Improving our financial performance

Overview

Financial efficiency was a key theme for 2008–09. Consistent with all other government agencies, ComSuper was required to identify savings to fund the initiatives identified through the Gershon review. Fees for the APS schemes received a modest increase in line with Government prescribed wage and cost indexation parameters, inclusive of the Government’s efficiency dividend requirement. We were able to identify and implement sufficient efficiencies to meet our budget for the 2008–09 financial year. Additionally, with the Government announcement of a review of superannuation administration, we were able to provide support to the scoping study whilst ensuring that, as always, we continue to operate in a financially responsible manner

From a financial operations perspective, we maintained our focus on enhancing our internal reporting, continued to comply with prescribed financial legislation, developed a comprehensive Strategic Financial Plan to complement our Capital Management Plan and to gain a greater understanding of the internal and external activities that drive our costs.

We continued to work with our key stakeholders, including our Audit Committee, Department of Finance and Deregulation (Finance), Department of Defence (Defence), Australian National Audit Office (ANAO) and Deloitte, to enhance our financial management framework and augment confidence in our financial sustainability and processes.