Australia’s National Science Agency Annual Report 2024–25 CSIRO acknowledges the Traditional Owners of the lands, seas and waters of the areas that we live and work on across Australia. We acknowledge all Aboriginal and Torres Strait Islander Peoples and their continuing connection to their culture. We pay our respects to Elders past and present. CSIRO is committed to reconciliation. We recognise that Aboriginal and Torres Strait Islander people have made, and will continue to make, extraordinary contributions to all aspects of Australian life including culture, economy and science. ‘Eternal Wisdom, Infinite Innovation’ artwork by Rachael Sarra, working with Gilimbaa. Cover top: CSIRO researchers Jo Miles and Heta Lampinen measuring neodymium in clays with a spectrometer in the western Arunta region, Northern Territory. Cover bottom: Maia micro-X-ray fluorescence image of a Ni-rich black shale from the Devonian Nick deposit in Canada, analysed by CSIRO's Mineral Resources team, showing a dense concentration of critical minerals formed by seawater reacting with organic matter in ancient sediments. Our annual report Our 2024–25 Annual Report provides a summary of our activities and performance for the financial year ended 30 June 2025. It is measured against the planned objectives and outcomes in our Corporate Plan 2024–25 and Portfolio Budget Statements. The report is aligned with the Minister’s Statement of Expectations and our Statement of Intent and is prepared in accordance with the requirements of the Science and Industry Research Act 1949 (SIR Act), section 46 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and the Public Governance, Performance and Accountability Rule 2014 (PGPA Rule). Access the Annual Report 2024–25 at: csiro.au/annualreport2025 CSIRO Head Office Clunies Ross Street, Acton ACT 2601 GPO Box 1700, Canberra ACT 2601 Australia csiro.au | ABN 41 687 119 230 24 September 2025 Senator the Hon Tim Ayres MP Minister for Industry and Innovation, Minister for Science Parliament House CANBERRA ACT 2600 We have pleasure in submitting to you, for presentation to Parliament, the 77th Annual Report of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) for the year ending 30 June 2025. This report has been prepared in accordance with the requirements of the Science and Industry Research Act 1949, section 46 of the Public Governance, Performance and Accountability Act 2013 and the Public Governance, Performance and Accountability Rule 2014. The report was endorsed at the meeting of the CSIRO Board on 26 August 2025. Part 5 is a report on the operations of the Science and Industry Endowment Fund (the Fund), which was established under the Science and Industry Endowment Act 1926. It also includes a report by the Auditor-General on the accounts of the Fund. Section 17BE(p) of the PGPA Rule requires CSIRO to report any significant activities and changes that affected the organisation or structure. During the reporting period Ms Kathryn Fagg AC stepped down as Chair of the CSIRO Board, following many years of dedicated leadership and stewardship of our organisation. We undertook a significant restructure of our Enterprise Services functions to simplify operations and enhance organisational efficiency. We also began the process of reshaping our research portfolio to align with 6 research areas of national significance; Energy and Minerals, Food and Fibre, From Wonder to Discovery, Nature, One Health and Tech Economy. The research we undertake in these areas is captured in The CSIRO Book which is available on our website. As you read this report, we hope you are as proud of CSIRO’s people as we are. During a period of change they have continued to deliver impactful science to benefit Australia. We thank them for their commitment to make a difference for the nation. Ms Ming Long AM Chair, CSIRO Board Dr Doug Hilton AO Chief Executive, CSIRO CSIRO Australia’s National Science Agency Contents Part 1 3 About us 4 Foreword by the Chair 5 Chief Executive’s report 6 Key achievements in 2024–25 7 About us 16 Our people 17 Our governance Part 2 23 Delivering on our strategy 24 Objective 1: Purpose-driven science and technology 30 Objective 2: Infrastructure stewardship 36 Objective 3: A stronger national innovation system 42 Objective 4: An enduring and empowered CSIRO Part 3 51 Annual Performance Statements 52 Statement of preparation 53 Analysis of performance 56 Performance outcomes 76 Mitigation – metrics not meeting targets 78 MethodologyPart 4 81 Financial management 82 Overview 86 Independent Auditors report 88 Financial statementsPart 5 137 Science and Industry Endowment Fund 138 Trustee’s report 141 Independent Auditor’s report for SIEF 142 SIEF financial statementsPart 6 153 Appendices and indexes 154 Appendix A Human resources 159 Appendix B Accountable authority 164 Appendix C Sustainability compliance report 200 Appendix D Compliance and legislation 206 Acronyms 208 Glossary 210 Index 220 Corrections to previous Annual Reports 221 Contact us Part 1About us 4 Foreword by the Chair 5 Chief Executive’s report 6 Key achievements in 2024–25 7 About us 16 Our people 17 Our governance Foreword by the Chair I am pleased to present the Annual Report 2024–25 on behalf of the CSIRO Board. As Australia’s national science agency, our purpose is to improve the life of every Australian by working with our partners to deliver impact through scientific evidence and innovation. Against a backdrop of accelerating disruption, we have remained committed to this purpose. The past 12 months have brought significant change. Externally, we have navigated an increasingly complex landscape shaped by geopolitical tensions and shifting government priorities. Internally, we significantly restructured our enterprise services functions, and developed the first edition of The CSIRO Book, which provides a view of the breadth of our research and is helping to sharpen the focus of our research portfolio. This work has been challenging, but necessary for us to be fit for the demands of the future. This report captures not only our progress but also our resilience, ingenuity and commitment to continuous improvement. It also demonstrates what we can achieve when we work in collaboration with our partners as a member of a broader innovation system. As we look ahead, we remain focused on ensuring that our science continues to serve the nation, building trust through integrity, objectivity and inclusivity. We thank our dedicated staff, collaborators and stakeholders for their contributions during this time of change. Together, we are building a stronger, more sustainable organisation ready to meet the future with confidence. Ms Ming Long AM CSIRO Board Chair Chief Executive’s report As we continue to deliver science that improves the life of every Australian, we are reshaping CSIRO to be simpler in structure, more sustainable in operations and sharper in research focus. CSIRO has been solving our nation’s greatest challenges for over a century. In a changing external landscape, we must evolve too so that we can continue to solve the challenges of the next 100 years. That means making deliberate choices about where we invest our resources, how we structure our teams and how we maintain the trust placed in us by the Australian community. Over the past year, we have taken important steps that build a simpler and more sustainable organisation. We have begun simplifying governance and program structures to reduce complexity, free up capacity and ensure greater alignment between our science and Australia’s aspirations. This work is essential for maintaining financial and operational sustainability over the long term. Despite this context of change we have continued to deliver. From robotic hands to support reef restoration through to the release of the 2024–25 GenCost report, our research has been delivering benefit across many research areas that matter to Australians. Most importantly, we have continued to earn the trust of the community and our stakeholders by upholding our commitment of scientific integrity. We are also contributing to the government’s strategic review of the national R&D system, offering insights from our experience as Australia’s national science agency. We recognise that our success depends on our ability to work more effectively across boundaries between disciplines, sectors and institutions. Crucially, we are sharpening the focus of our research portfolio to align with the most pressing national needs. By concentrating our efforts on where we can have the greatest benefit, we will be better positioned to deliver deep expertise and greater impact. Our people have shown exceptional commitment and professionalism throughout this period of change. They recognise that science is not just an activity for the curious, but a vital tool with which to shape our future. I thank them for their continued dedication, and I look forward to working together as we build a more focused, agile and sustainable organisation. Dr Doug Hilton AO Chief Executive, CSIRO Key achievements in 2024–25 For every $1 invested in CSIRO, we return at least $8.801 in value to the Australian people Our highest annual IP revenue was recorded this financial year $62 million Our Human Research Ethics Committee reviewed 298 projects, and our Animal Ethics Committees reviewed 93 projects Since 2015, we have consistently been ranked top 2 against a set of 10 international applied research peers in publication policy impact The first NovaSAR-1 Australia National Mosaic dataset was released We consolidated our property footprint by reducing gross building area by 51,000 m2 and operating costs annually >$1.8 million Public awareness of CSIRO remains extremely high at 90% We engaged with almost 5,000 domestic and international, industry and government entities including 1,989 SMEs, 659 large Australian corporations and 999 overseas corporations Main Sequence (Deep tech VC Fund) 12 new companies ~$4 co-investment for every dollar invested We partnered with Indigenous networks representing 1500+ Indigenous businesses We were awarded: ‘Platinum employer’ status with the Australian Workplace Equality Index (AWEI) Winner of the Representative Leadership award in the 2025 WORK180 Australian Equitable Workplace Awards We strengthened the nation’s STEM pipeline: Engaging >41,000 students and 5,000 educators across Australia Equipping 361 CSIRO Early Research Career (CERC) Postdoctoral and Engineering Fellows 1 Based on the analysis of select case studies. Source: The Value of CSIRO: The Broader Impact of CSIRO’s Portfolio of Activities, 2024 Update. RTI International. About us As Australia’s national science agency, CSIRO is committed to deliver the science Australians need for the nation they want – productive, sustainable, healthy and secure. We are one of the world’s largest and most multidisciplinary research organisations, working to create a better future for Australia and beyond. Established under the Science and Industry Research Act 1949 (SIR Act), CSIRO operates as a corporate Commonwealth entity within the Industry, Science and Resources portfolio. Our governance, performance and accountability are guided by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and Rule 2014 (PGPA Rule). We are led by a Board and Chief Executive, and our work is aligned with the Portfolio Budget Statement and Ministerial Statements of Expectations. Innovation is vital to securing sovereign capability, long-term competitiveness and productivity. CSIRO delivers essential scientific research and advice that supports national priorities and serves a broad range of stakeholders. We collaborate with innovators to transform discoveries and ideas into technologies, services and best practices that benefit the nation. Our science generates approximately $13 billion2 in annual value for Australia, contributing to economic prosperity by boosting productivity and fostering innovation across industries, as well as advancing environmental sustainability and social wellbeing. Our impact extends globally, with CSIRO recognised as a regional leader in informing international policy and development across key areas such as renewable energy, climate, biodiversity and food security. Principal Research Scientist Dr Doojin Vak, a lead researcher involved with CSIRO's flexible solar technology. 2 Based on the analysis of select case studies. Source: The Value of CSIRO: The Broader Impact of CSIRO’s Portfolio of Activities, 2024 Update. RTI International. Our strategy Our 2024–25 strategy reflects the role CSIRO plays in benefitting society and supporting Australia’s national interests. It reflects the priorities outlined in Ministerial Statements of Expectations and the requirements of CSIRO in the Science and Industry Research Act 1949 (SIR Act). It articulates the challenges we are solving and the objectives and initiatives that will enable us to deliver. It also outlines our CSIRO values, which underpin everything we do. Our purpose is to solve the greatest challenges through innovative science and technology Our objectives to deliver Purpose-driven science and technology Invest in the right science and technology to deliver impact at-scale aligned with the challenges we are solving and the portfolio of research directed to them. Infrastructure stewardship Be stewards of fit-for-purpose and sustainable research infrastructure that stimulates collaborative networks in Australia’s innovation ecosystem to deliver long-term national benefit. A stronger national innovation system Enable system-level coalitions to address national challenges and advance Australia’s research translation and commercialisation performance. An enduring and empowered CSIRO Attract and retain world-class talent and strengthen our nation’s STEM pipeline. Strengthen a culture that makes us an employer of choice and operate in an adaptable, resilient and responsive way. Our values underpinning how we work People first Making it real Trusted Further together The challenges we are solving Health and wellbeing Enhance the health and wellbeing of all Australians. Sustainable agriculture and food systems Help grow a sustainable future for Australia’s agri‑food and fibre sectors. A secure Australia and region Safeguard Australia and our region from threats. Resilient and valuable environments Enhance the resilience and value of our natural and built environments. Sustainable energy and resources Lower emissions to net zero while sustaining Australia’s prosperity. Future industries Create Australia’s future sustainable jobs and industries. Our vision is to create a better future for Australia Our research Consistent with our legislation and as stated in our Portfolio Budget Statement, we produce innovative scientific and technological solutions to national challenges and opportunities. As Australia's national science agency, we work with government, research, industry and the community to deliver impact through large-scale scientific research initiatives. Our work spans a range of scientific disciplines, from basic research to applied solutions. Our 2024–25 focus areas are outlined below. Health and wellbeing Enhance the health and wellbeing for all Australians . • Support healthier lives • Communicable disease prevention, preparedness and response • Health system and technology transformation Sustainable agriculture and food systems Help grow a sustainable future for Australia’s agri‑food and fibre sectors. • Improved crops and animals • Profitable agricultural production • Sustainable and trusted value chains • Value-added foods and feeds • Secure food systems A secure Australia and region Safeguard Australia and our region from threats. • Biosecurity • Defence and national security • Sovereign resilience Resilient and valuable environments Enhance the resilience and value of our natural and built environments. • Resilience to climate risks • Healthy ecosystems • Resilient communities and built environments Sustainable energy and resources Lower emissions to net zero while sustaining Australia’s prosperity. • Value-added critical minerals • Electricity transition • Industry and transport decarbonisation • Sustainable prosperity from resources Future industries Create Australia’s future sustainable jobs and industries. • Innovative and productive manufacturing • Novel materials and devices • Digital and emerging technologies • Strong and responsible innovation system Dr Sam Behrens demonstrates DC electric vehicle charging under the Newcastle Energy Centre’s solar carpark. CSIRO site vehicles, alongside staff and visitor personal vehicles can be charged using 100 per cent renewable energy. How we measure success We actively review and monitor our outcomes, using established metrics within our performance framework. Our Key Performance Indicators (KPIs), nested in our objectives, enable us to progress our strategic priorities and deliver on our purpose. Results against the KPIs and metrics for the period of 2024–25 are detailed in full in our Annual Performance Statements in Part 3. OBJECTIVES KEY PERFORMANCE INDICATORS (KPIs) Objective 1: Purpose-driven science and technology Impact by alignment, design and scale Achieved Achieved Achieved Be Australia’s trusted advisor Partially achieved Not achieved Not achieved Achieved Drive future science opportunities Achieved Achieved Achieved Objective 2: Infrastructure stewardship Have shared national labs Partially achieved Achieved Performance status Achieved Partially achieved Not achieved Our facilities and infrastructure As at 30 June 2025, we operated 47 sites across Australia and 1 site overseas. We have one laboratory in Montpellier, France, and our people also access desks or small areas of land for research purposes in 38 minor locations. We have accredited science counsellors attached to the Australian embassies in Singapore, Vietnam, Indonesia and the US. Our people The people of CSIRO are the most important part of our organisation and are critical to our success. On 30 June 2025 we had 5,998 people employed (full-time equivalent of 5,676), comprising 4,438 ongoing employees and 1,560 non-ongoing employees (including casual employees). Our people by functional area 3,742 research 2,256 non-research 44.2% of our people are women 34% of the science and engineering cohort are women 28.6% of our people are from non-English speaking backgrounds Where our 5,822 people are based* 865 NSW 1,017 QLD 274 SA 399 TAS 1,561 VIC 658 WA 1,015 ACT 29 NT 4 people overseas *Excludes casual employees 2.5% Aboriginal and Torres Strait Islander employees 40 marchers on our float, ‘For the love of science’ in the Sydney Gay and Lesbian Mardi Gras Our governance We are a corporate Commonwealth entity within the Industry, Science and Resources portfolio. We have a Board and Chief Executive and deliver value aligned to our Portfolio Budget Statement and our Minister’s Statement of Expectations. We also provide administrative support services to the Trustee of the Science and Industry Endowment Fund (SIEF), consistent with the Science and Industry Endowment Act 1926. SIEF has its own governance structure (see Part 5). Our Minister On 30 June 2025 our responsible Minister was Senator the Hon Tim Ayres, who was appointed Minister for Science and Minister for Industry and Innovation on 13 May 2025. Under the SIR Act our Minister may give to the CSIRO Board, in writing, directions and guidelines with respect to the performance of its functions or exercise of its powers, (and those of the organisation). The CSIRO Board is bound to ensure that any such directions or guidelines are complied with. No such directions were issued during 2024–25. Under the PGPA Act (s.22 (1) the Minister for Finance also has the power to issue government policy orders to Commonwealth entities. There were no government policy orders received during 2024–25. During 2024–25, CSIRO responded to direction outlined in the Statement of Expectations issued on 9 December 2022 by the then Minister for Industry and Science, the Hon Ed Husic MP. Our Board Our Board is responsible for the overall strategy, governance and performance of CSIRO. Under the SIR Act, the Board’s primary functions are to ensure the proper and efficient performance of the functions of CSIRO; determine the policy of CSIRO with respect to any matter; and give directions to the Chief Executive. The Board operates with the oversight assistance of 2 Committees, the Board Audit and Risk Committee and the Board People and Safety Committee. Full details about our Board and Board Committees can be found in Appendix B on page 159. The Board Charter can also be accessed at: csiro.au/ minister-board. Executive Team Our Chief Executive is accountable for managing affairs according to our strategy, plans and policies approved by the Board, and Board Directions to the Chief Executive (section 10A (3) SIR Act). The Executive Team supports our Chief Executive (see page 19). As a team and through their individual roles, Executive Team members lead, direct, coordinate and control our strategic direction, research focus, operations and performance in line with the Executive Team Terms of Reference (available at: csiro.au/executive-team-tor). Our Board Ms Ming Long AM Board Chair Appointment: Original: 1 May 2024 to 30 April 2028 Chair: 6 March 2025 to 5 March 2030 Dr Doug Hilton AO Chief Executive Appointment: 29 September 2023 Prof Alex Brown Member Appointment: 16 March 2023 to 15 March 2028 Dr Cathy Foley AO PSM Member Appointment: 3 January 2025 to 2 January 2028 Emeritus Prof Roy Green Member Appointment: 7 December 2023 to 6 December 2028 Prof Emma Johnston AO Member Appointment: 22 August 2023 to 21 August 2027 Mr Terry Moran AC Member Appointment 24 April 2024 to 23 April 2027 Ms Vanessa Sullivan (Fernandes) Member Appointment: 6 March 2025 to 5 March 2028 On 30 June 2025, the Board comprised a total of 8 members (7 part-time, non-executive members, including the Chair, and one full-time Chief Executive). Non-executive members are appointed by the Governor-General, while the Chief Executive is appointed by the Board in consultation with the Minister (section 10B SIR Act). On 7 March 2025, Ms Ming Long AM was appointed Chair of the CSIRO Board, following the resignation of Ms Kathryn Fagg AC. During the reporting period, the Hon Ian MacFarlane also concluded his term. We thank both members for their commitment and leadership to CSIRO during their tenure. Also appointed to the Board in 2024–25 were Dr Cathy Foley AO PSM, and Ms Vanessa Sullivan (Fernandes). Dr Foley is an internationally recognised physicist and former Australian Chief Scientist, and Ms Sullivan brings 20 years of experience in the energy, water and sustainability sectors. On 30 June 2025, there were 2 vacancies on the Board. As at 30 June 2025 Our Executive Team Dr Doug Hilton AO Chief Executive Ms Marcia Gough Chief People Officer Prof Elanor Huntington Executive Director Digital, National Facilities and Collections Dr Peter Mayfield Executive Director Environment, Energy and Resources Mr Tom Munyard Chief Operating Officer Ms Kirsten Rose Deputy Chief Executive Dr Jen Taylor Executive Director Future Industries In November 2024, Dr Jen Taylor was appointed Executive Director, Future Industries, replacing Dr Michael Robertson who held the acting position between April and November. Professor Bronwyn Fox took up an appointment as Deputy Vice-Chancellor, Research & Enterprise at UNSW, leaving CSIRO in July 2024. As at 30 June 2025 Our organisational structure As at 30 June 2025 TONI MOATE National Collections and Marine Infrastructure MICHAEL ROBERTSON Agriculture and Food DIETMAR TOURBIER Energy MARCUS ZIPPER Manufacturing PETER MAYFIELD Environment, Energy and Resources JEN TAYLOR Future Industries ELANOR HUNTINGTON Digital, National Facilities and Collections LOUISE FISHER (acting) Mineral Resources GAIL FULTON Science Connect (includes Innovation Fund) DEBBIE EAGLES Australian Animal Health Laboratory JON WHITTLE Data61 BRETT SUTTON Health and Biosecurity DOUGLAS BOCK Space and Astronomy CRYSTAL LADIGES Chief of Staff DOUG HILTON Chief Executive CSIRO BOARD THE HON TIM AYRES Minister REBECCA OSTERGAARD Chief Digital Officer DANIEL METCALFE Environment ROB HOUGH Research Portfolio Strategic Priority ACCOUNTABILITY AND GOVERNANCE EXECUTIVE TEAM MEMBER RESEARCH UNIT LEADER ENTERPRISE SERVICES UNIT LEADER SUBSIDIARIES OF CSIRO INDEPENDENT TRUST TOM MUNYARD Operations MARCIA GOUGH People CHRIS BOURKE Indigenous Science and Engagement Office BETH CRIBB Government Engagement STEWART WALTERS Finance CATRIONA DOVE Legal FIONA ROTHWELL Business and Infrastructure Services DAVE AGNEW Integrity CAROLYN MACDONALD Communications KIRSTEN ROSE Deputy Chief Executive AARON GONINON Health, Safety and Environment JONATHAN SMITH Information Management and Technology *Read about our subsidiaries in Note 3.4 of the Financial statements in Part 4. RAHUL SHAW Strategy (includes Science and Industry Endowment Fund*) JIM HENDERSON Partnerships and Business Development (includes US Office) YVETTE CARDEN People Partnering and Services PHILLIPPA CANTRALL Organisational Development 24 Objective 1: Purpose-driven science and technology 30 Objective 2: Infrastructure stewardship 36 Objective 3: A stronger national innovation system 42 Objective 4: An enduring and empowered CSIRO Part 2 Delivering on our strategy Objective 1 Purpose-driven science and technology Outcome: Invest in the right science and technology to deliver impact at scale, aligned with the challenges we are solving and our portfolio of research. KEY PERFORMANCE INDICATORS Impact by alignment, design and scale Achieved Be Australia’s trusted advisor Partially achieved Drive future science opportunities Achieved Strategic progress and impact delivery This year, we advanced our purpose-driven science through a renewed focus on clarity, alignment and impact across our research portfolio. We took a major step by developing The CSIRO Book – a unified view of our science aligned to national challenges – with the purpose of enabling stronger strategic connections, visibility and collaboration. The book outlines the broad areas of research focus and the programs of work that sit within and across those areas, delivering focused and sustainable science that benefits Australia. Research excellence Ranked 4–6 on academic impact of publications against a set of 24 international applied research peers since 2008 Top 2 against a set of 10 international applied research peers in publication policy impact since 2015 Ranked 2–4 over the past decade against 37 Australian universities for publications cited by patents Human Research Ethics Committee reviewed 298 projects and continued oversight of 850 active studies Animal Ethics Committees reviewed 93 projects and monitored 248 ongoing studies Collaboration and commercialisation $660.7 million earned in external revenue Intellectual property • 3,800 active patents • 427 active trademarks • 105 active registered designs • 111 active plant breeder rights • 47 provisional patents • 47 PCT applications filed • 633 active licences, 95 new $62 million IP revenue (highest on record) 4 new spinouts $253.8 million direct investment portfolio Missions (since inception)3 9 launched • Minimising Antimicrobial Resistance • Future Protein • Catalysing Australia’s Biosecurity • Drought Resilience • AquaWatch Australia • Hydrogen Industry • Towards Net Zero • Ending Plastic Waste • Trusted Agrifood Exports ≈$3.6 billion Missions governed and catalysed external investment in the system – aligned with activities 2020–27 Future Science Platforms (since inception)4 >60 registered IP filings >1,600 peer-reviewed publications, with an average Normalised Citation Impact of 1.65 66 technologies invested in by industry 12 commercialised technologies >394 CERC Fellows engaged 3 The Missions program was launched in 2019 to convene diverse stakeholders around shared, time-bound objectives to tackle urgent, complex societal challenges via coordinated science, technology, policy and systems change. 