This report summarises our financial audit results of seven state-owned transport entities for
Queensland’s seven transport entities play a critical role in delivering a single integrated transport network that connects Queensland’s people, and facilitates a growing economy.
Direction and oversight of the state’s transport sector is provided by the Department of Transport and Main Roads (DTMR). The department’s primary role is to plan, manage and deliver Queensland’s integrated transport environment to achieve sustainable transport solutions for road, rail, air and sea. DTMR also provides oversight of Queensland Rail Group and Port entities. Queensland Rail Group is Queensland’s railway manager and operator, servicing the passenger, tourism, resources and freight customer markets. The port entities are part of Queensland’s network of 19 ports, which ranges from small community ports to large coal export terminals and a capital city multi-cargo port.
We issued unmodified audit opinions for each of the transport entities. Readers can rely on the results in the financial statements. All financial statements were prepared within the legislative deadlines.
Most transport entities have effective year-end processes and can produce draft financial statements on a timely basis. Continued emphasis is required within this sector to improve the quality of financial reporting practices in complex areas such as asset valuations and tax accounting.