)
2017–18
2018–19
2019–20
2020–21
2021–22
(7.9)
8.6
(43.3)
35.3
(56.3)
1. Includes new bond lodgements for general tenancies and rooming accommodation.
2. Includes bonds held for general tenancies and rooming accommodation.
3. Excludes unclaimed bond monies.
4. Methodology changed in 2019–20 to more accurately reflect dispute resolution requests that proceeded to conciliation
in the last five years. This excludes dispute resolution requests where parties subsequently withdrew from the
conciliation process or were unable to be contacted.
RTA Annual Report 2021–22 | Page 8
Our customers
The data below is based on bonds held by the RTA as of 30 June 2022. Locations of major regions in
Queensland below are based on Statistical Area Level 4 (SA4s)
1
.
1. SA4s are the largest sub-state regions in the main structure of the Australian Statistical Geography Standard (ASGS) and
are designed for the output of a variety of regional data by the Australian Bureau of Statistics (ABS), representing labour
markets or groups of labour markets within each state and territory.
Sunshine Coast
6.3%
Moreton Bay
8.4%
Toowoomba
3.2%
Logan – Beaudesert
6.8%
Gold Coast
13.3%
Ipswich
6.9%
Brisbane
31.9%
Cairns
4.7%
Townsville
4.2%
Mackay – Isaac –
Whitsundays
3.2%
Queensland – Outback
1.1%
Darling Downs – Maranoa
1.9%
Wide Bay
4.2%
Central Queensland
3.9%
RTA Annual Report 2021–22 | Page 9
Total bonds held by dwelling type
The data below shows the total bonds held per dwelling type in the June quarter of each financial year
between 2017–18 and 2021–22.
624,427
631,545
638,481
621,960
607,053
7,009
5,835
5,901
6,071
6,476
18,156
14,848
16,029
17,103
14,778
65,597
67,841
67,091
63,505
61,177
232,326
233,406
230,752
224,396
217,627
301,339
309,615
318,708
310,885
306,995
2021–22
2020–21
2019–20
2018–19
2017–18
Houses
Units
Townhouses
Rooming accommodation
Other dwelling types
Total
RTA Annual Report 2021–22 | Page 10
Dwelling type
96% of dwellings are
houses, flats and townhouses
Who manages bonds?
Approximately 97.6%
of rental properties are managed by
real estate agents, property managers and owners
House 48.3%
Flat/unit 37.2%
Townhouse/semi-detached
house 10.5%
Rooming accommodation
2.9%
Moveable dwelling/site
0.7%
Other 0.4%
Agents 77.3%
Owners 9.8%
Managers/providers 10.5%
Community housing
organisations 1.3%
Moveable dwelling park
managers 0.3%
Other 0.8%
RTA Annual Report 2021–22 | Page 11
Median length of tenancies (months)
The data below shows median length of tenancies in Queensland between 2017–18 and 2021–22.
Weekly median rents
The data below shows median weekly rents for all dwelling types based on new bonds lodged in the June
quarter of each financial year between 2012–13 and 2021–22.
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
$350
$350
$350
$350
$350
$360
$360
$365
$370
$385
$450
8.6
8.9
6.7
6.6
6.7
15.2
13.9
13.4
13.1
12.8
21.5
18.8
17.9
17.5
16.7
0 5 10 15 20 25
2021–22
2020–21
2019–20
2018–19
2017–18
Houses
Units
Rooming accommodation
RTA Annual Report 2021–22 | Page 12
Median rents for Queensland and major centres
The data below is based on new bonds lodged with the RTA in the June quarters of 2021 and 2022. Locations
of major centres in Queensland below is based on Significant Urban Areas
1
.
2 bedroom flat/unit
3 bedroom house
Location
2021
2022
% change
2021
2022
% change
Brisbane
$405
$465
14.8%
$400
$480
20.0%
Bundaberg
$250
$310
24.0%
$320
$410
28.1%
Cairns
$320
$375
17.2%
$410
$480
17.1%
Emerald
$250
$280
12.0%
$335
$385
14.9%
Gladstone – Tannum Sands
$200
$280
40.0%
$275
$370
34.5%
Gold Coast – Tweed Heads
$450
$560
24.4%
$520
$700
34.6%
Gympie
$230
$300
30.4%
$310
$450
45.2%
Hervey Bay
$280
$370
32.1%
$350
$450
28.6%
Kingaroy
$225
$303
34.7%
$285
$365
28.1%
Mackay
$290
$350
20.7%
$380
$460
21.1%
Maryborough
$210
$260
23.8%
$290
$375
29.3%
Mount Isa
$250
$275
10.0%
$420
$450
7.1%
Rockhampton
$250
$290
16.0%
$320
$400
25.0%
Sunshine Coast
$400
$515
28.8%
$490
$620
26.5%
Toowoomba
$265
$300
13.2%
$335
$400
19.4%
Townsville
$280
$320
14.3%
$340
$390
14.7%
Warwick
$220
$245
11.4%
$280
$350
25.0%
Yeppoon
$310
$380
22.6%
$380
$480
26.3%
Queensland
$380
$450
18.4%
$380
$450
18.4%
1. Australian Bureau of Statistics. (2016) Significant Urban Areas. Australian Statistical Geography Standard (ASGS) (ABS Cat. 1270).
The Significant Urban Area (SUA) structure of the Australian Statistical Geography Standard (ASGS) represents significant towns and
cities of 10,000 people or more.
RTA Annual Report 2021–22 | Page 13
Our customised services
In 2021–22, the RTA supported Queenslanders to navigate extreme weather events, the
expiration of temporary COVID-19 Emergency Response measures, and the implementation
of Stage 1 of the Housing Legislation Amendment Act 2021 (HLA Act). We also continued our
journey of digital optimisation by investing in several projects to further deliver on our
strategic objectives of providing smart digital services which are valued by our customers.
RTA Web Services
On 6 December 2021, we released the Bulk Bond Lodgement Web Service which is the final product in the
RTA Web Services suite. The Bulk Bond Lodgement service allows joint lessors, agents, student
accommodation providers and property managers working on behalf of an organisation to lodge multiple
bonds and bond increases in a single online transaction.
As we celebrate the third year of RTA Web Services, the RTA has processed 1,368,343 requests in total
through this online platform. In 2021–22, through the RTA Web Services, we processed:
• 213,200 bond refund requests
• 215,610 single bond lodgements
• 7,782 bulk bond lodgement submissions, consisting of 48,914 lodgements/bond increases
• 142,644 requests to update customer details
• 13,089 bond dispute resolution requests
• 13,958 change of bond contributors requests
• 3,144 tenancy dispute resolution requests.
This financial year, we saw a 5 per cent increase in uptake across all RTA Web Services and 70.2 per cent of
all tenancy and bond forms were lodged through our digital channels.
To ensure accessibility for vulnerable customers and those without digital access, the RTA also provides
paper form options, contact centre support and services tailored to the needs of community housing
providers and support service providers.
Supporting Queenslanders through legislation changes
On 20 October 2021, the Housing Legislation Amendment Act 2021 (HLA Act) received royal assent and
became law. The HLA Act amends our existing legislation – the Residential Tenancies and Rooming
Accommodation Act 2008 and the Residential Tenancies and Rooming Accommodation Regulation 2009.
While the HLA Act became law in October 2021, the changes from the amendments are being implemented
in separate phases over a three-year period to provide sufficient time for the sector to adequately prepare
for, understand and adopt the changes.
The first phase, which commenced on 20 October 2021, incorporated the domestic and family violence
(DFV) provisions outlined in the temporary Residential Tenancies and Rooming Accommodation (COVID-19
Emergency Response) Regulation 2020, which expired on 30 April 2022. These provisions introduced greater
DFV protections for tenants and residents, allowing a person experiencing DFV to end their interest in a
tenancy quickly and leave the property, or take certain measures to ensure they can stay in the rental
property safely.
RTA Annual Report 2021–22 | Page 14
To help our customers understand these provisions, we:
• published a new DFV page on our website that provides information about what processes need to
be followed when a person experiences DFV in a rental property
• developed factsheets for tenants and residents to explain the process and legislative requirements
for when a tenant or resident leaves due to DFV, including educating all parties on the new DFV
bond refund process
• developed individual flowcharts outlining the process for tenants, property managers and rooming
accommodation residents and providers
• updated existing forms and created several new forms in line with the DFV provisions
• delivered two webinars on DFV provisions
• introduced new internal staff processes to reflect the new DFV provisions
• published a Talking Tenancies podcast on the provisions
• delivered 93 hours of DFV-specific training to our Customer Experience Officers and updated all
DFV-specific standard responses.
The second phase of the amendments, which includes legislation changes around renting with pets, ending a
tenancy and repair orders, will commence on 1 October 2022. The third phase, which will introduce
minimum housing standards, will commence for new tenancy arrangements from 1 September 2023 and all
tenancies from 1 September 2024.
We will continue to tailor and align our customer support services and resources in line with amended
legislation across all channels to ensure our customers understand their rights and responsibilities. We will
also continue to work with our key stakeholders to provide education on the reforms.
Customer Experience Research Project
As outlined under the RTA Strategic Plan 2019–23, we’re committed to improving customer experience and
investing in digital optimisation.
In light of this, in 2021–22, we engaged external consultants to help us:
• conduct comprehensive market research and industry benchmarking
• review the performance of our current service delivery to improve business efficiency and internal
capabilities
• engage with stakeholders, tenants, peak bodies and associations, and the Queensland Government
to gather feedback on current and future needs.
The outcomes of these actions will be provided in the form of key recommendations. These will allow us to
improve customer experience and internal capabilities across all our channels, including digital optimisation
and transformation.
Some findings and outcomes of this research project will be provided in the RTA Annual Report 2022–23.
RTA Annual Report 2021–22 | Page 15
Bond management
The RTA have implemented procedures to improve customer experience, including same day processing of
paper and online bond refund forms. For the 2021–22 period, bond refunds have been processed within 0.6
days on average.
In the third year of RTA Web Services, which were designed to deliver on the RTA’s strategic objective to
provide smart digital services, we released the Bulk Bond Lodgement Web Service. This service allows
customers to lodge and pay for multiple bonds in a single online transaction, while also reducing data
entry requirements for RTA staff. Since its launch, over 19.1 per cent of bond lodgement requests have
been submitted via this service.
Average processing times
Bond lodgements
Bond refunds
All channels (digital + paper)
3.0 days 0.6 days
Bond forms processed
2017–18 to 2021–22
2017–18
2018–19
2019–20
2020–21
2021–22
Bond lodgements and bond increases
424,416 418,557 396,674 364,262 451,366
Paper
-
-
72.8%
50.7%
41.6%
Digital
-
-
29.2%
49.3%
58.4%
Bond refunds
321,086 312,749 296,628 267,098 258,802
Paper
-
-
53.4%
13.4%
11.6%
Digital
-
-
46.6%
86.6%
88.4%
Bond change forms*
72,401 69,437 77,007 69,556 80,333
Paper
-
-
-
-
82.6%
Digital
-
-
-
-
17.4%
* Bond change forms
Change of rental property (Form 3)
Change of property manager/owner (Form 5)
Change of bond contributors (Form 6)
In 2021–22, tenants and residents were refunded an average of 74.9 per cent of their bond. While the number
of total bonds held by the RTA decreased in the 2021–22 financial year, the total number of bond lodgements
and bond increases processed by the RTA increased by 23.9 per cent. This is due to a significant rise in the
number of bond increases.
The total bond refunds processed reduced by 3.1 per cent compared to the previous year. The reduction in
refunds is consistent with the increase in the median length of tenancies and bond increases (see page 11).
Contributing factors for the reduced volume of refunds may include high rental demand and low rental
vacancy rates, which have been brought about by increased interstate migration, building delays following
the COVID-19 pandemic, and fewer properties available in Queensland’s primary rental market (South East
Queensland) following the 2022 Eastern Australia floods.
RTA Annual Report 2021–22 | Page 16
Contact Centre
The RTA Contact Centre provides customers with tailored tenancy information, helping tenants, residents,
property managers and owners to make informed decisions.
In 2021–22, the Contact Centre responded to 368,695 phone enquiries, which is a 12.9 per cent decrease
from last year. The reduced volume of calls was offset by an increase in the length and complexity of the
enquiries we received due to stresses in the rental market. The average talk time has increased to 483
seconds, a 15 per cent increase compared to 421 seconds in the previous year. RTA staff answered an
average of 1,440 calls each working day, which is down from 1,686* calls per day in 2020–21.
*
The average calls per day in 2020–21 did not include the 7,071 COVID-19 hotline enquiries received by an external contact centre
engaged by the RTA. This hotline was transferred back to the RTA to manage in December 2020.
Contact Centre phone enquiries
^ Includes 30,786 COVID-19 hotline enquiries
* Includes 7,071 COVID-19 hotline enquiries
In addition to enquiring on the phone, RTA customers can also self-service with information from other
channels and platforms including the website.
Customer feedback
The RTA values the opinions of our customers and actively encourages and seeks feedback about our
services. Customers have the option to provide feedback on the quality of service they have received
through a range of communication channels.
In 2021–22, 83 per cent of customers surveyed agreed that the RTA provided a high-quality service
year-round. Customers are asked to provide feedback on timeliness of response; ease of access; RTA staff
performance; service outcome; and overall satisfaction with the service provided. This year, customers rated
RTA staff performance as the highest quality aspect of their experience. We responded to 109 formal
customer complaints, with 90 resolved during initial contact and 19 requiring further action.
An average customer satisfaction rating of 83%
was recorded in 2021–22 for the delivery of
services to our customers
368,695
423,221*
426,615
^
360,399
401,069
320,000 340,000 360,000 380,000 400,000 420,000 440,000
2021–22
2020–21
2019–20
2018–19
2017–18
RTA Annual Report 2021–22 | Page 17
Dispute resolution
The RTA offers a free, impartial, and independent dispute resolution service to help tenants, residents,
property managers and owners resolve tenancy disputes and reach a mutually agreeable outcome. The
conciliation process provides customers with the opportunity to gain valuable negotiation and self-
resolution skills, sustain their tenancy, and preserve their relationship with the other party. Customers who
volunteer to participate in this process may also avoid the need for legal action through the Queensland Civil
and Administrative Tribunal (QCAT), saving them both time and money.
We triage all incoming dispute resolution requests to determine whether the matter is suitable for
conciliation. Disputing parties are contacted for further information and are given the opportunity to have
their say. A trained RTA conciliator then facilitates confidential negotiations between the disputing parties,
either through one-to-one phone calls or a group teleconference. Conciliators cannot make decisions about
disputes or enforce rules or regulations. Their role is to provide structure to the discussion, aid in
negotiations, educate parties on their rights and responsibilities and to help them reach an agreement.
In 2021–22, the RTA resolved 76.3%
of all disputes where parties
volunteered to participate
In 2021–22, we resolved over 76 per cent of all disputes where parties volunteered to participate. The
number of conciliated disputes below reflects all dispute resolution requests that proceeded to conciliation,
excluding instances where disputing parties subsequently withdrew from the conciliation process or were
unable to be contacted for conciliation.
Conciliated disputes
^ Includes 1,791 COVID-19 related disputes
* Includes 1,080 COVID-19 related disputes
28 per cent of disputes occur during a tenancy. Disputes which occur during a tenancy include disagreements
around repairs and maintenance, rent arears, entry to the property, water charges, and other disputes.
How a bond will be paid out at the end of a tenancy remains the primary reason for conciliated disputes.
Compensation claims for amounts more than the bond and claims submitted after the bond has been paid
out represent 9.5 per cent of all disputes.
Due to recent flood events, there has been an increase in disputes relating to repairs and maintenance and
disputes around ending a tenancy. The low vacancy rates currently being experienced in the Queensland
rental market have also led to an increase in disputes about rent increases.
Following the introduction of the new DFV provisions for tenants and residents in October 2021, the Dispute
Resolution Service has conciliated 157 disputes relating to bond claims for tenancies impacted by DFV and
120 disputes where the tenancy is ongoing but DFV has been experienced.
19,733
21,163*
19,882^
17,627
16,657
0 5,000 10,000 15,000 20,000 25,000
2021–22
2020–21
2019–20
2018–19
2017–18
RTA Annual Report 2021–22 | Page 18
Dispute reasons
Parties who were unable to resolve disputes through conciliation were given information on how to seek
a ruling from QCAT if they wished. Note that not all parties took unresolved disputes to QCAT—some
chose not to pursue further action and others would later reach agreement between themselves. A total
of 1,611 conciliated disputes progressed to QCAT in 2021–22, which represents 8.2 per cent of all
conciliated disputes.
Bond 52.9%
Claim greater than bond 9.5%
Repairs and maintenance 8.6%
Ending a tenancy 5.9%
Rent arrears 3.4%
Non-lodgement of
bond 2.4%
Entry 2.0%
Water charges 1.3%
Other 14.0%
- Overpaid rent
- Tenancy database
- Rent reduction
- Rent increase
- No refund form
- Excessive hardship
- Break lease
- Lease variation/extension
- Owner wants to move into property
- Sale of property
RTA Annual Report 2021–22 | Page 19
Our sector
Tenancy support and stakeholder engagement
In 2021–22, the RTA delivered or participated in over 70 stakeholder engagement activities to provide
education and information on tenancy rights and responsibilities under the RTRA Act to over 2,800 people.
With the easing of COVID-19 restrictions, we were able to provide an increase in face-to-face engagement
activities compared to the previous financial year. The RTA maintained the delivery of education services
throughout the year with a strong focus on improving quality and expanding the resources available on our
digital channels.
The RTA Board also held two regional meetings during this financial year, the first in Cairns in October 2021
and the second in Mount Isa in May 2022. The Board and Chief Executive Officer met with regional sector
representatives in both cities to gain an understanding of local issues and to provide information about the
RTA and our services.
Improving the customer’s digital experience
As part of continued improvements to the RTA website, we undertook a review of the website’s content and
structure. New website content was developed and the website structure was updated to align with the
tenancy lifecycle. To support the launch of the Bulk Bond Lodgement Web Service, we developed quick
guides and website content to guide first-time users through the new digital service. In May 2022, we also
provided targeted information sessions about the new Web Service to identified customers who lodge
multiple bonds in bulk.
The RTA continued to release episodes of our Talking Tenancies podcast, which features our experts providing
practical tenancy information in a conversational and accessible format. The podcast is released fortnightly,
and there were 25 new podcast episodes published in 2021–22. We now have 44 podcast episodes
published on the RTA website, which received 4,415 listens this financial year.
