Financial Statements

Statement of comprehensive income for the year ended 30 June 2025

Operating result	Note	2025 $'000	2024 $'000
Income
Appropriation revenue	2	7,839,078	6,957,051
User charges and fees	3	789,794	1,104,337
Grants and other contributions	4	831,447	597,013
Service concession arrangements revenue	16	232,180	232,180
Other revenue		38,913	61,931
Total revenue		9,731,412	8,952,512
Gains on disposal of assets		2,923	2,419
Total income		9,734,335	8,954,931
Expenses
Employee expenses	5	934,094	1,083,824
Supplies and services	7	5,498,763	4,977,004
Grants and subsidies	8	801,141	790,233
Finance and borrowing costs	9	103,725	102,645
Depreciation and amortisation	10	1,691,407	1,646,691
Impairment losses	12	3,028	1,824
Other expenses	11	39,506	23,303
Total expenses		9,071,664	8,625,524
Operating result before income tax equivalent expense		662,671	329,407
Income tax equivalent expense	24	17,350	6,797
Operating result for the year		645,321	322,610
Items not reclassified to operating result
Increase in asset revaluation surplus	15, 16	3,525,930	2,650,364
Total other comprehensive income		3,525,930	2,650,364
TOTAL COMPREHENSIVE INCOME		4,171,251	2,972,974
The accompanying notes form part of these financial statements.

Statement of financial position as at 30 June 2025

	Note	2025 $'000	2024 $'000
Assets
Current assets
Cash		824,025	382,058
Receivables	12	606,431	504,767
Inventories		25,093	20,128
Prepayments	13	47,335	75,576
Non-current assets classified as held for sale		6,459	-
Total current assets		1,509,343	982,529
Non-current assets
Receivables	12	3,370	3,452
Prepayments	13	65,272	75,086
Intangible assets	14	62,924	57,901
Property, plant and equipment	15	117,250,912	109,819,852
Service concession assets	16	15,625,876	15,077,913
Deferred tax assets	24	3,770	3,769
Right-of-use assets	17	2,810	83,341
Investment in subsidiary	27	57,027	34,027
Total non-current assets		133,071,961	125,155,341
Total assets		134,581,304	126,137,870
Liabilities
Current liabilities
Payables	18	1,345,841	899,177
Borrowings	19	53,574	48,548
Provisions	20	400,462	241,779
Accrued employee benefits	21	44,522	48,115
Current tax liabilities	24	5,746	41
Unearned revenue	22	517,821	481,038
Lease liabilities	17	169	21,954
Other	23	47,969	49,577
Total current liabilities		2,416,104	1,790,229
Non-current liabilities
Borrowings	19	1,168,161	1,082,889
Provisions	20	255,106	202,654
Unearned revenue	22	6,458,775	6,691,575
Lease liabilities	17	3,383	73,557
Total non-current liabilities		7,885,425	8,050,675
Total liabilities		10,301,529	9,840,904
NET ASSETS		124,279,775	116,296,966
Equity
Contributed equity		77,418,318	73,606,760
Accumulated surplus		4,650,534	4,005,213
Asset revaluation surplus		42,210,923	38,684,993
TOTAL EQUITY		124,279,775	116,296,966
The accompanying notes form part of these financial statements.

Statement of comprehensive income by major departmental services for the year ended 30 June 2025