4 Future Science Platforms kicked off during 2016–17 and aimed at long-term, boundary-pushing research investments to build new capabilities and lay the foundations for future industries and breakthroughs. Priority: Advance national ambitions We progressed this initiative by re-aligning priorities, sharpening our focus on defined national problems and aligning multidisciplinary research to address them. The work undertaken as part of this initiative underpins The CSIRO Book and enables a system‑wide view of our portfolio with clearer impact pathways and stronger alignment to national priorities. EVIDENCE OF IMPACT Safeguarding the Great Barrier Reef through science and partnerships The opportunity The Great Barrier Reef is under increasing pressure from climate change, poor water quality, coastal development and ecological threats such as crown‑of‑thorns starfish outbreaks. Warming oceans, coral bleaching, and pollution from land runoff continue to threaten the reef’s biodiversity, cultural values, and $6 billion tourism and fishing economy. The solution CSIRO is playing a critical role in securing the Reef’s future by delivering nationally significant science, technology and partnerships. In collaboration with Traditional Owners, governments and research partners, CSIRO supports the Reef 2050 Long‑Term Sustainability Plan and leads research in climate adaptation, reef restoration, water quality improvement, and monitoring. Tools like eReefs and AquaWatch provide real-time forecasting and decision support for catchment and marine management. The impact Since 2011, CSIRO has invested $142 million in 261 Reef-related projects, strengthening the science‑policy interface and driving impact at scale. These efforts have directly influenced land management practices, accelerated the deployment of novel coral recovery techniques, and equipped decision-makers with real-time intelligence to protect the Reef in a changing climate. CSIRO’s integrated reef science is delivering critical insights and innovations that help preserve one of the world’s most iconic ecosystems for generations to come. CSIRO is committed to undertaking research to protect and preserve the Great Barrier Reef. The Reef is the world’s largest living structure and one of the seven natural wonders of the world, underpinning industries such as tourism. Harnessing soil microbes to protect crops naturally The opportunity Australian grain crops face increasing threats from pathogens like Rhizoctonia solani and Verticillium dahliae, costing growers more than $200 million annually with limited chemical control options and growing resistance to synthetic pesticides. The solution Through its Microbiomes for One System Health (MOSH) platform, CSIRO is pioneering plant‑soil microbiome research to develop natural crop protection strategies. Using advanced multi‑omics approaches, including RNA analysis and metabolomics, CSIRO has identified biological communication pathways and natural antifungal compounds within the soil-plant microbiome. MOSH researchers filed a provisional patent, trained early career scientists and laid the groundwork for future biological products and management strategies. These innovations will reduce environmental harm from pesticides, and increase crop resilience and long-term soil health. The impact While still in early discovery stages, the potential impact is significant. Replacing synthetic fungicides with microbial solutions could avoid $3.1 billion in environmental costs over a decade, while a future management strategy or biological inoculant could reduce major crop losses from soilborne diseases such as Rhizoctonia. CSIRO’s work provides the foundational science to develop sustainable solutions that protect crops, ecosystems and the future of farming. Aerial view of a wheat field with rhizoctonia disease patches (South Australia). Priority: Research and innovation pipeline We are reshaping our research portfolio to sharpen our focus on areas that matter most to Australians and where we can have the greatest impact. Our key research areas include: Energy and Minerals; Food and Fibre; Nature; One Health; From Wonder to Discovery and Tech Economy. Each containing specific programs of research addressing problems of national importance. We are also developing mechanisms to adapt and refresh the portfolio, ensuring ongoing strategic alignment, prioritisation and optimisation of our research investments for maximum impact. EVIDENCE OF IMPACT Indo-Pacific Plastics Innovation Network (IPPIN): Driving innovation to end plastic waste The opportunity Plastic waste threatens marine ecosystems, sanitation, and livelihoods across our region. CSIRO’s IPPIN is building local innovation capacity to tackle this challenge. The solution Led by CSIRO in partnership with Australia’s Department of Foreign Affairs and Trade, IPPIN works through country-specific Plastics Innovation Chapters that catalyse the development of disruptive technologies aimed at reducing plastic waste across the Indo- Pacific region. Beyond its flagship Incubator and Accelerator+ Programs – which support entrepreneurs to refine innovative technologies, build circular business models and scale their impact – IPPIN contributes to long-term systemic change. The program fosters regional collaboration, supports policy dialogue and strengthens enabling environments through capacity building, seed funding, knowledge sharing and inclusive innovation. This ensures a cleaner, more prosperous environment for Australia and our neighbours. The impact The value of CSIRO’s IPPIN is multidimensional and growing. IPPIN has provided global entrepreneurs with increased innovation capacity, networks, regional opportunities for funding and technical expertise needed to develop, scale and sustain innovative solutions to plastic waste. To date, IPPIN has supported 162 ventures and engaged over 4,000 innovators across 15 countries, awarding $1.5 million in grants and attracting $5 million in co-investment. More than 75 per cent of ventures advanced their technology readiness, with several reaching commercial deployment. IPPIN also strengthens regional collaboration and policy engagement, contributing to long-term systems change. The program is bolstering sovereign innovation ecosystems, fostering inclusive participation and advancing Australia’s regional leadership in sustainable development. IPPIN exemplifies how Australia’s science can deliver real-world impact through partnership, innovation and regional cooperation. Innovators at the IPPIN Demo Day showcase their sustainable solutions to help combat the urgent global problem of plastic waste. Priority: Digital We continue to integrate modern digital and data capabilities into our research to accelerate impact and improve reliability, reproducibility and rigour. Over the past year, key programs that lifted our digital maturity included Digital Support for Labs, the Managed Data Ecosystem, the Science Digital initiative with Google, and Artificial Intelligence for Missions (AI4M). EVIDENCE OF IMPACT Smart irrigation tools transforming water use and livelihoods The opportunity Water scarcity and inefficient irrigation practices limit food security for millions of smallholder farmers globally. The Virtual Irrigation Academy (VIA) empowers farmers to irrigate more effectively using simple, low-cost tools. The solution Developed through a partnership between CSIRO and the Australian Centre for International Agricultural Research (ACIAR), VIA integrates real‑time soil moisture data from a suite of monitoring tools into a digital platform. The system enables farmers to understand when best to irrigate, contributing to more water efficient farming practices, improved yields, reduced labour costs and increased farming profitability. The impact VIA has been deployed across 15 irrigation schemes in Africa, reaching thousands of farmers. Results show a 65 per cent reduction in water use, improved yields, and a 26 per cent increase in farmers reporting >50 per cent yield improvements. Irrigation frequency dropped from 4–5 times to 1–2 times per month, freeing time for off-farm income and reducing conflict between water users by 83 per cent. The VIA has demonstrated how innovative, science‑based tools can drive impact at scale – enhancing livelihoods while supporting Australia’s strategic international development priorities. Low-cost tools for monitoring soil moisture are helping smallholder farmers grow more food with fewer resources. Objective 2 Infrastructure stewardship Outcome: Be stewards of fit-for-purpose and sustainable research infrastructure, stimulating collaborative networks in Australia’s innovation ecosystem to deliver long-term national benefit. KEY PERFORMANCE INDICATORS Have shared national labs Partially achieved Strategic progress and impact delivery We manage a diverse and complex suite of research infrastructure across more than 40 sites, enabling the scientific research required to address Australia’s national challenges. Our national research facilities and collections are accessed by researchers across the country, and we are committed to ensuring they remain sustainable, safe and fit for purpose – now and for future generations – through collaboration across the innovation system. In 2024–25, we advanced our infrastructure stewardship by laying the foundations for a more strategic, sustainable and aligned approach. This included developing a draft infrastructure catalogue, conducting financial and best-practice analysis and progressing a new capital investment framework. These efforts strengthen the alignment between our infrastructure and research portfolio, ensuring our facilities are future-focused and positioned to maximise scientific impact for Australia. Australian Centre for Disease Preparedness 33,266 diagnostic tests completed (30,828 terrestrial, 2,438 aquatic) 847 disease exclusion investigations conducted 6 international and 5 state emergency responses supported Australia Telescope National Facility 265 refereed papers (using observations from ATNF or co-authored by staff) The first NovaSAR-1 Australia National Mosaic dataset was released 2,509 total investigators 770 unique investigators from 35 unique countries Top 6: Australia (170), China (99), USA (94), Italy (87), Germany (69), UK (55) National Research Collections Australia >15 million specimens 7 collections ≈20% of Australia’s natural history collection specimens >250 years age of our oldest specimen Marine National Facility RV Investigator 5 research voyages completed 20,748 nautical miles travelled 127,528 km2 of seafloor mapped Enabled description of 167 species and assisted in the discovery or identification of 9 shipwrecks (since its commissioning in 2014) Pawsey Supercomputing Research Centre 2.2 billion service unit compute‑hours at Pawsey were recorded >2,000 researchers supported across research domains Contributed 80% of compute capacity available under the National Computational Merit Allocation Scheme 397 publications cited Pawsey CSIRO Consolidated our property footprint by reducing gross building area by ≈51,000 m2 and operating costs annually by >$1.8 million Locations of Australia’s national research facilities and scientific collections Priority: Research infrastructure We continued our management of Inyarrimanha Ilgari Bundara, our Murchison Radio-astronomy Observatory, site of the international SKA Observatory (SKAO)’s SKA-Low telescope on Wajarri Yamaji Country site. Through multiple SKAO construction contracts with industry and research organisation partners, including CSIRO, thousands of antennas were installed this year, with services and mesh completed for most of the telescope’s stations. Work on the central processing facility is underway and the SKAO SKA-Low telescope released its first sky image based on commissioning activities at the initial stations. In March, the Federal Budget approved funding for the first phase of the Australian Centre for Disease Preparedness (ACDP) Part-Life Refit, advancing this major refurbishment to support animal and zoonotic disease management in Australia. The Pawsey Supercomputing Centre’s new simulation cluster supported several quantum‑classical projects, strengthening its position in integrated supercomputing. We completed the National Research Collections Australia facility at Black Mountain, ACT in August. We commenced development of a roadmap for our research infrastructure this year, aligned to our research portfolio aspirations. The research and enabling infrastructure program will empower us to manage our infrastructure portfolio in a way that ensures its relevance and responsiveness to Australia’s current and emerging needs, facilitates the development of strategic partnerships and allows end users to engage with it more effectively. Employees at the Australian National Wildlife Collection packing the egg collection ahead of the relocation to Diversity, the new collections facility in Canberra. EVIDENCE OF IMPACT Australian Centre for Disease Preparedness (ACDP) In 2024–25, the global spread of highly pathogenic H5 avian influenza remained a significant biosecurity concern. While not detected in Australia, the virus has caused widespread poultry and wildlife deaths internationally. As Australia’s national reference laboratory, ACDP is playing a key role in national readiness efforts, including participation in Exercise Volare, a simulation led by the Department of Agriculture, Fisheries and Forestry. In February 2025, ACDP testing for Agriculture Victoria confirmed the presence of a different strain, H7N8 avian influenza, at 4 sites in Victoria. While high in pathogenicity, testing confirmed it was not the H5 strain, nor related to the (successfully eradicated) strain that impacted poultry farms in 2024. ACDP has maintained compliance with Australian legislation, regulations and applicable International Organization for Standardization (ISO) certifications during 2024–25 and participated in 3 quality compliance audits, with commendation for its Integrated Management System, developed to ensure compliance with applicable standards. Australia Telescope National Facility (ATNF) Observing time on our ATNF facilities is allocated on scientific merit without charge to the end user. A total of 265 refereed papers using observations from ATNF or co-authored by employees, were published in 2024, with our ATNF facilities also supporting commercial space tracking activities. Observing time for both Murriyang, our Parkes radio telescope on Wiradjuri Country, and our Australia Telescope Compact Array (ATCA) on Gomeroi Country is allocated competitively through the ATNF Time Assignment Committee. There were 112 proposals received for Murriyang during 2024–25, with 51 per cent of time awarded to Australian astronomers. In total, 137 proposals were received for ATCA with Australian astronomers awarded 29 per cent of available time. Ninety‑five per cent of observing time on our ASKAP radio telescope is allocated to the major surveys for which it was constructed. These 9 large survey teams had been awarded time according to the recommendations of an international application review panel. The Long Baseline Array (LBA), which we manage, allocated time to 18 proposals, continuing to deliver very long baseline interferometry across the southern hemisphere. Earth Observation Our globally recognised Earth observation (EO) capabilities progressed this year with the NovaSAR-1 satellite national facility releasing the first NovaSAR-1 Australia National Mosaic dataset. In partnership with Geoscience Australia, we supported the US-Australia Landsat Next Partnership with the development of calibration and validation services for the planned satellites to support evidence‑based decision making in Australia and across the Indo‑Pacific region. Our Earth Analytics Science and Innovation (EASI) cloud-based data analytics platform has been used to develop a prototype ‘AquaWatch Algal Alert System’ to monitor inland water bodies for algal blooms in near‑real‑time. National Research Collections Australia (NRCA) A major focus in 2024–25 for NRCA has been the relocation of 13 million specimens from the national wildlife and insect collections into the new facility, co-located with the Australian National Herbarium (ANH) at Black Mountain, ACT. In collaboration with research partners, NRCA also continued exploration of the expanding role of natural history collections in supporting environmental monitoring, agriculture, biosecurity and conservation. Such efforts are increasingly driven by digitisation initiatives – both within NRCA and across global institutions – alongside rapid advancements in genomics, data science, artificial intelligence, and machine learning. Marine National Facility (MNF) In 2024–25, the MNF completed 5 research voyages, including the significant return of the Collaborative Australian Postgraduate Sea Training Alliance Network (CAPSTAN) program (since pausing due to COVID-19), targeting the training of the next generation of Australia’s marine scientists at sea. MNF also delivered a new air sampling system for the RSV Nuyina (Australian Antarctic Division Icebreaker) based on the RV Investigator’s world-first design. The program included wind tunnel characterisation of both inlet systems to understand the impact of the system design on its measurements. This was completed prior to the COAST-k voyage (IN2025_V03) on RV Investigator, the first comparison between the Kennaook/Cape Grim Baseline Air Pollution Station and remote sampling from the Southern Ocean, quantifying Cape Grim’s unique position in sampling undisturbed air from the Southern Ocean. For a significant portion of the year, the RV Investigator was dry-docked in Singapore to enable the planned mid-life refit for mandatory 5-year class and survey works plus the end‑of‑life replacement or upgrade of significant science capabilities. University students on the CAPSTAN voyage collect sediments from a seafloor sampling operation on RV Investigator. Image: Maren Preuss Pawsey Supercomputing Research Centre (Pawsey) In 2024–25, Pawsey supported over 2,000 researchers from across research domains including radioastronomy, health, and climate. Pawsey contributed 80 per cent of the compute capacity available under the National Computational Merit Allocation Scheme (NCMAS). Pawsey also elevated global research collaboration for the benefit of Australia through hosting international conferences, including the Cray User Group Conference, the International Workshop on OpenMP (multi‑processing), and the EuroMPI (Message Passing Interface) Australia 2024 Conference. Pawsey entered the second year of its national supercomputing and quantum computing innovation hub pilot, deploying novel workflows that integrated GPU, CPU, and quantum processing. Priority: Enabling infrastructure As part of our research and enabling infrastructure program, we are also considering avenues available to streamline and consolidate our infrastructure portfolio to maximise impact and support long‑term sustainability. This includes assessing our existing facilities and systems and aligning them to our research needs to optimise our footprint and ensure we have an innovative and vibrant working environment for our people and stakeholders. Work on this priority will continue into the next financial year. We continued to make progress this year against our 2019–2029 Property Strategy, which provides investment and divestment principles to ensure our property portfolio comprises fit-for‑purpose infrastructure that is efficient, affordable and sustainable. Several of our sites were divested this year (either in whole or in part). This, and the acquisition of East Arm, NT, resulted in a net reduction in our property footprint by approximately 51,000 square metres (7.9 per cent) gross building area and operating costs by over $1.8 million annually. The divested properties include: • Clayton Australian Stem Cell Centre, Victoria • Crace, Australian Capital Territory • Toowoomba, Queensland • South Australian Health and Medical Research Institute, South Australia • Lindfield, New South Wales • Chile (international). Divestment planning for several other sites continued to progress, including: • Ginninderra, Australian Capital Territory • Aspendale and Belmont, Victoria • Indian Ocean Marine Research Centre, Watermans Bay, Western Australia • Eveleigh, New South Wales. Objective 3 A stronger national innovation system Outcome: Enable system-level coalitions to address national challenges and advance Australia’s research translation and commercialisation performance. KEY PERFORMANCE INDICATORS Enhance innovation translation with Australian industry, including SMEs and external partners Partially achieved Demonstrated uptake and adoption with industry to support innovation Achieved Strategic progress and impact delivery In 2024–25, CSIRO deepened its role as a connector and catalyst across Australia’s innovation ecosystem by strengthening strategic coalitions across government, industry, research and the community, including deeper engagement with Aboriginal and Torres Strait Islander partners. We accelerated science commercialisation through programs such as ON Prime and Accelerate, Industry PhD and Main Sequence, improving translation outcomes and enabling greater national benefit. These initiatives increased the velocity and value of research-driven impact. By investing in digital pathways and scalable partnership models, CSIRO continued to drive systemic innovation and deliver long-term value to Australia’s economy and society. Collaboration Engaged ≈5,000 domestic and international, industry and government entities including • 1,989 SMEs • 659 large Australian corporations • 999 overseas corporations $660.7 million earned in external revenue Government collaboration contributed to • 32 government consultations • 20+ parliamentary inquiries University collaboration • 8 Regional University Industry Collaboration projects facilitated • 73 university researchers trained Community collaboration • 71 local collaborations • 371 participants • Launched the Science Educator Reference Group in collaboration with the Australian Science Teachers Association Aboriginal and Torres Strait Islander collaboration • connected with Indigenous networks representing 1,500+ Indigenous businesses • awarded 35 Indigenous Research Grants projects since inception in 2022 (36 applications this year) • Indigenous STEM University Scholarships across 11 universities Commercialisation 633 active licences 95 new licences $62 million IP revenue (highest on record) 4 new spinouts $253.8 million direct investment portfolio SMEs • 58 Kick-Start projects approved to the value of $4.1 million • $2 million invested in follow-on projects with CSIRO • 148 SMEs in Innovate to Grow • 107 STEM Links placements • 226 students supported by 57 mentors in Gupta Family Group Foundation Programme ON Innovation Program • 116 teams • 408 participants • 43 events for 2,800 people nationally • 88 companies founded since 2015 • >870 jobs created • $420 million investment capital raised CSIRO Publishing • 33 book titles released • >500 participants trained on effective written communication Industry PhD Program • 75 current students • 15 new students • 46 new projects identified Main Sequence (Deep tech VC Fund) • almost $1 billion private capital under management • holds interests in 67 companies, creating 2,000+ deep tech jobs • 300+ collaborations with 32 universities • delivers ~$4 co-investment for every dollar invested Priority: System-level coalitions This year, we deepened our contribution to coalitions across government, communities, including Aboriginal and Torres Strait Islander communities, research institutions and industry. By collaboratively owning, funding and addressing national and international challenges through diverse and inclusive strategic partnerships, CSIRO amplified its impact and increased the benefits delivered to Australia. EVIDENCE OF IMPACT Government collaboration In 2024–25, CSIRO collaborated extensively across government to provide scientific advice and support the delivery of key priorities, including contribution to the government’s Strategic Examination of Research and Development (SERD). Our expertise and work in the areas of critical minerals, green metals, renewable energy, and the net zero transition underpinned initiatives driving productivity and align with the ‘Future Made in Australia’ (FMIA) plan. We maintained formal partnerships with government departments and supported public service events, including assisting the Department of the Prime Minister and Cabinet with His Majesty King Charles III’s visit to our National Bushfire Behaviour Research Laboratory. Key programs run on behalf of the government included: • Leading the $10 million Green Metals Innovation Network in partnership with the Heavy Industry Low-carbon Transition Cooperative Research Centre (HILT CRC), to strengthen research-industry collaboration and accelerate the growth of Australia’s green metals industry. • Continuing the delivery of Sparked – Australia’s Fast Healthcare Interoperability Resources (FHIR) Accelerator Program, with a further $8.2 million funding through 2025–26 Budget to drive information exchange across Australia’s healthcare system and support the Government’s Health Delivery Transformation Program under the Strengthening Medicare Agenda. Our senior leaders are members of various ministerial and government advisory panels, including Chief Executive Dr Doug Hilton, who has an ex-officio role on the National Science and Technology Council. Global collaboration This year, CSIRO strengthened connections between Australian research and international partners to address shared global challenges. Our key collaborations included: • The India-Australia Minerals Partnership, which advances critical minerals supply chains, accelerates decarbonisation of the iron-steel sector and builds strong ties with Indian government, industry and research organisations. • Hydrogen research collaboration with countries across the Indo-Pacific, Europe, the UK and USA, including participation in international delegations and enabling 35 Australian research fellows to undertake placements abroad through the Research Fellowship Program. • Advancing Indo-Pacific climate resilience and sustainable fisheries by partnering with the Pacific Community and international agencies to co‑design integrated climate science and fisheries management initiatives that protect tuna access, improve regional decision making and promote long-term sustainability. Industry collaboration In 2024–25, CSIRO deepened industry engagement through strategic partnerships and targeted initiatives that accelerated research translation and innovation uptake. Key collaborations included: • Partnering with Oxitec LTD to develop solutions targeting the Aedes aegypti mosquito, a threat to human health and ecosystems in Australia and the region. • Partnering with Departments of Foreign Affairs and Trade and Agriculture, Fisheries and Forestry through the Pacific Food Security Project to establish the PACS-Pacific vision for adapted crops and soils, fostering a coalition focused on climate-resilient agriculture in the Indo-Pacific. • The collaborative National Soils Monitoring Program mobilised local experts to improve soil health metrics and enable evidence-based decision making that supports sustainable agricultural outcomes at multiple scales. Small- to medium-sized enterprises This year, CSIRO collaborated extensively with small- to medium-sized enterprises (SMEs) to drive innovation, commercialisation and economic growth. Through a suite of targeted programs, we supported start-ups and SMEs to access research expertise, funding, training, and national and international networks. These partnerships accelerated technology development, enhanced research translation and strengthened Australia’s innovation ecosystem – particularly in key sectors such as clean energy, agrifood, digital technologies and advanced manufacturing. Our continued focus on inclusive, regionally distributed and globally connected initiatives has created meaningful pathways for SME success and impact. • The India-Australia Rapid Innovation and Start‑up Expansion Accelerator program enabled 24 start‑ups and SMEs from both countries to advance Circular Economy and Climate Smart Agritech solutions, strengthening cross-border innovation and commercial pathways. • The Future Food 2.0 Venture Exchange program helped 7 SMEs access food innovation ecosystems in Australia and Singapore, expanding their market and collaboration potential. University collaboration In 2024–25, CSIRO worked closely with all Group of Eight universities to identify and pursue shared commercialisation opportunities. This proactive engagement has resulted in several successful grant applications and impactful partnerships such as: • The CSIRO–University of Queensland Food System Horizons initiative, which is advancing a more sustainable, equitable and resilient Australian food system by using science to address complex challenges across the entire food value chain. By improving understanding of the interconnections between natural resources, agriculture, nutrition and health, the initiative is enabling more informed decision making and long-term food security outcomes for Australia. • The CSIRO–Australian National University Agri-Food Collaboration program, which is fostering high-impact research by promoting interdisciplinary collaboration and co-innovation. The program supports projects with strong potential for meaningful outcomes, offers a collaborative funding model and helps define future investment opportunities aligned to mutual research strengths. These partnerships are part of CSIRO’s broader efforts to strengthen the national innovation system by connecting research excellence with real‑world impact. Community collaboration As Australia’s national science agency, we take our social licence to operate seriously. We carefully measure community trust via a Community and Business Sentiment Survey conducted by Roy Morgan, an independent Australian market research and public opinion statistics company. In 2024–25, the survey indicated that public awareness of CSIRO remains extremely high at 90 per cent. Positive community sentiment remains high at 70 per cent but did decline from 75 per cent in 2023–24. Further details about these results are discussed on page 58 in the Annual Performance Statements. We recognise Aboriginal and Torres Strait Islander Peoples as Australia’s First Scientists and remain committed to meaningful collaboration that respects Indigenous knowledge systems in science. Our focus is on strengthening relationships, increasing participation in research and innovation, and supporting outcomes aligned with community aspirations. • This year, CSIRO deepened engagement with Indigenous business networks representing over 1,500 businesses, helping advance national priorities such as elevating Indigenous knowledge systems. • Our Indigenous STEM University Scholarships and Indigenous Graduate Program continued to grow the pipeline of Aboriginal and Torres Strait Islander researchers, offering structured support for careers in science and technology. • The Indigenous Research Grants (IRG) program, which supports Indigenous-led science, has initiated 35 projects since its launch in 2022. During 2024–25, Round 4 of the program attracted a record 36 applications and was featured at the Australian Institute of Aboriginal and Torres Strait Islander Studies (AIATSIS) Summit plenary in June. Together, these initiatives reflect CSIRO’s commitment to embedding Indigenous perspectives and leadership in science, for a more inclusive and impactful research future. Reconciliation Action Plan On 25 October 2024, CSIRO proudly launched its first Stretch Reconciliation Action Plan (RAP) 2024–27 on Gadigal Country, Sydney, NSW. Building on our previous Innovate RAPs, the Stretch RAP strengthens our commitment to Indigenous employment and procurement, and protection of Indigenous Cultural and Intellectual Property. It includes 132 deliverables – 63 aligned with Reconciliation Australia’s framework and 69 unique to CSIRO – centred on 4 key themes: • Working together: We will continue to build and maintain strong relationships and partnerships on our reconciliation journey. We will acknowledge and highlight Indigenous science and knowledge as we work together for our shared future. • Amplifying Indigenous voices: We will evoke a sense of pride in what CSIRO and Aboriginal and Torres Strait Islander employees and partners have to offer through science. We will amplify Indigenous voices and leadership at all levels at every opportunity. • Inspiring our people: We will inspire and engage our community, staff and stakeholders in conversations about reconciliation. We will demonstrate the journey we have been on and the journey we continue to walk in our commitment to reconciliation. • Making an impact: We will grow and foster meaningful change that will deliver positive impacts. In 2024–25, we commenced a national series of Cultural Learning Workshops to build staff capability in respectful engagement and cultural safety. During National Reconciliation Week, we hosted our inaugural Indigenous Science Symposium, aligning with national science priorities to elevate Indigenous knowledge systems. We also published our first CSIRO Indigenous Collaboration and Partnerships Report, reflecting on our performance and contribution to Closing the Gap. To further support collaboration, we launched the Indigenous Engagement Map, enabling better visibility, knowledge sharing, and coordination of Indigenous-related research and partnerships across CSIRO. Nicole Forrester from the World Wildlife Fund, Louisa Warren (second to the left), Daniella Borg (right) and Melissa Tipo (far right) at the Stretch RAP event in Eveleigh. Priority: Accelerate commercialisation for CSIRO and national innovation system CSIRO’s commercialisation efforts strengthened Australia’s innovation ecosystem by increasing the volume, velocity, and value of science translation. Key programs – Industry PhD (iPhD), ON Prime, ON Accelerate, and the CSIRO Innovation Fund – enhanced research translation and industry engagement despite global challenges. Expansion of Main Sequence further supported spinouts, start-ups and SMEs linked to high-value deep technology, leveraging opportunities from Australia’s Economic Accelerator. These initiatives collectively accelerate the journey from discovery to impact, boosting economic growth and reinvestment in science for long‑term sustainability. EVIDENCE OF IMPACT CSIRO commercialisation program In 2024–25, our commercialisation efforts delivered strong results despite a shifting global landscape. Our annual intellectual property (IP) revenue reached $62 million, the highest on record, demonstrating the growing demand for CSIRO‑developed innovations. These results reflect our continued success in driving national benefit through science commercialisation. We established 4 new spinout companies to commercialise CSIRO-developed technologies: • Terria aims to commercialise a ‘digital twin’ platform, developed by Data61, for use by government and corporate clients. • Airthena Technology Development Company aims to further develop and commercialise direct air capture (DAC) technology from our Manufacturing research unit. This technology extracts CO₂ directly from the atmosphere for subsequent storage or utilisation. • FPR Energy was formed in partnership with RFC Ambrian to commercialise concentrated solar thermal technology developed by our Energy research unit. The technology enables efficient energy capture, storage and delivery. • Eclipse Ingredients is focused on commercialising a precision fermentation technology from the Agriculture and Food and Manufacturing research units. This process produces a recombinant form