During the 2021–22 financial year, the RTA published 39 news stories on the website covering a range of
topics including legislation changes, navigating a tight rental market, and providing information for different
stages of the tenancy cycle. Many of these stories were included in the RTA’s monthly electronic newsletter,
which goes out to approximately 3,700 subscribers. The RTA also responded to over 35 media requests, to
help educate the sector on rental legislation.
The RTA also undertook a campaign focused on students, in light of the increased return of international
students to student and private accommodation. This campaign included the creation of new website content
and factsheets, which were promoted through Google and Spotify advertising. The campaign received over
81,000 impressions through Spotify reach, Google impressions, and views of all other online resources.
Educational workshops and presentations
With the easing of COVID-19 restrictions, the RTA delivered face-to-face information sessions in Cairns and
on the Gold Coast. In Cairns, over 140 property owners and property managers attended two sessions in
October 2021, while over 365 managers and owners attended four sessions on the Gold Coast in June 2022.
The RTA maintained its commitment to customers across Queensland with virtual information sessions
focused on Ipswich, Redlands, Gladstone, and Mount Isa throughout the year.
The RTA produced 12 in-house webinars in the 2021–22 financial year, including two in collaboration with
agency and industry partners. We produced webinars with Queensland Fire and Emergency Services to
promote new smoke alarm laws which commenced in January 2022, and with the Tenancy Skills Institute
about their free Skillsets for Successful Tenancies course. Our webinars targeted different stakeholder
groups within the residential rental sector and delivered tenancy education to approximately 515 people.
RTA Annual Report 2021–22 | Page 20
Two webinars were about the new rental reforms, while other webinars addressed frequent questions from
customers and important topics such as DFV, resolving disputes, accuracy of data, and the introduction of
Bulk Bond Lodgement Web Services. Overall, our webinar recordings received more than 3,594 views on the
RTA Queensland YouTube channel.
59 stakeholder
engagement
activities
11 targeted
presentations with
stakeholders
The RTA worked closely with stakeholders in 2021–22 to deliver specialised education sessions to our
stakeholders. These included two information sessions for staff from Tenants Queensland/QSTARS and their
networks about RTA Web Services. A presentation on the RTA compliance and enforcement function was
also delivered to staff from Tenants Queensland, QSTARS, LawRight and their community partners.
The RTA also participated in and supported 11 online and face-to-face presentations and interactive
workshops hosted by stakeholders in 2021–22. These included:
• tailoring introductory and advanced training for staff from community housing providers and
specialist homelessness services, in conjunction with Q Shelter
• providing a guest speaker for a webinar in December 2021 with the Australian Resident
Accommodation Managers’ Association about changes to the legislation
• delivering a presentation to approximately 240 property managers at the Real Estate Institute of
Queensland Property Management Conference in March 2022
• presenting at regular face-to-face meetings of the Property Owners’ Association Queensland
• presenting a live Facebook webinar to students from the Queensland University of Technology (QUT)
which attracted over 900 live and recorded views
• delivering information sessions about DFV protections to staff from the Department of Communities,
Housing and Digital Economy, and attendees at Housing and Homelessness Forums in Bundaberg
and the Fraser Coast.
4,344 listens across
44 podcast episodes
4,109 views
across 12 webinar
recordings
Supporting the sector through changes to the COVID-19 Regulations and the 2022 floods
Throughout 2021–22, the RTA updated its website and forms for general tenancies and rooming
accommodation to reflect the gradual roll back of emergency COVID-19 Regulations. We regularly updated
our website and created news stories to update customers about these changes, which were published on
our website and in our electronic newsletter. The final COVID-19 provisions, which provided tenants and
residents with protections around rent arrears caused by COVID-19, expired on 1 May 2022.
In 2022, Queensland was affected by severe and widespread flooding. To support the rental sector through
this period, we updated our natural disasters webpage, created new factsheets for tenants and residents
and property managers and owners affected by the floods, and published news stories on our website.
RTA Annual Report 2021–22 | Page 21
Recognising the importance of collaboration
The RTA facilitated three meetings of its Stakeholder Forum in 2021–22. The Forum met by videoconference
in November 2021 and February 2022, and in a hybrid of in-person and online attendance in June 2022. The
Stakeholder Forum provides an avenue for members, the RTA Executive Leadership Team, and
representatives from the RTA Board to raise and discuss strategic issues and trends affecting the residential
rental sector. It allows the RTA to gain insights and to further understand the interests and concerns of
stakeholders and increases stakeholders’ understanding of the RTA’s role and its strategic direction.
Members of the RTA Stakeholder Forum include:
• Asia-Pacific Student Accommodation Association (APSAA)
• Australian Resident Accommodation Managers’ Association (ARAMA)
• Caravan Parks Association of Queensland (CPAQ)
• LawRight
• Property Owners’ Association of Queensland (POAQ)
• Queensland Shelter (Q Shelter)
• Queensland Council of Social Service (QCOSS)
• Real Estate Institute of Queensland (REIQ)
• Student Accommodation Association (SAA)
• Supported Accommodation Providers’ Association (SAPA)
• Tenants Queensland (TQ).
The RTA received positive feedback on the Forum meetings in 2021–22, with an average overall member
satisfaction rating of 79 per cent.
The Stakeholder Working Group (SWG) was established in early 2021 to provide the RTA with operational advice
and recommendations around customer communication and education. The group met monthly via
videoconference throughout 2021–22. The SWG has representatives from all Stakeholder Forum member
organisations, as well as the Queenslanders with Disability Network (QDN), Real Estate Excellence Academy
and the Tenancy Skills Institute. This cross-sector discussion and collaboration has allowed for different
perspectives to be considered in developing and delivering proactive and effective key messages for the
Queensland residential rental sector.
The SWG has continued to provide the RTA with practical advice on improving communication and education
throughout the tenancy cycle. With the support of the SWG, the RTA produced new factsheets in October
2021 to assist tenants, residents, property managers and owners to consider factors associated with taking
photos in a rental property, released a series of short videos aimed at making rental essentials quick and
easy to digest in May 2022 and ensured stakeholder feedback was incorporated into flow charts on the new
domestic and family violence protections.
RTA Annual Report 2021–22 | Page 22
Regulatory and compliance activities
In 2021–22, we continued to align our services to the RTA Compliance and Enforcement Strategy 2021‒23
and the Queensland Audit’s Office’s insights on good regulatory practices. We commenced new compliance
activities designed to be intelligence led, transparent and to measurably improve sector compliance with
the RTRA Act.
In June 2022, we launched our Proactive Compliance Program. This pilot program used data to identify
agencies with a high non-compliance rate of lodging bonds within ten days of receiving bond payments from
a tenant. This program was chosen based on historic RTA investigation trends, to proactively target the
ongoing industry compliance issue of late bond lodgements.
Our Compliance and Enforcement team proactively engaged agencies with high levels of non-compliance
around bond lodgement timeframes, offering them individually tailored and interactive education
sessions that:
• outlined the agency’s legislative obligations
• identified common challenges and trends that often lead to non-compliance
• showcased RTA services, like the Bulk Bond Lodgement Web Service
• provided practical solutions to help the agency meet their obligations.
The agencies which participated have since begun embedding changes and improvements in their bond
lodgement processes. The Compliance and Enforcement team will continue to monitor these agencies to
measure the success of the program, and the RTA will publicise its shared learnings from the program to
increase broader industry voluntary compliance with the RTRA Act.
To further support compliance rates, the RTA collaborated with the Office of Fair Trading (OFT) to amend the
Agents Financial Administration Regulation 2014. This amendment ensures that
all agencies can use modern
payments, such as BPAY, to pay for bonds from a trust account.
In December 2021, the RTA also launched a new Memorandum of Understanding (MOU) with the OFT. The
MOU provides clarity around which organisation will investigate offences by licensed agents, if they are in
breach of legislation administered by both the OFT and the RTA. Under the MOU, the RTA will direct
complainants requesting an investigation to the OFT regarding:
• late or non-lodgement of rental bonds by licensed agents and/or
• using rent money for another purpose (e.g. paying for a water bill).
The exception is if an investigation request is around these offences but also includes other unrelated
alleged breaches of the RTRA Act. In these cases, the RTA will handle the investigation.
In 2021–22, the RTA received 243 investigation requests. We also finalised 178 investigation cases and 63 non-
investigation cases (where the investigation request could not be actioned as: no offences were identified; the
case was outside statutory timeframes; or it was referred to the RTA’s dispute resolution service).
Some investigation cases involved multiple alleged offences and, in total, the RTA investigated 549 alleged
offences of the RTRA Act. This resulted in:
• providing education around 277 offences
• issuing cautions for 115 offences
• finding insufficient evidence for 105 offences
• the complainant ceasing contact or withdrawing their request for 29 offences
• no further action for 23 offences – this were identified as non-investigation cases.
RTA Annual Report 2021–22 | Page 23
Types of alleged offences investigated
^ Non-lodgement of bond also includes instances of late bond lodgement and failure to pay rental bond instalments.
Other offences include, but are not limited to:
s87(2): Rent in advance – not requiring rent from tenant in a period that rent has been paid
s203: Lessor or lessor's agent must not show tenant's possession in advertisements
s171: Supply of goods and services
s459: Restriction on listing on tenancy database
s514(1): Giving false or misleading documents to the RTA
Other, 19.5
Non-lodgement of bond^
13.3%
Failure to provide
documentation 18.9%
Unlawful entry,
25.2%
Agreement terms
breach, 7.8
%
Interfering with quiet
enjoyment 5.1%
Failure to provide rental
bond receipt 4.9%
Recovering possession of
premises unlawfully 2.2%
Applying rent payment for
any other purpose 1.6
%
Rent payment record 1.5%
RTA Annual Report 2021–22 | Page 24
Our organisation
Organisational structure
* Housing Legislation Amendment
Audit and
Risk
Committee
l
Financial and
Assurance Services
Chief Financial Officer
-
Financial Services
-
Governance,
Legal,
Risk
and Compliance
Strategy
and
Government
Relations
.....
(including
HLA
* project
implementation
team)
.....
Portfolio Management
Office
The Honourable Leeanne Enoch
MP
Minister
for
Communities and Housing,
Minister
for
Digital Economy and
Minister
for
the
Arts
1
RTA
Board
I
Chief Executive Officer
I
l l
Digital Business Customer
Centre Experience
Chief Digital Officer Chief Customer
Experience Officer
--
Digital Solutions
-
Bond Management and
Support
--
Service and Integration
-
Contact Centre and
Dispute Resolution
--
Business Intelligence
Customer Experience
-
Improvement and
Delivery
Workforce
-
Optimisation
l
People &
Culture
Chief People Officer
-
Change Management
Communication
-
and Education
Human Resource
-
Services
Learning and
-
Organisational
Development
RTA Annual Report 2021–22 | Page 25
Board of Directors
The RTA Board reflects the diversity of the sector, with members bringing knowledge and expertise in sector
representation, commercial activities, corporate governance, and community service.
The Board is responsible for:
• guiding, reviewing and approving strategy
• setting values and standards
• endorsing our annual budget
• monitoring business performance
• monitoring investment activities and financial position
• identifying and effectively managing significant business risks
• regularly assessing the performance of the Board and management.
Board members are appointed for three-year terms by the Queensland Parliament’s Governor in Council
on the recommendation of the Minister. Their remuneration is determined through Cabinet-approved
procedures administered by the Queensland Government’s Department of the Premier and Cabinet.
Board member profiles
Board member
Profile
Paul Melville
(Chair)
Paul Melville has over 15 years of experience as a Director and Board member. He was
formerly the joint Managing Director of Halcyon and is a Board member of the Urban
Development Institute of Australia.
Paul has an extensive legal background, previously operating as a solicitor and senior
partner within his own firm. He holds a Bachelor of Laws from the Queensland
University of Technology and was admitted as a Solicitor of the Supreme Court
of Queensland.
Sally Watson
Sally Watson has extensive experience working in housing and homelessness services
across the public and not-for-profit sectors in Brisbane, Canberra, and Cairns. Sally is
currently the manager of the homelessness service, Shelter Housing Action Cairns.
Previously, she has lectured in Social Work at James Cook University, was North
Queensland Coordinator for the Tenants Union of Queensland and Executive Director
of Homelessness Australia. Sally holds a Bachelor of Social Work (UQ), a Master of
Public Policy (ANU) and a Bachelor of Laws (JCU). She is also currently a Board member
of both Tenants’ Queensland and the North Queensland Women’s Legal Service.
Steve Ryan
Steve Ryan is an experienced Board member with over 40 years of experience in
strategic leadership, governance, and service delivery. He has
worked across the public,
union, superannuation, health, and not-for-profit sectors. Steve is a current Board
member of GROW, a not-for-profit national mental illness program, and is the Acting
Chairperson of Health and Wellbeing Queensland, a targeted state government
statutory body within Queensland Health.
Steve was previously a Deputy Chairman of the Board of Directors and Board of
Trustees at QSuper, and a Board member of the Queensland Studies Authority’s
Governing Body. He is also a former State President of the Qld Teachers’ Union.
RTA Annual Report 2021–22 | Page 26
Janet Benson
Janet Benson is the owner and principal of Capstone Property Solutions and brings a
comprehensive understanding of the Queensland property sector – in particular,
residential property management. Janet has a background in the Queensland public
sector, previously working as the Executive Director of the Human Services CEO
Committee, and Executive Director of Homelessness Programs at the Department of
Housing and Public Works.
Janet brings extensive knowledge of social housing, rental affordability, and
homelessness issues in Queensland. She holds a Master of Arts (Public Sector Policy
and Leadership) from Griffith University and is a licensed real estate agent in
Queensland.
Christine Castley
Christine Castley is currently CEO of Multicultural Australia. Prior to this, she was
Deputy Director-General in the Department of the Premier and Cabinet and Deputy
Director-General, Housing, Homelessness and Sport in the Department of Housing and
Public Works. In this role she led the development of the Queensland Housing Strategy
2017–2027 and the transformation of housing and homelessness services. This was
delivered by 1,500 staff and involved managing a $1.4 billion business and a $15 billion
asset portfolio. In 2014–15, Christine led the Secretariat for the Special Taskforce on
Domestic and Family Violence, chaired by the Honourable Quentin Bryce, which
delivered the landmark ‘Not Now, Not Ever’ report.
Christine is an experienced executive with a strong track record of delivering significant
reform and innovation projects, including adult and youth criminal justice reform, disaster
management response and recovery, and public sector ethics and integrity reform.
Christine holds a Bachelor of Laws, Bachelor of Arts, Postgraduate Diploma of Arts and
Master of Public Administration from The University of Queensland.
Cara Walsh
Cara Walsh has 25 years of experience working as a leader in Silicon Valley, New York
City, and here in Queensland. She has undertaken large digital transformations for
RACQ, as well as the City of Brisbane. In the United States, she built customer-focused
digital products for AT&T, McAfee, and Thompson Financial.
Cara believes in human-centric design and not technology-led solutions. She is Global
Vice President of Customer for Outfit – a SaaS martech solution. She is also Chair of the
Business Advisory Board for QUT's Business School and a Mentor for Ethni – a non-
profit building skills for culturally diverse youth. Cara holds a Bachelor of Arts in
Communications from the State University of New York College at Oneonta.
Damian Wright
Damian Wright is a Chartered Accountant and has been working in the accounting
profession for some 30 years. Damian is currently the Partner in Charge of Audit at
BDO in Brisbane and provides services to a wide range of businesses, across a variety
of industries.
Damian has held a number of Board positions and currently chairs Lives Lived Well
Limited, a not-for-profit service provider in the health sector. He holds a Bachelor of
Commerce from The University of Queensland, is a Registered Company Auditor and
an Associate of the Institute of Chartered Accountants in Australia. He also has a
Graduate Diploma of Applied Finance and Investment from the Securities Institute of
Australia (now FINSIA).
RTA Annual Report 2021–22 | Page 27
Board meetings
A total of 10 scheduled meetings of the RTA Board of Directors occurred during 2021–22. All Board members
were members for the entire 2021–22 period.
Board member Number of attendances Departure/arrival
Paul Melville (Chair) 10/10 Member for entire period
Sally Watson 10/10 Member for entire period
Steve Ryan 10/10 Member for entire period
Janet Benson 9/10 Member for entire period
Christine Castley 9/10 Member for entire period
Cara Walsh 10/10 Member for entire period
Damian Wright 9/10 Member for entire period
See page 78 for remuneration information for the Board of Directors.
Audit and Risk Committee
The Audit and Risk Committee (ARC) meets four times a year to ensure the RTA operates within an appropriate
framework of internal control and risk management, while achieving its objectives and strategies efficiently
and effectively. The Chief Executive Officer (CEO) and Chief Financial Officer (CFO) report to the ARC.
The committee oversees the integrity of the financial statements and reports, our accounting policies and
practices, the scope, quality and independence of external audit arrangements, the monitoring of the internal
audit function, and the effectiveness of risk and compliance measures.
During 2021–22, the ARC was comprised of four Board members. The ARC observed the terms of its charter
with due regard to Queensland Treasury’s Audit Committee Guidelines.
ARC member Number of attendances Departure/arrival
Damian Wright (Chair) 4/4 Member for entire period
Steve Ryan 3/4 Member for entire period
Paul Melville (ex-officio) 0/4 Member for entire period
Cara Walsh 4/4 Member for entire period
RTA Annual Report 2021–22 | Page 28
Executive Leadership Team
Our Executive Leadership Team (ELT) includes the Chief Executive Officer (CEO) and four Chief Officers who
head each division. Together, they’re responsible for providing strategic and operational oversight of the RTA
and implementing strategies to help us achieve our vision - to make renting work for everyone.
Role of the Chief Executive Officer (CEO)
The CEO provides strategic advice to the RTA Board, Chair and Minister on the operation and monitoring of
Queensland’s residential tenancy legislation. The CEO also provides regular performance, operational and
compliance reports to the Board with updates on strategic and operational issues, and is responsible for all
aspects of management, staffing, and administration.
The CEO leads our executive and leadership teams to ensure progress and direction of our strategic priorities
and operations.
Name and role
Profile
Jennifer Smith
– Chief Executive
Officer (CEO)
Jennifer has a broad range of management experience and leadership skills with
demonstrated achievements in financial planning, corporate governance, policy
development and the delivery of services across both private and public sectors.
Prior to joining the RTA, Jennifer held various executive and senior roles at Brisbane City
Council. These roles included Assurance Delivery and Performance Manager, Financial
Projects Manager and within Corporate Treasury.
Jennifer holds a Bachelor of Business majoring in Accountancy from the Queensland
University of Technology and is an accredited Workplace Executive Coach.
