Estimate $m

Actual $m

Variance $m

Variance Factor

Explanation

FMS

($7.3m) underspend approximately ($5.1m) is due to FOREX gains. The balance primarily relates to delays in the commencement of the NACC Industry Grants program and deferment of the contract proposal fees for LRIP6.

Overseas Industry

(2.2)

Local Industry

Brought Forward

Cost Savings

(5.1)

FOREX Variation

Commonwealth Delays

$78.3

$71.0

(7.3)

Total Variance