Operating result	Transport system investment planning and programming2025 $'000	Transport infrastructure management and delivery2025 $'000	Transport safety and regulation2025 $'000	Customer experience2025 $'000	Passenger transport services2025 $'000	Transport infrastructure construction and maintenance2025 $'000
Income
Appropriation revenue	74,375	2,943,453	177,184	338,236	4,239,620	-
User charges and fees	49,296	161,324	295,038	19,373	128,934	981,152
Grants and other contributions	599	760,995	6,494	-	63,224	54
Service concession arrangements revenue	-	223,020	-	-	9,160	-
Other revenue	2,568	32,295	1,561	148	12,263	2,788
Total revenue	126,838	4,121,087	480,277	357,757	4,453,201	983,994
Gains on disposal of assets	1,249	100	113	63	-	1,398
Total income	128,087	4,121,187	480,390	357,820	4,453,201	985,392
Expenses
Employee expenses	81,626	229,420	155,710	206,673	135,300	188,719
Supplies and services	19,106	1,143,582	290,111	145,571	3,911,253	716,197
Grants and subsidies	25,375	477,790	12,672	413	282,176	-
Finance and borrowing costs	1	30,136	5	4	73,781	528
Depreciation and amortisation	1,541	1,515,051	15,017	4,294	129,544	15,910
Impairment losses	262	2,575	(36)	3	130	94
Other expenses	176	27,655	6,911	862	1,592	18,146
Total expenses	128,087	3,426,209	480,390	357,820	4,533,776	939,594
Operating result before income tax equivalent expense	-	694,978	-	-	(80,575)	45,798
Income tax equivalent expense	-	-	-	-	-	17,350
Operating result for the year	-	694,978	-	-	(80,575)	28,448
Items not reclassified to operating result
Increase in asset revaluation surplus	698	3,342,906	8,028	989	173,193	116
Total other comprehensive income	698	3,342,906	8,028	989	173,193	116
TOTAL COMPREHENSIVE INCOME	698	4,037,884	8,028	989	92,618	28,564

Operating result	Customer and Digital Group *2025 $'000	CITEC *2025 $'000	Queensland Shared Services *2025 $'000	Corporate Administration Agency *2025 $'000	Inter-service/unit eliminations2025 $'000	Total Department2025 $'000
Income
Appropriation revenue	66,210	-	-	-	-	7,839,078
User charges and fees	19,366	65,707	52,429	4,233	(987,058)	789,794
Grants and other contributions	-	-	-	81	-	831,447
Service concession arrangements revenue	-	-	-	-	-	232,180
Other revenue	6,163	1,418	37	-	(20,328)	38,913
Total revenue	91,739	67,125	52,466	4,314	(1,007,386)	9,731,412
Gains on disposal of assets	-	-	-	-	-	2,923
Total income	91,739	67,125	52,466	4,314	(1,007,386)	9,734,335
Expenses
Employee expenses	31,822	18,716	32,751	3,322	(149,965)	934,094
Supplies and services	49,991	42,114	18,719	1,331	(839,212)	5,498,763
Grants and subsidies	2,715	-	-	-	-	801,141
Finance and borrowing costs	908	64	-	-	(1,702)	103,725
Depreciation and amortisation	6,253	3,462	335	-	-	1,691,407
Impairment losses	-	-	-	-	-	3,028
Other expenses	50	297	248	76	(16,507)	39,506
Total expenses	91,739	64,653	52,053	4,729	(1,007,386)	9,071,664
Operating result before income tax equivalent expense	-	2,472	413	(415)	-	662,671
Income tax equivalent expense	-	-	-	-	-	17,350
Operating result for the year	-	2,472	413	(415)	-	645,321
Items not reclassified to operating result
Increase in asset revaluation surplus	-	-	-	-	-	3,525,930
Total other comprehensive income	-	-	-	-	-	3,525,930
TOTAL COMPREHENSIVE INCOME	-	2,472	413	(415)	-	4,171,251
* Transactions in 2025 represent four months due to the Queensland Government Customer and Digital Group being transferred from the department following the 1 November 2024 machinery-of-government change. Refer to Note 1.