Joanna Van Der
Merwe
– Chief Financial
Officer (CFO)
Joanna Van Der Merwe leads the Financial and Assurance Services division, which
includes finance, governance, legal, risk, compliance and enforcement, government
relations, portfolio management, strategy and business improvement.
Prior to joining the RTA in September 2019, Joanna held various executive roles at
Brisbane City Council as well as roles in the United Kingdom’s private sector at FMCG
and Consumer Electronics industries.
Joanna holds a Bachelor of Business and is a Chartered Management Accountant and a
member of CPA Australia.
Samantha Watson
– Chief Customer
Experience Officer
(CCXO)
Samantha Watson leads the RTA's Strategic and Operational Customer Experience function
which includes a diverse range of teams who offer extensive, differentiated services which
cater to the differing needs of our customers.
Samantha is an experienced executive who has led improvement and transformation
programs across several complex customer-focused organisational environments
in government, not-for-profit, global, and private sectors. She has extensive
experience in strategically leading innovation, change and improvement and has
successfully delivered enterprise-strategic change in customer experience, digital
and cultural spaces.
Samantha holds a double degree in Business and Organisational Psychology, is a
certified professional manager in Service Journey Thinking and also holds
qualifications in LEAN, Six Sigma and project management and marketing disciplines.
RTA Annual Report 2021–22 | Page 29
Greg Watts
– Chief Digital
Officer (CDO)
Greg Watts leads the RTA's Digital Business Centre, which supports the RTA's business
systems, standard operating environments and applications, and information
management processes. This includes the RTA’s records management and the business
intelligence teams which facilitate strategic direction and corporate decision-making.
Greg is an experienced information and communication technology (ICT) executive with
proven success in leading a range of digital and business transformation projects and
programs. For more than two decades, Greg has led and partnered with expert,
multidisciplinary teams to deliver business outcomes through digital strategy and
governance, cyber security, enterprise architecture, cloud transformation, high-
availability systems, and vendor and business applications management.
Greg holds a Master of Business Administration, Bachelor of Commerce and is a
Graduate Member of the Australian Institute of Company Directors.
Natalie Townsend
– Chief People
Officer (CPO)
Natalie Townsend leads the People and Culture division, overseeing the RTA's human
resources, training, organisational development, change management, media,
communication, and education teams.
Natalie brings extensive experience across a range of activities, this includes rolling out
the RTA's human resources information system, learning management system, and
performance framework and related systems. She has also led organisational
transformation activities and reform initiatives.
Natalie holds a Diploma of Business, a Bachelor of Business with double majors in
Management and Human Resource Management along with other accreditations in
tools such as DISC and Talegent.
Natalie is also a CAHRI member of the Australian Human Resources Institute.
RTA Annual Report 2021–22 | Page 30
Corporate governance
framework
Our commitment to the Queensland Government’s focus on integrity and accountability is underpinned by
our corporate governance framework. This framework is based on Queensland Treasury’s Corporate
Governance Guidelines for Government Owned Corporations and the Queensland Auditor-General’s model.
It includes far‑reaching accountability processes, which place a high priority on due diligence, compliance
and ensuring transparency in decision-making.
Committees and groups
The following committees and groups operated throughout 2021–22:
• The Consultative Committee (CC)
Provides a forum to discuss and consult on staffing matters including industrial relations with
Together Queensland Union representatives and ensures issues are managed appropriately. The CC
meets quarterly and as issues arise.
• The Portfolio Investment Board (PIB)
Reviews new and innovative business initiatives identified through operational planning, staff
feedback, government commitments or unforeseen events, and assesses their merit for inclusion in
the corporate portfolio. It ensures projects operate in an efficient, effective manner and are
sufficiently resourced to support our business and corporate needs. The PIB is chaired by the CFO
and includes the RTA executive leadership team.
• Project Boards
Established for each project in the portfolio, Project Boards are responsible for driving overall
direction and progress by monitoring and controlling projects within agreed parameters as approved
by the PIB. Project Board duties also include monitoring project risk, budget expenditure,
deliverables, timeframes, communications and supporting vendor and stakeholder engagement. The
PIB and the Project Board members attend a joint monthly meeting to discuss both portfolio and
project board items.
• The Legislation Consensus Group (LCG)
Contemplates new and proposed legislation and monitors emerging trends affecting existing
legislation. The LCG ensures the RTA provides accurate, consistent and timely information to its
stakeholders and customers.
• The Legislation Implementation Group (LIG)
Leads the implementation planning for the Stage 1 reforms to the Residential Tenancies and
Rooming Accommodation Act 2008. They are responsible for understanding and interpreting the
proposed reforms and providing clarification to RTA staff.
• The Health and Safety Committee (HSC)
Assists management in the prevention of accidents and incidents through the development and
implementation of measures to ensure employee and visitor health and safety at the RTA.
• The Information Security Committee (ISC)
Meets monthly to review and revise policies relating to information security, information
classification and information management. The ISC works closely with its managed services
provider to mitigate risks and complete the action plan under the IS18 checklist.
• The Diversity and Inclusion Committee
Oversees the delivery of the key commitments of the RTA’s Diversity and Inclusion Strategy 2021–24
and ensures a dedicated focus on diversity and inclusion priorities to build an inclusive culture.
RTA Annual Report 2021–22 | Page 31
Internal audit and external scrutiny
Each year, the RTA engages external experts to review and provide feedback on our internal processes,
policies and systems.
Under external scrutiny audit processes, we engaged:
• Pitcher Partners through the Queensland Audit Office, to conduct our annual financial audit services
• Exact Consulting, to ensure we were compliant and also implementing best practice approaches to
safety in a hybrid working environment.
No significant findings were reported through these reviews.
We also conduct a series of internal audits – usually via external experts – to assist the ARC in fulfilling its
obligations. These internal audits provide independent assurance of the effectiveness of RTA systems,
procedures, and controls to ensure compliance and management of risks. The RTA’s strategic audit plan sets
out the audits for identified areas to assist with our strategic goals which include:
• reliability and integrity of financial and other operating information
• adequacy and effectiveness of systems and controls
• workforce engagement and performance
• compliance with policies, laws, and regulations
• prevention of fraud and corruption.
Under internal audit processes, we engaged Protiviti to audit:
• payroll
• investigations and prosecutions
• general finance controls
• Portfolio Management Office (to be completed in 2022‒23).
We met all recommendations for the above audits in a timely manner.
Ethical standards
The RTA Code of Conduct provides a framework for ethical conduct of staff based on the principles and
values of the Public Sector Ethics Act 1994 and is reflected in our Human Resources policies,
procedures, initiatives and management standards. Under the Code, staff can carry out duties with
integrity, impartiality, accountability, transparency, and promote the public good. Mandatory Code of
Conduct training is completed by all staff through an online learning system, with refresher training
every 12 months.
Human rights disclosure
The RTA is committed to respecting, protecting and promoting human rights in our decision-making and
actions. This is reflected in the RTA Strategic Plan 2019–23. Processes have been established to integrate the
consideration of human rights and ensure compliance with the Human Rights Act 2019. In 2021–22, the RTA
implemented a Human Rights Framework to further support staff in assessing human rights when making
business decisions. Mandatory Human Rights training was completed by all staff.
The RTA did not receive any human rights complaints in 2021–22.
Public interest disclosure
All RTA employees have an ethical responsibility to report actual, or suspected, instances of official
misconduct, as defined in the Public Interest Disclosure Act 2010. There were no disclosures in 2021–22.
Open data disclosure
An overseas travel expenditure report for the 2021–22 reporting year was not required due to overseas
travel not being undertaken by any staff member within the organisation.
RTA Annual Report 2021–22 | Page 32
Performance review framework
The performance review framework ensures the monitoring and reviewing of the RTA’s performance,
conducted by the RTA Board and CEO, is undertaken with comprehensive knowledge of our functions.
The table below outlines our 2021–22 performance against the key elements of the framework.
Function
Purpose
Achievements 2021–22
Monthly financial
reporting
Reports level of revenue and
expenditure against the approved
budget at each Board meeting
Monthly dashboard and financial reports
presented at each operational Board
meeting
Performance
measures
Reports achievement of, or progress
towards, the delivery of objectives in
the RTA strategic plan
Provided the Board with quarterly updates
on selected Strategic Measures
(performance measures) as required under
the Financial and Performance
Management Standard 2019. Other than
the benchmarked annual return on
investment, which has been impacted by
fluctuations in global financial markets, all
measures achieved their target
Internal audit
program
Reports progress and
recommendations from internal audit
to the ARC
Resulting recommendations from
internal audits were implemented in
a timely manner
Service Delivery
Statement
Provides budgeted financial and non-
financial performance information for
each Ministerial portfolio for the
current and upcoming financial year
Outcomes for customer satisfaction, dispute
resolution and operational costs as a
proportion of the value of bonds held all
exceeded targets
Annual Report
Provides quality reporting on financial
and non-financial performance to
support transparency and drive
continuous performance
Full compliance with annual report
requirements for Queensland Government
agencies
Business and financial planning
The RTA’s strategic direction is documented and formalised through our strategic plan. The RTA Strategic
Plan 2019–23 outlined our priorities around customers valuing RTA services, providing smart digital services,
building a customer-focused workforce, and improving business efficiency.
During the 2021–22 financial year, the RTA undertook comprehensive industry wide consultation, engaging
an external provider to help inform our RTA Strategic Plan 2022–26 to reflect the significant changes in the
rental sector over the last few years. The RTA Strategic Plan 2022–26 commenced on 1 July 2022.
Our budget, which is endorsed by the Board and approved by the Minister, is developed through our
business planning processes.
In line with our funding model from previous years, in 2021–22 the RTA was self-funded through the investment
of rental bonds. However, from 1 July 2022 the RTA funding model changed. Under the new funding model, the
RTA will hold rental bonds in a bank account within the whole of government banking arrangement. We will
receive ongoing administered grant funding from the State Government to finance our operations.
The principal objective of the funding reform is to de-risk RTA investments by holding the rental bonds in a
financial institution bank account which is not exposed to market risk. This ensures complete preservation of
the rental bonds held for Queensland tenants, residents, property managers and owners.
RTA Annual Report 2021–22 | Page 33
Digital innovation and
information systems
The focus of our digital optimisation and innovation in 2021–22 was to leverage data and gather sector
insights, to plan for the future delivery of enhanced online services and to increase the RTA’s overall digital
presence. This planning and data gathering provides a foundation to transform the RTA’s online systems and
infrastructure, so we can deliver new processes and services, continue to meet our legislative requirements,
and support customer engagement.
In addition to planning for future delivery, the RTA launched the Bulk Bond Lodgement Web Service in late
2021. This was the final product in the Web Services project. The RTA now offers six Web Services to allow
customer to manage their bond and update their tenancy details quickly and easily online.
Enhancing information systems and security
In 2021–22, the RTA has continued to prioritise our cyber security in line with Essential8 protocols and the
IS18:2018 checklist, as described by Australian Signals Directorate (ASD) and Queensland Government Chief
Information Office (QGCIO) respectively.
The Information Security Committee continues to meet monthly to review and revise policies relating to
information security, information classification, and information management. The committee also works
closely with its managed services provider to mitigate risks and complete the action plan under the
IS18 checklist.
Improvements have included migrating to Office 365 which involved upgrading to Exchange Online, replacing
the RTA’s on-premises voice solution with cloud-based voice solutions, and completing the replacement and
relocation of the RTA network. The migration of RTA servers to CITEC QCloud provides a more robust and
secure back-up data facility and enables us to switch server locations without interrupting RTA services.
Recordkeeping
The Records Management Unit oversees RTA’s records management practices governed by the Public
Records Act 2002. The associated policies and procedures are regularly reviewed to ensure staff are
informed of current recordkeeping practices and responsibilities, in accordance with Queensland State
Archive’s Records governance policy.
We consider recordkeeping requirements in all aspects of service delivery and when planning and
implementing business requirements. Records management governance practices, aligned with broader
agency frameworks, are considered, and incorporated into business strategies, objectives and activities.
Position descriptions, policies and procedures also incorporate recordkeeping responsibilities.
In 2021–22:
• all RTA staff undertook records management training to increase awareness and promote our
recordkeeping culture
• physical record disposals were carried out regularly using retention and disposal schedules approved
by the Queensland State Archivist.
The RTA is continuing the implementation of education and audit programs to ensure ongoing improvement
of organisational recordkeeping.
RTA Annual Report 2021–22 | Page 34
Access to information
Members of the public can access certain information controlled by the Queensland Government through
the Right to Information Act 2009 (RTI Act). The RTA also operates in an open, transparent, and accountable
manner, while protecting the privacy of customers and staff to support right to information principles.
The RTA will release information under the Administrative Access Policy where possible, which allows access
to certain types of information without going through the formal processes outlined by the RTI Act or the
Information Privacy Act 2009. In 2021–22, the RTA responded to 556 requests made under the
Administrative Access Policy.
Our corporate governance framework places a
high priority on due diligence, compliance and
ensuring transparency in decision-making.
RTA Annual Report 2021–22 | Page 35
Our people
Our people have always been, and will continue to be, the key to our success. In 2021–22,
the RTA has invested in ongoing learning and development of our customer-focused
workforce to drive a high performing culture. To position the RTA as an employer of choice,
we continued to focus on the employee experience by prioritising benefits that promote the
wellbeing of our people, including flexible and remote work arrangements, workplace health
and safety and wellbeing, and maintaining a positive and respectful workplace culture.
Learning and organisational development
The RTA prioritises learning and organisational development to drive a high performing culture and highly
engaged workforce that facilitates great customer experiences. In 2021‒22, this was evidenced by 97 per
cent of our people exceeding performance expectations. In addition, the RTA received an agency
engagement score of 72 per cent from the 2022 Working for Queensland Survey, which exceeded the
benchmark for public service offices (non-departments). We also exceeded the benchmark across most
other categories in the survey.
This year, our Learning and Organisational Development team continued to empower our staff and enhance
the customer experience by:
• developing a new quality model and supporting tools, including a new scorecard, analytics to drive
business intelligence, and a strong focus on partnering with the business to ensure continuous
improvement
• performing 6,721 quality checks on individual work items to identify gaps in skills and processes that
could impact the user experience, and providing practical solutions to resolve these issues
• delivering 1,386 hours of training to RTA staff, including 26 hours of DFV-specific training, 34 hours
of empathy training, and 176 hours of Bulk Bond Lodgement Web Service training
• conducting 1,018 internal coaching sessions to help staff identify and grow their strengths and to
ensure consistency of information to our customers
• providing cross-skilling programs to drive operational flexibility and agility, with 95 per cent of our
Customer Experience Officers trained to assist with inbound phone calls
• conducting a review project to improve our standard responses, which involved collaboration
between 63 internal and external stakeholders
• launching a range of internal development initiatives, including:
o
the RTA Learning Calendar, which provides all training and development opportunities in a
single place
o
the myCareer Launchpad, which focuses on career development through a suite of initiatives
including an employee skills matrix, ’Day in the life’ experiences with other business units, and
an internal mobility program
o
tailored leadership development opportunities through our Emerging Leaders Program,
mentoring program, leadership forums, coaching and training.
• continuing to focus on improving the employee experience, by launching a new RTA Engagement
Approach.
Flexible and remote working
The RTA acknowledges the significant benefits that flexible work arrangements deliver to employees and the
organisation. We are committed to providing these arrangements to all staff to promote work-life balance.
We promote initiatives such as part-time hours, options to take leave at full or half pay, flexible time off,
compressed hours, job sharing, and the option to work some days from home or from a distributed work
centre. Being flexible with how we work allows us to capitalise on diversity and achieve better business
outcomes. It also assists in attracting and retaining employees who value balance and flexibility.
RTA Annual Report 2021–22 | Page 36
Workplace Health, Safety and Wellbeing
In 2021–22, the RTA placed strong emphasis on prioritising the health, safety, and wellbeing of our
employees, particularly with increased cases of COVID-19 in the community. The RTA’s Workplace Health
and Safety Strategic Plan 2022–24 was developed and updated throughout the year to build on this. The
plan focuses on five key priority areas including Health and Wellbeing, Safety and Injury Prevention,
Leadership and Training, Mental Health and Psychological Safety and Work Health, and Safety Culture.
As part of the plan, we launched a renewed Health and Wellbeing Program in January 2022. This program
focuses on four pillars of wellbeing including physical health, emotional wellness, social wellness, and
financial wellbeing. Staff have ongoing access to the Employee Assistance Program and social and wellness
events through the RTA’s Social Club.
Diversity and inclusion
To support our work towards achieving and maintaining a diverse and inclusive culture, Human
Resources developed the Diversity and Inclusion Strategy 2021–24, which was launched in the
November 2021. As a result, the RTA obtained a membership with the Diversity Council Australia and
established the Diversity and Inclusion Committee. The committee is made up of a diverse group of
RTA employees who design and deliver tailored initiatives to grow and support our culturally diverse
workforce, and assists the RTA achieve its goals outlined in the Diversity and Inclusion Strategy 2021–
24 and the Queensland Multicultural Action Plan 2019–22.
Enhancing our employee relations
We’re committed to fostering a positive and respectful workplace culture where all employees are
accountable for their actions and decisions, and comply with the RTA’s Code of Conduct. Our goal is to
provide and maintain a workplace that is free from all types of bullying, harassment, and discrimination,
and where all employees are treated with courtesy, dignity, and respect.
In 2021‒22, we restructured our Human Resources team following the outsourcing of our payroll
function to the Corporate Administration Agency. The new structure has a strong focus on business
partnering which enables us to prioritise and proactively improve our employee attraction, retention,
engagement and performance management practices.
Our workforce is the key to our success
Our workforce is critical in achieving the deliverables outlined in the RTA Strategic Plan 2019–23.
The permanent separation rate for 2021–22 was 12.8 per cent of the workforce. This includes staff who
resigned to take up roles elsewhere in the public service. No redundancy packages were paid during the period.
