Introduction
This Statement of Corporate Intent (SCI) is a high-level summary of the Corporate Plan and includes a performance agreement between the Board of the Public Trustee and the Shareholding Ministers.
The performance agreement details the key financial and non-financial targets for the Public Trustee for 2026-27, as agreed between the Board and the Shareholding Ministers through the 2026-27 Corporate Planning process. It also details estimates for the following three years.
The SCI has been prepared in accordance with the Ministerial Charter for the Public Trustee.
Strategic Direction
The Public Trustee is a Government Business Enterprise (GBE) owned by the Government on behalf of the Tasmanian community. It is established under the Public Trustee Act 1930.
The main undertaking of Public Trustee is to offer trustee services to the Tasmanian community including:
- preparation of Wills, Enduring Powers of Attorney and enduring guardianship documents;
- acting as an executor or administrator of estates or estate administrator if there is no Will
- assuming the role of executor when an executor named in a Will is unable or unwilling to act
- acting as attorney for people requiring assistance to manage their financial affairs
- acting as trustee for various types of trusts, including accident compensation awards
- managing the financial affairs of people with impaired decision-making ability when Public Trustee has been appointed as a financial administrator by TASCAT; and
- managing funds under the control of Public Trustee to provide a commercial rate of return to contributors.
Corporate Plan Summary
| The Public Trustee is a Government Business Enterprise (GBE) whose basic powers and duties are set out in the Public Trustee Act 1930. Our aim is to provide support to all Tasmanians: helping them to protect their legacy and interests through our services of wills, estates, and financial administration. Core to our purpose is the provision of financial administration services to Represented Persons within the Tasmanian community. | |||
| Our values: Service – a client service focus achieved by teamwork across the whole organisation Respect – personal and professional respect for each other and our clients Integrity – open, honest, and ethical service delivery | |||
| Our Goals | |||
| Goal 1: Our clients Our clients are central to everything we do | Goal 2: Our stakeholders Strong and trusted relationships with stakeholders | Goal 3: Our people A committed, capable, and engaged workforce | Goal 4: An efficient and effective business model A business model that meets the needs of the Tasmanian community. |
| We provide our services to the Tasmanian community with empathy, dignity, and respect. We have our clients at the centre of everything we do. Sound governance, communication and a responsive and personable culture underpin our work at Public Trustee. | |||
Transitional arrangements in recent years have provided dividend relief to the Public Trustee during a period of significant change and increased resourcing requirements for the business. As this transition is now embedded in the business, alongside the Public Trustee’s Community Service Obligation being fully funded, it is considered appropriate that the general dividend policy payout ratio of 90 per cent of after-tax profit is applicable.
Performance Agreement
This Performance Agreement sets out the key financial and non-financial targets for 2026-27 and estimates for the following three years. They are detailed in the tables below.
Financial Returns to Government*
| Target | Estimates | |||
| 2026-27 | 2027-28 | 2028-29 | 2029-30 | |
| Dividends Paid ($‘000) | 171 | – | 505 | 1,005 |
| Tax Equivalents Paid/(Refund) ($’000) | – | – | – | – |
| Total | 171 | – | 505 | 1,005 |
*Cash basis
Financial Targets
| Target | Estimates | |||
| 2026-27 | 2027-28 | 2028-29 | 2029-30 | |
| Operating Expenditure ($’000) | 16,621 | 15,088 | 15,118 | 15,069 |
| Operating Profit/(Loss) After Tax ($’000) | (892) | 561 | 1,117 | 1,711 |
| Total Comprehensive Income ($’000) | (580) | 881 | 1,445 | 2,048 |
| Capital Expenditure ($‘000) | 150 | 350 | 150 | 150 |
| Operating Margin | 0.93 | 1.05 | 1.10 | 1.15 |
| Return on Assets (%) | (4.5) | 2.9 | 5.5 | 7.8 |
| Return on Equity (%) | (5.0) | 7.6 | 11.5 | 15.1 |