Operating result	Transport system investment planning and programming2024 $'000	Transport infrastructure management and delivery2024 $'000	Transport safety and regulation2024 $'000	Customer experience2024 $'000	Passenger transport services2024 $'000	Transport infrastructure construction and maintenance2024 $'000
Income
Appropriation revenue	122,178	2,735,010	71,181	365,028	3,487,840	-
User charges and fees	44,137	79,976	293,690	16,845	358,782	853,024
Grants and other contributions	66	538,139	3,745	-	54,662	-
Service concession arrangements revenue	-	223,020	-	-	9,160	-
Other revenue	2,460	30,083	921	15,567	10,335	2,618
Total revenue	168,841	3,606,228	369,537	397,440	3,920,779	855,642
Gains on disposal of assets	805	32	90	1	-	1,491
Total income	169,646	3,606,260	369,627	397,441	3,920,779	857,133
Expenses
Employee expenses	82,308	241,886	104,955	222,698	133,577	195,674
Supplies and services	42,674	964,413	239,183	166,247	3,439,909	619,248
Grants and subsidies	39,624	476,126	10,207	2,589	257,325	-
Finance and borrowing costs	23	22,779	4	5	77,297	903
Depreciation and amortisation	4,753	1,469,404	13,517	5,097	110,305	13,639
Impairment losses	60	1,509	336	(16)	(97)	17
Other expenses	204	17,287	1,425	821	1,659	19,364
Total expenses	169,646	3,193,404	369,627	397,441	4,019,975	848,845
Operating result before income tax equivalent expense	-	412,856	-	-	(99,196)	8,288
Income tax equivalent expense	-	-	-	-	-	6,797
Operating result for the year	-	412,856	-	-	(99,196)	1,491
Items not reclassified to operating result
Increase in asset revaluation surplus	523	2,594,896	(9,467)	1,071	63,276	65
Total other comprehensive income	523	2,594,896	(9,467)	1,071	63,276	65
TOTAL COMPREHENSIVE INCOME	523	3,007,752	(9,467)	1,071	(35,920)	1,556

Operating result	Customer and Digital Group2024 $'000	CITEC2024 $'000	Queensland Shared Services2024 $'000	Corporate Administration Agency2024 $'000	Inter-service/unit eliminations2024 $'000	Total Department2024 $'000
Income
Appropriation revenue	175,814	-	-	-	-	6,957,051
User charges and fees	84,877	166,905	150,292	12,208	(956,399)	1,104,337
Grants and other contributions	320	-	-	81	-	597,013
Service concession arrangements revenue	-	-	-	-	-	232,180
Other revenue	17,711	2,818	5,028	571	(26,181)	61,931
Total revenue	278,722	169,723	155,320	12,860	(982,580)	8,952,512
Gains on disposal of assets	-	-	-	-	-	2,419
Total income	278,722	169,723	155,320	12,860	(982,580)	8,954,931
Expenses
Employee expenses	94,743	48,559	92,588	9,585	(142,749)	1,083,824
Supplies and services	158,539	103,111	58,860	3,671	(818,851)	4,977,004
Grants and subsidies	4,799	-	-	-	(437)	790,233
Finance and borrowing costs	2,961	226	-	-	(1,553)	102,645
Depreciation and amortisation	18,899	9,680	1,397	-	-	1,646,691
Impairment losses	4	11	-	-	-	1,824
Other expenses	160	429	718	226	(18,990)	23,303
Total expenses	280,105	162,016	153,563	13,482	(982,580)	8,625,524
Operating result before income tax equivalent expense	(1,383)	7,707	1,757	(622)	-	329,407
Income tax equivalent expense	-	-	-	-	-	6,797
Operating result for the year	(1,383)	7,707	1,757	(622)	-	322,610
Items not reclassified to operating result
Increase in asset revaluation surplus	-	-	-	-	-	2,650,364
Total other comprehensive income	-	-	-	-	-	2,650,364
TOTAL COMPREHENSIVE INCOME	(1,383)	7,707	1,757	(622)	-	2,972,974

Statement of assets and liabilities by major departmental services as at 30 June 2025