of lactoferrin, a nutrient beneficial for both infant and adult health. Our portfolio company ReNerve, which is developing advanced nerve repair and regeneration solutions, successfully completed an IPO and ASX-listing in November 2024. Our direct investment portfolio, growing at 36 per cent annually over the past decade, is now valued at $253.8 million. No major share sales occurred in 2024–25. Main Sequence Main Sequence, a venture capital fund founded by CSIRO, has raised 3 funds which invest in translating publicly funded Australian research into global companies that create jobs and grow Australia’s economy. Main Sequence invests in spinouts, start‑ups and SMEs with strong links to Australia’s research sector, including opportunities that are aligned with Australia’s Economic Accelerator. Between 2017 and 2025, Main Sequence has conducted 3 capital raises and now has over $1 billion of capital under management. Main Sequence is anticipated to be raise a Fund 4 during 2026–27. Main Sequence holds interests in 67 companies, with 12 of these being new investments this financial year (and 8 companies having been divested over the past 2 years). These companies have created over 2,000 deep technology jobs since inception. Portfolio companies have 41 connections to CSIRO and over 245 separate collaborations with 32 Australian universities. Main Sequence funds’ investments attract over $3.50 of co-investment for every dollar invested. The Fund’s first material investment return was delivered during the year from the acquisition of portfolio company Cylite by ophthalmology giant Alcon. During 2024–25 the National Reconstruction Fund Corporation co-invested in 3 Main Sequence portfolio companies and is in active discussions about co‑investment in a further 2 companies. Five Main Sequence companies were named industry partners for successful Australia’s Economic Accelerator Ignite Grants awarded to university partners. The Main Sequence Atmosphere pre‑seed fund was launched during the year and has invested in 7 companies, providing deeper university connection and a pipeline for Funds 3 and 4. Objective 4 An enduring and empowered CSIRO Outcome: Attract and retain world-class talent and strengthen our nation’s STEM pipeline. Strengthen a culture that makes us an employer of choice and operate in an adaptable, resilient and responsive way. KEY PERFORMANCE INDICATORS Be a destination employer Partially achieved Financial commitments Not achieved Have a safe and inclusive workplace for all Partially achieved Strategic progress and impact delivery In 2024–25, CSIRO focused on simplification and strengthening the foundations of the organisation. We fostered a culture of inclusion, wellbeing and impact. We attracted and supported science and technology talent while helping grow Australia’s STEM pipeline. Across the organisation, we worked to become more adaptive, resilient and digitally mature, to ensure our staff have the skills needed to deliver responsive, impactful science for the nation. Culture Culture pulse survey response rate 66% Health, Safety and Environment Total reportable injury frequency rate 2.1 incidents 3,903 hazards and proactive HSE reports Diversity 28.6% of our people are from non-English speaking backgrounds 44.2% of our people are women 34% of the science and engineering cohort are women 2.5% Aboriginal and Torres Strait Islander employees Building STEM pipeline >41,000 students 5,000 educators engaged across Australia through education and outreach activities 45% of STEM Professionals in Schools participants were women 73% internships through Generation STEM Links Program offered ongoing employment Research+ grants program awarded • 24 PhD top-ups • 11 CERC fellowships • 5 Julius Career Awards • 5 cutting-edge symposia Learning and development our people undertook >168,600 learning hours with a key focus on digital capabilities Environmental sustainability 78% scope 1 and 2 greenhouse gas emissions reduction (market-based) from baseline 83% of electricity consumed in 2024–25 from renewable energy sources 35% reduction in domestic air travel from 2019 baseline 43% reduction in international air travel from 2019 baseline Priority: Preferred place to work This year, we invested significant effort into our culture to ensure we remain an employer of choice. We remain focused on people engagement through diversity and inclusion, leadership capability and development initiatives, including embedding our values as the foundation for how we work together. We also progressed our simplification priorities to ensure that CSIRO is an adaptable and sustainable organisation, capable of generating strong scientific impact for Australia. EVIDENCE OF IMPACT Culture In 2025, we transitioned to a new culture measurement provider, Culture Amp, to enhance our understanding of the employee experience and organisational culture. The survey retained key focus areas from previous assessments – leadership, strategic direction, change, collaboration, safety and values – while introducing 2 new important areas: psychological safety and employee engagement. We also expanded demographic categories to better reflect the diversity of our workforce and gain deeper insights into lived experiences across CSIRO. This refined approach supports our commitment to fostering a connected, inclusive and high‑performing workplace. The 2025 survey achieved an overall participation rate of 66 per cent, with 4,294 eligible staff and affiliates sharing their feedback. All units had a participation rate above 55 per cent, providing a reliable basis for understanding our current staff sentiment. The survey highlighted the following strengths: • Our people continue to see CSIRO as a safe place to work. • Our people understand CSIRO values. • Our people are proud to work for CSIRO. Areas identified for improvement include: • Providing clarity on CSIRO’s strategic direction and priorities and how these will be implemented to achieve our long-term vision. • A perceived disconnect between what we say we value and how we act. • Our people continue to report difficulties in managing change effectively, particularly with our systems and processes and the attitudes and mindsets that shape how change is experienced across the organisation. As part of this year’s refined culture measurement approach, we have established new baselines for 2 key areas: psychological safety and employee engagement. Psychological safety will be tracked internally over time as a key indicator of inclusion and belonging and the extent to which our people feel safe to voice their perspectives. Employee engagement, reintroduced this year, reflects how connected and motivated our people feel in the organisation, with results broadly aligned with external benchmarks across comparable sectors. Both measures provide important reference points for shaping our culture moving forward. Diversity and inclusion At CSIRO, we recognise that our success is underpinned by a diverse and inclusive workforce. Now in its second year, our Diversity, Inclusion and Belonging (DIB) Strategy 2023–26 continues to guide meaningful progress towards creating a fair, equitable and supportive workplace. In 2024–25, we strengthened our DIB governance framework, enabling Action Plan Working Groups and enterprise units to drive initiatives that improve inclusive recruitment, psychological safety and allyship. Our DIB Community of Practice remains a valuable forum for sharing insights and accelerating local action. Through procedural changes we have made progress in reducing structural barriers that impact on marginalised groups, and we have consolidated our learning offerings for employees at all levels, building our awareness and capability in the DIB space. We continue to be transparent on gender equity, publishing our gender pay gap annually. The 2025 Workplace Gender Equality Agency (WGEA) results, reflecting 2023 data, showed a reduction in CSIRO’s gender pay gap by 2 percentage points, down to 12.1 per cent from 14.1 per cent in 2022. We also proudly participated in the 2025 Sydney Mardi Gras Parade for the sixth consecutive year, demonstrating our ongoing commitment to diversity, inclusion and belonging. With a smaller contingent to support cost-saving, our support remained strong. Under the theme ‘For the love of science’, we celebrated identity, community and our shared passion for science. We partnered with ANSTO to participate in the Midsumma Festival (LGBTQIA+ cultural festival) in Melbourne this year, celebrating our people and the diverse roles they play at CSIRO. This project was attended by members of our Pride@CSIRO network, further showing our dedication to fostering inclusive spaces and celebrating diversity. Our booth at Melbourne's Midsumma Festival Carnival. Priority: World-class talent CSIRO aspires to be the employer of choice for the best global science and technology talent, an organisation in which people can develop their careers and perform at their best. This year, we continued to build capability and talent for the national innovation system through programs such as Research+ and CSIRO Early Research Career. Our leading Science, Technology, Engineering and Mathematics (STEM) programs engaged hundreds of students and teachers this year, strengthening the STEM pipeline for Australia. EVIDENCE OF IMPACT Nurturing talent To solve the greatest challenges, our pipeline of science talent must be strong. We attract the brightest minds and foster their passion for science through our programs outlined below. • We offer a tailored learning, development and training program for PhD and Engineering Master’s graduates through the CSIRO Early Research Career (CERC) Postdoctoral and Engineering Fellowship Program. Designed to foster the next generation of innovation leaders, the program builds advanced research and leadership capabilities. It prepares Fellows for impactful careers within CSIRO or across the broader research sector, government, and industry. • Under the SIR Act, we are committed to developing future research talent and fostering collaboration with universities to support education. We deliver on this mandate by partnering with academia and industry to offer postgraduate studentships, undergraduate traineeships and vacation opportunities that provide students with hands-on experience in real-world research. These programs help build vital STEM capabilities and open pathways to industry-based careers beyond academia. In 2024–25, we supported 1,413 undergraduate and postgraduate students through our tertiary student programs. • Our Research+ grants program has been a key enabler of scientific excellence, innovation, and capability development. Concluding this year, Research+ supported researchers, from postgraduate students to early- to mid-career researchers, reinforcing our commitment to growing the STEM pipeline and fostering a culture of curiosity, collaboration and long-term impact. In 2024–25, the program supported: – 24 PhD top-up scholarships – 11 CSIRO Early Research Career (CERC) Fellowships – 5 Julius Career Awards – 5 cutting-edge symposia. Indigenous employment We remain committed to amplifying Aboriginal and Torres Strait Islander voices, knowledge systems and leadership across all levels of CSIRO. We recognise that Indigenous self-determination and agency are critical to achieving sustainable, meaningful employment outcomes. While the number of Indigenous staff has declined, the overall representation as a percentage of the workforce has remained steady at 2.5 per cent due to a corresponding decrease in CSIRO’s total headcount. In response, we have renewed our focus on fostering a culturally safe workplace. Our Aboriginal and Torres Strait Islander Employment Strategy 2022–2024 formally concluded in December 2024 but continues to guide our approach. Some of the key initiatives delivered in the 2024–25 period include: • Early Career Pathways Program: The program provides flexible entry points for Aboriginal and Torres Strait Islander people to build foundational and technical skills in science and technology. During the reporting period, 13 participants gained experience and support to begin their professional careers. • University STEM Scholarships: In partnership with 11 Australian universities, we continued to support the future Indigenous STEM pipeline. Twelve scholarships were awarded to Aboriginal and Torres Strait Islander students undertaking STEM degrees during the reporting period. • Student Pathways Program: The program offers practical placements to Aboriginal and Torres Strait Islander university students, enabling career exploration in research, science, and enterprise. 17 students participated in 2024–25, contributing fresh perspectives while gaining valuable skills for their future careers. • Indigenous Graduate Program: The 18-month program supported 23 graduates in 2024–25 by providing structured, supported pathways into meaningful graduate-level roles through 2 streams: Enterprise Services and Research Development. • Indigenous Pre-Doctoral Fellowship Program: This program supports Aboriginal and Torres Strait Islander STEM graduates aspiring to pursue higher degrees in research and careers in research-intensive fields. In 2024–25, 14 fellows were supported through the program. Of these, 8 are undertaking a PhD, while 6 are completing a master’s degree by research or coursework. • Building Indigenous Leadership Capability Program: Launched in 2024–25, this program supported 16 Aboriginal and Torres Strait Islander employees, blending Indigenous and mainstream leadership development. It equipped future leaders with the tools to grow professionally and contribute to a more inclusive leadership culture. Building the STEM pipeline In 2024–25, CSIRO strengthened Australia’s STEM pipeline by connecting numerous students and educators to real-world science through inclusive, evidence-informed programs such as STEM Professionals in Schools, Generation STEM and STEM Insights. Our national education and outreach initiatives engaged over 41,000 students and 5,000 educators, fostering curiosity, capability and long‑term interest in STEM careers. We prioritised access and equity by reaching regional and Indigenous communities, delivering internships, mentoring and culturally responsive learning. Through long-term partnerships and research‑informed approaches, we also deepened our understanding of how students engage with STEM, ensuring our efforts support a sustainable, diverse and skilled future workforce for Australia’s innovation economy. In 2024–25, the Young Indigenous Women’s STEM Academy supported the development of future leaders by enabling participants to contribute to national and international STEM dialogues, showcase their work on prominent platforms and strengthen global networks. Participants presented at leading forums, including the Australian Institute of Aboriginal and Torres Strait Islander Studies, Women in STEM Leadership Summit and Asia Pacific Economic Cooperation Summit on First Nations Digital Inclusion in Mexico. Four young women were appointed co-chairs of the Academy’s Steering Committee, actively engaging with international embassies to explore Indigenous-led STEM initiatives. Demonstrating strong outcomes, 88 young women graduated and are now either pursuing higher education or working in STEM fields, with 2 securing places in CSIRO’s Graduate Program. Priority: Greater adaptiveness This was a transformative year for CSIRO, with a strong focus on simplifying operations to support long-term sustainability, efficiency and agility. A key element of this work was the comprehensive reform of our Enterprise Services functions, designed to strengthen operational capability and ensure cost‑effective support for our scientific mission. The Enterprise Services reform, delivered in 3 waves with extensive staff consultation, focused on improving clarity and streamlining services. Wave 1 realigned reporting structures, Wave 2 consolidated functions to focus on core services and Wave 3 is focused on optimising teams and improving alignment with Research Units. These reforms have helped address financial and operational pressures stemming from previous growth, including pandemic-era expansion. As we continue to assess our operating model, our goal remains clear: to ensure CSIRO is a sustainable, adaptable and high-impact organisation, equipped to deliver the science that benefits the nation. EVIDENCE OF IMPACT Governance, integrity and risk management We are committed to responsible, transparent management and a culture grounded in integrity. Guided by our Board Policies and Code of Conduct, we uphold high ethical standards across all areas of science, research and operations. In 2024–25, we advanced a comprehensive governance reform program to ensure our model remains contemporary, effective and aligned with legislative requirements and stakeholder expectations. The Board reviewed and updated our Policy Framework, alongside significant efforts to strengthen policy governance and enhance the underlying processes and systems that support its implementation. The Policy Framework is complemented by the Board-issued Accountable Authority Instructions and establishes a structured and consistent approach to ensure our policies and procedures are relevant, effective, and aligned with legislative requirements and organisational obligations. It encompasses policies, procedures and supporting documentation that articulate the Board’s expectations, our responsibilities and commitments, and the standards for performance and compliance. Our Enterprise Risk Management Framework continues to support informed decision making and enable visibility of risks across all levels of governance. This approach ensures that strategic, operational and emerging risks are proactively identified, assessed and managed. It also strengthens our ability to protect CSIRO’s people, science, reputation and long-term impact in a dynamic and evolving environment. Security National Maintaining a secure and trusted operating environment – both physical and digital – is critical to protecting CSIRO’s people, research and infrastructure. In 2024–25, we strengthened our national security posture to support Australia’s growing science needs in an increasingly complex global environment. • We expanded our security-cleared workforce, enhancing our capacity to work with sensitive information and strengthening our readiness to support defence and national security research. Work also commenced on a new secure laboratory facility to further enable this capability. • In partnership with the Department of Defence, we supported implementation of the Defence Trade Controls Act amendments by advising on research sector impacts and delivering awareness initiatives across CSIRO. This included a comprehensive due diligence review and targeted engagement with affected staff and affiliates. • To protect against foreign interference and espionage, our researchers completed more than 1,000 risk assessments using our internationally recognised tool. A quality assurance program now supports the effective and meaningful use of this tool across the organisation. • An external review of our security maturity against the Australian Government’s Protective Security Policy Framework assessed CSIRO at Level 2 – Substantial – placing us on par with other agencies. This reflects CSIRO’s commitment to best practice, transparency and readiness to deliver trusted science in support of Australia’s national interests. Cyber In today’s research environment, Information and Communications Technology (ICT) plays a critical role – whether as a direct enabler of scientific discovery or through supporting communication and collaboration. To safeguard the integrity of our science, robust cyber security is essential. Our Cyber Security Uplift Program (CSUP) continues to build a culture of shared responsibility and cyber risk awareness across the organisation. • Since 2021, CSUP has aligned CSIRO’s practices with industry baselines and national standards, including the Australian Cyber Security Centre’s Information Security Manual and Essential Eight (E8), progressively strengthening the security of core ICT services. • In 2024–25, our Information Management and Technology team continued to serve as trusted advisors to our research community, helping safeguard our people, data and science. The Cyber team managed over 4,100 threat detections, conducted 160 investigations and delivered more than 600 security engagements with Research Units, including 27 technical assessments. These efforts reflect our commitment to maintaining a secure digital environment that underpins scientific excellence and public trust. Fraud control As a corporate Commonwealth entity, CSIRO complies with section 10 of the PGPA Rule (the Fraud Rule) by establishing and maintaining an effective fraud control framework. In 2024–25, we continued to uphold our commitment to robust fraud control by focusing on ensuring our prevention, detection and response strategies align with evolving legislative requirements and best practices, including the Fraud and Corruption Policy and Fraud and Corruption Guidance. We continue to report on fraud and corruption risks and the effectiveness of our control environment to the CSIRO Board Audit and Risk Committee. CSIRO’s systematic approach to identifying and assessing fraud and corruption risks at both operational and enterprise levels has been strengthened by developing internal and external networks to share information and further improve our practices and procedures. 52 Statement of preparation 53 Analysis of our performance 56 Performance outcomes 76 Mitigation – metrics not meeting targets 78 Methodology Part 3 Annual Performance Statements Statement of preparation The CSIRO Board, as the accountable authority of CSIRO, presents the 2024–25 annual performance statements, prepared pursuant to section 39(1)(a) and presented according to section 39(1)(b) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). These annual performance statements are based on properly maintained records and accurately present our performance in achieving our purpose for the year ended 30 June 2025 in accordance with section 39(2) of the PGPA Act. Ms Ming Long AM Chair, CSIRO Board 26 August 2025 Our performance framework CSIRO operates within the enhanced Commonwealth Performance Framework in accordance with the PGPA Act. Corporate Plan 2024–25 The PGPA Act requires each Commonwealth agency to produce a Corporate Plan at the beginning of the reporting cycle that sets out its purpose, strategies for achieving its purpose, and how performance will be measured and assessed. See: csiro.au/corporate-plan. Portfolio Budget Statements 2024–25 We receive resources through the budget process, documented in the Portfolio Budget Statements (PBS) for the Industry, Science and Resources Portfolio. The PBS states our outcome and includes high-level performance. See: industry.gov.au/corporate- governance/budget-statements. Annual Report/Performance Statements 2024–25 At the conclusion of each reporting cycle, we produce our annual performance statement (APS), measuring and assessing our performance against the measures in our Corporate Plan and PBS, and demonstrating progress in achieving our purpose. In 2024–25, we measured our performance using 9 key performance indicators with 21 associated metrics (detailed on pages 18–19 of our Corporate Plan 2024–25). The following section reports on this performance. Analysis of performance 88% KPIs achieved or partially achieved 71% Corporate Plan metrics achieved 100% PBS metrics achieved SCIENCE EXCELLENCE (NCI) 75% in top 2 Quartiles 51% in 1st Quartile DRIVE FUTURE SCIENCE OPPORTUNITIES 611 IP from Future Science Platforms (167 over target) ENHANCE INNOVATION ON Program + SME engagement metrics both exceeding targets for 2024–25 ADOPTION AND UPTAKE Highest IP revenue to date $62 million $253.8 million value of equity BE A DESTINATION EMPLOYER 75 iPhDs SAFE AND INCLUSIVE CSIRO 3,903 hazards and proactive reports (903 over target) 2.1 Total Reportable Injury Frequency Rate (under target) OBJECTIVES KEY PERFORMANCE INDICATORS (KPIs) METRICS Objective 1: Purpose‑driven science and technology Impact by alignment, design and scale Achieved Return on investment (as per PBS) Achieved Normalised Citation Impact at science field level Achieved Be Australia’s trusted advisor Partially achieved Positive public sentiment of CSIRO Not achieved Positive business sentiment of CSIRO Not achieved Customer satisfaction measure through Net Promoter Score Achieved Drive future science opportunities Achieved Intellectual Property (IP) from Future Science Platforms Achieved Externally validated evaluations of Indigenous science and engagement programs or projects Achieved Objective 2: Infrastructure stewardship Have shared national labs Partially achieved Externally validated evaluations of collaborative use of CSIRO’s facility/hub/precinct/collections Achieved Infrastructure usage rates: Not achieved Australia Telescope National Facility (ATNF) Pawsey Supercomputing Centre (Pawsey) National Research Collections Australia (NRCA) Marine National Facility (MNF) Objective 3: A stronger national innovation system Enhance innovation translation with Australian industry including SMEs and external partners Joint investment with external partners in missions‑directed research Not achieved Number of SME engagements Achieved Participation in ON program to accelerate research Achieved Demonstrated uptake and adoption with industry to support Australian innovation Achieved Total annual IP revenue Achieved Value of CSIRO’s equity holdings Achieved Objective 4: An enduring and empowered CSIRO Be a destination employer Achieved Commenced, cohort growth and graduating Industry PhDs (iPhDs) Achieved Impossible Without You campaign Achieved Staff sentiment towards CSIRO’s culture Achieved Financial commitments Not achieved Meet approved net cash operating surplus/ (deficit) ($’000 as per PBS) Not achieved Have a safe and inclusive workplace for all Partially achieved Hazards and proactive Health, Safety and Environmental reporting Achieved Total Reportable Injury Frequency Rate (TRIFR) Achieved Diversity in leadership, proportion of leaders who identify as women Not achieved Portfolio Budget Statement CSIRO Early Career (CERC) Fellow retention rate Achieved Performance status Achieved Partially achieved Not achieved Performance outcomes Objective 1: Purpose-driven science and technology KPI: Impact by alignment, design and scale Metric: Return on investment (as per PBS) Our target 20 impact case studies and at least $1.5 billion worth of Net Present Value (NPV) annually Our result 20 impact case studies, $13.26 billion NPV p.a.5 Achieved Trend data 2023–24 20 impact case studies and $13.26 billion NPV annually 2022–23 20 impact case studies and $10.2 billion NPV annually 2021–22 20 impact case studies and $10.2 billion NPV annually NPV is measured every 2 years Analysis Each year we commission 20 impact case studies to demonstrate the value delivered through our research activities, national facilities, collections and services programs. During 2024–25 we achieved our target, completing 20 impact case studies that span the full breadth of our investment portfolio. Several of these examples are featured in Part 2: Delivering on our strategy. To further assess the value we deliver to the nation, the Value of CSIRO Report is commissioned every 2 years. The assessment draws on the findings of our expanding portfolio of externally validated impact case studies. The 2024 Value of CSIRO Report estimated an 8.8:1 return on investment, indicating that for every $1 invested in CSIRO, at least $8.80 in value is returned to the Australian people. A net present value of $13.26 billion was also estimated. The 8.8:1 return on investment and $13.26 billion NPV remains current for this reporting period. How this metric was assessed Data type Quantitative and qualitative Data source SAP, O2D and external interviews Methodology Mixed methodology – externally conducted and validated impact case studies Quality assurance Director, Strategy 5 The Value of CSIRO: The Broader Impact of CSIRO’s Portfolio of Activities, 2024 Update https://www.csiro.au/-/media/About/Files/ Impact-assessment/2024/The-Value-of-CSIRO-2024.pdf KPI: Impact by alignment, design and scale Metric: Normalised Citation Impact at science field level Our target >75% RISE units of assessment in top 2 rank quartiles. No less than 50% rank 1 in (top) quartiles. Calculated on a volume-weighted basis. Our result 75% in top 2 quartiles, 51% in 1st quartile Achieved Trend data 2023–24 79% top 2 quartile, 61%, 1st quartile 2022–23 87% top 3 quartiles 2021–22 N/A Analysis In 2024–25, we met our science excellence targets, with 75% of RISE units of assessment in the top 2 rank quartiles and 51% in the 1st (top) quartile (calculated on a volume-weighted basis). Our results are benchmarked in each of our major fields of research (‘Units of Assessment’) against a list of similar organisations unique to each assessment. This ensures a fair comparison that recognises the different roles science excellence plays in different parts of the organisation and overcomes several limitations of standard citation metrics. While science is considered of an adequate standard to deliver impact if it is ranked in the top 3 quartiles of peers, we aim for three quarters of units of assessment to be in the top 2 quartiles, on a volume‑weighted basis, with no less than 50% in the top quartile. This year’s performance meets both thresholds (with 75% in quartiles 1 and 2 and 51% in quartile 1), reflecting strength and competitiveness of our science. How this metric was assessed Data type Quantitative Data source Bibliometrics Methodology Quantitative count – Number of academic publication citations Benchmarked in major fields against similar organisations Quality assurance Director, Strategy KPI: Be Australia’s trusted advisor Metric: Positive sentiment of CSIRO Community (Public) Business Our target 75% 81% Our result 70% Not achieved 76% Not achieved Trend data Analysis Community sentiment in 2024–25 was 70%, down from 75% in 2023–24 and did not meet the target of 75%. ‘Positive perception’ declined from 39% in 2024 to 33% in 2025, while ‘Very positive perception’ remained stable at 36% in 2024 and 37% in 2025. These results are still considered high and insights from the survey show audiences receive information about CSIRO across a range of platforms, including traditional and social media. Our owned social media channels continue to grow, with 7.2% growth in followers over the past 12 months. These channels communicate our science and its impact for the community and industry, resonating with audiences and driving trust. CSIRO remains a trusted institution, with 57% of adults rating it extremely trustworthy. Awareness is very high (72% unprompted, 90% prompted) and 57% of adults reported having a moderate or significant knowledge about CSIRO. Australians (14+) continue to see CSIRO as experts in Agriculture (56%), Environment (55%), Nutrition (46%) and Biosecurity (42%). Business sentiment remained stable at 76% but did not meet the 2024–25 target of 81%. Results have fallen since 2022–23 (but remain stable). In 2022–23 a record positive business sentiment of 80% was achieved, attributed to dedicated business-to-business engagement strategies and the major recruitment campaign ‘Impossible Without You (IWY)’. As a result, the annual targets for business sentiment were increased for the following years; however, investment in the IWY campaign did not continue. Without the same level of campaign investment, results such as those achieved in 2022–23 continue to be difficult to achieve. CSIRO’s awareness among business decision makers, however, remains extremely high (85% unprompted, 98% prompted), with 43% correctly identifying the de-identified logo – the highest level recorded. Without