Workforce profile
Employees (FTE) by division and gender
as at 17 June 2022
1
Division
Female
Male
Total
Customer Experience 87 43
130
People and Culture 25 7
32
Financial and Assurance Services 20 5
25
Digital Business Centre 7 9
16
Office of CEO 2 0
2
Total
141 64 205
1
Minimum Obligatory Human Resources Information (MOHRI) FTE data for fortnight ending 17 June 2022
RTA Annual Report 2021–22 | Page 37
Performance highlights
Objective 1 – Customers value our services
Performance indicators 2021–22 Achievements 2021–22
Our services meet the needs of
our customers
• Delivery of services across the RTA Contact Centre received an
average customer satisfaction rating of 83 per cent
• Resolved 76.3 per cent of conciliated disputes when parties
volunteered to participate
• Enabled over 95 per cent of our Customer Experience Officers to
handle inbound customer calls through successful cross-skilling
• Released the final product in our Web Services suite, the
Bulk Bond Lodgement service, allowing customers to lodge
multiple bonds and bond increases and pay for them in a single
online transaction
• Provided same day processing of paper and online bond
refund forms
• Saw a 5 per cent increase in uptake across all RTA Web Services
• Received 70.2 per cent of all tenancy and bond forms through
our digital channels
Customers and stakeholders have
positive experiences with us
• Delivered process efficiencies and education in the early stages
of an investigation, with 243 investigation requests received and
241 investigations finalised. Some of these cases investigated
multiple alleged offences. In total, the RTA investigated 549
alleged offences
• Facilitated three Stakeholder Forum meetings and received an
overall average satisfaction of 79 per cent from Stakeholder
Forum members
• Participated in 70 stakeholder engagement activities
and presentations
• Published 39 news articles on the RTA website
• Responded to over 35 media requests
• Created website content and digital customer resources for the
new Bulk Bond Lodgement Web Service
• Launched a new Customer Experience Research Project, which
engages customers and stakeholders to understand the
strategic direction of the RTA
RTA Annual Report 2021–22 | Page 38
Objective 2 – Provide smart, digital services
Performance indicators 2021–22 Achievements 2021–22
Responsive and accessible RTA
online services
• Launched the Bulk Bond Lodgement Web Service in
December 2021
• Updated the RTA website and resources as each stage of the
emergency COVID-19 Regulations were rolled back
• Continued to provide and accept paper forms for customers
who do not have digital access
• Provided alternative support channels for vulnerable tenants
and residents to lodge paper forms relating to urgent
bond matters
• Responded to 556 requests made under the Administration
Access Policy
Increased digital innovation
across RTA services
• Planning and data gathering for future works to ensure the
RTA’s future digital optimisation
• Published 25 new podcast episodes, attracting 4,415 listens
across the 44 published podcast episodes on the RTA website.
• Delivered 12 educational webinars, attracting 515 attendees
and more than 3,594 digital views
• Continued to develop business intelligence reporting
dashboards, reviewed reporting metrics and criteria for accurate
reflections and improved data quality and processes
• Continued to invest in cyber security measures
Objective 3 – Business efficiency
Performance indicators 2021–22 Achievements 2021–22
Digital solutions, business
efficiencies and benefits continue
to be realised
• Migrated to Office 365, which involved upgrading to Exchange
Online, replacing the RTA’s on-premises voice solution with
cloud-based voice solutions, and completing the replacement
and relocation of the RTA network
• Migrated RTA servers to CITEC QCloud to enable us to switch
server locations without interrupting RTA services
Improved culture of innovation
• Supported Queensland’s rental sector with Stage 1 of the
Housing Legislation Amendment Act 2021 around the rollout of
DFV provisions via webinars, information sessions, and updated
online resources
• Incorporated customer feedback and input in the development
of the Bulk Bond Lodgement Web Service
• Met monthly with our Stakeholder Working Group to gain
practical advice on improving communication and education
throughout the tenancy lifecycle
• Continued to partner with the Queensland Government
Statistician’s Office (QGSO) and provide a single dataset
methodology for median rents
RTA Annual Report 2021–22 | Page 39
Objective 4 – Customer focused workforce
Performance indicators 2021–22 Achievements 2021–22
Attraction, development and
retention of our workforce
• Achieved an agency engagement score of 72 per cent in the
annual Working for Queensland survey
• Performed 6,721 quality checks on individual work items to
identify gaps in skills and processes that could impact the
user experience, and providing practical solutions to resolve
these issues
• Delivered 896 hours of training to RTA staff, including 93 hours
for DFV-specific training and 176 hours for Bulk Bond
Lodgement Web Service training
• Conducted 1,018 coaching sessions to help staff identify and
grow their strengths
• Enabled over 95 per cent of Customer Experience Officers to
handle inbound customer calls through cross-skilling
• Brought in flexible working arrangements permanently to
promote work life balance
Safe workplace and an agile,
resilient workforce
• Developed our Workplace Health and Safety Strategic Plan
2022–24, which prioritised the health, safety, and wellbeing of
our employees, particularly with increased cases of COVID-19 in
the community
• Renewed our Health and Wellbeing Program, which focuses on
the four pillars of wellbeing including physical health, emotional
wellness, social wellness, and financial wellbeing
• Developed the Diversity and Inclusion Strategy 2021–24, to work
towards achieving a diverse workforce and inclusive culture
RTA Annual Report 2021–22 | Page 40
RTA Service Delivery Statement
Service Delivery Statements (SDS), included within the Queensland Government Budget papers, provide
budgeted financial and non-financial information for the budget year. A separate document is provided for
each portfolio, with the RTA’s content included within the Department of Communities, Housing and Digital
Economy SDS. These documents are a key accountability mechanism, subject to public scrutiny, and form
the basis of questions during the parliamentary estimates process.
In accordance with Department of Premier and Cabinet Annual Report requirements, details of the RTA’s
performance are:
Service standards
2021–22
Target/Est.
2021–22
Est. Actual
2022–23
Target/Est.
Effectiveness measures
Proportion of disputes resolved after parties
participated in the conciliation process
1
70% 75.7% 70%
Overall client satisfaction with the Residential
Tenancies Authority Contact Centre
2, 3
75% 83.5% 75%
Efficiency measure
Total operational cost for Residential Tenancies
Authority output (excluding grants) as a
proportion of the value of bonds held
4
3.7% 3.4% 3.6%
Discontinued measure
Average annual return on investment
5, 6
2.7%
-1.2%
Discontinued
measure
Notes:
1. The variance between the 2021–22 Estimated Actual and the 2021–22 Target/Estimate is due to the RTA's increased focus on
improving customer participation in the dispute resolution process and better supporting customers to negotiate and achieve
outcomes throughout the process. This was achieved by introducing more targeted performance measures for staff with increased
coaching and feedback.
2. The wording of the service standard has been amended from the 2021–22 Service Delivery Statements (SDS) to clarify that this
measure relates to overall satisfaction with the RTA’s Contact Centre only. Calculation methodology has not changed.
3. The variance between the 2021–22 Target/Estimate and the 2021–22 Estimated Actual is due to a continued significant focus by
the RTA on improving customer experience and the quality of its interactions and conversations. Initiatives that supported this goal
included introducing a simplified service quality monitoring scorecard, providing additional staff training and coaching, and
increasing the RTA’s workforce management function to ensure staff capacity and capability meets customer demands.
4. The wording of this service standard has been amended from the 2021–22 SDS to clarify that the total cost for RTA output
referenced within this measure relates to operational costs only. Calculation methodology has not changed.
5. This service standard is being discontinued due to RTA funding model changes to take effect from 1 July 2022, which will see the
RTA receive a State Government grant to fund its operations and no longer invest rental bonds beyond 30 June 2022.
6. The variance between the 2021–22 Target/Estimate and the 2021–22 Estimated Actual is due to ongoing global financial market
volatility having adverse impacts on the RTA's annual return on investment.
RTA Annual Report 2021–22 | Page 41
As the SDS is published prior to the end of the financial year, estimated actuals are provided. For the
Effectiveness measures, the estimated actuals published in the SDS are the financial year to date averages as at
28 February 2022. For the Efficiency and Discontinued measures, the estimated actuals published in the SDS
align with the RTA’s forecasts as at 30 April 2022. The actual results as at 30 June 2022 are provided below.
Service standards
2021–22
Actual result as at 30 June 2022
Effectiveness measures
Proportion of disputes resolved after parties participated in the
conciliation process
76.3%
Overall client satisfaction with the Residential Tenancies Authority
Contact Centre
83.0%
Efficiency measures
Total operational cost for Residential Tenancies Authority output
(excluding grants) as a proportion of the value of bonds held
3.34%
Discontinued measure
Average annual return on investment
-4.15%
RTA Annual Report 2021–22 | Page 42
Our finances
Financial overview
2.5%
reduction in
operating expenses
Operating deficit $56.3M
Rental Bonds exceed
$1.02B
Global Economic turmoil impacts the RTA’s results
The RTA’s financial results were impacted by adverse movements in global financial markets due to ongoing
impacts of COVID-19, inflation, supply chain issues, staff shortages, and international conflicts resulting in a
significant loss to the RTA investment portfolio in 2021–22 due to downturns in equity and bond markets.
The RTA’s expenses were $86M which included $51.8M of investments losses. Strong operating expense
control offset some of the impacts of the investment results with a 2.5 per cent decrease in expenses
compared to 2020–21 (excluding investment losses).
Operating expenses for the year were $34.2M, with employee costs representing 65 per cent of our total
operating expenses. Supplies and services accounted for the bulk of our non-employee costs including rent,
investment management fees, and agency staff and contractors due to the tight employment market.
From 1 July 2022, the RTA will receive a State Government grant to fund its operations instead of relying on
volatile investment returns. This provides cashflow certainty to the RTA to embark on the next phase of
modernisation and improvements in the customer experience for Queensland’s rental sector.
Financial performance
2017–18 to 2021–22
Financial year
Income
$m
Expenditure
$m
Surplus/deficit
$m
2017–18 26.1 34.0 (7.9)
2018–19 40.3 31.7 8.6
2019–20 34.4 77.7^ (43.3)^
2020–21 70.4 35.1 35.3
2021‒22 29.7 86.0* (56.3)*
^ $41.6M was losses due to market fluctuations
* $51.8M
was losses due to market fluctuations
RTA Annual Report 2021–22 | Page 43
Financial position
The recent market results have eroded the RTA’s financial position to a point of reporting $21.3M deficit in
net assets. With the change in funding model coming into effect from 1 July 2022, the State Government will
provide the RTA with a one-off equity grant to ensure the Rental Bond Assets are equal to Rental Bond
Liabilities and the RTA is able to service rental bonds held.
Investment management
All investment products are managed in accordance with Part 3, Division 5 of the Residential Tenancies and
Rooming Accommodation Act 2008 and with the Statutory Bodies Financial Arrangements Act 1982.
The rental bond portfolio represents the investment of rental bonds held. It is actively managed by fund
manager Queensland Investment Corporation (QIC), and funds are allocated across a range of asset classes
according to the investment strategy adopted by the RTA Board. The RTA has also allocated investment
funds to the Queensland Treasury Corporation (QTC).
The investment mix of the rental bond portfolio is detailed on page 58–59 in Notes 11 and 12 as part of the
financial report.
From 1 July 2022, all rental bonds will be held in a bank account with a major financial institution and will no
longer be exposed to financial market fluctuations. The business operations portfolio represents cash reserves
held by the RTA and is used to fund all RTA business operating expenses and capital expenses. These cash
reserves have been accumulated from prior investment earnings and government grants received.
QIC fund returns
QIC Fund name
Annual return 2020–21 Annual return 2021–22
%
Capital
$m
Distributions
$m
%
Capital
$m
Distributions
$m
QIC Cash
Enhanced Fund
0.8 (0.1) 0.7 (0.35) (0.1) 0.0
QIC Global
Credit Fund
3.0 6.9 0.0 (9.90) (24.2) 0.0
QIC Global Credit
Opportunities
Fund
17.4 0.3 0.0 4.14 0.1 0.0
QIC Long Term
Diversified Fund
18.2 43.4 3.3 (5.57) (22.2) 4.0
QIC Property Fund 4.2 2.0 3.1 6.78 4.2 3.8
QIC Short Term
Income Fund
4.6 6.2 3.2 (2.14) (9.5) 4.5
Portfolio Total 7.8 58.7 10.3^ (4.15) (51.8) 12.5^
^ Totals exclude revenue from interest distributions provided by QTC
Page 44RTA Annual Report 2021–22
General Purpose Financial Report
for the year ended 30 June 2022
Contents
Financial Statements
Statement of Comprehensive Income 45
Statement of Financial Position 46
Statement of Changes in Equity 47
Statement of Cash Flows 48
CF1: Reconciliation of operating result to net cash from operating activities 49
Notes to the Financial Statements
Note 1: Basis of financial statement preparation 50– 51
Note 2: Objectives and principal activities of the RTA 52
Note 3: Controlled entity of the RTA 53
Statement of Comprehensive Income Notes
Note 4: Investment returns 53
Note 5 Grants and contributions 54
Note 6: Employee expenses 54–55
Note 7(a): Supplies and services 56
Note 7(b): Finance costs 56
Note 8: Depreciation and amortisation 57
Note 9: Other expenses 57
Statement of Financial Position Notes
Note 10: Cash and cash equivalents 57
Note 11: Other financial assets 58
Note 12: Fair value measurement 59
Note 13: Receivables 60
Note 14: Other assets 60
Note 15: Intangible assets 61–62
Note 16: Property, plant and equipment 63–64
Note 17: Leases 65–66
Note 18: Payables 67
Note 19: Accrued employee benefits 68
Note 20: Financing arrangements 68
Note 21: Financial instruments 69 –74
Other Disclosures
Note 22: Key executive management personnel and remuneration expenses 74 –77
Note 23: Board disclosures 78
Note 24: Related party disclosures 78
Note 25: Contingencies 79
Note 26: Capital commitments 79
Note 27: Events occurring after balance date 79
Note 28: Future impact of accounting standards not yet effective 79
Note 29: Taxation 79
Budgetary Reporting Disclosures
Note 30: Budgetary reporting disclosures 80–83
Certification
Management Certificate 84
For information in relation to the RTA and its controlled entity's financial statements please email [email protected].gov.au, or
visit rta.qld.gov.au/annualreport.
Page 45RTA Annual Report 2021–22
Group Parent
2022
2021
2022
2021
Notes $'000
$'000
$'000
$'000
Income
Investment revenue 4
12,790
44,343
12,789
44,342
Fair value gain on investments 4
-
25,065
-
25,065
Grants and contributions 5
16,913
-
16,913
-
Other revenue
3
8
3
8
Other income 17
-
941
-
941
Total income 29,706
70,357
29,705
70,356
Expenses
Employee expenses 6
22,273
22,027
964
716
Supplies and services 7 (a)
10,048
9,128
31,360
30,441
Finance costs 7 (b)
1
44
1
44
Depreciation and amortisation 8
1,656
3,270
1,656
3,270
Impairment losses 17
-
429
-
429
Fair value loss on investments 4
51,779
-
51,779
-
Other expenses 9
219
162
215
159
Total expenses 85,976
35,060
85,975
35,059
Operating result for the year (56,270)
35,297
(56,270)
35,297
Other comprehensive income
-
-
-
-
Total operating result (56,270)
35,297
(56,270)
35,297
The accompanying notes form part of these statements.
Statement of Comprehensive Income
for the year ended 30 June 2022
Page 46RTA Annual Report 2021–22
Group Parent
2022
2021
2022
2021
Notes $'000
$'000
$'000
$'000
Current assets
Cash and cash equivalents 10
103,785
48,602
103,732
48,570
Other financial assets 11
903,386
959,869
903,386
959,869
Receivables 13
317
1,203
272
1,16 8
Other current assets 14
342
449
260
290
Total current assets 1,007,830
1,010,123
1,0 07,65 0
1,009,897
Non current assets
Intangible assets 15
6,826
8,362
6,826
8,362
Property, plant and equipment 16
339
435
339
435
Other non current assets 14
26
62
26
62
Total non current assets 7,191
8,859
7,191
8,859
Total assets 1,015,021
1,018,982
1,014,841
1,018,756
Current liabilities
Payables 18a
1,471
2,762
6,130
7,323
Rental bonds and unclaimed monies 18b
1,029,943
975,983
1,029,943
975,983
Lease liabilities 17
-
430
-
430
Accrued employee benefits 19
3,777
3,566
53
35
Total current liabilities
1,035,191
982,741
1,036,126
983,771
Non current liabilities
Accrued employee benefits 19
1,115
1,256
-
-
Total non current liabilities
1,115
1,256
-
-
Total liabilities
1,036,306
983,997
1,036,126
983,771
Net assets (21,285)
34,985
(21,285)
34,985
Equity
Accumulated surplus
(21,285)
34,985
(21,285)
34,985
Total equity (21,285)
34,985
(21,285)
34,985
The accompanying notes form part of these statements.
Statement of Financial Position
as at 30 June 2022
Page 47RTA Annual Report 2021–22
$’000 $’000
Accumulated
Surplus
Total
Equity
Parent & Group
2022
Balance as 1 July 2021
34,985 34,985
Operating result from continuing operations (56,270) (56,270)
Balance as at 30 June 2022 (21,285) (21,285)
2021
Balance as 1 July 2020
(312) (312)
Operating result from continuing operations 35,297 35,297
Balance as at 30 June 2021 34,985 34,985
The accompanying notes form part of these statements.
Statement of Changes in Equity
for the year ended 30 June 2022
Page 48RTA Annual Report 2021–22
Group Parent
2022
2021
2022
2021
Notes $'000
$'000
$'000
$'000
Cash flows from operating activities
Inflows
Interest income
387
477
386
476
Bond lodgements
443,328
408,241
443,328
408,241
Government grants
16,913
-
16,913
-
Other operating receipts
3
949
3
949
GST collected from customers
16
101
16
101
GST refunds received
1,078
1,430
1,078
1,430
Outflows
Bond claims
(389,368)
(380,592)
(389,368)
(380,592)
Employee expenses
(22,123)
(21,956)
(945)
(708)
Supplies and services
(8,416)
(10,348)
(29,618)
(31,488)
Other expenses
(219)
(162)
(215)
(159)
GST paid to suppliers
(1,161)
(1,19 8)
(1,161)
(1,19 8)
Interest on leases
(1)
(44)
(1)
(44)
Net cash provided by/(used in) operating activities
CF-1
40,437
(3,102)
40,416
(2,992)
Cash flows from investing activities
Inflows
Investments redeemed
5,511
-
5,511
-
Distributions received
9,689
4,223
9,689
4,223
Outflows
Payments for internally generated software
(24)
(435)
(24)
(435)
Payments for work in progress
-
(122)
-
(122)
Payment for property, plant and equipment
-
(327)
-
(327)
Payments for investments
-
(26,000)
-
(26,000)
Net cash provided by/(used in) investing activities 15,176
(22,661)
15,176
(22,661)
Cash flows from financing activities
Outflows
Repayment of lease liabilities
(430)
(2,480)
(430)
(2,480)
Net cash provided by/(used in) financing activities
(430)
(2,480)
(430)
(2,480)
Net increase/(decrease) in cash and cash equivalents
55,183
(28,243)
55,162
(28,133)
Cash and cash equivalents at beginning of financial year 10
48,602
76,845
48,570
76,703
Cash and cash equivalents at end of financial year
10
103,785
48,602
103,732
48,570
The accompanying notes form part of these statements.