	Transport system investment planning and programming2025 $'000	Transport infrastructure management and delivery2025 $'000	Transport safety and regulation2025 $'000	Customer experience2025 $'000	Passenger transport services2025 $'000	Transport infrastructure construction and maintenance2025 $'000	Inter-service/unit eliminations2025 $'000	Total Department2025 $'000
Assets
Current assets
Cash	12,969	180,022	58,188	45,384	520,297	7,165	-	824,025
Receivables	43,888	163,846	250,989	16,519	119,485	73,521	(61,817)	606,431
Inventories	-	113	2,322	131	5,677	123,130	(106,280)	25,093
Prepayments	4,156	11,054	4,959	1,383	24,837	946	-	47,335
Non-current assets classified as held for sale	6,500	-	-	-	-	(41)	-	6,459
Total current assets	67,513	355,035	316,458	63,417	670,296	204,721	(168,097)	1,509,343
Non-current assets
Receivables	-	19,000	-	-	3,396	-	(19,026)	3,370
Prepayments	3	8,964	252	26	56,027	-	-	65,272
Intangible assets	10,406	5,376	18,467	21,211	7,464	-	-	62,924
Property, plant and equipment	4,482	114,925,715	262,960	5,064	1,952,865	99,826	-	117,250,912
Service concession assets	-	13,765,369	-	-	1,860,507	-	-	15,625,876
Deferred tax assets	-	-	-	-	-	3,770	-	3,770
Right-of-use assets	-	2,593	26	-	191	-	-	2,810
Investment in subsidiary	-	57,027	-	-	-	-	-	57,027
Total non-current assets	14,891	128,784,044	281,705	26,301	3,880,450	103,596	(19,026)	133,071,961
Total assets	82,404	129,139,079	598,163	89,718	4,550,746	308,317	(187,123)	134,581,304
Liabilities
Current liabilities
Payables	5,040	306,128	77,633	38,273	1,022,708	64,182	(168,123)	1,345,841
Borrowings	-	11,993	-	-	41,581	-	-	53,574
Provisions	-	400,462	-	-	-	-	-	400,462
Accrued employee benefits	3,784	10,634	7,218	9,580	6,272	7,034	-	44,522
Current tax liabilities	-	-	-	-	-	5,746	-	5,746
Unearned revenue	94,408	353,293	6,560	-	63,560	-	-	517,821
Lease liabilities	-	-	-	-	169	-	-	169
Other	-	-	-	-	47,969	-	-	47,969
Total current liabilities	103,232	1,082,510	91,411	47,853	1,182,259	76,962	(168,123)	2,416,104
Non-current liabilities
Borrowings	-	360,541	-	-	807,620	19,000	(19,000)	1,168,161
Provisions	-	255,106	-	-	-	-	-	255,106
Unearned revenue	-	6,368,699	-	-	90,076	-	-	6,458,775
Lease liabilities	-	-	-	-	3,383	-	-	3,383
Total non-current liabilities	-	6,984,346	-	-	901,079	19,000	(19,000)	7,885,425
Total liabilities	103,232	8,066,856	91,411	47,853	2,083,338	95,962	(187,123)	10,301,529

	Transport system investment planning and programming2024 $'000	Transport infrastructure management and delivery2024 $'000	Transport safety and regulation2024 $'000	Customer experience2024 $'000	Passenger transport services2024 $'000	Transport infrastructure construction and maintenance2024 $'000
Assets
Current assets
Cash	6,129	59,904	16,918	19,082	175,030	(22,337)
Receivables	24,501	57,871	154,910	17,043	194,085	85,920
Inventories	-	112	2,014	101	1,190	109,779
Prepayments	1,491	18,833	4,014	953	34,095	1,007
Total current assets	32,121	136,720	177,856	37,179	404,400	174,369
Non-current assets
Receivables	-	19,000	-	-	3,452	-
Prepayments	33	10,938	257	95	61,888	-
Intangible assets	9,817	5,860	13,508	20,592	2,052	-
Property, plant and equipment	4,086	107,678,865	256,840	6,571	1,772,333	87,489
Service concession assets	-	13,533,035	-	-	1,544,878	-
Deferred tax assets	-	-	-	-	-	3,769
Right-of-use assets	-	-	-	-	-	-
Investment in subsidiary	-	34,027	-	-	-	-
Total non-current assets	13,936	121,281,725	270,605	27,258	3,384,603	91,258
Total assets	46,057	121,418,445	448,461	64,437	3,789,003	265,627
Liabilities
Current liabilities
Payables	8,181	187,311	45,909	31,877	656,660	55,434
Borrowings	-	11,374	-	-	37,174	-
Provisions	-	234,337	-	-	7,442	-
Accrued employee benefits	3,188	9,370	4,066	8,627	5,175	7,361
Current tax liabilities	-	-	-	-	-	41
Unearned revenue	91,164	314,185	5,705	-	66,382	-
Lease liabilities	-	-	-	-	114	-
Other	-	-	-	-	48,259	-
Total current liabilities	102,533	756,577	55,680	40,504	821,206	62,836
Non-current liabilities
Borrowings	-	372,535	-	-	710,354	19,000
Provisions	-	202,654	-	-	-	-
Unearned revenue	-	6,591,718	-	-	99,237	-
Lease liabilities	-	-	-	-	3,452	-
Other	-	-	-	-	-	-
Total non-current liabilities	-	7,166,907	-	-	813,043	19,000
Total liabilities	102,533	7,923,484	55,680	40,504	1,634,249	81,836