prompting, 62% of businesses considered CSIRO a trusted innovation, science and research organisation, and when prompted 70% believed CSIRO is extremely trustworthy. How these 2 metrics were assessed Data type Quantitative and qualitative Data source Representative sample of Australian general population Methodology Externally conducted online survey Quality assurance Director, Communications Line chart showing community and business sentiment results from 2021–22 to 2024–25 –––– % Community sentimentBusiness sentiment KPI: Be Australia’s trusted advisor Metric: Customer satisfaction measured through Net Promoter Score Our target >+48 Our result +50 Achieved Trend data 2023–24 +54 2022–23 +49 2021–22 +47 Analysis In 2024–25, CSIRO achieved a Net Promoter Score of 50, exceeding the annual target of >+48. While the target was also met in 2023–24, low response rates in that year limited the value of insights. This year, 81% of respondents indicated they trust CSIRO, marking the fifth consecutive year that trust levels have exceeded 80%. To address declining response rates in recent years, the administration method for the 2025 Customer Satisfaction Survey was revised. Survey participation invitations were sent directly from CSIRO email accounts rather than an external survey provider, contributing to a total of 103 responses – a return to levels last seen in 2022. This increase has improved confidence in the insights gathered. Ongoing efforts will focus on further improving response rates to maintain the reliability of this performance measure. How this metric was assessed Data type Quantitative and qualitative Data source Sample of CSIRO customers Methodology Externally conducted online survey Quality assurance Director, Partnerships and Business Development KPI: Drive future science opportunities Metric: Intellectual Property (IP) from Future Science Platforms (FSPs) Our target >444 registerable and non-registerable IP Our result 611 registerable and non-registerable IP Achieved Trend data Analysis In 2024–25, IP from FSPs exceeded the annual target, with 611 registerable and non-registerable IP, an increase of 86 compared to the previous reporting period. This included a 30% increase in registered IP and a 15% increase in non-registerable categories, primarily comprising proprietary knowledge, know‑how and open-source contributions. However, the growth of IP artefacts slowed to 16% in 2024 (down from 30% in 2023). In line with our shift to holistic research portfolio management this financial year, FSPs are no longer a separately reportable function. The centralised program funding, support and governance has ceased. All active FSPs are in the peak activity or ramp down stage and have transitioned into Research Units and Programs of Research, with the key goals and drivers of the FSP Program now embedded across the breadth of our research portfolio. How this metric was assessed Data type Quantitative Data source Internal IP registration system Methodology IP (patents, source code/algorithms/software, know-how) from FSPs is measured annually, analysed and supplemented with extractions from e-Publish, SAC systems, then consolidated to whole-of-Program performance metrics for reporting. Measured by calendar year, at 31 December. Quality assurance Director, Strategy Bar chart showing registerable and non-registerable IP from 2021–22 to 2024–25 NUMBER OF REGISTERABLE AND NONREGISTERABLE IP      – –  – – KPI: Drive future science opportunities Metric: Externally validated evaluations of Indigenous science and engagement programs or projects Our target Minimum 2 evaluations and shared lessons learned Our result 2 evaluations and shared lessons learned Achieved Trend data 2023–24 2 evaluations and shared lessons learned 2022–23 2 evaluations and shared lessons learned 2021–22 N/A Analysis Evaluation 1: Indigenous Graduate Program conducted by Winangali Pty Ltd Findings determined that the Indigenous Graduate Program (IGP) has played an essential role in providing Indigenous graduates with career pathways in science and research, offering diverse opportunities in PhDs, postdoctoral roles and various research positions. It was also noted the IGP aligns with our secondary purpose under the Science and Industry Research Act 1949 and contributes to developing an Indigenous STEM talent pipeline, reflecting priorities of the National Science Statement and the National Science and Research Priorities (Priority 3). To enhance program impact, recommendations included clearer communication on project matching and career paths, better supervisor training and phased e-learning. Increasing permanent roles for Indigenous scientists, improving support for remote graduates and ongoing cultural competency training were also suggested as key to fostering inclusion and engagement. Evaluation 2: Sentiment Survey (Indigenous Insights Report) administered by Roy Morgan The Indigenous Insights Report (part of the 2025 CSIRO Sentiment Survey) measured a sample of perspectives from Aboriginal and Torres Strait Islander people and found several interesting themes (outlined below) compared to the 2023 Sentiment Survey. The highest rated attribute was ‘performance’, with a higher proportion of Aboriginal and Torres Strait Islander people (82%) rating CSIRO’s performance positively (% Total Good) as the leading Australian employer for a career in science and innovation, compared to Australians overall (52%). Among Aboriginal and Torres Strait Islander adults, unprompted awareness of CSIRO was 41%, rising to 84% when prompted, though lower among those aged 18–34. Positive perception was 51%, below the general population’s 70%. Only 35% reported moderate or significant knowledge, compared to 57% nationally. Trust in CSIRO ranked third at 74%, also lower than the wider public’s 84%. Media exposure was 22%, with social media (32%) and word of mouth (24%) as key sources. The most recognised CSIRO expertise areas – Environment, Agriculture, Nutrition, Biosecurity, Data Science, Energy, and Education – were all less identified than in the broader community. How this metric was assessed Data type Quantitative and qualitative Data source Internal program data and interviews Methodology Externally validated systematic assessment that critically examines programs Quality assurance Program Director, Indigenous Science and Engagement Objective 2: Infrastructure stewardship KPI: Have shared national labs Metric: Externally validated evaluations of collaborative use of CSIRO’s facility/hub/precinct/ collections Our target Minimum 2 evaluations and shared lessons learned Our result 2 evaluations and shared lessons learned Achieved Trend data 2023–24 3 evaluations and shared lessons learned 2022–23 2 evaluations and shared lessons learned 2021–22 N/A Analysis Evaluation 1: Centre for Australian National Biodiversity Research In late 2024, an Expert Panel was convened to review the Joint Venture (JV) between CSIRO and Parks Australia that established the Centre for Australian National Biodiversity Research (CANBR) in 1992. The review found CANBR continues to provide significant value and recommended further measures to strengthen its research impact. The governing board accepted these recommendations and extended the JV by 12 months to develop a new 5-year plan. Based in Canberra, CANBR houses the Australian National Herbarium, containing over 1.2 million specimens essential for botanical research. The centre supports national and international work in taxonomy, molecular phylogenetics, weed management, diagnostics and conservation. Recent digital upgrades have improved access to its collections. CANBR also delivers public education through volunteer programs, student placements and collaboration with government, academia and Indigenous communities, with efforts to integrate Indigenous Ecological Knowledge. As biodiversity loss increases, CANBR remains a central player in research, conservation, training and partnerships supporting national and global biodiversity initiatives. Evaluation 2: Australian Square Kilometre Array Pathfinder (ASKAP) telescope An evaluation of the collaborative use of the ASKAP radio telescope, conducted by RTI International, found that it strengthens Australia’s role in global astronomy, attracts international partnerships and supports future SKA science. Operated by CSIRO as part of the Australia Telescope National Facility at Inyarrimanha Ilgari Bundara, our Murchison Radio-astronomy Observatory on Wajarri Yamaji Country, ASKAP consists of 36 antennas using advanced receivers to enable rapid, wide-field sky surveys. ASKAP’s design enables high-precision, large-scale observations, advancing research into fast radio bursts, cosmic magnetism and galaxy evolution. It offers high temporal and spatial resolution with real‑time processing via the Pawsey Supercomputing Research Centre, making it a leading instrument for wide-field radio surveys. Serving as a bridge to the SKA project, ASKAP was crucial in securing Australia’s role as host of the SKA Observatory’s SKA-Low telescope. Its innovations have also led to national impacts, such as the formation of Quasar Satellite Technologies and an internationally adopted open-source data processing suite. Engagement with the Wajarri Yamaji People, Traditional Owners and Native Title Holders of the site, led to a 2022 Indigenous Land Use Agreement supporting site expansion, SKA-Low construction and local employment and benefits. How this metric was assessed Data type Quantitative and qualitative Data source Internal program data, surveys and external interviews Methodology Mixed method – externally conducted and validated evaluations Quality assurance Executive Director, Digital National Facilities and Collections KPI: Have shared national labs Metric: Infrastructure usage rates (per portfolio budget statements) Our target Australia Telescope National Facility (ATNF) – 70% successful astronomical observation Pawsey Supercomputing Centre (Pawsey) – 90% core hours National Research Collections Australia (NRCA) – 70% outward loan (5-year average) Marine National Facility (MNF) – 90% successful research days Our result ATNF 72% Pawsey 78% Not achieved NRCA 98%/5yrs MNF 97% Trend data 2023–24 ATNF 67% Pawsey 55% NRCA 70%/5yrs MNF 100% 2022–23 ATNF 65% Pawsey 56% NRCA 70%/5yrs MNF 98% 2021–22 ATNF 68% Pawsey 94% NRCA 70%/5yrs MNF 80% Analysis Australia Telescope National Facility: During the reporting period, ATNF achieved 72% successful astronomical observations, improving on 2023–24 performance. This was due to minimal downtime from weather or equipment issues, with most time used for astronomy, including commissioning the new CryoPAF receiver at Parkes. Approximately 8% of time was idle, which ASKAP utilises through its system filler program. The program involves the use of the telescope to search the sky for radio flashes, and while considered idle the filler process has significant scientific value and Nature papers have been produced from the astrophysical sources discovered during idle time. Similar options are being explored across ATNF facilities, to ensure the infrastructure is similarly used to maximum advantage. The Australia Telescope Compact Array (ATCA) underwent increased maintenance in 2024–25, including preparations for the efficient new Broadband Integrated GPU Correlator for ATCA (BIGCAT) digital backend system. BIGCAT allows astronomers to see more of the electromagnetic spectrum at any one time and use the telescope to observe the Universe more flexibly. This enables us to study active black holes in distant galaxies, watch the lifecycle of stars and look for evidence of extraterrestrial life. Pawsey Supercomputing Centre: Pawsey’s usage reached 78% of core hours in 2024–25 (a significant improvement on the 55% from last year), but the result fell short of the 2024–25 aspirational target of 90%. The facility reported improved system stability during the reporting period; however, several challenges affected performance, including periodic telescope operational issues, underutilised allocation time and delays with the Pawsey Growth Strategy. Once issues are addressed (assuming continued improved system stability) the aspirational 90% target is expected to be achieved in 2025–26 through securing additional partners and continued utilisation/migration efforts. National Research Collections Australia: The NRCA exceeded the 70% (5-year average) outward loan target at 98% (2 collections have been omitted from the results, as they were unavailable due to relocation activities). Outward loans targets recognise that the preparation of loans requires a significant investment of time, and not all requests can be facilitated due to international conventions and legislative standards. Marine National Facility: Targets for the MNF were also exceeded this year, with 97% of scheduled research days achieved. The RV Investigator delivered 3 primary voyages and 100% completion of objectives in the final quarter of 2024–25. All voyages departed from Hobart and included the servicing of deep-water oceanographic moorings, atmospheric research comparing land-based stations to Southern Ocean measurements and biological sampling and range change detection studies. One voyage returned 2 days early as all planned works had been completed. How this metric was assessed Data type Quantitative Data source Facility records Methodology ATNF Successful observation time = time spent on scientific programs (including calibration images) and tracking spacecraft Pawsey core hours = percentage of total available service units on Setonix used NRCA loans calculated by = average percentage loans requested/loans achieved in the 5-year period MNF successful research days = planned research days in voyage versus those achieved Quality assurance Executive Director, Digital National Facilities and Collections Objective 3: A stronger national innovation system KPI: Enhance innovation translation with Australian industry including SMEs and external partners Metric: Joint investment with external partners in missions-directed research Our target $230 million Our result $158.2 million Not achieved Trend data 2023–24 $201 million 2022–23 $178.4 million 2021–22 $97.5 million Analysis In 2024–25, investment in missions-directed research totalled $158.2 million, missing the $230 million target by $71.8 million. This was anticipated, given the ongoing simplification underway of our research portfolio and consolidation of funding and delivery mechanisms to drive greater efficiency, scale and impact. In 2024–25, as part of broader efforts to streamline our operating model and clarify our ambitions for large-scale impact, we began transitioning Missions out of a standalone program structure and integrating them into our broader research portfolio. The missed target is primarily due to reduced internal baseline and co-investment funding, as a result of this shift. Additionally, the mechanism for identifying investments associated with Missions-directed research changed mid-year, with attribution no longer to a separate Missions Program but instead to the broader research portfolio. Notably, overall co-investment, consulting and services revenue has been consistently increasing by >6% annually from 2021–22 to 2024–25, reflecting growing system engagement and collaboration. While no new Missions will be funded going forward, we will integrate their distinctive features and lessons across our research portfolio. As collaboration within the national innovation system remains central to our role as Australia’s science agency, there continues to be a need to invest in interdisciplinary system-scale partnerships. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – $ million (Internal appropriation + External revenue) Quality assurance Director, Strategy KPI: Enhance innovation translation with Australian industry including SMEs and external partners Metric: Number of SME engagements (represented by all contract engagements) Our target Baseline (1,500 engagements) +10% Our result 1,989 Achieved Trend data 2023–24 1,801 2022–23 342* 2021–22 351* *Different methodology Analysis The number of SME engagements exceeded target this year, recording 1,989 engagements (339 above the target) indicating strong collaboration and positive contribution to capacity uplift with an important cohort in the innovation system. Engagements reported extend nationally and comprise: • active contract engagements with SMEs (1,229) including Kick-start projects, licences, contract research, collaboration agreements and new NDAs/MTAs – all demonstrating the strong demand for our expertise and research capability • participants in CSIRO engagement programs and initiatives designed to uplift SME innovation capability or facilitate SME innovative products into the market (403) • unique Infratech customers – those who engaged in at least one testing service with Infrastructure Technologies during the reporting period (357) – supporting the development of building products and systems. How this metric was assessed Data type Quantitative Data source SAP – Internal system and data provided by CSIRO Program Managers Methodology Quantitative count – # SMEs involved in innovation programs Quality assurance Director, Science Connect KPI: Enhance innovation translation with Australian industry including SMEs and external partners Metric: Participation in ON program to accelerate research Our target ≥100 teams Our result 116 Achieved Trend data 2023–24 101 2022–23 96 2021–22 N/A Analysis Participation in the ON Innovation Program exceeded the 2024–25 target of 100 research teams, delivering a total of 116 teams and 408 participants across: • ON Accelerate 9: 20 teams (93 participants) completed the ON Accelerate 9 Selection Bootcamp. Of these, 11 teams (37 participants) progressed into and completed the full program, culminating in a national showcase with over 220 stakeholders in attendance. • ON Prime 17: 46 teams (148 participants) delivered across 4 in-person hubs and 2 via virtual delivery, maintaining national scale and reach. • ON Prime 16: 50 teams (167 participants) delivered across 5 in-person hubs and one via virtual delivery. The program continued to strengthen Australia’s research translation ecosystem in 2024–25 through: • Systems-level engagement: hosting ON Core and delivering 43 national engagements to 2,800+ participants. • Ecosystem alignment: co-hosting a national Technology Transfer Office workshop with Knowledge Commercialisation Australia (38 representatives across 32 universities, CSIRO and KCA), reinforcing the program’s role as a system connector. • Recognition: being named finalist in both the Queensland iAwards 2025 (Public Sector Innovation category) and the Women in Technology (WiT) 2024 Awards (Excellence in Industry Leadership), recognising ON’s impact as a national program delivering scalable innovation outcomes. How this metric was assessed Data type Quantitative Data source O2D – Internal system Methodology Quantitative count – # participants ON Accelerate and Prime, and Bootcamps Quality assurance Director, Science Connect KPI: Demonstrated uptake and adoption with industry to support Australian innovation Metric: Total annual IP revenue Our target ≥$42 million Our result $62 million Achieved Trend data Analysis Our annual IP revenue exceeded target this year with a total value of $62 million ($20 million over the $42 million target). This result is our highest result to date and the fourth consecutive year that we have achieved that record. Success is largely attributable to the creation of 2 spinouts during the reporting period and Wireless Ad hoc System for Positioning (WASP) technology sales. • Airthena Technology Development Company was capitalised in August 2024 to further develop and commercialise direct air capture (DAC) technology from our Manufacturing business unit. • Terria, also launched in August 2024, with Main Sequence as the lead investor, aims to commercialise a ‘digital twin’ platform, for use by government and corporate clients. • WASP technology uses low-cost, portable hardware to provide highly accurate tracking of people and objects where traditional technologies do not work and clear reception of radio signals is difficult. The combination of those 3 activities produced revenue of $6.7 million in IP assignments. Also continuing to raise large licence revenues for the organisation are consistently well-performing technologies such as LASC, Ontoserver and Chenath. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – $ million Quality assurance Chief Financial Officer Bar chart showing total annual IP revenue from 2021–22 to 2024–25 –––– REVENUE (m) KPI: Demonstrated uptake and adoption with industry to support Australian innovation Value of CSIRO’s equity holdings Our target $200 million Our result $253.8 million Achieved Trend data Analysis Our equity portfolio continues to perform well, with the value in 2024–25 coming to $253.8 million, $53.8 million over target. Several transactions contributed to this result, including: • Terria and Airthena in August 2024 (referred to in the previous metric). • FPR Energy (in October 2024) to commercialise concentrated solar thermal technology (developed by our Energy Research Unit) as a reliable energy collection, accumulation and storage system. • Eclipse Ingredients created in February 2025 to commercialise technology (developed by our Agriculture and Food Research Unit) that uses precision fermentation to produce a recombinant (genetically modified) form of lactoferrin protein. • The merger of 2 CSIRO originated spinouts, NextOre and MRead in June 2025, creating MagnaTerra Technologies. Financial markets underwent a period of heightened turbulence in early 2025, with technology stocks experiencing more pronounced declines than other sectors. This was reflected in our listed equity portfolio, which fell by approximately 16% in the latter half of the reporting period. Toward the end of the financial year global markets staged a recovery, offsetting much of the earlier downturn. Our listed holdings mirrored this rebound, increasing by around 13% over the quarter. Notably, our largest listed investment, Chrysos Corporation, rose in value by 14% during this period. Amid ongoing geopolitical uncertainty however, the short-term outlook for global share markets remains unclear. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – $ million Quality assurance Chief Financial Officer Bar chart showing value of equity holdings from 2021–22 to 2024–25 –––– VALUE (m) Objective 4: An enduring and empowered CSIRO KPI: Be a destination employer Metric: Commenced, cohort growth and graduating Industry PhDs (iPhDs) Our target 75 cumulative cohort Our result 75 cumulative cohort Achieved Trend data 2023–24 23 2022–23 13 2021–22 N/A Analysis The iPhD program made significant progress in 2024–25 to achieve the targeted cumulative cohort of 75 students. The total cohort now comprises • 6 iPhD students from the Pilot Program (5 continuing and 1 graduating) • 10 that commenced in 2022–23 • 21 that commenced in 2023–24 • 38 that commenced in the reporting period. Considerable work has been undertaken to build up the iPhD program. We are now seeing a strong pipeline of projects with 33 universities involved and repeat applications coming from industry partners. The number of approved projects has risen, increasing the likelihood that the target number of projects will commence in future years. Relationships with key internal, industry, university and government stakeholders and growing awareness of the program have supported this growth. The program also engages regularly with potential students to ensure they are properly supported and likely to continue their PhD. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – # student contracts Quality assurance Director, Science Connect KPI: Be a destination employer Metric: Impossible Without You Our target 90% of recruits complete the second year of their term Our result 89.3% of recruits completed the second year of their term Achieved Trend data 2023–24 95% complete first year of term 2022–23 *51% men/48% women/1% unspecified 6% Aboriginal and Torres Strait Islander people 2021–22 N/A *Recruitment target Analysis The Impossible Without You campaign was designed to attract the next generation of diverse, purpose‑driven talent to CSIRO. While this metric technically fell short of the targeted 90% (second year completion), it did so by less than 1% and has been assessed as achieved. There have been positive developments within the cohort this year, with 15 recruits securing indefinite tenure at CSIRO in their Impossible Without You positions and another 4 moving into new roles within the organisation. However, factors such as the Enterprise Services Reform and natural attrition are likely to exert downward pressure on future performance. To address this, stronger coordination and engagement with the cohort will be essential, alongside support for their development and a deliberate approach to managing the talent pipeline at an enterprise level. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – % recruits complete Quality assurance Chief People Officer KPI: Be a destination employer Metric: Staff sentiment toward CSIRO’s culture Our target 49th percentile Our result 50% favourable* Achieved Trend data 2023–24 37th percentile 2022–23 42nd percentile 2021–22 34th percentile Analysis The core values result, which informs this metric, came in at 50% favourable, meeting target.* Responses indicate clear understanding of our values, continued pride in working at CSIRO and a perception that CSIRO is safe place to work. While targeted initiatives have been implemented, such as the Call for Culture program (which proactively reinforces values-related behaviour via senior leaders) we anticipate incremental or stable results in core values and engagement over the next 12 months. This reflects the ongoing, complex change that CSIRO is navigating, including the continued implementation of Enterprise Service Reform and the ongoing adaption of our research portfolio. Such enterprise-wide shifts are likely to impact staff sentiment as teams continue to adapt to new structures, roles, research priorities and ways of working. *This year we transitioned to a new survey provider, Culture Amp, to administer our Culture Survey. The Pulse survey was deployed in May, retaining key areas highlighted for improvement in last year’s full survey – strategic direction, leadership, collaboration and values – and introducing psychological safety and employee engagement. The new survey framework reports as percentage favourable rather than using percentile benchmarking. While the percentage result does not allow for a strict quantitative comparison with prior results, we continue to track sentiment across consistent themes. The pulse survey indicated that the employee engagement was 69% (favourable). How this metric was assessed Data type Quantitative and qualitative Data source CSIRO staff population Methodology Mixed methodology – Externally conducted online survey Quality assurance Chief People Officer KPI: Financial commitments Metric: Meet approved net cash operating surplus/(deficit) ($’000 as per PBS) Our target 214,110 Our result (59,611) Not achieved Trend data 2023–24 194,278 2022–23 N/A 2021–22 N/A Analysis We have not delivered our surplus target this year, primarily due to a delay with an asset sale which had been assumed would take place during this Budget cycle. The sale is now expected to take place in 2025–26, but the delay has produced a $270 million decrease in revenue as a result. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative – Surplus/deficit attributable to the Aust Govt + other comprehensive income + depreciation/amortisation expenses for ROU assets − Lease principal repayments = Net cash operating surplus (deficit) Quality assurance Chief Financial Officer KPI: Have a safe and inclusive workplace for all Metric: Health, safety and environment (HSE) metrics Hazards and proactive reporting Total Reportable Injury Frequency Rate Our target 3,000 reports 2.3 incidents Our result 3,903 reports Achieved 2.1 incidents Achieved Trend data Analysis Hazards and proactive reporting This metric continues to perform strongly. While slightly lower than last year’s result, the total of 3,903 reports exceeded the target by 903, reflecting a positive HSE culture through proactive hazard and lead observation reporting. Total Reportable Injury Frequency Rate (TRIFR) Performance of the TRIFR metric is also positive with a result of 2.1 (0.2 under target), reflecting a lower rate of incidents requiring medical treatment or lost time from work. Contributing to the performance of both metrics were activities implemented in the first year of the 2025–2027 HSE Plan, which focused on delivering core priorities and strengthening the organisation’s safety culture. Continuous improvement of the HSE Management System, introduction of digital dashboards, early intervention strategies and proactive injury management have all contributed to strong performance outcomes. A range of initiatives launched under the Plan, such as the procedure awareness campaign, enhanced grassroots risk management and new health protocols targeting silica exposure, have increased awareness and capability across teams. Additionally, the new Hazards to Incidents Reports metric provides a more mature and forward-looking view of hazard identification across research and enterprise units, complementing the TRIFR metric to offer a deeper understanding of both performance and future opportunities. How these 2 metrics were assessed Data type Quantitative Data source DoneSafe – Internal (HSE) system Methodology Hazards − Quantitative count − # reported hazards and safety contacts TRIFR − Quantitative Rate − number injuries/hours worked × 1 million Quality assurance Director, Health, Safety and Environment Bar chart showing number of hazards reported from 2021–22 to 2024–25 ,,,,,,,,,...........–––– NUMBER OF REPORTS –––– FREQUENCY RATE Bar chart showing TRIFR from 2021–22 to 2024–25 ,,,,,,,,,...........–––– NUMBER OF REPORTS –––– FREQUENCY RATE KPI: Have a safe and inclusive workplace for all Metric: Diversity in leadership, defined by proportion of leaders who identify as women Our target 44% Our result 42.3% Not achieved Trend data Analysis Our diversity in leadership metric missed the target this year, coming in at 42.3% (1.7% below target). Since 31 March 2025, there has been an overall decline of 0.3 percentage points in the proportion of employees identifying as women across the organisation, including a 0.2 percentage point drop in women in leadership. This continues a gradual downward trend observed since 30 September 2023, when the metric stood at 43.3%. In 2024–25 several initiatives were launched to reverse this trend, such as increasing the recruitment of women into research roles, implementing the Inclusive Leadership program to reduce structural barriers and addressing unconscious bias through the Inclusive Recruitment project. While these initiatives are expected to improve outcomes over time, they are still in early stages and have yet to show full impact. Combined with ongoing effects of the Enterprise Services Reform, these delays have negatively affected performance against the target. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – # females in CSOF6 and above roles Quality assurance Director, Life (People) Bar chart showing % of women in leadership from 2021–22 to 2024–25 ...