Statement of Cash Flows
for the year ended 30 June 2022
Page 49RTA Annual Report 2021–22
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
CF.1 Reconciliation of operating result to net cash from operating activities
Reconciliation of cash
Cash at the end of the reporting period as shown in the Statement of Cash Flows is reconciled to the related items in
the Statement of Financial Position as follows:
Operating result
(56,270)
35,297
(56,270)
35,297
Add: Depreciation and amortisation
1,656
3,270
1,656
3,270
Impairment losses
-
429
-
429
Loss on disposal of property, plant and equipment
-
11
-
11
Decrease in prepayments
143
-
66
77
Increase in accrued employee benefits
70
164
18
9
Unrealised decrease in investments
41,283
-
41,283
-
Increase in rental bonds and unclaimed monies liability
53,960
27, 6 4 9
53,960
27, 6 4 9
Decrease in receivable
886
-
896
-
41,728
66,820
41,609
66,742
Less:
Increase in receivables
-
282
-
603
Decrease in trade creditors
1,291
2,483
1,193
1,989
Increase in prepayments
-
15
-
-
Unrealised increase in investments
-
67,142
-
67,142
1,291
69,922
1,193
69,734
Net Cash provided by operating activities 40,437
(3,102)
40,416
(2,992)
The accompanying notes form part of these statements.
Notes to the Statement of Cash Flows
for the year ended 30 June 2022
Page 50RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
1. Basis of financial statement preparation
General information
The RTA is a regulatory authority committed to offering a range of services to uphold fairness, integrity and balance
within the residential rental sector, and empower Queenslanders to make informed renting choices.
From 1 July 2022 the RTA’s funding model has changed to receiving an ongoing grant from the Queensland
Government to finance operations, instead of deriving operational funding through the investment of rental bonds.
These financial statements cover the RTA and its controlled entity Residential Tenancies Employing Office (RTEO).
The RTA is controlled by the State of Queensland which is the ultimate parent.
The head office and principal place of business of the RTA is Level 11, Midtown Centre, 150 Mary Street, Brisbane 4000.
Compliance with prescribed requirements
The RTA has prepared these statements in compliance with section 39 of the Financial and Performance
Management Standard 2019.
These financial statements are general purpose financial statements, and have been prepared on an accrual basis
(except for the Statement of Cash Flows which is prepared on a cash basis) in accordance with Australian Accounting
Standards and Interpretations applicable to not for profit entities. In addition, the financial statements comply with
Queensland Treasury’s Minimum Reporting Requirements for reporting periods beginning on or after 1 July 2021, and
other authoritative pronouncements and the requirements prescribed by:
• Residential Tenancies and Rooming Accommodation Act 2008 (Qld) (RTRA Act); and
• Statutory Bodies Financial Arrangements Act 1982 (Qld) (SBFA Act).
First year of application of new accounting standards or change in accounting policy
Accounting standards applied for the first time
No new accounting standards with material impact were applied for the first time in 2021–22.
Accounting standards early adopted
No Australian Accounting Standards have been early adopted for 2021–22.
Changes in accounting policy
The RTA did not change any accounting policies during 2021–22.
Presentation
Currency and rounding
Amounts included in the financial statements are in Australian dollars and rounded to the nearest $1,000 or, where the
amount is $500 or less, to zero, unless disclosure of the full amount is specifically required.
Comparatives
Comparative information reflects the audited 2020–21 financial statements.
Current/non current classification
Assets and liabilities are classified as either ‘current’ or ‘non current’ in the Statement of Financial Position and
associated notes. Assets are classified as ‘current’ where their carrying amount is expected to be realised within 12
months after the reporting date. Liabilities are classified as ‘current’ when they are due to be settled within 12 months
after the reporting date, or the RTA does not have an unconditional right to defer settlement to beyond 12 months
after the reporting date. All other assets and liabilities are classified as non current.
Page 51RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Authorisation of financial statements for issue
The financial statements are authorised for issue by the RTA Chief Executive Officer and Board Chairperson at the date of
signing the Management Certificate.
Basis of measurement
Historical cost is used as the measurement basis in this financial report except for investments which are reported at fair value and
provisions expected to be settled 12 or more months after reporting date which are measured at their present value.
Historical cost
Under historical cost, assets are recorded at the amount of cash or cash equivalents paid or the fair value of the
consideration given to acquire assets at the time of their acquisition. Liabilities are recorded at the amount of proceeds
received in exchange for the obligation or at the amounts of cash or cash equivalents expected to be paid to satisfy the
liability in the normal course of business.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date under current market conditions (i.e. an exit price) regardless of whether that
price is directly derived from observable inputs or estimated using another valuation technique. Fair value is determined
using one of the following three approaches:
• The market approach uses prices and other relevant information generated by market transactions involving identical or
comparable (i.e. similar) assets, liabilities or a group of assets and liabilities, such as a business.
• The cost approach reflects the amount that would be required currently to replace the service capacity of an asset. This
method includes the current/depreciated replacement cost methodology.
• The income approach converts multiple future cash flow amounts to a single (i.e. discounted) amount. When the income
approach is used, the fair value measurement reflects current market expectations about those future amounts.
Where fair value is used, the fair value approach is disclosed.
Present value
Present value represents the present discounted value of the future net cash inflows that the item is expected to generate
(in respect of assets) or the present discounted value of the future net cash outflows expected to settle (in respect of
liabilities) in the normal course of business.
Working capital/funding changes
The RTA received notification from State Government in October 2021 of proposed amendments to the RTRA Act, which would
remove the RTA’s requirement to invest rental bonds to receive investment returns to fund operations. These amendments were
introduced to Parliament on 17 March 2022 as part of the State Penalties Enforcement (Modernisation) Amendment Bill 2022
which was passed by Parliament on 24 May 2022 to be enacted from 1 July 2022.
As a result, the RTA has entered into arrangements for the Queensland Government to acquire the investment assets, at the
30 June 2022 market value, on 1 July 2022. All rental bonds, including funds received from the transfer of the investments,
will be held within the rental bond bank accounts. These accounts will be held with a major financial institution, and the RTA will
continue to control all transactions in the accounts.
The rental bond bank accounts will be placed within the State Government Group Limit Facility (i.e. whole of government
banking arrangement) and RTA will not be entitled to any interest earned.
Subsequent to the transfer of the investments, the RTA will receive a non-appropriated equity injection to offset any shortfall
between rental bond assets and rental bond liabilities.
All these transactions will be completed before 31 October 2022.
The RTA will receive an ongoing administered grant from the Queensland Government to finance operations from 2022–23 onwards.
The reporting entity
The consolidated financial statements include all income, expenses, assets, liabilities and equity of the ‘economic entity’ comprising
the RTA and the entity it controls. All transactions and balances internal to the economic entity have been eliminated in full.
The RTA as an economic entity consists of the parent entity together with the RTEO controlled entity. The parent entity financial
statements include all income, expenses, assets, liabilities and equity of the RTA only.
Page 52RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
2. Objectives and principal activities of the RTA
The RTA’s core responsibility is to administer and provide services in accordance with the RTRA Act.
The RTA’s 2019–2023 strategic objectives include:
• Customers value our services – because they are tailored to their needs and provide positive experiences;
• Provide smart digital services – that deliver easy to use, accessible and targeted service channels;
• Business efficiency – focuses on business improvements, systems and resources to deliver streamlined services to our
customers, and
• Customer focused workforce – where our people are highly capable and agile to deliver services and support
our customers.
The RTA is committed to supporting the Queensland Government’s objectives for the community – Unite and Recover by
backing our frontline services and providing easy to access services to support the residential rental sector.
The RTA is a statutory body under Section 9 of the Financial Accountability Act 2009 (Qld). The RTA falls within the portfolio
of the Minister for Communities and Housing, Minister for Digital Economy and Minister for the Arts.
Section 491 of the RTRA Act establishes the RTEO as a statutory body for the purposes of the Financial Accountability Act
2009 (Qld).
To ensure full transparency of the services and functionality that the RTEO provides the RTA, a Work Performance Arrangement
was developed in accordance with Section 493 of the RTRA Act. This document provides the authority under which employees
of the RTEO perform work for the RTA and stipulates operational activities of the RTEO effective from 1 July 2008.
RTA funds management
During the 2021–22 financial year, the RTA managed cash in accordance with the provisions of Part 3, Division 5 of the
RTRA Act as in force during the year, and invested that cash in accordance with provisions and regulations of the SBFA Act.
As outlined in Note 1, with effect from 1 July 2022 the RTA no longer has authority to invest rental bond monies held.
Page 53RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
3. Controlled entity of the RTA
The following entity is controlled by the Residential Tenancies Authority:
Directly controlled
Name: Residential Tenancies Employing Office
Purpose and principal activity: Employs staff to perform work for the parent entity as per the
work performance agreement between the two entities in
accordance with the RTRA Act.
Nature of relationship: The Statutory Bodies Legislation Amendment Act 2007 (Qld)
amended the Residential Tenancies Act 1994 (Qld) to allow the
RTA to enter into a Work Performance Arrangement with the
RTEO. This arrangement details how the RTEO provides
employment services to the RTA. The RTEO invoices the RTA
on a yearly basis for all expenses incurred as part of the
arrangement.
Auditor and audit fees: Queensland Audit Office (QAO) 2022: $3,400 (2021: $3,200)
Financial information:
Total assets: $5.0M (2021: $4.9M) Total revenue: $21.3M (2021: $21.2M)
Total liabilities: $5.0M (2021: $4.9M) Total operating result: $nil (2021: $nil)
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
4. Investment returns
Investment revenue
Investment distribution income
12,355
43,898
12,355
43,898
Bank interest
435
445
434
444
Total investment revenue 12,790
44,343
12,789
44,342
Fair value gain on investments -
25,065
-
25,065
Expenses
Fair value loss on investments 51,779
-
51,779
-
Accounting policy – investment revenue recognition
Changes in the net market value of investments are recognised in the period in which they occur. The net market
value is based on the closing unit redemption price and includes both realised and unrealised movements.
Distributions are reinvested into either Queensland Investment Corporation (QIC) managed funds or Queensland
Treasury Corporation (QTC) Guaranteed Capital Cash Fund. Any interest derived on funds invested with other financial
institutions is brought to account when earned.
Page 54RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
5. Grants and contributions
Queensland Government operating grants
16,913
-
16,913
-
Total grants and contributions 16,913
-
16,913
-
Accounting policy – Grants and contributions
Grants and contributions arise from transactions that are non-reciprocal in nature (i.e. do not require any goods or
services to be provided in return).
Where the grant agreement is enforceable and contains sufficiently specific performance obligations for the RTA to
transfer goods or services to a third-party on the grantor’s behalf, the grant is accounted for under AASB 15 Revenue
from Contracts with Customers. In this case, revenue is initially deferred as unearned revenue (contract liability) and
recognised as or when the performance obligations are satisfied.
Otherwise, the grant or donation is accounted for under AASB 1058 Income of Not-for-Profit Entities, whereby
revenue is recognised upon receipt of the grant funding, except for special purpose capital grants received to
construct non-financial assets to be controlled by the RTA. The RTA did not receive any special purpose capital
grants in this financial year.
During the year the RTA has received $15.5M grant funding from Queensland Government through the Department
of Communities, Housing and Digital Economy (DCHDE).
The Queensland Government also approved a funding allocation of $3,021,024 over three years to implement
Housing Legislative Amendments Act 2021. In May the RTA received $1,412,821 from the DCHDE to commence
implementation of the reforms which are being introduced in phases.
There are no sufficiently specific performance obligations contained in the grants, hence both grants are recognised
as revenue on receipt under AASB 1058.
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
6. Employee expenses
Employee benefits
Salaries and wages
16,614
16,427
288
276
Allowances
31
31
-
-
Annual leave expense
1,636
1,556
27
23
Long service leave expense
179
473
9
8
Employer superannuation contributions
2,212
2,163
43
38
Total employee benefits 20,672
20,650
367
345
Employee related expenses
Fringe benefits tax
53
42
53
42
Workers' compensation insurance
151
147
151
138
Payroll tax
1,022
1,018
24
25
Other employee related expenses
375
170
369
166
Total employee related expenses 1,601
1,377
597
371
Total employee expenses 22,273
22,027
964
716
Page 55RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
6. Employee expenses (continued)
Group Parent
2022
2021
2022
2021
No.
No.
No.
No.
The number of employees as at 30 June including both full-time
employees and part-time employees measured on a full-time
equivalent basis (FTE) is: 200* 197 1 1
* FTE data as of 30 June 2022 based upon the fortnight ending 1 July 2022.
Accounting policy – wages, salary and sick leave
All employees of the RTEO and of the RTA are employed under the Act. No employees are employed under the
Public Service Act 2008 (Qld) (Section 311C). Wages and salaries due but unpaid at reporting date are recognised
in the Statement of Financial Position as at the current salary rates.
As the RTA expects such liabilities to be wholly settled within 12 months of reporting date, the liabilities are
recognised at undiscounted amounts.
As sick leave is non-vesting, an expense is recognised for this leave as it is taken.
Accounting policy – superannuation
Post-employment benefits for superannuation are provided through defined contribution (accumulation) plans or the
Queensland Government’s QSuper defined benefit plan as determined by the employee's condition of employment
and employee instructions as to superannuation plan (where applicable).
Defined contribution plans – Contributions are made to eligible complying superannuation funds based on the rates
specified in the relevant EBA or other conditions of employment. Contributions are expensed when they are paid or
become payable following completion of the employee’s service each pay period.
Defined benefit plan – The liability for defined benefits is held on a whole-of-government basis and reported in those
financial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial
Reporting. The amount of contributions for defined benefit obligations is based upon the rates determined on the
advice of the State Actuary. Contributions are paid by the RTA at the specified rates following completion of the employee’s
service pay each pay period. The RTA’s obligations are limited to those contributions paid.
Accounting policy – workers compensation premiums
The RTA pays premiums to WorkCover Queensland in respect of its obligations for employee compensation. Workers
compensation insurance is a consequence of employing staff but is not counted in an employee’s total remuneration
package. It is not employee benefits and is recognised separately as employee related expenses.
Page 56RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
7 (a). Supplies and services
Delivery of service expenses
930
930
930
930
Board fees
161
158
161
158
Building expenses *
1,091
1,642
1,091
1,642
Office expenses
57
97
57
97
Contractors and consultants
2,152
2,204
2,152
2,204
Less: capitalised costs
(24)
(582)
(5)
(465)
Investment fees
1,825
1,798
1,825
1,798
Technology expenses
3,556
2,680
3,556
2,680
Legal expenses
95
41
95
41
Client engagement expenses
75
41
75
40
RTEO service fees
-
-
21,293
21,197
Other supplies and services
130
119
130
119
Total supplies and services 10,048
9,128
31,360
30,441
* 2021: includes one off make good costs. Refer to Note 17 for more details.
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
7 (b). Finance costs
Interest on lease liabilities
1
44
1
44
Total Finance costs 1
44
1
44
Page 57RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
8. Depreciation and amortisation
Depreciation and amortisation were incurred in respect of:
Plant and equipment
96
187
96
187
Intangible assets
Internally generated software
1,526
1,478
1,526
1,478
Purchased software
34
34
34
34
Depreciation of right-of-use assets
-
1,571
-
1,571
Total depreciation and amortisation 1,656
3,270
1,656
3,270
9. Other expenses
External audit fees *
40
38
36
35
Internal audit fees
120
96
120
96
Bad and impaired debts
33
4
33
4
Insurance premiums
26
24
26
24
Total other expenses 219
162
215
159
* Total external audit fees payable to QAO relating to the 2021–22 financial year are estimated to be $39,550 for the
group (2020–21: $38,150 for the group). There are no non-audit services included in this amount.
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
10. Cash and cash equivalents
Cash at bank – Rental bond
71,356
3,463
71,356
3,464
Cash at bank – Operations
136
90
83
57
Queensland Treasury Corporation (QTC) – Rental bond
-
20,594
-
20,594
Queensland Treasury Corporation (QTC) – Operations
32,293
24,455
32,293
24,455
Total cash and cash equivalents 103,785
48,602
103,732
48,570
Accounting policy – cash and cash equivalents
For the purposes of the Statement of Financial Position and the Statement of Cash Flows, cash assets include all
cash and cheques receipted but not banked at 30 June including deposits at call with financial institutions. It also
includes investments with short periods to maturity that are readily convertible to cash at the RTA’s option.
The funds in the rental bond account are restricted under section 150 of the RTRA Act.
In preparation for the funding change as outlined in Note 1, the RTA did not commit any additional investments in QIC.
This action resulted in an increase of the cash held in the rental bond account. On 29 June 2022 the RTA transferred
the balance of the QTC rental bond account in line with legislative changes.
Page 58RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
11. Other financial assets
Managed funds – QIC
903,386
959,869
903,386
959,869
Total other financial assets 903,386
959,869
903,386
959,869
Represented by:
Group and Parent
QIC Investment Products
as at 30 June 2022
Annual average
return on
investments
Treasurer
approved
strategic asset
allocation
parameter
Actual
Allocation
Amount
$'000
QIC Cash Enhanced Fund -0.35% 0% – 60% 2.85% 25,791
QIC Global Credit Fund -9.90% 10% – 45% 24.44% 220,751
QIC Long Term Diversified Fund -5.57% 0% – 40% 34.17% 308,652
QIC Property Fund 6.78% 5% – 20% 13.55% 122,450
QIC Short Term Income Fund -2.14% 10% – 30% 24.99% 225,742
Total Portfolio -4.15% 100.00% 903,386
QIC Investment Products
as at 30 June 2021
Annual average
return on
investments
Treasurer
approved
strategic asset
allocation
parameter
Actual
Allocation
Amount
$'000
QIC Cash Enhanced Fund 0.84% 0% – 60% 2.90% 27,79 3
QIC Global Credit Fund 2.99% 10% – 45% 25.32% 243,037
QIC Global Credit Opportunities Fund 17. 3 6% 0% – 20% 0.19% 1,835
QIC Long Term Diversified Fund 18.18% 0% – 30% 34.05% 326,868
QIC Property Fund 4.17% 5% – 20% 13.03% 125,091
QIC Short Term Income Fund 4.64% 10% – 30% 24.51% 235,245
Total Portfolio 7.77% 100.00% 959,869
Accounting policy – other financial assets
Funds managed by QIC are held at market value in a portfolio of six products covering various levels of investment risk and
investment return. The RTA does not engage in any transactions for speculative purposes.
