Consolidated Financial Report review

This Report provides our observations on the 2016-17 Consolidated Financial Report (CFR), including:

• highlights of the CFR
• the findings of our review of the CFR
• an analysis of the State’s actual financial performance
• an analysis of the State’s actual financial position.

We found that the whole of government reported a $246 million net operating deficit for 2016-17 and a net lending deficit of $3.588 billion. The State’s net worth increased by $4.677 billion, and the State is increasingly reliant on Commonwealth grant revenue. We identified opportunities to improve the way financial information is collected, validated and consolidated in preparing the CFR, but did not identify any material misstatements or control deficiencies.