E : Our People
This section describes the employment and post-employment benefits provided to Finance employees engaged under the Department of Finance Enterprise Agreement 2015-2018 and Public Service Act 1999.
As part of its Administered operations, Finance facilitates payment of salary and related benefits to staff employed by current and former Members of Parliament under the Members of Parliament (Staff) Act 1984 (MOP(S) Act) as well as payment of post-employment benefits for former Parliamentarians and Prime Ministers under relevant legislation.
Superannuation payments made to former Commonwealth employees which are also administered by Finance on behalf of the Government are not included in the tables below. These are disclosed in Note C3.
In the following note disclosures, Departmental and Administered items are included together for presentation purposes only and these balances should not be compared.
E4 : Related parties
Finance is an Australian Government controlled entity. Related parties to Finance are KMP including the Minister for Finance, the Special Minister of State, the Finance Executive Board and other Australian Government entities. KMP remuneration for members of the Executive Board is disclosed in Note E3.
Transactions with related parties
Finance undertakes a number of functions on behalf of the Australian government, as detailed in the financial statements. In performing these functions, Finance transacts with all other Australian Government controlled entities for normal day-to-day business operations provided under normal terms and conditions or on a cost recovery basis. This includes the payment of workers compensation and insurance premiums and collection of rental income. They are not considered significant individually to warrant separate disclosure as related party transactions.