–––– % WOMEN IN LEADERSHIP Portfolio Budget Statements performance measure Metric: CSIRO Early Research Career (CERC) Fellows Our target Maintain or increase CERC retention rate at ≥42% Our result 45.8% Achieved Trend data 2023–24 43% 2022–23 42.9% 2021–22 41.1% Analysis For 2024–25, the 45.8% retention rate for our CERC Fellows exceeded the target of ≥42%. The retention of CERC Fellows following their initial term contract is a performance measure exclusive to our Portfolio Budget Statements, intended to measure our contribution to promoting STEM talent. The objective is to retain a proportion of CERC Fellows within CSIRO to strengthen priority discipline areas aligned with our strategic direction, while also contributing to the national innovation system by equipping fellows with highly skilled, research-ready capabilities. Our CERC Fellow program provides differentiated learning, development and training. The remaining 54.2% of fellows this year leave CSIRO with leadership capability and equipped for a career in research or beyond, strengthening our national innovation system. How this metric was assessed Data type Quantitative Data source SAP – Internal system Methodology Quantitative count – % of Fellows retained post contract end Quality assurance Director, Organisational Development Mitigation – metrics not meeting targets Objective 1: Purpose-driven science and technology KPI: Be Australia’s trusted adviser Metric: Positive public sentiment of CSIRO Target: 75% Result: 70% Mitigation: To increase the likelihood of reaching targets next year we will continue to focus communications efforts on owned and earned media channels to foster community/business trust and positive perceptions of CSIRO. KPI: Be Australia’s trusted adviser Metric: Positive business sentiment of CSIRO Target: 81% Result: 76% Mitigation: Without the same level of campaign investment, results such as those recorded in 2022–23 will be challenging to achieve. However, we will continue to focus communications efforts on owned and earned media channels to foster community/business trust and positive perceptions of CSIRO. Objective 2: Infrastructure stewardship KPI: Have shared national labs Metric: Infrastructure usage rate: Pawsey Target 90% Result: 78% Mitigation: To ensure targets are achieved in 2025–26 Pawsey will continue to pursue its Growth Strategy to attract new partners. Utilisation should increase as a result, attracting additional revenue for further uplifting of the service level. The team will continue to assess and improve workflows to operate more efficiently on the Setonix architecture across a broader set of scientific use cases, and the Pawsey User Committee will be leveraged for feedback and discussion of issues. A review of the Setonix allocation model will be undertaken by Pawsey’s CEO and Allocation Committee to identify opportunities for improvement, particularly in relation to underutilised allocations. Opportunities for additional funding via avenues such as the National Digital Research Infrastructure investment round (for mid-cycle upgrades to infrastructure) will also be pursued to improve research software engineering capability. Objective 3: A stronger national innovation system KPI: Enhance innovation translation with Australian industry including SMEs and external partners Metric: Joint investment with external partners in missions-directed research Target: $230 million Result: $158.2 million Mitigation: While this metric will not continue (due to the dissolution of the program), efforts are underway to strengthen and sustain the partnerships established through the Missions. To mitigate the impacts of this transition, tailored pathways have been developed for each Mission. Key attributes of the missions such as collaboration, scale and outcome-focus are being embedded into our Programs of Research to ensure continuity, strategic alignment and impact. Efforts will centre on strengthening the project pipeline and external engagement. In addition, clearer internal coordination mechanisms and funding pathways are being established to support scalable Programs of Research, alongside renewed efforts to grow external revenue streams through stronger collaboration across the innovation system. Objective 4: An enduring and empowered CSIRO KPI: Financial commitments Metric: Meet approved net cash operating surplus/(deficit) ($’000 as per PBS) Target: 214,110 Result: (59,611) Mitigation: To ensure we meet our targeted financial commitment metrics next financial year, we will increase our focus on key profit and loss metrics as part of internal reporting and continue to explore opportunities as part of our strategic focus on long-term financial sustainability. KPI: Have a safe and inclusive workplace for all Metric: Diversity in leadership, proportion of leaders who identify as women Target: 44% Result: 42.3% Mitigation: This metric and its corresponding target has been expanded in CSIRO’s current Corporate Plan 2025–26 to better reflect the diversity within our leadership cohort. Moving beyond a primary focus on individuals identifying as women, the revised metric will encompass representation across ‘male’, ‘female’ and ‘open to any gender’ categories, supporting more flexibility and inclusiveness. In parallel, we will continue to invest in enterprise-wide initiatives and localised actions to sustain progress and momentum toward gender equity. Methodology We use a combination of methodological approaches to measure performance: • Quantitative counts • Surveys Survey method is used to consistently measure and rigorously validate how we are performing over time. All survey findings are conducted, analysed and reported by independent providers to adhere to National Ethics Standards, avoid bias and ensure credible performance reporting in accordance with the PGPA Rule. • Impact evaluation Impact assessments and evaluations are conducted by third-party providers on our procurement panel or undertaken internally then validated by external experts to ensure the evaluation process and analyses are rigorous and the findings defensible. Our research impact is diverse and requires differing evaluation methodologies. Some impacts can be evaluated quantitatively (economic analysis, statistical methodologies, with results in monetary terms), while others – especially those with social effects – may require qualitative evaluation. Each must be assessed using a common framework to ensure a comprehensive understanding of its impact and return on investment. The CSIRO Impact Evaluation Guide (the Guide) articulates that common framework. The Guide, which is publicly available (see: Evaluating our impact – CSIRO) is the reference document for all our impact assessments. Its consistent and rigorous use across all of our evaluations supports comparability of results across research units and time. It outlines the minimum requirements for impact evaluations, and provides evaluation principles, along with a standardised cost-benefit approach, to be used for both ex ante and ex post evaluations. Our impact assessments are published on www.csiro.au by default, unless the report is commercial in confidence or policy sensitive (i.e. where publication may prejudice a commercialisation process, a government announcement is due related to the subject matter or an external partner has agreed to the evaluation for internal purposes only). In such cases we may delay publication, publish a high‑level summary only or both. Impact assessments and evaluations are planned ahead of commencement of program level investment to reduce the potential for bias. Preselection ensures research is adequately evaluated regardless of investment results. Additional methodological considerations for the selection of evaluations include: – Representativeness: selected to reflect breadth of activities and type of research undertaken. This ensures a more comprehensive picture is available of the performance of the organisation (across research, infrastructure and education services, and across different impact pathways (i.e. commercial, policy, capability building, learning). – Significance (strategic importance): all programs of work that are strategically significant to the organisation and/or represent large investments undergo impact assessments or evaluations at program close. – Evaluation readiness: availability and accessibility of evidence for analysis to substantiate impact realised or expected in future, including the willingness of partners/ customers to participate in an evaluation determines whether an assessment is shortlisted to proceed. Weighting All our metrics are equally weighted. CSIRO is a large and complex agency which requires a sophisticated performance framework to capture progress against our Corporate Plan. We use a mixed methods approach to performance management, supported by the PGPA Act and Rule, which provides greater insight into progress and performance across the organisation. Our aim is to comprehensively monitor and report the diversity of contribution to our performance goals and expectations. When assessing the overall performance of a key performance indicator (KPI), those with multiple metrics are rated ‘met’, ‘partially met’ or ‘not met’ regarding achievement of set targets. For KPIs with single metrics, they are rated either ‘met’ or ‘not met’ in relation to achieving targets. (Metrics achieving >99% of set target are rated as achieved.) Data sources We use a combination of data sources when measuring performance. • Internal systems (i.e. SAP, Opportunity to Delivery (O2D), Human Resources, Health and safety, Financial, IP, contract and engagement platforms) provide both quantitative and qualitative data to demonstrate performance. • Third-party providers are used for impact assessment/evaluation to ensure the evaluation process and analysis is rigorous and findings are defensible. Independent providers are also used for externally administered surveys. This ensures adherence to National Ethics Standards, avoidance of bias and credible performance reporting in accordance with the PGPA Rule. Targets All targets are endorsed by the CSIRO Board, with oversight by the Board Audit and Risk Committee (BARC), which has a role in assisting the Board in in ensuring the appropriateness of CSIRO’s performance measurement and reporting (see BARC Charter: Board Audit and Risk Committee Charter – CSIRO). Targets are set to drive growth, establish new baselines in which forward goals can be agreed, or to maintain high performance. They are reviewed on an annual basis to ensure these principles are upheld. Context of results When assessing the overall performance of a KPI, those with single metrics are rated either ‘achieved’ or ‘not achieved’ in relation to meeting the target. For KPIs with multiple metrics, they are rated ‘achieved’, ‘partially achieved’ or ‘not achieved’ regarding the collective effort in meeting each individual target. Monitoring To ensure visibility of performance against our key performance indicators throughout the reporting cycle, we maintain a quarterly integrated reporting process. The framework integrates several data sources to measure and monitor the strategic health of our organisation and evaluate the readiness and capability of our people, partnerships, processes and infrastructure to deliver against our purpose. All Corporate Plan metrics are assessed as part of the quarterly process. For those where data is only available annually, a status update on process and risk is provided each quarter instead. Reports produced as part of the quarterly cycle are presented to our Executive Team for review. Quality assurance Quality assurance for performance against each metric is ensured by mandatory review of results at Director/Executive Director level for the relevant business or research area, prior to submission to the Executive team. Metrics differing from previous reporting period: • Number of industry organisations engaged in education programs was removed, as the cohort is included in the SME engagement metric count. • Cross organisation engagement was assessed to be too inward focused and not sufficiently capturing outcomes. Additional definitions • Practical completion of term means completed project/training. • Staff sentiment towards CSIRO’s culture is defined by the summative survey result related to the Core Values Index. • Total Reportable Injury Frequency Rate: The total number of recordable work-related incidents resulting in a medical treatment injury, lost time injury, fatality or rated as a significant incident, per million hours worked. Part 4 Financial management 82 Overview 86 Independent Auditor’s report 88 Financial statements Overview A sustainable financial future can only be achieved with sound financial decision making and robust management mechanisms. We are focused on achieving long-term financial viability and sustainability and ensuring transparency in the way we manage our resources. Revenue Table 4.1 below summarises CSIRO’s revenue from partnerships, business and commercialisation activities in 2024–25. For the reporting period, we incurred total expenses of $1,636.7 million. Our externally generated revenue (derived from partnerships, business, and commercialisation activities) equated to $660.7 million and Government appropriations totalled $916.4 million. Table 4.1: CSIRO’s financial performance by revenue source ($ million) REVENUE SOURCE 2021–22 2022–23 2023–24 2024–25 Australian private sector 83.9 88.4 76.2 69.5 Australian governments 269.4 243.4 295.0 307.2 Rural industry research and development (R&D) corporations 30.3 32.1 42.0 36.0 Cooperative Research Centres 9.4 9.1 8.3 11.2 Overseas entities and international 73.2 84.5 96.8 111.3 Work in progress/deferred revenue -40.5 1.1 -24.2 -30.5 Total co-investment, consulting and services 425.6 458.5 494.2 504.6 Intellectual property (IP) – royalty and licence revenues 49.7 49.7 60.6 58.5 Total research and services revenue 475.3 508.2 554.8 563.1 Other external revenue 25.9 63.3 101.7 74.2 Gain/(loss) on sale of assets 0.6 9.2 – 1.0 Other fair value gains and reversals 55.5 85.0 56.5 22.4 Total external revenue 557.3 665.8 713.0 660.7 Revenue from government 949.0 991.1 1,009.2 916.4 Total revenue 1,506.3 1,656.9 1,722.3 1,577.1 Less expenses 1,387.4 1,639.2 1,707.6 1,636.7 Operating result 118.9 17.7 14.7 -59.6 Insurance and indemnities Our insurance arrangements with Comcover include cover for Directors and Officers Liability, General Liability and Professional Indemnity along with other normally insurable risks. The annual premium attributed to Directors’ and Officers’ insurance for 2024–25 was $214,985. Our workers’ compensation liability is covered through Comcare, for which an annual premium is also paid. There were no instances in 2024–25 where CSIRO sought approval from Comcover for an indemnity outside of the Australian Government policy on issuing and managing indemnities. Modern slavery By December 2025, we will be submitting our Fifth Modern Slavery Statement to the Australian Border Force Register to meet our reporting obligations under the Modern Slavery Act 2018 (Cth). The statement reports on the risks of modern slavery in our operations and supply chains and identifies actions to manage, lessen and remove those risks where possible. It will be available on our website: csiro.au/slavery. Procurement Consultancies CSIRO engages consultants where specialist expertise or independent research, review or assessment is required. Consultants are typically engaged to investigate or diagnose a specific issue or problem; conduct defined reviews or evaluations; or provide independent advice, information or creative solutions to assist in our decision making. Before engaging consultants, we consider the skills and resources required for the task, the skills available internally and the cost effectiveness of engaging external expertise. The decision to engage a consultant adheres to the Commonwealth Procurement Rules, CSIRO procurement procedures, the Public Governance, Performance and Accountability Act 2013, and the CSIRO Delegations and Authority Schedules. Our policy on selection and engagement of consultants is based on the principles of: • value for money • open and effective competition • ethics and fair dealing • accountability and reporting • national competitiveness and industry development • support for other Australian Government policies. Table 4.2: Annual spend on consultancies YEAR SPENT ($) LET ($) (EST. WHOLE OF LIFE) 2017–18 1,648,413 1,625,864 2018–19 1,553,566 1,700,668 2019–20 1,690,411 1,856,563 2020–21 1,068,235 1,419,019 2021–22 583,023 1,225,936 2022–23 199,484 429,736 2023–24 1,283,526 1,778,794 2024–25 1,179,755 1,829,045 Table 4.3: Summary by reason code for 2024–25 CATEGORY CODE REASON FOR CONSULTANCY NUMBER OF CONSULTANCIES VALUE ($) ACTUAL SPEND IS Need of independent study/evaluation 7 631,420 PA Professional assistance to manage and facilitate change and its consequence SS Specialist skills were not otherwise available 9 548,335 Total 16 1,179,755 Table 4.4: Summary by procurement method code for 2024–25 CATEGORY CODE PROCUREMENT METHOD NUMBER OF CONSULTANCIES VALUE ($) ACTUAL SPEND OT Tenders sought from the market PM An existing panel member 8 614,225 ST Tenders sought from suppliers who have prequalified through some form of previous competitive process RQ Purchasing was undertaken in accordance with Division 1 of the Commonwealth Procurement Rules (CPRs) and procurement did not require application of Division 2 of the CPRs 1 191,950 EX Exemption applied that saw CSIRO undertake the procurement as a Limited Tender as defined in Division 2 of the CPRs 7 373,580 Total 16 1,179,755 Note: One consultancy was awarded, then subcontracted to a preferred supplier. Related entity transactions Our system of delegated powers and authorisations for all procurement transactions ensures thorough consideration of all transactions. In accordance with CSIRO Delegations, the CSIRO Board, as the accountable authority, approves transactions (commercial, property and procurement) when the overall value (total of all contributions from all parties) is above $20 million, or when transactions have high risks, are sensitive in nature and/or are long-term strategic commitments by the organisation. Transactions below $20 million and greater than $5 million are approved by the Chief Executive after the Major Transactions Committee (MTC) has reviewed the transactions against CSIRO’s policies and recommended them for CSIRO Board or Chief Executive approval. All transactions under $5 million are approved by the suitable delegate in accordance with our procedures, delegations and authority schedules as well as government regulations. During the reporting period, there were 68 transactions involving entities related to us above $10,000, which came to a total combined value of $91 million. 17 transactions were paid to subsidiaries to the value of $56 million, and 51 transactions were received from subsidiaries to the value of $35 million. Indigenous procurement We continue to support opportunities that contribute to the Australian Government’s Indigenous Procurement Policy. Our 2024–25 expenditure with Aboriginal and Torres Strait Islander-owned enterprises was $22.58 million. Remuneration Enterprise agreements set the terms and conditions of employment for our employees, including remuneration. Two enterprise agreements are in operation: • The CSIRO Enterprise Agreement 2023–2026, which came into operation on 1 April 2024 and reaches its nominal expiry date on 17 November 2026. • CSIRO Canberra Deep Space Communication Complex (CDSCC) Enterprise Agreement 2025–2028, which came into operation on 21 February 2025 and reaches its nominal expiry date on 20 February 2028. Remuneration framework Our remuneration strategy considers applicable remuneration provisions within the CSIRO Enterprise Agreement 2023–2026. Clauses 11 and 12 of the Enterprise Agreement provide for market-related remuneration and individual flexibility arrangements. The strategy also addresses the Government’s Public Sector Workplace Relations Policy 2023. Key management personnel, executives and other highly paid employees are remunerated in accordance with their contracts of employment and relevant governing provisions. Our remuneration strategy has also considered the Australian Public Service Commission (APSC) Performance Bonus Guidance, including the removal of performance bonuses. The Chief Executive evaluates and determines the appropriate level of pay for executive positions in line with CSIRO’s executive remuneration strategy. The base salary is a fixed component based on a range of factors, including work value assessments, individual performance, competence and skills, internal relativities and external market rates. Remuneration levels for executives are reviewed annually by the Chief Executive and the Board People and Safety Committee (BPSC), which assesses any increases for the next financial year. The annual remuneration review for 2024–25 considered: • market competitiveness • individual performance • the Public Sector Workplace Relations Policy 2023. Market-related remuneration package arrangements may increase because of contract provisions aligned with Enterprise Agreement salary increases or by market-related adjustments, which are determined annually by the BPSC. The Chief Executive is a position within the Commonwealth Principal Executive Officer structure. The Remuneration Tribunal sets the Total Remuneration reference rate and the maximum achievable performance payment. With guidance from the BPSC, the CSIRO Board then determines the Chief Executive’s remuneration and any applicable performance payment within that set range. Remuneration and allowances payable to members of the CSIRO Board are also determined by the Australian Government Remuneration Tribunal for Part Time Office Holders. Determinations of the Remuneration Tribunal are established under the Remuneration Tribunal Act 1973. Remuneration details are provided as required under the PGPA Rule. Remuneration of key management personnel, senior executives and other highly paid staff is reported in detail in note 3.2 of the financial statements below. Annual reportable remuneration includes base salary, benefits and allowances, performance payments, superannuation, termination benefits, long service leave and other short-term and long-term benefits. The remuneration reported has been calculated on an accrual basis and does not equal actual remuneration paid in 2024–25. Independent Auditor’s report for CSIRO GPO Box 707, Canberra ACT 2601 38 Sydney Avenue, Forrest ACT 2603 Phone (02) 6203 7300 INDEPENDENT AUDITOR’S REPORT To the Minister for Science Opinion In my opinion, the financial statements of the Commonwealth Scientific and Industrial Research Organisation (the Entity) and the Consolidated Entity (the Entity and its subsidiaries) for the year ended 30 June 2025: (a) comply with Australian Accounting Standards – Simplified Disclosures and the Public Governance, Performance and Accountability (Financial Reporting) Rule 2015; and (b) present fairly the financial positions of the Entity and the Consolidated Entity as at 30 June 2025 and their financial performance and cash flows for the year then ended. The financial statements of the Entity and the Consolidated Entity, which I have audited, comprise the following as at 30 June 2025 and for the year then ended: • Statement by the Chair of the Board, Chief Executive and Chief Financial Officer; • Statement of Comprehensive Income; • Statement of Financial Position; • Statement of Changes in Equity - Consolidated; • Statement of Changes in Equity - CSIRO; • Cash Flow Statement; and • Notes to and forming part of the financial statements comprising material accounting policy information and other explanatory information. Basis for opinion I conducted my audit in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Entity and the Consolidated Entity in accordance with the relevant ethical requirements for financial statement audits conducted by the Auditor-General and their delegates. These include the relevant independence requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) to the extent that they are not in conflict with the Auditor-General Act 1997. I have also fulfilled my other responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Accountable Authority’s responsibility for the financial statements As the Accountable Authority of the Entity, the Board of the Commonwealth Scientific and Industrial Research Organisation (the Board) is responsible under the Public Governance, Performance and Accountability Act 2013 (the Act) for the preparation and fair presentation of annual financial statements that comply with Australian Accounting Standards – Simplified Disclosures and the rules made under the Act. The Board is also responsible for such internal control as the Board determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board is responsible for assessing the ability of the Entity and the Consolidated Entity to continue as a going concern, taking into account whether the entities’ operations will cease as a result of an administrative restructure or for any other reason. The Board is also responsible for Independent Auditors report Independent Auditor’s report for CSIRO disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the assessment indicates that it is not appropriate. Auditor’s responsibilities for the audit of the financial statements My objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian National Audit Office Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit in accordance with the Australian National Audit Office Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit. I also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity and the Consolidated Entity’s internal control; • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Accountable Authority; • conclude on the appropriateness of the Accountable Authority’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity or the Consolidated Entity’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Entity or the Consolidated Entity’s to cease to continue as a going concern; • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation; and • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Consolidated Entity to express an opinion on the financial report. I am responsible for the direction, supervision and performance of the Consolidated Entity audit. I remain solely responsible for my audit opinion. I communicate with the Accountable Authority regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. Australian National Audit Office Jeffrey Hobson Executive Director Delegate of the Auditor-General Canberra 27 August 2025 Financial statements CSIRO statutory financial statements 87 COMMONWEALTH SCIENTIFIC AND INDUSTRIAL RESEARCH ORGANISATION Financial Statements for the period ended 30 June 2025 CSIRO statutory financial statements COMMONWEALTH SCIENTIFIC AND INDUSTRIAL RESEARCH ORGANISATION STATEMENT BY THE CHAIR OF THE BOARD, CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICER In our opinion, the attached financial statements for the period ended 30 June 2025 comply with subsection 42(2) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act), and are based on properly maintained financial records as per subsection 41(2) of the PGPA Act. In our opinion, at the date of this statement, there are reasonable grounds to believe that the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and its subsidiaries will be able to pay their debts as and when they fall due. This statement is made in accordance with a resolution of the directors. Ming Long AM Chair of the Board 26 August 2025 Dr Doug Hilton AO Chief Executive and Board Member 26 August 2025 Stewart Walters Chief Financial Officer 26 August 2025 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 June 2025 89 Consolidated CSIRO 2025 2024 2025 2024 NET COST OF SERVICES Notes $'000 $'000 $'000 $'000 Expenses Employee benefits 1.1A 984,154 983,611 983,341 982,985 Suppliers 1.1B 471,745 546,466 461,601 545,472 Depreciation and amortisation 2.2A 194,968 169,701 194,968 169,701 Finance costs 1.1C 1,529 944 1,514 929 Write-downs and impairment loss on financial instruments 1.1D 58 (47) 58 (47) Write-downs and impairment of other assets 1.1E (9,266) 85 (9,266) 85 Losses from asset sales 1.1F 4,475 7,691 4,475 7,691 Foreign exchange losses 25 798 24 794 Total expenses 1,647,688 1,709,249 1,636,715 1,707,610 Own-source income Own-source revenue Revenue from contracts with customers 1.2A 549,543 549,861 563,062 554,785 Bank and term deposits interest 1.2B 45,455 49,607 31,532 38,220 Rental income 1.2C 6,633 7,085 6,633 7,085 Other revenues 1.2D 26,689 47,251 35,987 56,379 Total own-source revenue 628,320 653,804 637,214 656,469 Gains Gains from sale of equity investments and IP 3,723 - 3,723 - Gains/(losses) on valuation of equity investments 4.2B 17,534 (2,979) (2,620) 20,571 Gains/(losses) on revaluation of investment properties 2.2B (100) 1,875 (100) 1,875 Other gains 1.2E 4,448 34,095 22,428 34,095 Total gains 25,605 32,991 23,431 56,541 Total own-source income 653,925 686,795 660,645 713,010 Net cost of services (993,763) (1,022,454) (976,070) (994,600) Revenue from Government 1.2F 916,459 1,009,239 916,459 1,009,239 Surplus/(deficit) from ongoing operations (77,304) (13,215) (59,611) 14,639 Discontinued operations Deficit for the year from discontinued operations 1.2G (306) (294) - - Total surplus/(deficit) from all operations (77,610) (13,509) (59,611) 14,639 Surplus/(deficit) for the year is attributable to: Non-controlling interest (7,229) (16,890) - - CSIRO (70,381) 3,381 (59,611) 14,639 Total surplus/(deficit) from all operations (77,610) (13,509) (59,611) 14,639 The above statement should be read in conjunction with the accompanying notes. CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 June 2025 89 Consolidated CSIRO 2025 2024 2025 2024 NET COST OF SERVICES Notes $'000 $'000 $'000 $'000 Expenses Employee benefits 1.1A 984,154 983,611 983,341 982,985 Suppliers 1.1B 471,745 546,466 461,601 545,472 Depreciation and amortisation 2.2A 194,968 169,701 194,968 169,701 Finance costs 1.1C 1,529 944 1,514 929 Write-downs and impairment loss on financial instruments 1.1D 58 (47) 58 (47) Write-downs and impairment of other assets 1.1E (9,266) 85 (9,266) 85 Losses from asset sales 1.1F 4,475 7,691 4,475 7,691 Foreign exchange losses 25 798 24 794 Total expenses 1,647,688 1,709,249 1,636,715 1,707,610 Own-source income Own-source revenue Revenue from contracts with customers 1.2A 549,543 549,861 563,062 554,785 Bank and term deposits interest 1.2B 45,455 49,607 31,532 38,220 Rental income 1.2C 6,633 7,085 6,633 7,085 Other revenues 1.2D 26,689 47,251 35,987 56,379 Total own-source revenue 628,320 653,804 637,214 656,469 Gains Gains from sale of equity investments and IP 3,723 - 3,723 - Gains/(losses) on valuation of equity investments 4.2B 17,534 (2,979) (2,620) 20,571 Gains/(losses) on revaluation of investment properties 2.2B (100) 1,875 (100) 1,875 Other gains 1.2E 4,448 34,095 22,428 34,095 Total gains 25,605 32,991 23,431 56,541 Total own-source income 653,925 686,795 660,645 713,010 Net cost of services (993,763) (1,022,454) (976,070) (994,600) Revenue from Government 1.2F 916,459 1,009,239 916,459 1,009,239 Surplus/(deficit) from ongoing operations (77,304) (13,215) (59,611) 14,639 Discontinued operations Deficit for the year from discontinued operations 1.2G (306) (294) - - Total surplus/(deficit) from all operations (77,610) (13,509) (59,611) 14,639 Surplus/(deficit) for the year is attributable to: Non-controlling interest (7,229) (16,890) - - CSIRO (70,381) 3,381 (59,611) 14,639 Total surplus/(deficit) from all operations (77,610) (13,509) (59,611) 14,639 The above statement should be read in conjunction with the accompanying notes. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 June 2025 90 Consolidated CSIRO NET COST OF SERVICES (Continued) 2025 2024 2025 2024 Notes $'000 $'000 $'000 $'000 OTHER COMPREHENSIVE INCOME From ongoing operations Changes in asset revaluation reserves 1.3A 78,030 181,679 78,030 181,679 Changes in other reserves 1.3B 5 223 - - From discontinued operations Changes in other reserves 1.3B 8 (110) - - Total other comprehensive income 78,043 181,792 78,030 181,679 Total comprehensive income 433 168,283 18,419 196,318 Total comprehensive income is attributable to: Non-controlling interest (7,229) (16,890) - - CSIRO 7,662 185,173 18,419 196,318 Total comprehensive income/(loss) 433 168,283 18,419 196,318 The above statement should be read in conjunction with the accompanying notes. CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 June 2025 90 Consolidated CSIRO NET COST OF SERVICES (Continued) 2025 2024 2025 2024 Notes $'000 $'000 $'000 $'000 OTHER COMPREHENSIVE INCOME From ongoing operations Changes in asset revaluation reserves 1.3A 78,030 181,679 78,030 181,679 Changes in other reserves 1.3B 5 223 - - From discontinued operations Changes in other reserves 1.3B 8 (110) - - Total other comprehensive income 78,043 181,792 78,030 181,679 Total comprehensive income 433 168,283 18,419 196,318 Total comprehensive income is attributable to: Non-controlling interest (7,229) (16,890) - - CSIRO 7,662 185,173 18,419 196,318 Total comprehensive income/(loss) 433 168,283 18,419 196,318 The above statement should be read in conjunction with the accompanying notes. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION As at 30 June 2025 91 Consolidated CSIRO 2025 2024 2025 2024 Notes $'000 $'000 $'000 $'000 ASSETS Financial assets Cash and cash equivalents 2.1A 860,126 789,569 554,203 531,377 Trade and other receivables 2.1B 99,923 113,027 96,072 109,245 Other investments 2.1C 1,189,409 1,103,726 502,214 439,618 Assets directly related to discontinued operations 176 936 - - Total financial assets 2,149,634 2,007,258 1,152,489 1,080,240 Non-financial assets Land and buildings 2.2A 1,756,084 1,798,356 1,756,084 1,798,356 Heritage and cultural 2.2A 15,907 15,576 15,907 15,576 Plant and equipment 2.2A 653,778 636,157 653,778 636,157 Intangibles 2.2A 14,173 16,333 14,173 16,333 Investment properties 2.2B 5,500 48,016 5,500 48,016 Inventories 519 1,136 519 1,136 Other non-financial assets 2.2C 29,020 34,933 28,917 34,993 Total non-financial assets 2,474,981 2,550,507 2,474,878 2,550,567 Assets held for distribution to owners 2.2D 98,219 - 98,219 - Assets held for sale 14,244 12,882 14,244 12,882 Total assets 4,737,078 4,570,647 3,739,830 3,643,689 LIABILITIES Payables Suppliers 2.3A 364,691 321,999 364,298 320,885 Other payables 2.3B 26,325 24,189 26,300 24,129 Deposits 2.3C 12,155 14,580 12,138 14,563 Liabilities directly associated with discontinued operations - 702 - - Total payables 403,171 361,470 402,736 359,577 Interest bearing liabilities Lease liabilities 2.4 32,725 45,692 32,725 45,692 Total interest bearing liabilities 32,725 45,692 32,725 45,692 Provisions Employee provisions 3.1A 281,731 275,570 281,637 275,447 Provision for remediation 2.5 52,436 61,196 52,436 61,196 Total provisions 334,167 336,766 334,073 336,643 Total liabilities 770,063 743,928 769,534 741,912 Net assets 3,967,015 3,826,719 2,970,296 2,901,777 EQUITY Contributed equity 517,712 467,612 517,404 467,304 Asset revaluation reserves 1,061,047 1,030,323 1,061,047 1,030,323 Other reserves (127) (140) - - Retained surplus 1,649,811 1,672,985 1,391,845 1,404,150 Non-controlling interest 738,572 655,939 - - Total equity 3,967,015 3,826,719 2,970,296 2,901,777 The above statement should be read in conjunction with the accompanying notes. CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION As at 30 June 2025 91 Consolidated CSIRO 2025 2024 2025 2024 Notes $'000 $'000 $'000 $'000 ASSETS Financial assets Cash and cash equivalents 2.1A 860,126 789,569 554,203 531,377 Trade and other receivables 2.1B 99,923 113,027 96,072 109,245 Other investments 2.1C 1,189,409 1,103,726 502,214 439,618 Assets directly related to discontinued operations 176 936 - - Total financial assets 2,149,634 2,007,258 1,152,489 1,080,240 Non-financial assets Land and buildings 2.2A 1,756,084 1,798,356 1,756,084 1,798,356 Heritage and cultural 2.2A 15,907 15,576 15,907 15,576 Plant and equipment 2.2A 653,778 636,157 653,778 636,157 Intangibles 2.2A 14,173 16,333 14,173 16,333 Investment properties 2.2B 5,500 48,016 5,500 48,016 Inventories 519 1,136 519 1,136 Other non-financial assets 2.2C 29,020 34,933 28,917 34,993 Total non-financial assets 2,474,981 2,550,507 2,474,878 2,550,567 Assets held for distribution to owners 2.2D 98,219 - 98,219 - Assets held for sale 14,244 12,882 14,244 12,882 Total assets 4,737,078 4,570,647 3,739,830 3,643,689 LIABILITIES Payables Suppliers 2.3A 364,691 321,999 364,298 320,885 Other payables 2.3B 26,325 24,189 26,300 24,129 Deposits 2.3C 12,155 14,580 12,138 14,563 Liabilities directly associated with discontinued operations - 702 - - Total payables 403,171 361,470 402,736 359,577 Interest bearing liabilities Lease liabilities 2.4 32,725 45,692 32,725 45,692 Total interest bearing liabilities 32,725 45,692 32,725 45,692 Provisions Employee provisions 3.1A 281,731 275,570 281,637 275,447 Provision for remediation 2.5 52,436 61,196 52,436 61,196 Total provisions 334,167 336,766 334,073 336,643 Total liabilities 770,063 743,928 769,534 741,912 Net assets 3,967,015 3,826,719 2,970,296 2,901,777 EQUITY Contributed equity 517,712 467,612 517,404 467,304 Asset revaluation reserves 1,061,047 1,030,323 1,061,047 1,030,323 Other reserves (127) (140) - - Retained surplus 1,649,811 1,672,985 1,391,845 1,404,150 Non-controlling interest 738,572 655,939 - - Total equity 3,967,015 3,826,719 2,970,296 2,901,777 The above statement should be read in conjunction with the accompanying notes. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CHANGES IN EQUITY – CONSOLIDATED For the period ended 30 June 2025 92 Retained earnings Asset revaluation reserve Other reserves Contributed equity/capital Non-controlling interest Total equity 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Opening balance 1,672,985 816,357 1,030,323 1,702,538 (140) (253) 467,612 416,912 655,939 552,967 3,826,719 3,488,521 Comprehensive income Other comprehensive income - - 78,030 181,679 13 113 - - - - 78,043 181,792 Surplus/(deficit) for the period (70,075) 3,675 - - - - - - (7,229) (16,890) (77,304) (13,215) Total comprehensive income/(loss) (70,075) 3,675 78,030 181,679 13 113 - - (7,229) (16,890) 739 168,577 Other movements 46,901 852,953 (47,306) (853,894) - - - 41 - (364) (941) Contributions by owners Equity injection - - - - - - 50,100 50,700 89,821 119,862 139,921 170,562 Closing balance 1,649,811 1,672,985 1,061,047 1,030,323 (127) (140) 517,712 467,612 738,572 655,939 3,967,015 3,826,719 The above statement should be read in conjunction with the accompanying notes. Accounting Policy Other comprehensive income Refer to Note 1.3. Equity injections Amounts that are designated as equity injections for a year are recognised directly in contributed equity in that year. Non-controlling interests Non-controlling interests refer to equity in a subsidiary that is not attributable (directly or indirectly) to CSIRO as parent. CSIRO recognises non-controlling interests in the CSIRO Innovation Fund subsidiary entities. Other movements Other movements relate primarily to the transfer of historical valuation adjustments on assets that have been disposed of across to retained earnings, in accordance with the clauses of AASB 116 Property Plant and Equipment. It also includes the movements related to discontinued operations. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CHANGES IN EQUITY – CSIRO For the period ended 30 June 2025 93 Retained earnings Asset revaluation reserve Contributed equity/capital Total equity 2025 2024 2025 2024 2025 2024 2025 2024 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Opening balance 1,404,150 535,617 1,030,323 1,702,538 467,304 416,604 2,901,777 2,654,759 Comprehensive income Other comprehensive income - - 78,030 181,679 - - 78,030 181,679 Surplus/(deficit) for the period (59,611) 14,639 - - - - (59,611) 14,639 Total comprehensive income/(loss) (59,611) 14,639 78,030 181,679 - - 18,419 196,318 Other movements 47,306 853,894 (47,306) (853,894) - - - - Contributions by owners Equity injection - - - - 50,100 50,700 50,100 50,700 Closing balance 1,391,845 1,404,150 1,061,047 1,030,323 517,404 467,304 2,970,296 2,901,777 The above statement should be read in conjunction with the accompanying notes. Accounting Policy Other comprehensive income Refer to Note 1.3. Equity injections Amounts that are designated as equity injections for a year are recognised directly in contributed equity in that year. Other movements Other movements relate to the transfer of historical valuation adjustments on assets that have been disposed of across to retained earnings, in accordance with the clauses of AASB 116 Property Plant and Equipment. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS CASH FLOW STATEMENT For the period ended 30 June 2025 94 Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 OPERATING ACTIVITIES Cash received Receipts from Government 916,459 1,009,239 916,459 1,009,239 Sale of goods and rendering of services 687,933 629,901 701,383 644,994 Interest 49,387 50,060 35,641 39,005 Net GST received 27,630 42,355 27,630 41,036 Total cash received 1,681,409 1,731,555 1,681,113 1,734,274 Cash used Employees 975,920 955,447 975,076 954,778 Suppliers 557,396 678,607 533,403 675,218 Interest payments on lease liabilities 1,431 2,009 1,431 2,009 Finance costs 98 97 83 82 Deposits 2,425 2,438 2,425 2,765 Total cash used 1,537,270 1,638,598 1,512,418 1,634,852 Net cash from operating activities 144,139 92,957 168,695 99,422 INVESTING ACTIVITIES Cash received Proceeds from sales of equity investments and intellectual property - 37 - 37 Return of capital 6 - 6 - Proceeds from sales of property, plant and equipment 1,961 37,710 1,961 37,710 Total cash received 1,967 37,747 1,967 37,747 Cash used Purchase of property, plant and equipment 139,928 201,418 139,928 201,418 Purchase of equity investments 62,536 93,650 45,002 46,003 Other selling costs 39 79 39 79 Total cash used 202,503 295,147 184,969 247,500 Net cash used in investing activities (200,536) (257,400) (183,002) (209,753) FINANCING ACTIVITIES Cash received Contributed equity 139,921 170,608 50,100 50,700 Total cash received 139,921 170,608 50,100 50,700 Cash used Principal payments of lease liabilities 12,967 17,902 12,967 17,902 Total cash used 12,967 17,902 12,967 17,902 Net cash from financing activities 126,954 152,706 37,133 32,798 Net increase (decrease) in cash held 70,557 (11,737) 22,826 (77,533) Cash and cash equivalents at the beginning of the reporting period 789,569 801,306 531,377 608,910 Cash and cash equivalents at the end of the reporting period 860,126 789,569 554,203 531,377 The above statement should be read in conjunction with the accompanying notes. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 95 Overview ........................................................................................................................................................................................................................ 96 1. Financial Performance ............................................................................................................................................................................................... 99 1.1. Expenses ....................................................................................................................................................................................................... 99 1.2. Revenue and Gains ..................................................................................................................................................................................... 101 1.3. Other Comprehensive Income.................................................................................................................................................................... 104 2. Financial Position ..................................................................................................................................................................................................... 105 2.1. Financial Assets .......................................................................................................................................................................................... 105 2.2. Non-Financial Assets .................................................................................................................................................................................. 107 2.3. Payables ..................................................................................................................................................................................................... 112 2.4. Interest Bearing Liabilities .......................................................................................................................................................................... 113 2.5. Other Provisions ......................................................................................................................................................................................... 113 3. People and Relationships ......................................................................................................................................................................................... 114 3.1. Employee Provisions .................................................................................................................................................................................. 114 3.2 (a) Key Management Personnel Remuneration .......................................................................................................................................... 115 3.2 (b) Senior Executive Staff Remuneration .................................................................................................................................................... 117 3.2. (c) Remuneration of Other Highly Paid Staff .............................................................................................................................................. 118 3.3. Remuneration of Board Members .............................................................................................................................................................. 119 3.4. Related Party Disclosures ........................................................................................................................................................................... 120 4. Managing Uncertainties ........................................................................................................................................................................................... 123 4.1. Contingent Assets and Liabilities ................................................................................................................................................................ 123 4.2. Financial Instruments ................................................................................................................................................................................. 124 4.3. Fair Value Measurement ............................................................................................................................................................................ 126 5. Other Information .................................................................................................................................................................................................... 128 5.1. Current/Non-Current Distinction for Assets and Liabilities ........................................................................................................................ 128 5.2. Monies Held in Trust .................................................................................................................................................................................. 129 5.3. Collections .................................................................................................................................................................................................. 130 6. Budgetary Reports and Explanations of Major Variances ........................................................................................................................................ 131 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 96 Overview Objectives of CSIRO and its Subsidiaries (the Group) CSIRO is an Australian Government controlled not-for-profit entity and is classified as a Corporate Commonwealth Entity under the Public Governance, Performance and Accountability Act 2013. CSIRO, together with its subsidiaries (referred to as ‘the Group’), is a research enterprise that aims to deliver scientific and innovative solutions for Australian industry, society, and the environment to contribute to national benefit, knowledge, and capabilities and deliver on these objectives in accordance with the Science and Industry Research Act 1949. CSIRO is structured to meet the following outcome: Innovative scientific and technology solutions to address national challenges and opportunities to benefit industry, the environment and the community, through scientific research and capability development, services and advice. The Basis of Preparation The financial statements are required by section 42 of the Public Governance, Performance and Accountability Act 2013 and are general purpose financial statements. CSIRO and the Group’s Consolidated Financial Statements have been prepared in accordance with: • Public Governance, Performance and Accountability (Financial Reporting Rule) 2015 (FRR); and• Australian Accounting Standards and Interpretations – including simplified disclosures for Tier 2 Entities under AASB1060 issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period. The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified. Key Judgements and Estimates In the process of applying the Group's accounting policies, management has made a number of judgements and applied estimates and assumptions to future events. Information around judgements and estimates which are material to the financial statements are found in the following notes: • Note 2.5 Other Provisions• Note 3.1A Employee Provisions • Note 4.3 Fair Value MeasurementConsolidation The consolidated financial statements comprise the financial statements of CSIRO and its subsidiaries. The subsidiaries of CSIRO are the Science and Industry Endowment Fund (SIEF), the CSIRO Chile Research Fundación (Fundación), National ICT Australia (NICTA), the Innovation Fund and the US Office. Refer to Note 3.4 Related Party Disclosure for further information. The consolidated financial statements incorporate the assets and liabilities of all entities controlled by CSIRO as at 30 June 2025 and the results of the controlled entities for the year then ended. Subsidiaries are consolidated from the date on which control is obtained through to the date on which control ceases. The non-controlling interest in the results and equity of subsidiaries is shown separately in the statement of comprehensive income, statement of financial position and statement of changes in equity of the consolidated Group. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 97 Foreign Currency Translation The functional currency of CSIRO and its Australian subsidiaries is Australian dollars. The Group has three overseas subsidiary entities, the Fundación and the US Office entities, with their functional currency being Peso CLP and US dollars respectively. On consolidation, those entities: • Assets and liabilities are translated into Australian dollars at the rate of exchange prevailing at the reporting date; and • The statement of comprehensive income is translated at the average exchange rate. The exchange rate differences arising are recognised in the net cost of services. New Australian Accounting Standards All new, revised and/or amending standards and/or interpretations that were issued prior to the signing of these statements and applicable to the current reporting period were adopted by CSIRO. This includes the following amended standards: Standard/Interpretation Nature of change in accounting policy, transitional provisions, and adjustment to financial statements AASB 13 Fair Value Measurement / AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities This amendment provided further guidance on the measurement of fair value for non-financial assets. This standard amendment has had some impact on the fair value measurement of CSIRO’s land assets – see Note 4.3 Fair Value Measurement for further detail. There has been no early adoption of accounting standards applicable to future years. Taxation In accordance with Section 53 of the Science and Industry Research Act 1949, CSIRO is exempt from all forms of Australian taxation except the fringe benefits tax (FBT) and the goods and services tax (GST). The Group pays applicable taxes in overseas countries. Revenues, expenses, assets and liabilities are recognised net of GST except: • where the amount of GST incurred is not recoverable from the Australian Taxation Office; and • for receivables and payables. The SIEF is exempt from income tax in Australia. The Innovation Fund entities are subject to all applicable taxes in Australia. The Fundación is subject to all applicable taxes in Chile. The US Office is subject to taxes in the United States of America. NICTA is exempt from income tax however NICTA’s subsidiaries (including NICTA IPR Pty Ltd) are subject to applicable taxes in Australia. The amounts of income and other tax payable by the Group’s subsidiaries is not material to the consolidated statements. Events after the Reporting Period In June 2025, the CSIRO Board approved the transfer of ownership of the Lindfield site from CSIRO to the Department of Industry, Science and Resources (DISR) for nil consideration. This transfer is in line with the original intention of the use of the site for the National Measurement Laboratory, which was a CSIRO division until it merged into the National Measurement Institute under DISR in 2004. Transfer of ownership occurred effective 1 July 2025, and decreased the value of CSIRO’s land and building and investment property portfolio by $98.2 million. The transfer will also have a minor impact on CSIRO’s rental income, with a reduction of $3.7 million for 2025-26. As the transaction does not relate to conditions existing at 30 June 2025, it does not require adjustment to the 2024–25 financial statements. However, it is disclosed as a material subsequent event to provide transparency of future impacts. Based on the guidance in Designating transfers of assets and liabilities as 'contributions by owners' (equity) (RMG 123), and AASB 1004 Contributions, the transfer is expected to meet the definition of a contribution by owners. In accordance with AASB 1004 Contributions paragraph 48, contributions by owners are recognised as a direct adjustment to equity when the transferred asset qualifies for recognition. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 98 As at 30 June 2025, the asset remains under the control of the CSIRO and continues to be recognised and depreciated in accordance with AASB 116 Property Plant and Equipment and AASB 140 Investment Property. Upon transfer, the asset will be derecognised from the Statement of Financial Position and the carrying amount of the asset will be recorded as a direct equity adjustment. In July 2025, CSIRO sold a property held for sale on 25 July 2025 and decreased the value of assets held for sale by $0.3m. CSIRO will recognise a gain on sale of $0.03m. In July and August 2025, CSIRO has seen a significant increase in the fair value of listed investments from 30 June 2025. At signing date, this increase in fair value is estimated to have an impact of around $40m. This has not been adjusted in the financial statements. Future Events CSIRO continues to explore future commercial opportunities for divestment of the Ginninderra Field Station. When sale of the land occurs, there is potential that changes in the valuation of the land will have occurred and gains on sale recognised. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 99 1. Financial Performance This section analyses the financial performance of CSIRO for the year ended 30 June 2025. 1.1. Expenses Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 1.1A: Employee benefits Wages and salaries 708,216 729,339 707,649 726,913 Superannuation Defined contribution plans 89,808 83,450 89,808 83,450 Defined benefit plans 37,119 39,857 37,066 39,790 Leave and other entitlements 121,872 126,388 121,734 126,210 Separation and redundancies 31,528 10,848 31,473 10,848 Gross employee benefits 988,543 989,882 987,730 987,211 Less: Employee cost recovery (306) (2,360) (306) (315) Capitalised labour (4,083) (3,911) (4,083) (3,911) Total employee benefits 984,154 983,611 983,341 982,985 Accounting Policy Accounting policy for employee related expenses is contained in Section 3. People and Relationships. Note 1.1B: Suppliers Goods supplied 142,459 174,984 142,130 174,486 Services rendered 322,252 363,450 312,858 363,474 Total goods and services supplied or rendered 464,711 538,434 454,988 537,960 Other suppliers Short-term leases and leases of low-value assets 1,741 3,116 1,660 2,942 Audit fees 840 719 516 392 Workers compensation expenses 4,453 4,197 4,437 4,178 Total other suppliers 7,034 8,032 6,613 7,512 Total suppliers 471,745 546,466 461,601 545,472 Accounting Policy The above lease disclosures should be read in conjunction with the accompanying notes 1.1C, 1.2C, 2.2A and 2.4. Short-term leases and leases of low value assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of assets that have a lease term of 12 months or less or leases of low value assets (less than $10,000). The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Audit fees The Group is audited by the Australian National Audit Office. Fees for audit of financial statements for the year were $175,000 for CSIRO and $556,000 for the Group exclusive of GST. Audit fees above also includes the cost of internal audit work by other providers. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 100 Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 1.1C: Finance costs Interest on lease liabilities 1,431 847 1,431 847 Other interest payments 98 97 83 82 Total finance costs 1,529 944 1,514 929 Accounting Policy The above disclosures should be read in conjunction with the accompanying notes 1.1B, 1.2C, 2.2A and 2.4. Note 1.1D: Write-downs and impairment loss on financial instruments Asset write-downs and impairments from: Bad debts written off 23 48 23 48 Impairment of trade and other receivables 35 (95) 35 (95) Total write-downs and impairments on financial instruments 58 (47) 58 (47) Note 1.1E: Write-downs and impairment of other assets Asset write-downs and impairments from: Land and Buildings (9,266) 4 (9,266) 4 Impairment of Intangibles - 81 - 81 Total write-downs and impairment of other assets (9,266) 85 (9,266) 85 Note 1.1F: Gain/(loss) from asset sales Land and buildings Proceeds from sale - 30,147 - 30,147 Carrying value of assets sold - (29,831) - (29,831) Selling expense - (51) - (51) Net gain/(loss) from sale of land and buildings - 265 - 265 Plant and equipment Proceeds from sale 598 479 598 479 Carrying value of assets sold (5,034) (8,407) (5,034) (8,407) Selling expense (39) (28) (39) (28) Net gain/(loss) from sale of plant and equipment (4,475) (7,956) (4,475) (7,956) Total gain/(loss) from asset sales (4,475) (7,691) (4,475) (7,691) CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 101 1.2. Revenue and Gains Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 1.2A: Revenue from contracts with customers Sale of goods 10,899 14,904 10,899 14,904 Rendering of services 480,145 474,346 493,664 479,270 Royalties and licence fees 58,499 60,611 58,499 60,611 Total revenue from contracts with customers 549,543 549,861 563,062 554,785 Disaggregation of revenue from contracts with customers CSIRO derives its revenue under AASB 15 Revenue from Contracts with Customers from two main sources, being the sale of goods and rendering of services. Revenue has been disaggregated based on the line of business and further disaggregated based on the types of contracts that exist within the line of business. This disaggregation is considered most appropriate as it enables users of the Group’s financial statements to understand the nature, timing and uncertainty of income and cash flows. Revenue from contracts with customers - line of business: Impact Science Coinvestment 249,182 281,011 261,560 284,356 Consulting & Services 68,731 62,026 68,731 62,026 Royalties and licence fees 57,951 60,324 57,951 60,324 Total Impact Science 375,864 403,361 388,242 406,706 National Facilities & Collections Coinvestment 85,402 65,989 85,402 65,989 Consulting & Services 51,320 45,623 51,320 45,623 Royalties and licence fees 233 9 233 9 Total National Facilities & Collections 136,955 111,621 136,955 111,621 CSIRO Services Coinvestment 16,757 16,974 16,757 16,974 Consulting & Services 16,035 13,820 16,035 13,820 Royalties and licence fees 315 279 315 279 Publishing revenue 1,788 2,289 1,788 2,289 Total CSIRO Services 34,895 33,362 34,895 33,362 Enterprise Support Services Coinvestment 1,812 1,392 1,812 1,392 Consulting & Services 17 125 1,158 1,704 Total Enterprise Support Services 1,829 1,517 2,970 3,096 Total 549,543 549,861 563,062 554,785 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 102 Accounting Policy Revenue from the sale of goods is recognised when control has been transferred to the buyer. A contract falls within the scope of AASB 15 Revenue from Contracts with Customers when the criteria for accounting for a contract with a customer is met as per paragraph 9 of the standard. Performance obligations are required by an enforceable contract with the satisfaction of these performance obligations either measured over time or a point in time. The transaction price is the total amount of consideration to which CSIRO expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts or both. Payment terms are specified in contracts, but are generally 30 days after the customer has been billed. The following is a description of principal activities from which CSIRO generates its revenue: Coinvestment Revenue CSIRO conducts research and facilitates the uptake of scientific technology solutions with a partner or customer to deliver a positive impact to Australia. Performance obligations are typically satisfied over time, as the customer simultaneously receives and consumes the benefits associated with CSIRO conducting scientific research or CSIRO is creating/enhancing an asset (usually Intellectual Property) that an end customer controls as the asset is created or enhanced. The progress towards the completion of a performance obligation are typically measured using either milestones reached or time elapsed. In the absence of an observable output method, an input method is used to measure the progress towards the completion of the performance obligations. Consulting & Services Consulting services are where CSIRO applies existing research to a customer’s data or assets to enhance the customer’s intellectual property or processes. CSIRO is also a provider of a range of specialised laboratories, scientific and testing equipment, and other research facilities. Services revenue includes facility management fees, and testing and calibrations services. Performance obligations are satisfied at a point in time or over time depending on the nature of services provided. The methods used to measure the progress towards completion of a performance obligation are dependent on the services provided and generally follow either a milestones reached or time elapsed assessment. Royalties & Licensing CSIRO provides a license to a customer which gives the customer a right to access or a right to use CSIRO intellectual property. If the licence provides the customer with the right to access CSIRO intellectual property as it exists throughout the license period, performance obligations are satisfied and revenue recognised over time. If the license provides the customer with the right to use CSIRO intellectual property when the license is granted, performance obligations and revenue is recognised at a point in time. Publishing Revenue CSIRO Publishing publishes and distributes scientific, technical and health science books, magazines and journals from Australia to a worldwide audience. Performance obligations are satisfied at a point in time as the customer purchases and receives the goods. Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 1.2B: Bank and term deposits interest Bank and term deposits 45,455 49,607 31,532 38,220 Accounting Policy Interest revenue is recognised using the effective interest method as set out in AASB 9 Financial Instruments. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 103 Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 1.2C: Rental income Lease income from operating leases 6,633 7,085 6,633 7,085 CSIRO has operating lease income receivables from the sub-leasing of offices and scientific research accommodation. The amounts below are GST exclusive. Maturity analysis of operating lease income receivables are as follows: Within 1 year 1,900 5,536 1,900 5,536 One to two years 2,575 4,654 2,575 4,654 Two to three years 1,933 715 1,933 715 Three to four years 1,104 460 1,104 460 Four to five years 771 405 771 405 More than 5 years 3,132 775 3,132 775 Total undiscounted lease payment receivable 11,415 12,545 11,415 12,545 Accounting Policy The above lease disclosures should be read in conjunction with the accompanying notes 1.1B, 1.1C, 2.2A and 2.4. Note 1.2D: Other revenues Sale of primary produce 1,948 1,761 1,948 1,761 Donation 456 8 456 8 Capital contributions 21,303 40,363 22,890 49,821 Education programs and subscriptions 148 299 148 299 Other 2,834 4,820 10,545 4,490 Total other revenues 26,689 47,251 35,987 56,379 Accounting Policy Capital contributions includes income recognised from external parties when (or as) CSIRO has satisfied its obligation from the transfer of a financial asset. Other includes the sale of CSIRO publications and products, conferences and funding for costs of suppliers and external service providers. Note 1.2E: Other gains Insurance proceeds 3,369 8,366 3,369 8,366 Assets received free of charge 1,079 25,729 19,059 25,729 Total other gains 4,448 34,095 22,428 34,095 Accounting Policy Assets Received Free of Charge Contributions of assets at no cost of acquisition or for nominal consideration are recognised as gains at their fair value when the asset qualifies for recognition, unless received from another Government entity as a consequence of a restructuring of administrative arrangements. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 104 Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 1.2F: Revenue from Government Corporate Commonwealth Entity payment 916,459 1,009,239 916,459 1,009,239 Accounting Policy Revenues from Government Revenues from Government were received from the Australian Government Department of Industry, Science and Resources (appropriated to CSIRO as a Corporate Commonwealth Entity payment item). Note 1.2G: Discontinued Operations Chile Research Fundación Profit/(loss) after tax for the year from discontinued operations (251) (294) - - NICTA Profit/(loss) after tax for the year from discontinued operations (55) - - - Total Profit/(loss) after tax for the year from discontinued operations (306) (294) - - Accounting Policy Discontinued operations are accounted for in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. See Note 3.4 for further details. 1.3. Other Comprehensive Income Items that will not be classified to net cost of services Note 1.3A: Change in asset revaluation reserves Revaluation of land and buildings 59,666 160,539 59,666 160,539 Revaluation of plant and equipment 18,033 21,931 18,033 21,931 Revaluation of heritage and cultural assets 331 5,416 331 5,416 Revaluation of makegood - (6,207) - (6,207) Net increase in asset revaluation reserves 78,030 181,679 78,030 181,679 Items that may be reclassified to net cost of services Note 1.3B: Change in other reserves Net change arising from foreign exchange movements on conversion of subsidiary accounts 13 113 - - Net (decrease) in other reserves 13 113 - - Accounting Policy Discontinued Operations The above disclosures include the impact of discontinued operations being a change in other reserves of $8k. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 105 2. Financial Position This section analyses CSIRO’s assets used to generate financial performance and the operating liabilities incurred as a result. Employee related information is disclosed in the People and Relationships section. 2.1. Financial Assets Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 2.1A: Cash and cash equivalents Cash at bank and on hand 326,126 219,169 121,203 63,777 Term deposits 534,000 570,400 433,000 467,600 Total cash and cash equivalents 860,126 789,569 554,203 531,377 Accounting Policy Cash is recognised at its nominal value. Cash and cash equivalents includes: a) cash on hand; b) demand deposits in bank accounts with an original maturity of 12 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Note 2.1B: Trade and other receivables Goods and services receivable Goods and services 57,057 66,147 55,703 62,983 Interest 6,179 10,111 4,420 8,529 Contract assets 32,460 32,779 32,460 32,779 GST receivable 2,637 3,952 2,541 3,762 Other receivables 1,689 512 1,047 1,256 Total trade and other receivables (gross) 100,022 113,501 96,171 109,309 Less: expected credit loss allowance (99) (474) (99) (64) Total trade and other receivables (net) 99,923 113,027 96,072 109,245 Trade and other receivables (gross) aged as follows: Not overdue 92,102 104,231 88,251 100,576 Overdue by 0 to 30 days 4,095 4,542 4,095 4,540 31 to 60 days 2,712 3,057 2,712 3,041 61 to 90 days 333 323 333 323 More than 90 days 780 1,348 780 829 Total receivables (gross) 100,022 113,501 96,171 109,309 Reconciliation of impairment loss allowance Opening balance 474 568 64 159 Increase /(decrease) recognised in net surplus (375) (94) 35 (95) Closing balance 99 474 99 64 Accounting Policy Financial assets Trade receivables, loans and other receivables that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest, that are not provided at below-market interest rates, are subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance. Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment. Contract assets are associated with services that have been transferred to the customer by CSIRO but there are remaining services to be performed in order to invoice the customer. Refer to Note 2.3A for information relating to contract liabilities. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 108 (b) Reconciliation of the opening and closing balances of Land and Buildings, Plant and Equipment and Intangibles for 2025 - CSIRO Land Buildings Total land and buildings Plant and equipment Heritage and cultural Intangibles Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 As at 1 July 2024 Gross book value 471,213 3,681,965 4,153,178 1,470,765 162,657 66,478 5,853,078 Accumulated depreciation and amortisation - (2,354,822) (2,354,822) (834,608) (147,081) (50,145) (3,386,656) Net book value as at 1 July 2024 471,213 1,327,143 1,798,356 636,157 15,576 16,333 2,466,422 Additions By purchase 48,373 48,373 89,056 - 1,137 138,566 Right-of-use assets - 2,320 2,320 2,559 - - 4,879 Reclassification (26,737) (18,880) (45,617) (406) - - (46,023) Revaluations recognised in other comprehensive income 34,179 25,487 59,666 18,033 331 - 78,030 Impairments recognised in net cost of services - 11,061 11,061 - - - 11,061 Write-offs and impairments on right-of-use assets recognised in net cost of services - (1,795) (1,795) - - - (1,795) Depreciation expense - (90,055) (90,055) (85,684) - (3,030) (178,769) Depreciation on right-of-use assets - (15,083) (15,083) (1,116) - - (16,199) Total depreciation and amortisation - (105,138) (105,138) (86,800) - (3,030) (194,968) Disposals - - - (4,768) - (267) (5,035) Disposals of Right-of-Use Assets - - - (53) - - (53) Other movements of right-of-use assets 8,500 (19,642) (11,142) - - - (11,142) Net book value as at 30 June 2025 487,155 1,268,929 1,756,084 653,778 15,907 14,173 2,439,942 Net book value as at 30 June 2025 represented by: Gross book value 487,155 3,517,102 4,004,257 1,622,282 162,988 66,750 5,856,277 Accumulated depreciation and amortisation - (2,248,173) (2,248,173) (968,504) (147,081) (52,577) (3,416,335) Total as at 30 June 2025 487,155 1,268,929 1,756,084 653,778 15,907 14,173 2,439,942 Carrying amount of right-of-use assets - 60,793 60,793 2,203 - - 62,996 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 109 Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Contractual commitments for fixed assets: Capital commitments comprise outstanding payments for buildings under construction and commitments for purchase of plant and equipment. Commitments are reported inclusive of GST. Land and buildings 36,673 42,647 36,673 42,647 Plant and equipment 10,615 14,277 10,615 14,277 Intangible Assets 481 252 481 252 Total commitments payable 47,769 57,176 47,769 57,176 Within 1 year 31,166 41,546 31,166 41,546 Between 1 to 5 years 16,603 15,424 16,603 15,424 More than 5 years - 206 - 206 Total commitments payable 47,769 57,176 47,769 57,176 Accounting Policy Acquisition of Assets Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Assets acquired at no cost or for nominal considerations are initially recognised as assets and revenues at their fair value at the date of acquisition. Asset Recognition Threshold Purchases of property, plant and equipment are recognised initially at cost in the Statement of Financial Position, except for purchases costing less than $5,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total). Lease Right of Use (ROU) Assets Leased ROU assets are capitalised at the commencement date of the lease and comprise of the initial lease liability amount, initial direct costs incurred when entering into the lease less any lease incentives received. These assets are accounted for by CSIRO as separate asset classes to corresponding assets owned outright, but included in the same column as where the corresponding underlying assets would be presented if they were owned. Revaluations Following initial recognition at cost, property, plant and equipment (excluding intangibles and ROU assets) are carried at fair value less accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure the carrying amount of assets do not differ materially from the assets’ fair value as at reporting date. Valuations are conducted every three years for assets that fall within the following classes - land, buildings, plant and equipment and heritage and cultural. Investment properties are valued every year. Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under asset revaluation reserve, except to the extent that it reverses a previous revaluation decrement of the same asset class that was previously recognised in the surplus or deficit. Revaluation decrements for a class of assets are recognised directly through the Statement of Comprehensive Income except to the extent that they reverse a previous revaluation increment for that class. Any accumulated depreciation as at the revaluation date is restated with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount. Fair value for each class of asset subject to the fair value model is determined as follows: • Land, which will continue to be used to further the Group’s objectives for research activity, is valued by independent valuers at fair value (highest and best use). Highest and best use is determined from the perspective of market participants. An entity’s current use of a non-financial asset is presumed to be its highest and best use unless market or other factors suggest otherwise. Land underwent a desktop revaluation as at 30 June 2025 by Jones Lang LaSalle (JLL). • Buildings and leasehold improvements, which will continue to be used to further the Group’s objectives, are valued by independent valuers at fair value (highest and best use). Building valuations include plant, fit-outs, fixtures and fittings, which form an integral part of buildings. Buildings underwent a desktop revaluation as at 30 June 2025 by JLL. • Plant and equipment which will continue to be used to further the Group’s objectives, are valued by independent valuers at fair value (highest and best use). Plant and equipment underwent a full revaluation as at 30 June 2025 by JLL. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 110 Accounting Policy (continued) • Properties held for sale are valued at the lower of their carrying amount and fair value less cost to sell. An assessment is undertaken annually of any properties held for sale. • Properties held for sale are valued at the lower of their carrying amount and fair value less cost to sell or, if transferred from investment properties, at fair value. • Heritage and cultural assets are valued by independent valuers at their depreciated replacement cost. Heritage and cultural assets underwent a desktop revaluation as at 30 June 2025 by JLL. In addition to independent valuations conducted, CSIRO makes an internal assessment at balance date considering any major events, market changes or indicators of impairment that may impact on fair value. Depreciation and Amortisation Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives using, in all cases, the straight-line method of depreciation. Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the improvements or the unexpired period of the lease. Land is not depreciated. The depreciation rates for ROU assets are based on the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. Depreciation/amortisation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. Depreciation rates applying to each class of depreciable asset are based on the following useful lives for 2024-2025 and 2023-2024: Asset Class Class of Depreciable Asset Land and Buildings Buildings on freehold land 40 to 80 years Land and Buildings Leasehold improvements Lease term Right of Use Asset Buildings under lease Lease term Right of Use Asset Equipment under lease Lease term Plant and Equipment Passenger vehicles 7 years Plant and Equipment Agricultural and transport equipment 8 to 20 years Plant and Equipment Computer equipment 2 to 5 years Plant and Equipment Scientific equipment 5 to 20 years Plant and Equipment Furniture and office equipment 5 to 15 years Plant and Equipment Workshop equipment 20 to 25 years Plant and Equipment Research vessel 25 years Plant and Equipment Australia telescope 15 to 58 years Heritage and Cultural Heritage and Cultural Indefinite Impairment All assets were assessed for impairment as at 30 June 2025. Where indicators of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the entity were deprived of the asset, its value in use is taken to be its depreciated replacement cost. Derecognition An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Heritage and Cultural Assets Heritage and cultural items include buildings of historical or cultural significance. CSIRO has classified them as heritage and cultural assets as they are primarily used for purposes that relate to their cultural significance and original purpose. Heritage and cultural assets are stored and managed in ways to preserve their heritage and cultural value over time. Where conservation and preservation activities, specified in an asset's Heritage Management Plan, demonstrate that an asset will be maintained for an indefinite period, these items are considered to have indefinite useful lives and therefore, not subject to depreciation. Copies of the Heritage Management Plans may be obtained by contacting csiro.au/contact. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 111 Accounting Policy (continued) Intangibles Intangibles are internally developed and acquired software for internal use. These assets are carried at cost, less accumulated amortisation and impairment losses, except where the estimated cost of software is less than the $250,000 threshold and expensed in the year of acquisition. Software are amortised on a straight-line basis over their anticipated useful lives. The useful lives are 2 to 10 years (2023-24: 2 to 10 years). All software assets were assessed for indications of impairment as at 30 June 2025. Properties Held for Sale Properties which are expected to be recovered primarily through sale rather than through continuing use are classified as ‘properties held for sale’. Immediately before classification, the properties are remeasured in accordance with the Group’s accounting policies. Thereafter, at reporting date the properties are measured at the lower of their carrying amount and fair value less cost to sell. Impairment losses on initial classification as held for sale are recognised in the Statement of Comprehensive Income. Properties Held for Distribution to Owners Properties which are expected to be transferred to owners rather than through continuing use are classified as ‘properties held for distribution to owners’. Immediately before classification, the properties are remeasured in accordance with the Group’s accounting policies. Thereafter, at reporting date the properties are measured at the lower of their carrying amount and fair value less cost to sell, except for investment properties, which are held at fair value. Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 2.2B: Investment properties Reconciliation of the opening and closing balances of investment properties As at 1 July 48,016 46,141 48,016 46,141 Net gain/(loss) from fair value adjustments (100) 1,875 (100) 1,875 Reclassifications (42,416) - (42,416) - Total as at 30 June 5,500 48,016 5,500 48,016 Accounting Policy Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value. Gains or losses arising from changes in the fair values of investment properties are recognised in profit or loss in the year in which they arise. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or losses on disposal of an investment property are recognised in profit or loss in the year of disposal. Investment properties were valued as at 30 June 2025 by JLL utilising available market evidence, cross referenced capitalisation of net income and discounted cash flows approaches. Rental income from investment properties is included in the lease income disclosed in Note 1.2C and was $3.9m for 2025 (2024: $3.7m). Both investment properties are owned by CSIRO. Note 2.2C: Other non-financial assets Prepayments 29,020 34,933 28,917 34,993 Total other non-financial assets 29,020 34,933 28,917 34,993 Note 2.2D: Properties held for distribution to owners Land and buildings 55,769 - 55,769 - Plant and equipment 34 - 34 - Investment properties 42,416 - 42,416 - Total properties held for distribution to owners 98,219 - 98,219 - Accounting Policy Assets held for distribution to owners are accounted for in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 112 2.3. Payables Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 2.3A: Suppliers Suppliers payable 54,996 69,007 54,603 67,893 Contract liabilities 309,695 252,992 309,695 252,992 Total suppliers payable 364,691 321,999 364,298 320,885 Accounting Policy Contract liabilities are associated with consideration that has been received from the customer but services are yet to be performed by the Group. Refer to Note 2.1B for information relating to contract assets. Note 2.3B: Other payables Accrued salaries and wages 26,092 23,947 26,067 23,920 Other creditors and accrued expenses 233 242 233 209 Total other payables 26,325 24,189 26,300 24,129 Note 2.3C: Deposits STEM Academy 8,730 11,088 8,730 11,088 Other 3,425 3,492 3,408 3,475 Total deposits 12,155 14,580 12,138 14,563 Accounting Policy Deposits represent monies held on behalf of third parties. If the amounts are not spent for their specified purpose they will be returned to the third party. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 113 2.4. Interest Bearing Liabilities Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 2.4: Leases Lease liabilities Buildings 30,565 44,856 30,565 44,856 Plant and equipment 2,160 836 2,160 836 Total leases 32,725 45,692 32,725 45,692 The maturity analysis for contractual undiscounted cash flows is as follows: Within 1 year 15,590 16,180 15,590 16,180 Between 1 to 5 years 16,203 27,572 16,203 27,572 More than 5 years 3,045 4,295 3,045 4,295 Total leases 34,838 48,047 34,838 48,047 The cash outflow for leases for the year ended 30 June 2025 was $16.8m (2024: $16.9m) for CSIRO and the Group. CSIRO and the Group have multiple leasing arrangements relating to land, buildings and equipment. Accounting Policy The above lease disclosures should be read in conjunction with the accompanying notes 1.1B, 1.1C, 1.2C, 2.2A. For all new contracts entered into, CSIRO considers whether the contract is, or contains, a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. Once it has been determined that a contract is, or contains a lease, the lease liability is initially measured at the present value of the lease payments unpaid at the commencement date, discounted using the interest rate implicit in the lease, if that rate is readily determinable, or the incremental borrowing rate. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification to the lease. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset or profit and loss depending on the nature of the reassessment or modification. 2.5. Other Provisions Note 2.5: Provision for remediation Provision for Remediation 52,436 61,196 52,436 61,196 Total provision for remediation 52,436 61,196 52,436 61,196 Provision for remediation reconciliation As at 1 July 61,196 64,606 61,196 64,606 Additional provisions made 294 7,776 294 7,776 Amounts used (6,809) (4,052) (6,809) (4,052) Amounts reversed (2,245) (7,361) (2,245) (7,361) Unwinding of discount - 227 - 227 Total as at 30 June 52,436 61,196 52,436 61,196 Accounting Judgements and Estimates CSIRO currently has provisions for remediation associated with restoring land and decontaminating land; disposing of radioactive waste and restoring leased CSIRO sites to their original condition at the conclusion of a lease (makegood obligations). The provision for restoring and decontaminating land and disposing of radioactive waste is based on estimates provided by internal and external qualified experts. The provision is predominately based on externally provided costings, with additional amounts derived from comparable remediation works. The provision is based on the scope of work as it currently stands as at 30 June 2025, where the effect of the time value of money is deemed immaterial. As remediation work progresses, the scope and costs may be subject to change. The work is expected to take several years to reach completion. The provision for the makegood and restoration costs at leased CSIRO sites is based on rates provided by an external valuer. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 114 3. People and Relationships This section describes a range of employment and post employment benefits provided to our people and our relationship with other key people. 3.1. Employee Provisions Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 3.1A: Employee provisions Annual leave 77,535 77,972 77,441 77,849 Long service leave 176,517 179,671 176,517 179,671 Separation and redundancy 13,717 4,449 13,717 4,449 Severance pay 13,962 13,478 13,962 13,478 Total employee provisions 281,731 275,570 281,637 275,447 Accounting Policy (including Accounting Judgements and Estimates) Liabilities for short-term employee benefits (as defined in AASB 119 Employee Benefits) and termination benefits due within twelve months of the end of the reporting period are measured at their nominal amounts. The nominal amount is calculated with regard to the rate expected to be paid on settlement of the liability. Other long-term employee benefit liabilities are measured at the present value of the estimated future cash outflows to be made in respect of services provided by employees up to the reporting date. Leave The liability for employee benefits includes provisions for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees is estimated to be less than the annual entitlement for sick leave. The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will apply at the time the leave is taken, including the employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination. The liability at 30 June 2025 for long service leave and annual leave has been determined by the short hand method and reference to the work of the Australian Government Actuary (AGA). The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation. Separation and redundancy Provision is made for separation and redundancy benefit payments. A CSIRO plan of termination is binding when the following criteria are met (a) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made; (b) the plan identifies the number of employees whose employment is to be terminated; and (c) the plan established the termination benefits that employees will receive. Superannuation Employees of CSIRO are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS accumulation plan (PSSap) or industry schemes. The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme. The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance’s administered schedules and notes. CSIRO makes employer contributions to the defined benefit schemes at rates determined by an actuary to be sufficient to meet the cost to the Government of the superannuation entitlements of the Group’s employees. CSIRO accounts for the contributions as if they were contributions to defined contribution plans. The liability for superannuation recognised as at 30 June 2025 represents outstanding contributions for the financial year. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 115 3.2 (a) Key Management Personnel Remuneration CSIRO Key Management Personnel Remuneration Base Salary Salary at Risk Payments Other Benefits and Allowances Super- annuation Contributions Long Service Leave Other Long Term Benefits Termination Benefits Total Remuneration Name Position $ $ $ $ $ $ $ $ Doug Hilton Chief Executive 762,807 139,474 26,106 26,787 10,079 - - 965,253 Kirsten Rose Deputy Chief Executive 655,019 - 25,863 90,420 16,999 - - 788,301 Tom Munyard Chief Operating Officer 402,655 - 25,140 69,786 26,634 - - 524,215 Elanor Huntington Executive Director - Digital, National Facilities & Collections 481,264 - 25,498 88,297 10,289 - - 605,348 Peter Mayfield Executive Director - Environment, Energy & Resources 579,271 - 25,352 85,939 28,380 - - 718,942 Michael Robertson Executive Director - Future Industries (Acting) 208,623 - 13,706 37,034 17,984 - - 277,347 Jen Taylor Executive Director - Future Industries 218,447 - 12,384 31,695 35,477 - - 298,003 Total remuneration for CSIRO Key Management Personnel 3,308,086 139,474 154,049 429,958 145,842 - - 4,177,409 CSIRO Subsidiary Key Management Personnel Orlando Jimenez Fundación CEO 25,420 - 5,724 - - - 410,444 441,588 Total remuneration for Fundación 25,420 - 5,724 - - - 410,444 441,588 Total Consolidated Remuneration for Key Management Personnel 3,333,506 139,474 159,773 429,958 145,842 - 410,444 4,618,997 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 116 Accounting Policy Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of CSIRO, directly or indirectly, including any director of CSIRO. Those key management personnel along with their remuneration are reported in table above. Board remuneration is reported at Note 3.3. This note has been prepared on an accrual basis for substantive and long term acting key management personnel during the period. Individuals included in the above table were employed in their positions for the reporting period (1 July 2024 to 30 June 2025) except for the below: Dr Michael Robertson was acting Executive Director – Future Industries for the period 1 July 2024 to 5 January 2025. Dr Jen Taylor commenced as Executive Director – Future Industries on 6 January 2025. Short term benefits remuneration includes: • Base salary includes salary paid and accrued, salary paid while on annual leave, salary paid while on personal leave, annual leave accrued and higher duties allowances. • Salary at risk payments represent remuneration amounts at risk within employment contracts. Actual performance payment amounts are decided by the board following the end of year. • Other benefits and allowances include monetary benefits such as car allowances Post employment benefits paid to staff include superannuation contributions, being CSIRO’s superannuation contributions, including productivity components, for the period. Other long term benefits includes long service leave comprises the amount of leave accrued, leave taken in the period and the impacts of a reduction in the net discount rate. Other long term benefits is the amount of long service leave accrued and deferred. Termination payments are included in the above table based on the relevant period in which the decision was made to make the payment. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 117 3.2 (b) Senior Executive Staff Remuneration Remuneration Band Number of Senior Executive Staff Average Base Salary Average Salary at Risk Payments Average Other Benefits and Allowances Average Super- annuation Contributions Average Long Service Leave Average Other Long Term Benefits Average Termination Benefits Average Total Remuneration $ $ $ $ $ $ $ $ $0 - $220,000 2 161,825 - 13,436 31,445 (3,495) - - 203,211 $345,001 - $370,000 1 281,327 - 25,040 51,241 11,547 - - 369,155 $395,001 - $420,000 2 309,167 - 32,389 53,158 13,987 - - 408,701 $420,001 - $445,000 3 336,252 - 27,240 53,457 13,017 - - 429,966 $445,001 - $470,000 3 352,207 - 33,072 56,870 16,614 - - 458,763 $470,001 - $495,000 1 362,447 - 26,255 70,499 16,040 - - 475,241 $495,001 - $520,000 1 390,055 - 39,640 52,974 12,984 - - 495,653 $620,001 - $645,000 1 491,814 20,000 25,372 71,084 15,388 - - 623,658 Total remuneration for CSIRO Senior Executive 2,685,094 20,000 222,444 440,728 96,082 - - 3,464,348 Accounting Policy This table reports the average total average remuneration of senior executives who received remuneration during the reporting period. This table has been prepared on an accrual basis for substantive and long term acting senior executive personnel during the period. Short term benefits includes: • The average base salary includes salary including paid and accrued, salary paid while on annual leave, salary paid while on personal leave, annual leave accrued and higher duties allowances. • The average salary at risk payments which represent remuneration amounts at risk within employment contracts. • The average of other benefits and allowances include monetary benefits such as car allowances. Post employment benefits are superannuation contributions and includes the average of CSIRO’s superannuation contributions, including productivity components, for the period. Other long term benefits includes the average of long service leave comprises the amount of leave accrued, leave taken in the period and the impacts of a reduction in the net discount rate. Other long term benefits is the average amount of long service leave accrued and deferred. Termination payments are included in the above table based on the average amount and the relevant period in which the decision was made to make the payment. