IPFA`s main OBJECTIVE is to support the Commonwealth`s provision of infrastructure investment by providing independent business and financial advice. Cooperation and engagement and partnerships based on stakeholder trust, through cooperation at all levels of government, including with project proponents, to support the provision of appropriate advice, IPFA recognizes that its employees are its most valuable resources. The IPFA team, which is in the space of just one year, has considerable expertise and experience in the areas of infrastructure policy and reform, consulting and governance, sponsorship, development, and I am pleased that our commitment to the public and private sectors recognizes us as positive agents of change in the Australian infrastructure sector. Expenditures for the overall income account are lower than those in the budget, mainly due to time problems related to the implementation of IPFA for the period 2017-18. Within expenses, employee benefits are slightly below budget, which is easily offset by over-budget supplier spending. This is due to the redeployment of expenditure during the year (compared to the original budget). The cash flow differential is reflected in the net inflows recorded above budget in the calculation of cash flows and has resulted in cash and cash equivalents in the financial position exceeding the budget. Both because of this problem and because of the existence of claims related to leave rights related to staff transferred to the Agency, claims and other claims are more than budgeted. The balance of liabilities is primarily due to the rental of real estate and other supplier expenses under an agreement with the Prime Minister`s and Cabinet departments. Provisions for employees are higher than in the budget because of the rights to leave for transferred staff. Our contribution builds confidence in Australian government infrastructure investment decisions and processes An advisory board set up by the Coalition for Infrastructure Investments has been transferred from the Department of Infrastructure to the Department of Finance, moving portfolio responsibility to the cash flow. With the creation of IPFA on July 1, 2017, the Australian government has recognized that access to internal purchasing and finance expertise strengthens the Commonwealth as a strategic investor and partner in national infrastructure projects.