| Capital Adequacy (%) | 36.7 | 39.1 | 41.6 | 40.0 |
| Performance of Common Fund | Return objective: Performance above RBA Cash rate through monetary policy cycle. | |||
| Performance of Group Investment Fund No.2 | Return objective: CPI + 3% per annum over rolling 5-year periods. | |||
| Performance of Corporate Investments | Return objective: CPI + 3% per annum over rolling 5-year periods. | |||
Key Non-Financial Performance Indicators
| Target | Estimates | |||
| 2026-27 | 2027-28 | 2028-29 | 2029-30 | |
| Number of total new Wills completed | 800 | 850 | 900 | 950 |
| Number of Wills revoked / later Wills (average per month) | 15 | 15 | 15 | 15 |
| Will client survey results (Overall satisfaction rating) (%) | 90 | 90 | 90 | 90 |
| Beneficiary survey results (Overall satisfaction rating) (%) | 90 | 90 | 90 | 90 |
| Represented Person survey (%) | 85 | 85 | 85 | 85 |
| Stakeholder engagement survey (%) | 85 | 85 | 85 | 85 |
| Culture – Staff engagement survey results (%) | 85 | 85 | 85 | 85 |
| Obligations under the Guardianship and Administration Act 1995 Act to Represented Persons in respect of promoting their independence and communication in respect of their wishes: | ||||
| New clients consulted following receipt of order from TASCAT: | 90 | 90 | 90 | 90 |
| Will, preference and rights identified and documented (%) | ||||
| New clients: Contact to be made within 5 days of receipt of order from TASCAT (%) | 90 | 90 | 90 | 90 |
| Existing clients consulted annually: | 90 | 90 | 90 | 90 |
| Will, preference and rights reviewed, confirmed, and documented (%) | ||||
| Consult with clients where possible to identify participation in financial independence program (%) | 90 | 90 | 90 | 90 |
The challenging nature of the lives and personal situations of clients supported by the Public Trustee means there will always be people we are unable to engage with. The key performance indicators have been adjusted, factoring this into consideration.
Community Service Obligations
In line with the terms of the Public Trustee’s Ministerial Charter, the Government will provide funding to assist in meeting the cost of non-commercial activities (Community Service Obligations) required to be undertaken by the Public Trustee.
The Public Trustee performs the following Community Service Obligations on behalf of the Government:
- Administration of Absolute Estates with a gross asset value of less than $60,000
- Administration of Continuing Trust and Life Tenancy Estates with a gross asset value of less than $100 000.
- Administration and management of Minor Trusts with a gross asset value of less than $20 000.
- Management of assets for Represented Persons with a gross asset value of less than $100 000.
A summary of the expected funding levels allocated in the 2025-26 Tasmanian Budget is set out as follows:
| Target | Estimates | ||||
| 2026-27 | 2027-28 | 2028-29 | 2029-30 | ||
| Community Service Obligations ($’000) as per State Budget | 6,511 | 6,907 | 7,045 | * | |
| Community Service Obligations ($’000) estimated to be used by PT | 6,511 | 6,277 | 6,247 | 6,217 | |
The table above shows the difference between what has been budgeted for at a State Budget level versus what the Public Trustee has estimated will be required in future years, showing our commitment to becoming less reliant on Government subsidies. This is contingent on the number of matters remaining at current levels in the future years.
* The current CSO Agreement expires on 30 June 2026, and a new deed is currently being drafted. The amount for 2029-30 will be known when the 2026-27 State Budget is handed down in May 2026.
Definitions
Operating Profit Before Tax means operating revenue less operating expenditure.
Comprehensive Income includes remeasurement of defined benefit obligation and fair value movements in investments in managed funds (net of related tax)
Total Comprehensive Income means operating profit for the year after tax + Comprehensive Income.
Operating Margin means operating revenue / operating expenditure.
Return on Assets means operating profit before Tax / [(Opening Assets + Closing Assets)/2].
Return on Equity means Total Comprehensive Income/ [(Opening Equity + Closing Equity)/2].
Capital Adequacy means Tangible Reserves / Tangible Assets.