The RTA values the investment portfolio at market value as stated by the QIC investment portfolio funds manager and is
categorised as level 2 with the exception of the QIC Property Fund which is level 3 in the fair value hierarchy. Refer to Note 12
for further information regarding the RTA’s fair value accounting policies.
As outlined in Note 1, amendments were introduced to the RTRA Act to remove the requirements for the RTA to be self-
funded through investment earnings and progress to a grant funding model from 1 July 2022. As such the ownership of the
assets will be transferred to the State Government on 1 July 2022 based upon market values as of 30 June 2022.
Page 59RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
12. Fair value measurement
(a) Accounting policies and inputs for fair values
What is fair value?
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date under current market conditions (i.e. an exit price) regardless
of whether that price is directly derived from observable inputs or estimated using another valuation technique.
Observable inputs are publicly available data that are relevant to the characteristics of the assets/liabilities being valued.
Unobservable inputs are data, assumptions and judgements that are not available publicly, but are relevant to the
characteristics of the assets/liabilities being valued. The RTA’s investment portfolio is valued at the market value as
measured by the QIC portfolio funds manager and does not apply any other unobservable assumptions or
judgements to the fair value assessment.
The market value of each of the funds the RTA invests in is determined as a function of the value of the investments
the fund holds. Such investments are ordinarily valued using level 1 or 2 inputs. The exception is the QIC Property
Fund, the value of which is determined by the value of real property assets which include level 3 valuation inputs.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate
economic benefits by using the asset in its highest and best use.
Fair value measurement hierarchy
Details of individual assets and liabilities measured under each category of fair value are shown below.
All assets and liabilities of the RTA and its controlled entity for which fair value is measured or disclosed in the
financial statements are categorised within the following fair value hierarchy, based on the data and assumptions used
in the most recent specific appraisals:
Level 1
represents fair value measurements that reflect unadjusted quoted market prices in active
markets for identical assets and liabilities;
Level 2
represent fair value measurements that are substantially derived from inputs other than quoted
prices included within level 1 that are observable, either directly or indirectly; and
Level 3
represents fair value measurements that are substantially derived from unobservable inputs.
The RTA and its controlled entity values the investment portfolio at market value as stated by the QIC investment
portfolio funds manager which is categorised per the following fair value hierarchies as per the below table. There
were no transfers of assets between fair value hierarchy levels during the period.
QIC Investment Products as at 30 June 2022
30 June
2022
Amount
$'000
30 June
2021
Amount
$'000
Fair value
hierarchy
category
QIC Cash Enhanced Fund
25,791
27,793 Level 2
QIC Global Credit Fund
220,751
243,037 Level 2
QIC Global Credit Opportunities Fund*
-
1,835 Level 2
QIC Long Term Diversified Fund
308,652
326,868 Level 2
QIC Property Fund
122,450
125,091 Level 3
QIC Short Term Income Fund
225,742
235,245 Level 2
Total Portfolio 903,386
959,869
* Fund closed in August 2021
For short term trade receivables and payables with a contractual maturity date of one year or less, the carrying
amount, as adjusted for any allowances for impairment, is deemed to reflect the fair value. There are no other assets
or liabilities of the RTA which are measured at fair value. There were no transfers of assets between fair value
hierarchy levels during the period.
Page 60RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
13. Receivables
Debtors
145
1,063
100
1,028
Less: allowance for expected credit losses
(26)
(32)
(26)
(32)
119
1,031
74
996
Accrued interest revenue
69
21
69
21
GST receivable
129
151
129
151
Total receivables 317
1,203
272
1,16 8
Accounting policy – Receivables
Debtors are recognised at the amounts due at the time of sale or service delivery i.e. the agreed purchase/contract price.
Settlement of these amounts is required within 30 days from invoice date.
The collectability of receivables is assessed periodically with a loss allowance being made for expected credit losses. All
known bad debts were written-off as at 30 June.
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
14. Other assets
Current
Prepayments
342
449
260
290
Total current 342
449
260
290
Non current
Prepayments
26
62
26
62
Total non current 26
62
26
62
Total other assets 368
511
286
352
Accounting policy – Other assets
Prepayments represent funds paid in advance of receiving the goods or services to which the payments relate. Goods and
services can be received in a single period or over a period a of time.
Goods or services that is expected to be received within 12 months after the end of the reporting period are classified under
current assets. All other prepayments are classified as non-current.
Page 61RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
15. Intangible assets
Software internally generated: at cost
Gross
17, 237
16,835
17, 237
16,835
Less: accumulated amortisation
(10,477)
(8,951)
(10,477)
(8,951)
6,760
7,884
6,760
7,884
Software purchased: at cost
Gross
823
823
823
823
Less: accumulated amortisation
(757)
(723)
(757)
(723)
66
100
66
100
Work in progress: at cost
Gross
-
378
-
378
Total intangible assets 6,826
8,362
6,826
8,362
Reconciliation of Intangible assets
Software
internally
generated
Software
purchased
Software
work in
progress Total
Group and Parent
$'000 $'000 $'000 $'000
2022
Carrying amount at 1 July 2021 7,8 84 100 378 8,362
Acquisitions 24 - - 24
Transfers 378 - (378) -
Amortisation (1,526) (34) - (1,560)
Carrying amount at 30 June 2022 6,760 66 - 6,826
2021
Carrying amount at 1 July 2020 8,927 134 256 9,317
Acquisitions 435 - 122 557
Amortisation (1,478) (34) - (1,512)
Carrying amount at 30 June 2021 7,88 4 100 378 8,362
Page 62RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
15. Intangible assets (continued)
Accounting policy – recognition and measurement
Intangible assets of the RTA comprise both internally generated and purchased software. Intangible assets with a
historical cost or other value equal to or greater than $100,000 are recognised in the financial statements. Items with
a lesser value are expensed.
There is no active market for any of the RTA’s intangible assets. As such, the assets are recognised and carried at
historical cost less accumulated amortisation and accumulated impairment losses.
Expenditure on research activities relating to internally generated intangible assets is recognised as an expense in the
period in which it is incurred.
Costs associated with the internal development of computer software are capitalised and amortised under the
amortisation policy below. Costs that do not meet the criteria for capitalisation are expensed as incurred.
The residual value is zero for all of the RTA’s intangible assets.
Accounting policy – amortisation expense
Key judgement – intangible assets
All intangible assets of the RTA have finite useful lives and are amortised on a straight line basis over their estimated
useful life to the organisation. Straight line amortisation is used reflecting the expected consumption of economic
benefits on a progressive basis over the useful life of intangibles.
Useful life
Key estimate – intangible assets
For each class of intangible asset the following amortisation rates are used:
Intangible asset Useful life
Software purchased 3 to 10 years
Software internally generated 5 to 10 years
Accounting policy – impairment
All intangible assets are assessed for indicators of impairment on an annual basis. If an indicator of possible
impairment exists, the RTA determines the asset’s recoverable amount. Any amount by which the asset’s carrying
amount exceeds the recoverable amount is recorded as an impairment loss in the profit and loss.
Intangible assets are principally assessed for impairment by reference to the actual and expected continuing use of
the asset by the RTA, including discontinuing the use of the software. Recoverable amount is determined as the
higher of the asset’s fair value less costs to sell and its value-in-use.
Page 63RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
16. Property, plant and equipment
Property, plant and equipment: at cost
Gross
598
2,081
598
2,081
Less: accumulated depreciation
(259)
(1,646)
(259)
(1,646)
Total property, plant and equipment 339
435
339
435
Reconciliation of Property, plant and equipment
Plant and
Equipment
Group and
Parent
$'000
2022
Carrying amount at 1 July 2021 435
Acquisitions -
Disposals -
Depreciation (96)
Carrying amount at 30 June 2022 339
2021
Carrying amount at 1 July 2020 306
Acquisitions 327
Disposals (11)
Depreciation (187)
Carrying amount at 30 June 2021 435
Page 64RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
16. Property, plant and equipment (continued)
Accounting policy – recognition and acquisition
Basis of capitalisation and recognition thresholds
Items of property, plant and equipment with a historical cost equal to or exceeding the following thresholds in the year
of acquisition are reported as property, plant and equipment in the following classes:
Plant and equipment $5,000
Items with a lesser value are expensed in the year of acquisition.
Expenditure on property, plant and equipment is capitalised where it is probable that the expenditure will produce
future service potential for the RTA. Subsequent expenditure is only added to an asset’s carrying amount if it
increases the service potential or useful life of that asset. Maintenance expenditure that merely restores original
service potential (lost through ordinary wear and tear) is expensed.
Accounting policy – cost of acquisition
Historical cost is used for the initial recording of all property, plant and equipment acquisitions. Historical cost is
determined as the value given as consideration and costs incidental to the acquisition, plus all other costs incurred in
getting the assets ready for use.
Accounting policy – depreciation expense
Property, plant and equipment is depreciated on a straight-line basis so as to allocate the net cost or revalued
amount of each asset, less any estimated residual value, progressively over its estimated useful life to the RTA.
Key judgement:
Straight line depreciation is used as it is consistent with the even consumption of service potential of these assets
over their useful life to the RTA.
Separately identifiable components of complex assets are depreciated according to the useful lives of each
component, as doing so results in a material impact on the depreciation expense reported.
Any expenditure that increases the originally assessed capacity or service potential of an asset is capitalised and the
new depreciable amount is depreciated over the remaining useful life of the asset to the RTA.
For the RTA’s depreciable assets, the estimated amount to be received on disposal at the end of their useful life
(residual value) is determined to be zero.
Key estimate: depreciation rates
Depreciation rates for each class of depreciable asset (including significant identifiable components):
Property, plant and equipment Useful life
Plant and equipment 3 to 20 years
Page 65RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
17. Leases
Reconciliation of Right-of-use assets
a) Right-of-use assets: building
Opening balance at 1 July
-
2,000
-
2,000
Depreciation charge
-
(1,571)
-
(1,571)
Impairment losses
-
(429)
-
(429)
Closing balance at 30 June
-
-
-
-
Impairment loss was recognised in 2021 due to the vacated premises of 179 Turbot Street, Brisbane.
b) Lease liabilities
Current
Lease liabilities
-
430
-
430
Office Building
$'000
At 1 July 2021 430
Interest expenses
1
Lease payments
(431)
30 June 2022 -
At 1 July 2020 2,910
Interest expenses
44
Lease payments
(2,524)
30 June 2021 430
Accounting policy – leases
A lease is a contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for
consideration.
To apply this definition the RTA assesses whether the contract meets three key evaluations which are whether:
• the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by
being identified at the time the asset is made available to the RTA;
• the RTA has the right to obtain substantially all of the economic benefits from use of the identified asset
throughout the period of use, considering its rights within the defined scope of the contract; and
• the RTA has the right to direct the use of the identified asset throughout the period of use.
The RTA assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period
of use.
Page 66RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
17. Leases (continued)
Right-of-use assets
Right-of-use assets are initially measured at cost, comprising the following:
• the amount of the initial measurement of the lease liability
• any lease payments made at or before the commencement date, less any lease incentives received
• any initial direct costs incurred
• the initial estimate of restoration costs
Subsequently, right-of-use assets are measured using the cost model.
The right-of-use asset is depreciated on a straight-line basis from the lease commencement date to the earlier of the
end of the useful life of the right-of-use asset or the end of the lease term.
Depreciation is recognised in the Statement of Comprehensive Income in 'Depreciation and amortisation'.
Impairment of right-of-use asset
The RTA tests for impairment where there is an indication that a right-of-use asset may be impaired. An assessment of
whether there is an indication of possible impairment is done at each reporting date. Where the carrying amount of a
right-of-use asset is greater than the estimated recoverable amount, it is written down immediately to its recoverable amount.
The resulting impairment loss is recognised immediately in surplus or deficit.
Lease liabilities
Lease liabilities are initially recognised at the present value of non-cancellable lease payments discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the RTA's incremental borrowing rate.
Subsequent to initial measurement, the lease liabilities will be reduced for payments made and increased for interest.
It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.
The unwind of the financial charge on the lease liabilities is recognised in the Statement of Comprehensive Income
based on the incremental borrowing rate.
The RTA does not recognise leases that have a lease term of 12 months or less or are of low value as a right-of-use
asset or lease liability. The lease payments associated with these leases are recognised as an expense in the
Statement of Comprehensive Income on a straight-line basis over the lease term.
Leasing arrangements
The lease of office premises at 179 Turbot Street ended in August 2021. The RTA relocated to new office premises in
June 2021 to enable the completion of make good works prior to end of lease. Consequently, an impairment loss of
$428,628 was recognised in the comparative statement of comprehensive income equal to the remaining value of the
right-of-use asset as there were no further economic benefits to be generated by the RTA from the Turbot Street
building subsequent to the premises being vacated.
The remaining lease instalments were paid in the current financial year. Lease interest is recognised in the month of
the payment.
Make good work at Turbot Street was completed in February 2022. An accrual of $1,189,561 was recognised at
30 June 2021, being the original expected cost of make good works. The actual make good cost was $987,645.
The over-accrual of $201,916 was reversed in 2021–22.
Office accommodation
The Queensland Government Accommodation Office (QGAO) has provided the RTA with office accommodation at
level 11, 150 Mary Street, commencing in June 2021. This arrangement is categorised as procurement of services
rather than a lease, as the Department of Energy and Public Works has substantive substitution rights over the assets.
The lease arrangement between the property owner and the QGAO provided for an incentive amount which was
permitted to be used by the lessee (QGAO) and/or the property occupant (the RTA) to fund premises fit out, with
the remainder to be received in the form of a cash payment. QGAO, as the lessee, owns the fit out and the RTA
has not recognised any portion of the fit out asset or the incentive amount used to fund the fit out in its financial
statements. The cash component of the incentive, being $941,248, was received by the RTA and was recognised
as revenue in 2020–21.
Page 67RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
18. Payables
Current
a) Payables
Trade creditors
1,471
2,762
1,347
2,648
Payables to RTEO
-
-
4,783
4,675
1,471
2,762
6,130
7,323
b) Rental bonds and unclaimed monies
Rental bonds
1,024,978
971,010
1,024,978
971,010
Unclaimed bond monies *
4,965
4,973
4,965
4,973
1,029,943
975,983
1,029,943
975,983
* Includes unclaimed amounts in the rental bond account that have been paid by cheque and have not been presented within
15 months or more.
Accounting policy – payables
Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the nominal
amount i.e. agreed purchase/contract price, gross of applicable trade and other discounts. Amounts owing are
unsecured and are generally settled on 30 day terms.
Accounting policy – rental bonds and unclaimed monies
In accordance with s116 of the RTRA Act and regulations thereto, a person receiving a rental bond must, within
10 days of receiving it, pay it to the RTA. These bonds are withdrawn when the tenancies are terminated, which can
be at any time following bond lodgement. Per AASB 13 Fair Value Measurement, the fair value of a financial liability
with a demand feature is not less than its carrying value. Bond lodgements are recognised as current liabilities as the
RTA does not have an unconditional right to defer settlement beyond 12 months. Bonds are a financial liability and are
regarded as being payable on demand.
Under Section 151 of the RTRA Act when a cheque (or electronic funds transfer) has not been presented or
successfully transferred to the recipient at least 7 years from the date that the payment was made then it is classified
as unclaimed bond monies. These are disclosed as current liabilities and are recognised at the face value of the
bond. Unclaimed monies do not lose the demand feature associated with the bond, and are therefore recognised as
current liabilities at their undiscounted face value.
During the 2019–20 financial year the RTA obtained approval from the Minister under s151(2) of the RTRA Act to transfer
unclaimed bond monies amounting to $9,478,837 aged greater than 7 years out of the rental bond account. Usage of these
funds is permitted for the purpose of administering rental advisory services under the Act. The liability associated with
these unclaimed bond monies was derecognised in the year of approval.
As of 30 June 2022, the RTA has spent a total of $3,466,414 (2021: $3,463,171) of unclaimed bond monies for
purposes permitted under the Act.
The RTA retains an obligation to repay these monies in the event they are claimed, refer Note 25 for further disclosure.
Page 68RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
19. Accrued employee benefits
Current
Annual leave
1,833
1,711
29
20
Long service leave
1,923
1,834
24
15
Time off in lieu (TOIL)
21
21
-
-
Total current 3,777
3,566
53
35
Non current
Long service leave
1,115
1,256
-
-
Total non current 1,115
1,256
-
-
Total accrued employee benefits 4,892
4,822
53
35
All provisions include associated on-costs.
Accounting policy – accrued employee benefits
TOIL, long service leave and annual leave due but unpaid at reporting date are recognised in the Statement of
Financial Position at the remuneration rates expected to apply at the time of settlement including on-costs in
accordance with AASB 119 Employee Benefits.
For unpaid entitlements expected to be wholly settled within 12 months, the liabilities are recognised at their
undiscounted values. For those entitlements not expected to be wholly settled within 12 months, the liabilities are
recognised at their present value, calculated using yields on fixed rate commonwealth government bonds of similar
maturity, after projecting the remuneration rates expected to apply at the time of likely settlement. Unpaid liabilities are
classified as current where the RTA does not have an unconditional right to defer settlement beyond 12 months.
Key estimate: long service leave
Several estimates and assumptions are used in calculating the accrued long service leave. These include:
y expected future salary increases 2.5% (2021: 2.5%)
y discount rates 2.38% to 3.86% (2021: -0.02% to 2.07%)
Changes in these estimations may impact on the carrying amount of the accrued long service leave benefits liability.
20. Financing arrangements
Access was available at balance date to the following lines of credit:
Corporate credit cards
200
200
200
200
Page 69RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
21. Financial instruments
(a) Categorisation of financial instruments
The RTA and its controlled entity have the following categories of financial assets and financial liabilities:
Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
Category
Current financial assets
Financial assets measured at fair value through profit and loss:
Cash and cash equivalents
103,785
48,602
103,732
48,570
Other financial assets
903,386
959,869
903,386
959,869
Financial assets measured at amortised cost:
Receivables
317
1,203
272
1,16 8
Total current financial assets 1,0 07,48 8
1,009,674
1,0 07,390
1,009,607
Current financial liabilities
Financial liabilities measured at amortised cost:
Payables
1,471
2,762
6,130
7,323
Rental bonds and unclaimed monies
1,029,943
975,983
1,029,943
975,983
Lease liabilities
-
430
-
430
Total current financial liabilities 1,031,414
979,175
1,036,073
983,736
No financial assets and financial liabilities have been offset and presented net in the Statement of Financial Position.
Accounting policy – financial instruments: recognition and classification
Financial assets and financial liabilities are recognised in the Statement of Financial Position when the RTA becomes
a party to the contractual provisions of the financial instrument.
