Estimate $m

Actual $m

Variance $m

Variance Factor

Explanation

(64.2)

FMS

Program expenditure in the financial year has resulted in an overall under expenditure due to a combination of factors. These include: Reduced FMS expenditure due to lower than forecast disbursements by the US Navy and gains in Foreign Currency exchange rates. Expenditure in other activities of Shipbuilder and Combat systems has enabled the project to have an improved Year End position than previously forecast.

Overseas Industry

34.9

Local Industry

Brought Forward

Cost Savings

(8.7)

FOREX Variation

Commonwealth Delays

982.5

944.5

(38.0)

Total Variance