	Customer and Digital Group2024 $'000	CITEC2024 $'000	Queensland Shared Services2024 $'000	Corporate Administration Agency2024 $'000	Inter-service/unit eliminations2024 $'000	Total Department2024 $'000
Assets
Current assets
Cash	51,209	20,572	52,957	2,594	-	382,058
Receivables	18,051	16,989	11,214	1,122	(76,939)	504,767
Inventories	-	-	-	-	(93,068)	20,128
Prepayments	4,678	8,108	1,413	984	-	75,576
Total current assets	73,938	45,669	65,584	4,700	(170,007)	982,529
Non-current assets
Receivables	-	-	-	-	(19,000)	3,452
Prepayments	667	1,208	-	-	-	75,086
Intangible assets	503	1,849	3,720	-	-	57,901
Property, plant and equipment	945	12,428	295	-	-	109,819,852
Service concession assets	-	-	-	-	-	15,077,913
Deferred tax assets	-	-	-	-	-	3,769
Right-of-use assets	77,710	5,631	-	-	-	83,341
Investment in subsidiary	-	-	-	-	-	34,027
Total non-current assets	79,825	21,116	4,015	-	(19,000)	125,155,341
Total assets	153,763	66,785	69,599	4,700	(189,007)	126,137,870
Liabilities
Current liabilities
Payables	66,104	15,092	2,548	68	(170,007)	899,177
Borrowings	-	-	-	-	-	48,548
Provisions	-	-	-	-	-	241,779
Accrued employee benefits	2,691	1,505	5,867	265	-	48,115
Current tax liabilities	-	-	-	-	-	41
Unearned revenue	766	2,221	5	610	-	481,038
Lease liabilities	19,203	2,637	-	-	-	21,954
Other	-	1,318	-	-	-	49,577
Total current liabilities	88,764	22,773	8,420	943	(170,007)	1,790,229
Non-current liabilities
Borrowings	-	-	-	-	(19,000)	1,082,889
Provisions	-	-	-	-	-	202,654
Unearned revenue	-	620	-	-	-	6,691,575
Lease liabilities	66,841	3,264	-	-	-	73,557
Other	-	-	-	-	-	-
Total non-current liabilities	66,841	3,884	-	-	(19,000)	8,050,675
Total liabilities	155,605	26,657	8,420	943	(189,007)	9,840,904

Statement of changes in equity for the year ended 30 June 2025

	Note	2025 $'000	2024 $'000
Contributed equity
Opening balance		73,606,760	70,014,674
Transactions with owners as owners:
Net appropriated equity adjustments	2	3,954,751	3,635,071
Non-appropriated equity adjustments		-	440
Net assets transferred to other Queensland Government entities	15	(73,590)	(43,715)
Net assets transferred in/(out) due to machinery-of-government changes	1	(69,603)	290
Closing balance		77,418,318	73,606,760
Accumulated surplus
Opening balance		4,005,213	3,682,603
Operating result for the year		645,321	322,610
Closing balance		4,650,534	4,005,213
Asset revaluation surplus
Opening balance		38,684,993	36,034,629
Increase in asset revaluation surplus	15, 16	3,525,930	2,650,364
Closing balance		42,210,923	38,684,993
TOTAL EQUITY		124,279,775	116,296,966
The closing balance of Asset revaluation surplus comprises:
Land		4,485,270	3,811,289
Buildings		365,460	312,726
Major plant and equipment		243,462	155,435
Infrastructure		32,786,559	30,544,416
Service concession assets		4,330,172	3,861,127
Closing balance		42,210,923	38,684,993
The accompanying notes form part of these financial statements.

Accounting policy

Non-reciprocal transfers of assets and liabilities between wholly-owned Queensland State Public Sector entities are adjusted to contributed equity. These adjustments are made in accordance with Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities. Appropriations for equity adjustments are similarly designated.