Page 70RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
21. Financial instruments (continued)
(b) Financial risk management
The RTA’s activities expose it to a variety of financial risks as set out in the following table.
Risk exposure Measurement method
Credit risk Aging analysis, earnings at risk
Liquidity risk Sensitivity analysis
Market risk Investment earnings sensitivity analysis
Financial risk management is implemented pursuant to Government and RTA policy. These policies focus on the
unpredictability of financial markets and seek to minimise potential adverse effects on the financial performance of the
RTA and its controlled entity.
The RTA and its controlled entity have written principles for overall risk management as well as policies covering specific areas.
The RTA’s activities expose it to a variety of financial risks as set out in the following table:
Risk exposure Credit risk
Definition
Credit risk exposure refers to the situation where the RTA may incur financial loss as a result of
another party to a financial instrument failing to discharge their obligation.
Exposure
The RTA is exposed to credit risk in respect of its receivables (Note 13), cash and cash equivalents
(Note 10) and other financial assets (Note 11). No collateral is held as security and no credit
enhancements relate to financial assets held by the RTA or its controlled entity. The combined
carrying amount of each of these asset classes as disclosed in Note 21(a) represents the group’s
maximum exposure to credit risk at 30 June 2022. No financial assets have had their terms
renegotiated so as to prevent them from being past due or impaired, and are stated at the carrying
amount as indicated.
Risk
management
strategies
The RTA and its controlled entity manage credit risk through the use of a credit management strategy.
This strategy aims to reduce the exposure to credit default by ensuring that the RTA invests in secure
assets and monitors all funds owed on a timely and ongoing basis. The RTA manages its exposure to
credit risk on investments through compliance with the SBFA Act, Queensland Treasury Guidelines
and a formal investment strategy approved by the RTA Board. The Treasurer must approve through
Section 61A of the SBFA Act the strategic asset allocation parameters. The Treasurer approved the
RTA to appoint QIC as its fund manager under section 59 of the SBFA Act on 5 February 2004.
On 8 July 2022 the RTA terminated the agreement with QIC with the transfer of investments to the
Queensland State Government (Note 1).
The method for calculating any provisional impairment for risk is based on past experience, current
and expected changes in economic conditions and changes in client credit ratings.
The loss allowance for the expected credit losses from receivables is based on the RTA’s historical
credit loss experience for various group of debtors (Note 13).
Risk exposure Liquidity risk
Definition
Liquidity risk refers to the situation where the RTA may encounter difficulty in meeting obligations
associated with financial liabilities that are settled by delivering cash or another financial asset.
Exposure
The RTA is exposed to liquidity risk in respect of its payables (Note 18a), rental bonds and unclaimed
monies (Note 18b).
Risk
management
strategies
The RTA and its controlled entity manage liquidity risk on the basis of the Investment Policy. This
policy aims to reduce the exposure to liquidity risk by ensuring the RTA and its controlled entity
have sufficient funds available to meet rental bond, employee and supplier obligations as and
when they fall due. This is achieved by ensuring that minimum levels of cash are held within the
various bank accounts so as to match the expected duration of the various employee and supplier
liabilities. Cash-flow management is performed daily. In the event that the RTA is unable to meet its
financial liability obligations, the State will provide support to ensure that the RTA can comply with
its obligations.
Page 71RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Risk exposure Market risk
Definition
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk.
Interest rate risk and other price risks are risks that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates or other market factors.
Exposure
The RTA does not trade in foreign currency (other than indirectly through its investments with QIC) and is
not materially exposed to commodity price changes.
The RTA is exposed to interest rate and other price risks through its large investment with QIC and other
short-term investments with financial institutions. Through the investment strategy with QIC, the RTA is
exposed to the risk of movements in domestic and international bond yields, equity investment values, and
exchange fluctuations for investments denominated in foreign currencies, refer (Note 11). From 1 July 2022
the RTA will have limited market risk exposure with the transfer of QIC investments to the State Government.
The RTA is also exposed to interest rate risk through its cash deposited in interest bearing accounts.
From 1 July 2022, rental bonds held within cash at bank will not provide interest to the RTA. The RTA will
maintain operating cash balances in interest bearing accounts (Note 10).
Risk
management
strategies
The RTA manages its exposure to market risk on investments through compliance with the SBFA Act
Queensland Treasury Guidelines and a formal investment policy approved by the RTA Board. The
Treasurer must approve through Section 61A of the SBFA Act the strategic asset allocation parameters.
The Treasurer approved the RTA to appoint QIC as its fund manager under section 59 of the SBFA Act on
5 February 2004. On 8 July 2022 the RTA terminated the agreement with QIC with the transfer of
investments to the Queensland State Government (Note 1).
From 1 July 2022 the RTA will only be managing operational cash balances. The management of these
funds remains within the above risk management processes and legislation.
Page 72RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
21. Financial instruments (continued)
(c) Liquidity risk – contractual maturity of financial liabilities
The following table sets out the liquidity risk of financial liabilities held by the RTA and its controlled entity. It represents
the contractual maturity of financial liabilities, calculated based on undiscounted cash flows relating to the liabilities at
reporting date.
Group
Payable in:
≤ 1 year
> 1 year
≤ 5 years
> 5
years Total
Carrying
value
Notes
$’000 $’000 $’000 $’000 $’000
2022
Financial liabilities
Payables 18 1,471 - - 1,471
Rental bonds and unclaimed monies 18 1,029,943 - - 1,029,943
Total financial liabilities 1,031,414 - - 1,031,414
2021
Financial liabilities
Payables 18 2,762 - - 2,762 2,762
Rental bonds and unclaimed monies 18 975,983 - - 975,983 975,983
Lease payable 17 432 - - 432 430
Total financial liabilities 979,177 - - 979,177 979,175
Page 73RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
21. Financial instruments (continued)
(c) Liquidity risk – contractual maturity of financial liabilities (continued)
Parent
Payable in:
≤ 1 year
> 1 year
≤ 5 years
> 5
years Total
Carrying
value
Notes
$’000 $’000 $’000 $’000 $’000
2022
Financial liabilities
Payables 18 6,130 - - - 6,130
Rental bonds and unclaimed monies 18 1,029,943 - - - 1,029,943
Total financial liabilities 1,036,073 - - - 1,036,073
2021
Financial liabilities
Payables 18 7, 3 2 3 - - 7, 323 7, 323
Rental bonds and unclaimed monies 18 975,983 - - 975,983 975,983
Lease payable 17 432 - - 432 430
Total financial liabilities 983,738 - - 983,738 983,736
Page 74RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
21. Financial instruments (continued)
(d) Market risk – sensitivity analysis
The RTA and its controlled entity continually assess interest rate exposure and the impact of market volatilities in
conjunction with its fund manager, throughout the year. For the purpose of this report the RTA has used the variance from
budgeted returns as the basis of the sensitivity analysis. If the actual investment return varies by +685 of -20 basis points
for the 2021–22 year (2020–21: +20 of -520 basis points) the corresponding impact on the RTA's earnings and net assets is
summarised in the table below:
Group and Parent
$’000 $’000 $’000 $’000 $’000
Carrying
Amount
Operating
Surplus/
(Deficit) Equity
Operating
Surplus/
(Deficit) Equity
Return on earnings basis points
2022 Market risk
20 pts less
than actual
685 pts greater
than actual
Investment earning variation 903,386 (1,807) (1,807) 61,882 61,882
Actual result (56,270) (21,285) (56,270) (21,285)
Changed result (58,077) (23,092) 5,612 40,597
Return on earnings basis points
2021 Market risk
520 pts less
than actual
20 pts greater
than actual
Investment earning variation 959,869 (49,913) (49,913) 1,920 1,920
Actual result 35,297 34,985 35,297 34,985
Changed result (14,616) (14,928) 37, 217 36,905
22. Key executive management personnel and remuneration expenses
(a). Key management personnel
The RTA’s responsible Minister is the Minister for Communities and Housing, Minister for Digital Economy and Minister
for the Arts and is identified as part of the organisation's Key management personnel (KMP).
The following details for non-ministerial executive management personnel include those positions that had authority
and responsibility for planning, directing and controlling the activities of the RTA and its controlled entity during
2021–22.
Further information on these positions can be found in the body of the Annual Report under the section relating to
executive management.
Key management personnel and remuneration disclosures are made in accordance with the Financial Reporting
Requirements for Government Agencies issued by Queensland Treasury.
Page 75RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
22. Key executive management personnel and remuneration expenses (continued)
(a). Key management personnel (continued)
Position Responsibilities
Changes to positions
2022 2021
Chief
Executive
Officer
Leads the Executive Leadership Team to ensure
progress on the strategic priorities of the business
and engages regularly with industry stakeholders to
increase opportunities for collaboration and
consultation.
Current role Current role
Chief
Financial
Officer
Ensures business sustainability by managing
financials, meeting governance and legal
requirements to assess and mitigate risks, and
overseeing investigations for compliance activities.
Current role:
from 22/02/2021
Current role:
from 22/02/2021
Acting:
03/02/2020–21/02/2021
Chief Digital
Officer
Manages all information technology and record
keeping requirements, business systems and
applications in partnership with managed services
provider Idea 11, and provides business intelligence
and smart digital solutions to facilitate strategic
direction and priorities.
Current role:
from 17/05/2021
Current role:
from 17/05/2021
Acting:
18/02/2021–30/05/2021
Former:
23/07/2018 –17/03/2021
Chief
Customer
Experience
Officer
Leads the Customer Experience division including
Call Centre, Dispute Resolution and Bond
Management with the purpose of providing
high-quality customer-centric services utilising
modern and diverse channels.
Current role:
from 07/09/2020
Current role:
from 07/09/2020
Acting:
25/03/2020–13/09/2020
18/02/2021–30/05/2021
Chief People
Officer
Leads the People and Culture division which includes
specialist teams across Human Resources, Learning
and Organisational Development, Communications
and Education and Change Management.
Current role:
from 22/02/2021
Current role:
from 22/02/2021
Acting:
25/03/2020–21/02/2021
Ceased positions included for comparative purposes
Director
– People and
Culture
Leads the People and Culture division which includes
specialist teams across Human Resources, Learning
and Organisational Development, Communications
and Education and Change Management.
Vacant*
Ceased:
22/02/2021
* Director People and Culture was acting in Chief People Officer role until the permanent appointment was made
on 22/02/2021.
Page 76RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
22. Key executive management personnel and remuneration expenses (continued)
(b) Remuneration
The remuneration packages for key executive management personnel comprise of the following components: –
• Short term employee benefits which include:
– Base – consisting of base salary, allowance and leave entitlements paid and provided for the entire year or for
that part of the year during which the employee occupied the specified position. Amounts disclosed equal the
amount expensed in the Statement of Comprehensive Income.
– Non-monetary benefits – consisting of provision of self-education expenses together with fringe benefits tax
applicable to the benefit.
• Long term employee benefits include long service leave accrued.
• Post employment benefits include employer superannuation contributions.
• Termination benefits are not provided for within individual contracts of employment. Contracts of employment
provide only for notice periods or payments in lieu of notice on termination, regardless of the reason for termination.
Total fixed remuneration is calculated on a ‘total cost’ basis and includes the base and non-monetary benefits, long
term employee benefits and post employment benefits.
No performance payments were made to key executive management personnel during the financial year.
1 July 2021 – 30 June 2022
Position
Short Term
Employee
Benefits
Long Term
Employee
Benefits
Post
Employee
Benefits
Termination
Benefits
Total
Remuneration
Base
Non-
Monetary
Benefits
$'000 $'000 $'000 $'000$'000 $'000
Chief Executive Officer 310 - 8 29 - 347
Chief Financial Officer* 207 - 5 23 - 235
Chief Digital Officer 202 - 5 21 - 228
Chief Customer Experience Officer 199 - 5 21 - 225
Chief People Officer* 225 - 6 22 - 253
Total 1,143 - 29 116 - 1,288
* Includes higher duty payments.
The remuneration policy for the RTA and its controlled entity is provided for under the Act. Pursuant to this, the
executive officer of the RTEO is the same person who holds the existing appointment as the Chief Executive Officer
of the RTA. The RTA Chief Executive Officer is appointed by the Governor in Council.
The details of the other terms of employment (including motor vehicle entitlements) for the Chief Executive Officer
position are specified in the employment contract. The current Chief Executive Officer has been reappointed to the
RTA on a fixed three year contract effective from 30 April 2021.
For the 2021–22 year, the remuneration of key executive management increased by 2.5% in September 2021
and 2.5% in March 2022 (2020–21 Nil) for Senior Officers and Senior Executive Services, in accordance with
government directives.
Page 77RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
22. Key executive management personnel and remuneration expenses (continued)
(b) Remuneration (continued)
1 July 2020 – 30 June 2021
Position
Short Term
Employee
Benefits
Long Term
Employee
Benefits
Post
Employee
Benefits
Termination
Benefits
Total
Remuneration
Base
Non-
Monetary
Benefits
$'000 $'000 $'000 $'000$'000 $'000
Chief Executive Officer 305 - 8 26 - 339
Chief Financial Officer* 206 - 5 23 - 234
Chief Digital Officer 232 - 6 24 - 262
Chief Customer Experience Officer 187 - 5 18 - 210
Chief People Officer* 211 - 5 17 - 233
Total 1,141 - 29 108 - 1,278
* Includes higher duty payments.
(c) Other transactions with key management personnel and their related parties
For the 2021–22 financial year there were no material related party transactions between the RTA and key
management personnel other than ordinary citizen transactions.
Page 78RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
23. Board disclosures
Section 471 of the Act provides for the RTA to have a Board of Directors. There is no legislative requirement for the
RTEO to have a Board.
The Queensland Government determines appropriate payment for part-time chairs and members of government
boards, committees and statutory authorities. Payments are made in accordance with the Executive Council minute
for each Director appointed as approved by the Governor in Council.
(a) Board members remuneration
Appointed Ceased Group Parent
2022
2021
2022
2021
$'000
$'000
$'000
$'000
Mr Paul Melville (Chair) May 2017
51
53
51
53
Mr Stephen Ryan Nov 2016
21
23
21
23
Ms Sally Watson Nov 2016
21
22
21
22
Ms Janet Benson May 2017
21
22
21
22
Ms Rachel Watson Dec 2017 Aug 2020
-
4
-
4
Ms Christine Castley
Dec 2017
21
14
21
14
Ms Deborah Duffy Dec 2017 Aug 2020
-
4
-
4
Ms Cara Walsh Sep 2020
21
17
21
17
Mr Damian Wright
1
Sep 2020
20
14
20
14
Total Board member payments 176
173
176
173
The 2021–22 Board fees included fees of $161,586 plus superannuation of $14,151. The 2020–21 Board fees included
fees of $159,885 plus superannuation of $13,650.
1
– Mr Damian Wright’s fee is paid to BDO Australia.
(b) Other Transactions with Board Members and Board Member Related Entities
The RTA has no dealings with another entity of which a Board Member has a related interest as declared in the
Conflicts of Interest Register.
24. Related party disclosures
During the year, the RTA incurred service fee income to its controlled entity, the RTEO, of $21,292,870
(2021: $21,196,842).
Transactions with other related parties
The RTA utilises the services of QIC and QTC to invest rental bond monies and excess cash reserves. The total
management fees paid or payable in this financial year to QIC and QTC are $1,724,609 and $89,883 respectively
(2021: $1,704,830 and $82,889).
During the year the RTA has engaged Corporate Administration Agency (CAA) to provide payroll services. The total
payments to CAA in 2022 $147,730 (2021: $113,327).
The RTA has utilised QBuild to carry out make good works from June 2021 to September 2021. The amount payable
to QBuild as at 30 June 2021, was $160,641.
The RTA has entered into a contractual arrangement with QGAO for the supply and management of office
accommodation from June 2021. The total payments to QGAO in this financial year are $1,247,576 (2021: nil).
Page 79RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
25. Contingencies
As described in Note 18, the RTA retains an obligation to refund unclaimed bond liabilities which has been
derecognised if these bonds are subsequently claimed. The probability of future claims against these funds is low.
Over the past seven years the average annual payments made in respect of unclaimed bond monies aged greater
than seven years was $14,837 (2021: $25,785).
26. Capital commitments
The RTA and its controlled entity have no capital commitments as at the reporting date.
27. Events occurring after balance date
On 1 July 2022, the RTA transferred all of its investment assets to the State Government, in accordance with the agreement
outlined in notes 1 and 11. As per the terms of this agreement, the RTA received a cash payment of $864,635,239 on
completion of this transfer, being 95% of the value of QIC investments as at 28 June 2022, and the investment assets were
derecognised in full as at the transfer date. The excess of the fair value of investments as at 30 June over the value of the
initial cash payment received in consideration for the transfer was recognised as a receivable at the date of de-recognition
(1 July 2022). The final payment in full settlement of this receivable is expected to be received prior to 31 October 2022.
The RTA is also entitled to receive a cash payment for the excess of rental bond liabilities over cash holdings in the rental
bond account subsequent to completion of the funds transfers described above. It is expected that a cash receipt in
settlement of this entitlement will be received in September 2022, and will be recognised as equity contribution in the
2022–23 financial year, in accordance with the requirements of AASB Interpretation 1038 Contributions by Owners made
to Wholly-Owned Public Sector Entities and AASB 1004 Contributions.
The RTA and its controlled entity are not aware of any other events occurring after balance date that would impact
this financial report.
28. Future impact of accounting standards not yet effective
At the date of the authorisation of the financial report, Australian accounting standards and interpretations with future
effective dates are either not applicable to or have no material impact on the activities of the RTA.
29. Taxation
The RTA and its controlled entity are State bodies as defined under the Income Tax Assessment Act 1936 and are
exempt from Commonwealth (Cth) taxation with the exception of Fringe Benefits Tax (FBT), Goods and Services Tax
(GST) and Pay-As-You-Go (PAYG) withholding requirements.
The RTA and its controlled entity are also required to comply with state taxes such as Payroll Tax (QLD).
Investment activity of the RTA is part of the RTA’s overall enterprise. Accordingly, the RTA is subject to Division 70 of
the GST Act which reduces the entitlement for GST refundable for acquisitions for the purposes of investment
portfolio management.
Effectively, any GST paid on such expenditure is reduced by 25% (e.g. management fees). Additionally, a small
percentage of GST paid on overall RTA operational costs is also disallowed.
Income, expenses, assets, and liabilities (excluding receivables and payables respectively) are recognised net of the
amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office
(ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or in the amount
of the expense.
Receivables and payables are stated with the amount of GST included, where applicable.
The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables,
respectively, in the consolidated statement of financial position.
