The report includes comments on financial audits of government agencies in the Transport and Ports sectors. The audit of corporations’ financial statements for the year ended 30 June 2011 resulted in unmodified audit opinions within the Independent Auditor’s Reports. A key recommendation from the report is that Sydney Ports Corporation should continue working with other government authorities and industry stakeholders to improve the effectiveness of program initiatives for increasing container freight movements by rail. The Corporation should review the underlying causes hindering growth in the rail mode and develop and implement strategies to address the unfavourable trend.

The audits of the New South Wales Government controlled superannuation entities financial statements for the year ended 30 June 2011 resulted in unmodified audit opinions within the Independent Auditor’s Reports. Findings show that Treasury should review the structure and number of public sector superannuation funds and consider whether efficiencies and cost savings could be achieved through consolidation.

Barangaroo is an ambitious and significant development on Government-owned Sydney Harbour foreshore. Construction on the 22 hectare CBD site is expected to take 12 years to 2023. Developer contributions to Government of $1 billion are to provide for public domain and other Government development costs, including a six hectare Headland Park. When completed the precinct is to service an anticipated 26,000 workers and residents and up to 33,000 visitors a day. The Auditor-General concluded that while there was extensive transport planning and extensive documentation supporting Government financial forecasts, considerable risks remain for the implementation of the Barangaroo project. 

Parliamentary reference - Report number #214 - released 15 June 2011

State Transit has developed fleet management plans and maintenance standards that meet its regulatory and contractual obligations as a bus operator and are consistent with vehicle manufacturers’ standards and best practice. However, assumptions used in fleet management plans to forecast fleet growth may not result in the most efficient and effective outcome for State Transit. Forecasts fail to take account of opportunities to redesign or reduce services where they exceed contract requirements and are difficult to justify on a commercial basis. Of greater concern are the consequences arising from bus maintenance practices not meeting State Transit’s own standards.

Parliamentary reference - Report number #97 - released 29 May 2002

The Olympic Coordination Authority (OCA) has made a concerted and commendable effort in preparing the Games Budget within the definition of expenditure for the Games approved by the Government. OCA has also effectively used the definition of cost to control claims made by government agencies against the estimates to host the Games.

However, because the Games Budget was prepared in accordance with that definition, the Games Budget arguably does not capture the overall expenditure associated with the Games, as required by the Olympic Co-Ordination Authority Act. Accordingly, the taxpayers of NSW do not have a complete picture of the costs for hosting the Games.

Parliamentary reference - Report number #62 - released 14 January 1999