34.3.2 Financial records

The private party must provide a quarterly statement of financial performance, cash flow statement, statement of financial position and statement on changes to owner's equity:

(a) Government requires audited financial statements of the private party and its material sub-contractors to be submitted to it following the end of the financial year.

(b) All books of account are to be kept in accordance with law and the accountancy principles generally accepted in Australia and must show in detail the private party's administrative overhead costs, payments to sub-contractors and capital and revenue expenditure. This information allows government to verify expenditure proposed by the private party arising from government-initiated Modifications, Compensation Events, qualifying Changes in Law, benchmarking and market testing.105

_______________________________________________________________________________
105 Consistent with section 34.1, sufficient information as to the nature of related party transactions and the associated costs.