Cash flows are included in the consolidated statement of cash flows net of the amount of GST. The GST component
of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the ATO is
classified as part of operating cash flows.
Commitments and contingencies are disclosed inclusive of the amount of GST recoverable from, or payable to, the
ATO, where applicable.
RTEO and RTA are grouped for GST purposes.
Page 80RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
30. Budgetary reporting disclosures
Statement of Comprehensive Income
Original
budget
2022
Actual
2022
Variance
Variance
notes $’000 $’000 $’000
Income
Investment revenue 1
25,972
12,790
(13,182)
Grants and contributions 2
15,500
16,913
1,413
Other revenue
-
3
3
Total income 41,472
29,706
(11,766)
Expenses
Employee expenses 3
23,444
22,273
1,171
Supplies and services 4
12,147
10,048
2,099
Finance costs
1
1
-
Depreciation and amortisation
5
1,945
1,656
289
Fair value loss on investments 6
-
51,779
(51,779)
Other expenses
223
219
4
Total expenses 37,760
85,976
(48,216)
Operating result for the year 3,712
(56,270)
(59,982)
Other Comprehensive Income
-
-
-
Total Operating Result 3,712
(56,270)
(59,982)
Page 81RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
30. Budgetary reporting disclosures (continued)
Statement of Financial Position
Original
budget
2022
Actual
2022
Variance
Variance
notes $’000 $’000 $’000
Current assets
Cash and cash equivalents 7
68,333 103,785 35,452
Other financial assets 8
962,816 903,386 (59,430)
Receivables 9
759 317 (442)
Other current assets 10
420 342 (78)
Total current assets 1,032,328 1,0 07,8 30 (24,498)
Non current assets
Intangible assets
6,749 6,826 77
Property, plant and equipment 11
519 339 (180)
Other non current assets
- 26 26
Total non current assets 7,268 7,191 (77)
Total assets 1,039,596 1,015,021 (24,575)
Current liabilities
Payables 12
958 1,471 (513)
Rental bonds and unclaimed monies
1,015,716 1,029,943 (14,227)
Accrued employee benefits
3,443 3,777 (334)
Total current liabilities 1,020,117 1,035,191 (15,074)
Non current liabilities
Accrued employee benefits 13
1,263 1,115 148
Total non current liabilities 1,263 1,115 148
Total liabilities 1,021,380 1,036,306 (14,926)
Net assets 18,216 (21,285) (39,501)
Equity
Accumulated surplus
18,216 (21,285) (39,501)
Total equity 18,216 (21,285) (39,501)
Page 82RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
30. Budgetary reporting disclosures (continued)
Statement of Cash Flows
Original
budget
2022
Actual
2022
Variance
Variance
notes $’000 $’000 $’000
Cash flows from operating activities
Inflows
Interest income
361 387 26
Bond lodgements
409,542 443,328 33,786
Government grants
15,500 16,913 1,413
Other operating receipts
- 3 3
GST collected from customers
- 16 16
GST refunds received
990 1,078 88
Outflows
Bond claims
(376,324) (389,368) (13,044)
Employee expenses
(23,499) (22,123) 1,376
Supplies and services 14
(11,394) (8,416) 2,978
Other expenses
(203) (219) (16)
GST paid to suppliers
(1,120) (1,161) (41)
Interest on leases
(1) (1) -
Net cash provided by/(used in) operating activities 13,852 40,437 26,585
Cash flows from investing activities
Inflows
Investments redeemed 15
25,661 15,200 (10,461)
Outflows
Payments for internally generated software
- (24) (24)
Payments for investments 16
(23,634) - 23,634
Net cash provided by/(used in) investing activities 2,027 15,176 13,149
Cash flows from financing activities
Outflows
Repayment of lease liabilities
(431) (430) 1
Net cash provided by/(used in) financing activities (431) (430)
1
Net increase/(decrease) in cash and cash equivalents
15,448 55,183 39,735
Cash and cash equivalents at beginning of financial year
52,885 48,602 (4,283)
Cash and cash equivalents at end of financial year 68,333 103,785
35,452
Page 83RTA Annual Report 2021–22
Notes to the Financial Statements
for the year ended 30 June 2022
Explanations of major variances
Statement of Comprehensive Income
1 Investment revenue Investment revenue fell by $13M as a result of fluctuations in global financial
markets.
2 Grants and contributions The actual is higher than budget due to the additional funding received to
implement phase 1 Housing Legislative Amendments Act 2021.
3 Employee expenses Due to the current employment market, employee expenses were lower than
budgeted due to delays in recruitment processes.
4 Supplies and services Due to the relocation of the office, one off make good cost of $1M budgeted in
2022. Actual cost was recognised in 2021 financial year. The remainder of the
variance is due to lower than budgeted technology and building costs.
5 Depreciation and amortisation Amortisation cost of $0.29M budgeted in 2021–22 for the lease of office premises
at 179 Turbot Street. However impairment loss was recognised in 2021 due to the
relocation to new office premises in June 2021.
6 Fair value loss on investments Loss in fair value of investments ($52M) is attributable to impacts of global
financial markets.
Statement of Financial Position
7 Cash and cash equivalents With legislated funding changes and poor market movements the RTA did not
invest cash receipts.
8 Other financial assets The decrease in value of QIC investments due to the capital losses incurred. The
RTA expected a growth of investments by 2.7% however incurred losses of 4.15%.
9 Receivables Receivables are lower than budget mainly due to the decrease in debtors $428K.
10 Other current assets The decrease in other current assets relates to lower than budgeted prepaid
expenses.
11 Property, plant and
equipment
No investment was made in the property, plant and equipment as opposed to the
budgeted expenditure of $0.17M.
12 Payables Payables are higher than budget due to the costs incurred for customer research
project ($0.20M) and contractors ($0.25M).
13 Accrued employee benefits The variance in the accrued employee benefits relates to non current long service
liabilities. Liabilities decreased with the increase in discounting rates.
Statement of Cash Flows
14 Supplies and services Cash outflows for supplies and services were lower than budget due to the
same reasons outlined in the major variance explanations for the statement of
comprehensive income.
15 Investment redeemed Investments paid lower levels of distributions than budgeted.
16 Payments for investments With legislated funding changes and poor market movements the RTA did not
invest cash receipts.
Page 84RTA Annual Report 2021–22
Management Certificate
for the year ended 30 June 2022
These general purpose financial statements h
ave
been prepared pursuant to section
62(1)
of
the Financial
Accountability
Act
2009
(Q
l
d)
(tl
1e Act), section 39 of
t11e
Financial
and
Performance Management Standard 2019
and other prescribed requirements.
In
accordance with section
62(1)(b)
of the Act we certify that in our opinion:
(a)
the prescribed requirements for establishing and keeping the accounts have been complied with
in
all
mater
ial
respects; and
(b)
the financial statements have been drawn
up
to present a true and fair view,
in
accordance with prescribed
Accounti
ng
standards,
of
the transactions of the Residential Tenancies Authority and its controlled entities for
the financial year ended 30 June 2022 and
of
the financi
al
position of the Authority and its controlled entities
at the end of that year; and
We
acknowledge
res
ponsibility under
s.7
and
s.
11
of
the Financial and Performance Management
Standard
2019
for the estab
li
shment and maintenance,
in
all
materi
al
respects, of
an
appropriate and effective system of internal
controls and risk management processes with respect to
fi
nancial reporting throughout the reporti
ng
period.
Jennifer Smith
Chief Executive Officer
Chairperson,
RTA
Board
26/08/2022
~
residential
l rta r
tenancies
--~
.....
authority
Page 85RTA Annual Report 2021–22
•
Queensland
• •
Audit
Office
Better
public
services
INDEPENDENT AUDITOR'S REPORT
To the Board of Reside
nt
ial Tenancies Author
it
y
Report on the audit of the financial report
Opini
on
I have audited the accompany
in
g f
in
ancial report of Residen
ti
al Tenancy Authority (the
parent) and its controlled entities (the group).
In
my opinion,
th
e financial repo
rt:
a) gives a t
ru
e and
fa
ir view of the parent's and group's financial position as at
30 June 2022, and their
fi
nancial performance and cash flows for the year then ended
b) complies with the Financial Accountability
Act
2009, the F
in
anci
al
and Performance
Management Standard 2019 and Australian Accounting Standards.
The financial report comprises the statements of financial position as at 30 June 2022, the
statements of comprehensive income, statements of changes
in
equity and statements of
cash flows for
th
e year then ended, notes to the financi
al
statements incl
ud
ing summaries of
significant account
in
g policies and other explanatory information, and
th
e management
certificate.
Basis for opinion
I conducted my audit
in
accordan
ce
with the Auditor-General Auditing Standards, w
hi
ch
incorporate the Australian Auditi
ng
Standards. My responsibilities
un
der those standards are
further described in the Auditor's Responsibilities for the Audit
of
the Financial Report section
of my repo
rt
.
I am independent of the parent and group in accordance with the ethical r
eq
ui
rements of the
Accounting Profession
al
and Ethical Standards Board's APES 11 O Code
of
Ethics for
Professional Accountants (the Code) that are relevant to my audit of the financi
al
repo
rt
in
Austr
al
ia. I have also
fu
lfilled my other ethi
cal
responsib
il
ities
in
accordance with the Code
and the
Aud
itor-General Auditi
ng
Standards.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a
basis for my opinion.
Other information
Other
in
formation comprises the information included in the group's annual repo
rt
for the
year ended 30 June 2022, but does not include the financi
al
report and my auditor's report
thereo
n.
The Board is responsible for the other information.
In
connec
ti
on with my audit of the financial report, my responsibility is to read the other
information and, in doi
ng
so, consider whether the other information is materia
ll
y inconsistent
with the
fi
nancial report or my knowledge obta
in
ed
in the audit or othe
rwi
se appears to be
materially misstated.
If, based on the work I have performed, I conc
lu
de that there is a materi
al
misstatement of
this other information, I
am
r
eq
uired to report that fact.
Page 86RTA Annual Report 2021–22
•
Queensland
• •
Audit
Office
Better
public
services
I have nothing to report in this regard.
Responsibilities
of
the entity for the financi
al
report
The Board is responsible for the preparati
on
of t
he
financial report that gives a t
ru
e and fair
view in accordance
wi
th the Financial Accountability
Act
2009, the Financial and
Performance Management Standard 2019 and Australi
an
Accounting Standards, and for
such inte
rn
al cont
rol
as the Board determines is necessary to enable the preparati
on
of
the
financial report that is free from material misstatement, whether due to fraud or error.
The Board is also responsible for assessing the parent's and group's ability to continue as a
goi
ng
concern, disclosing, as applicable, matters relati
ng
to goi
ng
conce
rn
a
nd
using the
goi
ng
concern basis
of
accounti
ng
unless it is intended to abolish the parent or group or to
otherwise cease operations.
Auditor's responsibilities for the audit of the financial report
My objectives are to obtain reasonable assurance about whether the financial report as a
whole is free from materi
al
misstatement, whether due to fra
ud
or error, and to issue an
auditor's report that includes my opini
on.
Reasonable assuran
ce
is a high level of assurance,
but is not a guarantee that an audit conducted in accordance wi
th
the Australi
an
Audit
in
g
Standards
wi
ll
always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, i
nd
ividually or in aggregate, they could
reasonably be expected to influence the economic decisions
of
users taken
on
the basis
of
this
fi
nanci
al
repo
rt.
As
pa
rt of
an
audit in accordance with the Austra
li
an
Aud iting Standards, I exercise
professional judgement and maintain professional scepticism throughout the audi
t.
I also:
•
Id
entify and assess the risks
of
material misstatement of the financi
al
report, whether
due to fraud or error, desi
gn
and perform a
ud
it procedures responsive to those risks,
and obtain audit evidence that is sufficient a
nd
appropriate to provide a basis for my
opinion. The risk of not detecti
ng
a material misstatement resulting from fraud is higher
than for one resulti
ng
from error, as fraud may involve co
ll
usi
on
, forgery, intention
al
omissions, misrepresentations, or the over
ri
de of inte
rn
al control.
• Obtain
an
understanding of internal control relevant to the audit
in
order to design audit
procedures that are approp
ri
ate in the circumstances. This is not done for the purpose
of expressi
ng
an opi nion on the effectiveness of t
he
entity's inte
rn
al
controls, but allows
me to express an opinion
on
compliance
wi
th
prescribed requirements.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the grou
p.
• Conclude on the appropriateness of the parent's and group's use of the goi
ng
conce
rn
basis of acco
un
ti
ng
and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
parent's or group's abi
li
ty to conti
nu
e as a going concern. If I conclude that a materi
al
uncertainty exists, I am required to draw attention
in
my auditor's repo
rt
to the related
disclosures in the financial report or, if such dis
cl
osures are inadequate, to modify my
opinion. I base my conclusions on the audit evidence obtained up to the date of my
auditor's repo
rt
. However, future events or conditions may cause
th
e parent or group to
cease to
co
ntinue as a going concern.
Page 87RTA Annual Report 2021–22
•
Queensland
• •
Audit
Office
Better
public
services
• Evaluate the overall presentation, structure and content of the financial report, including
the disclosures, and whether the financial report represents the underlying transactions
and events
in
a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the group to express
an
opinion on the financial
report. I am responsible for the direction, supervision and performance of the audit
of
the group. I remain solely responsible for my audit opinion.
I communicate with the Board regarding, among other matters, the planned scope and timing
of
the audit and significant audit findings, includi
ng
any significant deficiencies in internal
control that I identify during my audit.
Statement
In
accordance wi
th
s.40 of the Auditor-General
Act
2009, for the year ended 30 June 2022:
a) I received all the information and explanations I requi
red.
b) I consider that, the prescribed requirements in relation to the establishment and
keeping of accounts were complied with
in
all material respects.
Prescribed requirements scope
The prescribed requirements for the establishment and keeping of accounts are contained
in
the Financial Accountability
Act
2009, any other Act and the Financial and Performance
Management Standard 2019. The applicable requirements include those for keeping financial
records that correctly record and explain the entity's transactions and account balances to
enable the preparation of a true and fair financial report.
Carolyn Dougherty
as
delegate of the Auditor-General
31
August 2022
Queensland Audit Office
Brisbane
RTA Annual Report 2021–22 | Page 88
Compliance checklist
Summary of requirement Basis for requirement
Annual report
reference
Letter of
compliance
A letter of compliance from the
accountable officer or statutory body
to the relevant Minister/s
ARRs – section 7
2
Accessibility
Table of contents
Glossary
ARRs – section 9.1
3
90
Public availability
ARRs – section 9.2
3
Interpreter service statement
Queensland Government
Language Services Policy
ARRs – section 9.3
3
Copyright notice
Copyright Act 1968
ARRs – section 9.4
3
Information Licensing
QGEA – Information
Licensing
ARRs – section 9.5
3
General
information
Introductory information
ARRs – section 10
6
Non-financial
performance
Government’s objectives for the
community and whole-of-government
plans/specific initiatives
ARRs – section 11.1
6
Agency objectives and performance
indicators
ARRs – section 11.2
37–39
Agency service areas and service
standards
ARRs – section 11.3
40–41
Financial
performance
Summary of financial performance
ARRs – section 12.1
42–43
Governance –
management and
structure
Organisational structure
ARRs – section 13.1
24
Executive management
ARRs – section 13.2
28–29
Government bodies (statutory bodies
and other entities)
ARRs – section 13.3
N/A
Public Sector Ethics
Public Sector Ethics Act
1994
ARRs – section 13.4
31
Human Rights
Human Rights Act 2019
ARRs – section 13.5
31
Queensland public service values
ARRs – section 13.6
N/A
Governance – risk
management and
accountability
Risk management
ARRs – section 14.1
27, 31
Audit committee
ARRs – section 14.2
27
Internal audit
ARRs – section 14.3
31
External scrutiny
ARRs – section 14.4
31
RTA Annual Report 2021–22 | Page 89
Summary of requirement Basis for requirement
Annual report
reference
Information systems and recordkeeping
ARRs – section 14.5
33
Information Security attestation
ARRs – section 14.6
N/A
Governance –
human resources
Strategic workforce planning and
performance
ARRs – section 15.1
36
Early retirement, redundancy and
retrenchment
Directive No.04/18
Early Retirement,
Redundancy and
Retrenchment
ARRs – section 15.2
36
Open Data
Statement advising publication of
information
ARRs – section 16
3
Consultancies
ARRs – section 31.3
https://ww
w.data.qld.g
ov.au/
Overseas travel
ARRs – section 31.2
31
Queensland Language Services Policy
ARRs – section 31.3
https://ww
w.data.qld.g
ov.au/
Financial
statements
Certification of financial statements
FAA – section 62
FPMS – sections 38, 39
and 46
ARRs – section 17.1
84
Independent Auditor’s Report
FAA – section 62
FPMS – section 46
ARRs – section 17.2
85
FAA Financial Accountability Act 2009
FPMS Financial and Performance Management Standard 2019
ARRs Annual report requirements for Queensland Government agencies
RTA Annual Report 2021–22 | Page 90
Glossary – Acronyms
and abbreviations
List of charts, graphs
and tables
ABS
Australian Bureau of Statistics
Audit and Risk Committee
27
ARC
Audit and Risk Committee
Average processing times
(for bond lodgements and bond refunds)
15
COVID-19
2019 Novel Coronavirus
COVID-19
Regulations
Residential Tenancies and Rooming
Accommodation (COVID-19 Emergency
Response) Regulation 2020
Board meetings
27
Bond forms processed
15
DCHDE
Department of Communities, Housing
and Digital Economy
Conciliated disputes
17
Contact Centre phone enquiries
16
DFV
Domestic and family violence
Dwelling type
10
FTE
Full-time equivalent (staff)
Dispute reasons
18
HLA Act
Housing Legislation Amendment
Act 2021
Financial performance
42
Median length of tenancies (months)
11
HR
Human Resources
Median rents for Queensland and
major centres
12
ICT
Information and communications
technology
Organisational structure
24
QCAT
Queensland Civil and Administrative
Tribunal
Our operations
7
Performance highlights
37
QIC
Queensland Investment Corporation
Performance review framework
32
Q Shelter
Queensland Shelter
Queensland bonds held by the RTA
8
QTC
Queensland Treasury Corporation
QIC fund returns
43
RTA
Residential Tenancies Authority
RTA Service Delivery Statement
40
RTI Act
Right to Information Act 2009
Total bonds held by dwelling type
9
RTRA Act
Residential Tenancies and Rooming
Accommodation Act 2008
Types of alleged offences investigated
23
Weekly median rents
11
SDS
Service Delivery Statement
Who manages bonds?
10
SWG
Stakeholder Working Group
Workforce profile
36