Statement of cash flows for the year ended 30 June 2025

	2025 $'000	2024 $'000
Cash flows from operating activities
Inflows:
Service appropriation receipts	7,968,700	7,022,253
User charges and fees	659,034	963,850
Grants and other contributions	746,635	555,035
GST input tax credits from ATO	1,123,977	1,039,416
GST collected from customers	124,807	137,618
Other	25,261	36,481
Outflows:
Employee expenses	(908,273)	(1,046,838)
Supplies and services	(5,146,121)	(4,972,938)
Grants and subsidies	(790,496)	(781,195)
Finance and borrowing costs	(91,641)	(101,018)
GST paid to suppliers	(1,126,260)	(1,054,762)
GST remitted to ATO	(119,079)	(130,997)
Income tax equivalent paid	(11,646)	(4,697)
Other	(27,462)	(21,935)
Net cash provided by operating activities	2,427,436	1,640,273
Cash flows from investing activities
Inflows:
Sales of property, plant and equipment	6,556	28,093
Outflows:
Payments for property, plant and equipment	(5,705,486)	(5,315,626)
Payments for intangibles	(18,093)	(3,347)
Payment for investment in subsidiary	(23,000)	(18,426)
Net cash used in investing activities	(5,740,023)	(5,309,306)
Cash flows from financing activities
Inflows:
Equity injections	5,427,270	5,063,171
Outflows:
Equity withdrawals	(1,472,496)	(1,432,614)
Borrowing redemptions	(63,842)	(224,233)
Lease payments	(8,325)	(25,625)
Net cash provided by financing activities	3,882,607	3,380,699
Net increase/(decrease) in cash	570,020	(288,334)
Increase/(decrease) in cash due to machinery-of-government changes	(128,053)	290
Cash – opening balance	382,058	670,102
CASH – CLOSING BALANCE	824,025	382,058
The accompanying notes form part of these financial statements.

Cash disclosure

Cash represents all cash on hand, cash at bank and cheques receipted but not banked at 30 June.

The department's bank accounts are grouped within the whole-of-government banking set-off arrangement with Queensland Treasury Corporation and do not earn interest. The department has an overdraft facility with the Commonwealth Bank of Australia with an approved limit of $200m (2024: $200m). There is no interest charged on this overdraft facility.

Notes to the Statement of cash flows for the year ended 30 June 2025

Reconciliation of operating result to net cash provided by operating activities

	2025 $'000	2024 $'000
Operating result	645,321	322,610
Non-cash items included in Operating result
Goods, services and assets received at below fair value	(89,192)	(71,717)
Gains on disposal of assets	(2,923)	(2,419)
Gain on refinancing	(6,893)	-
Service concession arrangements revenue	(232,180)	(232,180)
Assets provided at below fair value	20,348	39,110
Depreciation and amortisation	1,691,407	1,646,691
Loss on disposed assets	11,560	1,945
Change in assets and liabilities:
(Increase)/decrease in receivables	(165,300)	(270,036)
(Increase)/decrease in inventories	(4,965)	1,588
(Increase)/decrease in prepayments	16,726	42,973
(Increase)/decrease in deferred tax assets	(1)	(768)
Increase/(decrease) in payables	333,799	60,755
Increase/(decrease) in accrued employee benefits	(216)	7,669
Increase/(decrease) in current tax liabilities	5,705	41
Increase/(decrease) in unearned revenue	43,505	52,163
Increase/(decrease) in other liabilities	160,735	41,848
Net cash provided by operating activities	2,427,436	1,640,273

Changes in liabilities arising from financing activities
Lease liabilities – Note 17

	2025 $'000	2024 $'000
Opening balance	95,511	110,742
New leases	-	9,439
Annual cost escalation	237	859
Accrued interest	95	96
Net transfers out due to machinery-of-government change	(83,966)	-
Non-cash changes	(83,634)	10,394
Cash repayments	(8,325)	(25,625)
Closing balance	3,552	95,511

Borrowings – Note 19

	2025 $'000	2024 $'000
Opening balance	1,131,437	1,181,447
New borrowings – service concession arrangements	145,543	173,011
Accrued repayments	(327)	(289)
Remeasurement of liability	8,924	1,501
Non-cash changes	154,140	174,223
Cash repayments	(63,842)	(224,233)
Closing balance	1,221,735	1,131,437

Last updated: 29 September 2025