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 118 3.2. (c) Remuneration of Other Highly Paid Staff Remuneration Band Number of Highly Paid Staff Average Base Salary Average Salary at Risk Payments Average Other Benefits and Allowances Average Super- annuation Contributions Average Long Service Leave Average Other Long Term Benefits Average Termination Benefits Average Total Remuneration $ $ $ $ $ $ $ $ $260,000 - $270,000 32 181,495 125 10,991 31,735 8,299 - 31,469 264,114 $270,001 - $295,000 66 197,709 126 13,303 34,133 9,361 - 26,503 281,135 $295,001 - $320,000 35 207,243 214 20,948 36,156 11,697 - 29,685 305,943 $320,001 - $345,000 27 225,092 31 26,349 36,254 14,584 - 27,962 330,272 $345,001 - $370,000 8 271,818 - 29,262 44,489 9,520 - - 355,089 $370,001 - $395,000 7 217,572 - 17,716 34,443 11,594 - 105,693 387,018 $395,001 - $420,000 3 322,066 - 29,065 50,113 4,064 - - 405,308 $420,001 - $445,000 5 262,807 - 27,463 43,100 15,640 - 81,358 430,368 $470,001 - $495,000 1 314,711 41,455 108,421 19,097 - - - 483,684 $495,001 - $520,000 1 162,554 - 14,398 33,798 24,237 - 284,080 519,067 Accounting Policy This table reports the average total average remuneration of highly paid staff who received remuneration during the reporting period over the reporting threshold. This table has been prepared on an accrual basis. Average short term benefits includes: • The average base salary includes salary including paid and accrued, salary paid while on annual leave, salary paid while on personal leave, annual leave accrued and higher duties allowances. • The average salary at risk payments which represent remuneration amounts at risk within employment contracts. • The average of other benefits and allowances include monetary benefits such as car allowances and cash rewards. Post employment benefits comprise superannuation contributions. Reported above are the average of CSIRO’s superannuation contributions, including productivity components, for the period. Other long term benefits includes the average long service leave, being the amount of leave accrued, leave taken in the period and the impacts of a reduction in the net discount rate. Other long term benefits is the average amount of long service leave accrued and deferred. Termination payments are included in the above table based on the average amount and the relevant period in which the decision was made to make the payment. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 119 3.3. Remuneration of Board Members Base Salary Other benefits and allowances Super Contributions Total 2024-25 Remuneration Board member $ $ $ $ Prof Alex Brown 83,013 - 12,787 95,800 Kathryn Fagg AO (Chair) 105,550 - 16,262 121,812 Cathy Foley AO PSM 40,410 3,259 6,725 50,394 Emeritus Professor Roy Green 83,013 5,785 13,679 102,477 Prof Emma Johnston AO 83,013 - 12,787 95,800 Ming Long AM (Chair) 108,960 545 17,033 126,538 Hon Ian Macfarlane 23,835 6,308 4,646 34,789 Terry Moran AC 82,552 - 12,882 95,434 Vanessa Sullivan 26,414 81 4,080 30,575 Total remuneration for CSIRO Board Members 636,760 15,978 100,881 753,619 Total Consolidated Remuneration for CSIRO Group 636,760 15,978 100,881 753,619 Accounting Policy Remuneration related to short term benefits comprise base salary and other benefits and allowances. Base salary includes salary paid and accrued during the period. Other benefits and allowances included above relate to positions on other subcommittees. Post employment benefits includes superannuation contributions, including any productivity components for the period. Board members included above were Board members for the full reporting period (1 July 2024 to 30 June 2025), except for: Kathryn Fagg AO: term ended 17 February 2025. Hon Ian Macfarlane: term ended 13 October 2024. Cathy Foley AO PSM: term commenced 3 January 2025. Vanessa Sullivan: term commenced 6 March 2025. Ming Long AM was Deputy Chair from 1 July 2024 until 17 February 2025, Acting Chair from 18 February 2025 to 5 March 2025, and Chair from 6 March 2025. The remuneration of the Chief Executive, who is also a CSIRO Board Member, is reported under Note 3.2 Key Management Personnel Remuneration. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 120 3.4. Related Party Disclosures (a) Controlled Entities The Science and Industry Endowment Fund (‘SIEF’) was established under the Science and Industry Endowment Act 1926. The principal activity of the SIEF Trust is to provide assistance to persons engaged in scientific research and in training of students in scientific research. The SIEF Trustee is the CSIRO Chief Executive and SIEF is a wholly controlled entity. The SIEF’s separate financial statements are reported in the CSIRO Annual Report. Chile Research Fundación (‘Fundación’) was established in October 2013. The Fundación is a controlled entity governed by a Board in accordance with the Constitution of the Fundación. The Fundación was created to work with industry and leading Chilean Universities to develop cutting-edge technologies to reduce the environmental impact of mining and increase productivity. The Fundación has wound down its operations and is in the process of deregistration. National ICT Australia (‘NICTA’) is Australia’s ICT Research Centre of Excellence and undertakes internationally recognised research in partnership with industry, government and researchers to create national benefit and wealth for Australia. NICTA is the parent entity of NICTA IPR Pty Ltd. NICTA IPR Pty exists to hold intellectual property and commercialise research. CSIRO obtained full control of NICTA on 28 August 2015, when the members of the NICTA Board resolved to adopt a revised company constitution which provided CSIRO with effective control over NICTA. NICTA is currently in the process of voluntary deregistration. CSIRO has established the Innovation Fund with Commonwealth funding support to invest in the development of early stage technology opportunities from the public research sector, to increase their translation into commercial opportunities to be taken up by Australian industry. The Fund has been established through a structure of entities whose purpose is to manage and operate the Fund. The entities that comprise the Innovation Fund are: • CSIRO Innovation Fund 1, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW). It is unconditionally registered by Innovation and Science Australia as an Early Stage Venture Capital Limited Partnership (ESVCLP). It was established in January 2017. • CSIRO Management Partnership, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW). It was established in January 2017 as a Venture Capital Management Partnership and acts as the general partner of the CSIRO Innovation Fund 1, LP. • CSIRO General Partner 2 Pty Ltd was established in December 2016 and is a small proprietary company limited by shares, which are solely held by CSIRO. This company acts as the general partner of CSIRO Management Partnership, LP. • CSIRO Fund of Funds, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW) and is registered by Innovation and Science Australia as an Australian Venture Capital Fund of Funds. It was established in May 2016, and its sole limited partner is CSIRO. CSIRO Fund of Funds is a limited partner of CSIRO Innovation Fund 1, LP. • CSIRO Innovation Holding Trust is a unit trust established in July 2018. Its sole member is CSIRO. CSIRO Innovation Holding Trust is a member of the CSIRO Innovation Follow-On Fund 1, Main Sequence Core Fund 3 LP, Main Sequence Parallel Fund, Main Sequence Opportunity Fund 3, and Main Sequence Atmosphere Fund. • CSIRO General Partner Pty Ltd was established in May 2016 and is a small proprietary company limited by shares, which are solely held by CSIRO. It acts as the general partner of CSIRO Fund of Funds LP and as the trustee of CSIRO Innovation Holding Trust. CSIRO General Partner Pty Ltd does not earn any income in the course of its business, as a result, it relies on CSIRO to pay any reasonable expenses it incurs including audit and regulatory expenses. • CSIRO Financial Services Pty Ltd (trading as Main Sequence) was established in December 2015 and is a small proprietary company limited by shares, which are solely held by CSIRO. The company has been issued an Australian Financial Services License by ASIC and acts as Manager of various funds under management. • CSIRO Follow-On Services Pty Ltd was established in April 2018 and is a small proprietary company limited by shares, which are solely held by CSIRO. It serves as trustee of the CSIRO Innovation Follow-On Fund 1. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 121 • CSIRO Innovation Follow-On Fund 1 was established October 2018 and is structured as an attribution managed investment trust, formed to provide follow-on investment to companies supported by CSIRO Innovation Fund 1, LP. • CSIRO Innovation Services Pty Ltd was established in October 2016 and is a small proprietary company limited by shares, which are solely held by CSIRO. It acts as trustee of: o discretionary trusts (see below) established to distribute certain returns from CSIRO Innovation Fund 1, LP, CSIRO Innovation Fund 2, LP and Main Sequence Core Fund 3, LP:  CSIRO Innovation Fund Discretionary Trust  CSIRO Innovation Fund 2 Discretionary Trust  Main Sequence Core Fund 3 Discretionary Trust o unit trusts (see below) established to distribute certain returns from CSIRO Innovation Follow-On Fund 1, CSIRO Innovation Follow-on Fund 2, CSIRO Innovation Coinvestment Fund (Class A units), CSIRO Innovation Coinvestment Fund 2 (Class C units), Main Sequence Opportunity Fund 3, and Main Sequence Parallel Fund;  CSIRO Follow-on Sponsor Trust  CSIRO Follow on 2 Sponsor Trust  CSIRO Innovation Coinvestment Trust  CSIRO Innovation Coinvestment 2 Trust  Main Sequence Opportunity Fund 3 Sponsor Trust  Main Sequence Parallel Fund Sponsor Trust • CSIRO Innovation Fund 2, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW). It is unconditionally registered by Innovation and Science Australia as an Early Stage Venture Capital Limited Partnership (ESVCLP). It was established in March 2020. • CSIRO Management Partnership 2, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW). It was established in March 2020 as a Venture Capital Management Partnership and acts as the general partner of the CSIRO Innovation Fund 2, LP. • CSIROGP Fund 2 Pty Ltd was established in March 2020 and is a small proprietary company limited by shares, which are solely held by CSIRO. This company acts as the general partner of CSIRO Management Partnership 2, LP. • CSIRO Follow-On Services 2 Pty Ltd was established in March 2020 and is a small proprietary company limited by shares, which are solely held by CSIRO. It serves as the trustee of CSIRO Innovation Follow-On Fund 2. • CSIRO Custodial Services Pty Ltd was established in April 2020 for the purpose of providing custodial services under an Australian Financial Services Licence to the Innovation Fund entities. • CSIRO Innovation Follow-on Fund 2 was established November 2021 and is structured as a managed investment trust, formed to provide follow-on investment to companies supported by CSIRO Innovation Fund 1, LP and CSIRO Innovation Fund 2, LP. • CSIRO Innovation Coinvestment Services Pty Ltd was established in September 2021 and is a small proprietary company limited by shares, which are solely held by CSIRO. It serves as the trustee of CSIRO Innovation Coinvestment Fund. • CSIRO Innovation Coinvestment Fund was established March 2022 and is structured as an attribution managed investment trust, formed to invest with CSIRO Innovation Follow-on Fund 2 and to provide follow-on investment to companies supported by CSIRO Innovation Fund 1, LP and CSIRO Innovation Fund 2, LP. • Main Sequence Core Fund 3, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW). It is unconditionally registered by Innovation and Science Australia as an Early Stage Venture Capital Limited Partnership (ESVCLP). It was established in November 2022. • Main Sequence Management Partnership 3, LP is an incorporated limited partnership formed under the Partnership Act 1892 (NSW). It was established in November 2022 as a Venture Capital Management Partnership and acts as the general partner of Main Sequence Core Fund 3, LP. • Main Sequence GP Fund 3 Pty Ltd was established in October 2022 and is a small proprietary company limited by shares, which are solely held by CSIRO. This company acts as the general partner of Main Sequence Management Partnership 3, LP. • Main Sequence Parallel Fund Pty Ltd was established in October 2022 and is a is a small proprietary company limited by shares, solely held by CSIRO. It serves as the Trustee of Main Sequence Parallel Fund. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 122 • Main Sequence Parallel Fund was established January 2023 and is structured as a managed investment trust, formed to coinvest alongside Main Sequence Core Fund 3, LP. • Main Sequence Opportunity Fund 3 Pty Ltd was established in October 2022 and is a small proprietary company limited by shares, which are solely held by CSIRO. This company acts as the trustee of Main Sequence Opportunity Fund 3. • Main Sequence Opportunity Fund 3 was established in January 2023 as a managed investment trust with the purpose to make follow-on investments from CSIRO Innovation Fund 1, LP, CSIRO Innovation Fund 2, LP, Main Sequence Core Fund 3, LP, and Main Sequence Parallel Fund. • Main Sequence NGS Pty Ltd was established in October 2022 and is a small proprietary company limited by shares, which are solely held by CSIRO. It serves as the trustee of the Main Sequence NGS Coinvestment Fund. • Main Sequence NGS Coinvestment Fund was established in November 2022 as an attribution managed investment trust to coinvest alongside CSIRO Innovation and Main Sequence Funds. • Main Sequence Atmosphere Fund was established in May 2024 and is structured as a unit trust. • Main Sequence GP Fund 4 Pty Ltd was established in March 2025 and is a small proprietary company limited by shares, which are solely held by CSIRO. This company will act as the general partner of Main Sequence Management Partnership 4, LP. • Main Sequence Opportunity Fund 4 Pty Ltd was established in March 2025 and is a small proprietary company limited by shares, which are solely held by CSIRO. This company will act as the trustee of Main Sequence Opportunity Fund 4. All of the above Innovation Fund related entities are under the sole control of the CSIRO as at 30 June 2025. The above listed entities sit outside the General Government Sector with the exception of: • CSIRO Financial Services Pty Ltd; • CSIRO Innovation Services Pty Ltd; • CSIRO Custodial Services Pty Ltd; • CSIRO Innovation Fund Discretionary Trust; • CSIRO Follow-on Sponsor Trust; • CSIRO Follow on 2 Sponsor Trust; • CSIRO Innovation Coinvestment Trust; • CSIRO Innovation Fund 2 Discretionary Trust; • CSIRO Innovation Coinvestment 2 Trust; • Main Sequence Core Fund 3 Discretionary Trust; • Main Sequence Opportunity Fund 3 Sponsor Trust; and • Main Sequence Parallel Fund Sponsor Trust. CSIRO USA LLC and CSIRO Innovations LLC were established in February 2017 to support the establishment of a CSIRO presence in the United States of America. Both entities are incorporated within Delaware and are wholly controlled by the CSIRO. (b) Related party relationships CSIRO is an Australian Government controlled entity. Related parties to CSIRO include the Board, Key Management Personnel including the Portfolio Minister and Executive, and other Australian Government entities. Transactions with related parties: Given the breadth of Government activities, related parties may transact with the government sector in the same capacity as ordinary citizens. Such transactions include the payment or refund of taxes, receipt of a Medicare rebate or higher education loans. These transactions have not been separately disclosed in this note. Significant transactions with related parties can include the payments of grants or loans, purchases of goods and services, asset purchases, sales transfers or leases, debts forgiven and guarantees. Giving consideration to relationships with related entities, and transactions entered into during the reporting period by CSIRO, it has been determined that there are no related party transactions to be separately disclosed that have not been disclosed elsewhere in the financial statements. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 123 4. Managing Uncertainties This section analyses how CSIRO manages financial risk within its operating environment. 4.1. Contingent Assets and Liabilities Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Quantifiable contingencies Contingent assets Insurance claims 12,405 48,106 12,405 48,106 Bank guarantees received from suppliers 4,156 9,274 4,156 9,274 Total contingent assets 16,561 57,380 16,561 57,380 Contingent liabilities Estimated legal claims 96 - 96 - Total contingent liabilities 96 - 96 - Total net contingent asset/(liability) 16,465 57,380 16,465 57,380 Insurance claims: At 30 June 2025, CSIRO has an outstanding insurance claim for $11.4m for costs incurred from a natural disaster (hailstorm) that occurred at CSIRO Black Mountain on 20 January 2020 and eight other claims totalling $1m. The total claim estimate for costs incurred from the hailstorm at Black Mountain has been revised in 2024-25 from $72.5m to $40m. At 30 June 2025, $25.6m has been received from Comcover for the claim to date. On 8 July 2025, a further $1.9m was received and an additional claim for $1.9m is still being assessed by Comcover, both of which are additional to the $12.4m above. Bank guarantees: Depending on the materiality of risks involved with certain commercial transactions, CSIRO has requested bank guarantees where necessary to mitigate risks, notably where substantial advance payments were made. Estimated legal claims: a claim for legal costs properly incurred by Board member personally in connection with performance of CSIRO duties. This claim was agreed to on 10 July 2025. Unquantifiable contingencies As disclosed in the Overview Note, a financial provision for the estimated costs in restoring and decontaminating land and disposing of radioactive waste where a legal or constructive obligation has arisen has been recognised on the Statement of Financial Position. For cases where there is no legal or constructive obligation, the potential costs have not been assessed and are unquantifiable contingencies. CSIRO has no other identified unquantifiable contingencies to report. Accounting Policy Contingent liabilities and contingent assets are not recognised in the Statement of Financial Position but reported in the notes. They may arise from uncertainty as to the existence of a liability or asset, or represent a liability or asset in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 124 4.2. Financial Instruments Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Note 4.2A: Categories of financial instruments Financial Assets Financial assets at fair value through profit or loss Other investments 1,189,409 1,103,726 502,214 439,618 Total financial assets at fair value through profit and loss 1,189,409 1,103,726 502,214 439,618 Financial assets at amortised cost Cash at bank 326,126 219,169 121,203 63,777 Term deposits 534,000 570,400 433,000 467,600 Receivable for goods and services 95,696 109,037 92,583 104,291 Other receivables 1,689 512 1,047 1,256 Total financial assets at amortised cost 957,511 899,118 647,833 636,924 Total financial assets 2,146,920 2,002,844 1,150,047 1,076,542 Financial Liabilities Financial liabilities measured at amortised cost Trade creditors 364,691 321,999 364,298 320,885 Other creditors 26,325 24,189 26,300 24,129 Deposits 12,155 14,580 12,138 14,563 Total financial liabilities at amortised cost 403,171 360,768 402,736 359,577 Total financial liabilities 403,171 360,768 402,736 359,577 Note 4.2B: Net gains or losses on financial assets Financial assets at amortised cost Interest revenue 45,455 49,607 31,532 38,220 Impairment expense (58) 47 (58) 47 Net gain from financial assets at amortised cost 45,397 49,654 31,474 38,267 Investments assets at fair value through profit or loss Fair value changes 17,534 (2,979) (2,620) 20,571 Net gain/(loss) from investment assets at fair value through profit or loss 17,534 (2,979) (2,620) 20,571 Net gain/(loss) on financial assets 62,931 46,675 28,854 58,838 Note 4.2C: Net gains or losses on financial liabilities Financial liabilities measured at amortised cost Interest expense 1,529 944 1,514 929 Net loss from financial liabilities 1,529 944 1,514 929 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 125 Accounting Policy Financial Assets The Group classifies its financial assets under AASB 9 Financial Instruments in the following categories: a) financial assets at fair value through profit or loss; b) financial assets at fair value through other comprehensive income; and c) financial assets measured at amortised cost. The classification depends on both the entity's business model for managing the financial assets and contractual cash flow characteristics at the time of initial recognition. Financial assets are recognised when the Group becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date. Financial Assets at Amortised Cost Financial assets included in this category need to meet two criteria: 1. the financial asset is held in order to collect the contractual cash flows; and 2. the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount. Amortised cost is determined using the effective interest method. Effective Interest Method Income is recognised on an effective interest rate basis for financial assets that are recognised at amortised cost. Financial Assets at Fair Value Through Other Comprehensive Income (FVOCI) Financial assets measured at fair value through other comprehensive income are held with the objective of both collecting contractual cash flows and selling the financial assets and the cash flows meet the SPPI test. Any gains or losses as a result of fair value measurement or the recognition of an impairment loss allowance is recognised in other comprehensive income. Financial Assets at Fair Value Through Profit or Loss (FVTPL) Financial assets are classified as financial assets at fair value through profit or loss where the financial assets either don't meet the criteria of financial assets held at amortised cost or at FVOCI (i.e. mandatorily held at FVTPL) or may be designated. Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest earned on the financial asset. CSIRO values its equity investment portfolio in listed companies, unlisted companies and in Uniseed Trust as FVTPL. CSIRO Innovation Fund values its equity investment portfolio in unlisted companies as FVTPL. Impairment of Financial Assets Financial assets at amortised cost are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12-month expected credit losses if risk has not increased. The simplified approach for trade, contract and lease receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses. A write-off constitutes a de-recognition event where the write off directly reduces the gross carrying amount of the financial asset. Financial Liabilities Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or financial liabilities at amortised cost. Financial liabilities are recognised and derecognised upon ‘trade date’. Financial Liabilities at Fair Value Through Profit or Loss Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability. Financial Liabilities at Amortised Cost Financial liabilities at amortised cost, are initially measured at fair value, net of transaction costs. These liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis. Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced). CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 126 4.3. Fair Value Measurement Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Financial assets Other investments 1,189,409 1,103,726 502,214 439,618 Total financial assets 1,189,409 1,103,726 502,214 439,618 Non-financial assets Land 487,155 435,420 487,155 435,420 Buildings 1,268,929 1,321,243 1,268,929 1,321,243 Plant and equipment 653,778 636,157 653,778 636,157 Investment properties 5,500 48,016 5,500 48,016 Properties held for distribution to owners 98,219 - 98,219 - Heritage and cultural 15,907 15,576 15,907 15,576 Total non-financial assets 2,529,488 2,456,412 2,529,488 2,456,412 Accounting Judgements and Estimates In the process of applying the accounting policies listed in this note, CSIRO has made the following judgements that have the most significant impact on the amounts recorded in the financial statements: • The fair value of land and buildings, which are held for specialised purposes and will continue to be used to further the Group’s objectives for research activities and where there is no readily available market price has been taken to be Fair Value- Highest and Best Use (level 2 and 3 inputs), as determined by an independent valuer – see note below on AASB 2022-10 changes; • The fair value of plant and equipment has been taken to be Fair Value – Highest and Best Use (level 2 and 3 inputs) as they mainly comprise of specialised research equipment. Fair value is determined by an independent valuer; and • The fair value of listed companies is assessed at market value (level 1 inputs); whereas unlisted companies and commercial vehicles are assessed at fair value using the best information available (level 3 inputs). For investments in unlisted companies where there is no readily available market pricing, the fair value has been determined by applying valuation techniques in line with the generally accepted valuation guidelines 'International Private Equity and Venture Capital Valuation Guidelines’ (IPEV). Valuation techniques include: using arm’s length market transactions, multiples, industry benchmarks, discounted cashflow analysis and option pricing models making as much use of observable and supportable data as possible. Judgements and estimates involved in valuation techniques include considerations of liquidity, marketability, credit risk (both own and counterparty’s), risks specific to investee financial and technical milestones, correlation and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. The valuation inputs are calibrated and tested for validity regularly including as at each balance date. To assess the significance of a particular input to the entire measurement, CSIRO and its subsidiaries perform sensitivity analysis or stress testing techniques. Application of AASB 2022-10 The fair value measurement of the land asset class controlled by CSIRO has been determined using the market approach, based on transactions within the marketplace. As a result of AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not- for-Profit Public Sector Entities, for the period ended 30 June 2025, CSIRO has reviewed its land assets and deemed some land to be specialised assets. The market approach has been used for these assets, however the value of the specialised assets includes an adjustment for estimated necessarily incurred site preparation costs required to remove and dispose of any unwanted existing structures on the land to make way for the hypothetical construction of CSIRO’s highly specialised buildings in line with AASB 13 Appendix F. These adjustments required development of unobservable (level 3) inputs, in line with the implementation advice of AASB 2022-10: Site preparation costs In establishing the level of demolition or site remediation cost at each asset, consideration has first been given to the surrounding land uses for each location, including: • Zoning and planning controls: A review of the local government's planning schemes, including zoning regulations, height limits, and permissible land uses (e.g., residential, commercial, mixed-use). • Existing built form: A review of the surrounding building stock, noting common typologies (e.g., single-family homes, low-rise apartment blocks, commercial storefronts), architectural styles, and construction materials. This has been used to develop a hypothetical site density factor, used to develop potential demolition costs. • Floor space ratio: The ratio of a building's total floor area to the size of the land on which it is built. This is a key indicator of development intensity. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 127 All of these factors have been used to develop the site preparation cots that have been added as an adjustment to the market value of the land. The inclusion of these costs has resulted in a $34.2m increase in the value of CSIRO’s land assets in 2024-25 based on the inclusion of site preparation costs on four highly specialised land assets, which has been recognised in other comprehensive income through the asset revaluation reserve. As a result, assets valued at $129.8m now categorised within level 3 due to level 3 inputs being significant to the fair value measurement. Overall, CSIRO now has $255.4m of land assets categorised within level 3, increasing from $133.3m. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 128 5. Other Information 5.1. Current/Non-Current Distinction for Assets and Liabilities Consolidated CSIRO 2025 2024 2025 2024 $'000 $'000 $'000 $'000 Assets expected to be recovered in: No more than 12 months Cash and cash equivalents 860,126 789,569 554,203 531,377 Trade and other receivables 99,923 113,027 96,072 109,245 Other investments 106,705 133,058 106,705 133,058 Other non-financial assets 29,020 34,933 28,917 34,993 Assets directly related to discontinued operations 176 936 - - Assets held for distribution to owners 98,219 - 98,219 - Assets held for sale 14,244 12,882 14,244 12,882 Total no more than 12 months 1,208,413 1,084,405 898,360 821,555 More than 12 months Other investments 1,082,704 970,668 395,509 306,560 Land and buildings 1,756,084 1,798,356 1,756,084 1,798,356 Heritage and cultural 15,907 15,576 15,907 15,576 Plant and equipment 653,778 636,157 653,778 636,157 Intangibles 14,173 16,333 14,173 16,333 Investment properties 5,500 48,016 5,500 48,016 Inventories 519 1,136 519 1,136 Total more than 12 months 3,528,665 3,486,242 2,841,470 2,822,134 Total assets 4,737,078 4,570,647 3,739,830 3,643,689 Liabilities expected to be settled in: No more than 12 months Suppliers 224,405 187,469 224,012 186,355 Other payables 26,325 24,189 26,300 24,129 Deposits 1,785 2,142 1,783 2,139 Liabilities directly related to discontinued operations - 702 - - Lease liabilities 15,589 16,180 15,589 16,180 Employee provisions 87,512 78,579 87,451 78,499 Provision for remediation 20,876 17,885 20,876 17,885 Total no more than 12 months 376,492 327,146 376,011 325,187 More than 12 months Suppliers 140,286 134,530 140,286 134,530 Deposits 10,370 12,438 10,355 12,424 Lease liabilities 17,136 29,512 17,136 29,512 Employee provisions 194,219 196,991 194,186 196,948 Provision for remediation 31,560 43,311 31,560 43,311 Total more than 12 months 393,571 416,782 393,523 416,725 Total liabilities 770,063 743,928 769,534 741,912 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 129 5.2. Monies Held in Trust 2025 2024 $'000 $'000 Monies held in trust represented by cash, deposits and investments for the benefit of the Group which are not included in the Statement of Financial Position are: The Sir Ian McLennan Achievement for Industry Award - established to award outstanding contributions by the Group's scientists and engineers to national development. 470 442 The Elwood and Hannah Zimmerman Trust Fund - established to fund weevil research and the curation of the Australian National Insect Collection (ANIC) weevil collection. 4,349 4,172 The Schlinger Trust - established to research the taxonomy, biosystematics, general biology and biogeography of Australasian Diptera conducted by the Australian National Insect Collection. 3,229 2,953 Total monies held in trust as at 30 June 8,048 7,567 McLennan Zimmerman Schlinger Total Summary of movements: $'000 $'000 $'000 $'000 Balance as at 1 July 2024 442 4,172 2,953 7,567 Adjustments to opening balance - 34 - 34 Interest and distribution adjustments 28 449 312 789 Expenditure in the period - (306) (36) (342) Balance as at 30 June 2025 470 4,349 3,229 8,048 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 130 5.3. Collections CSIRO is the custodian of several collections used for scientific research. These collections have been established over time and document an extensive range of Australian flora and fauna species. The collections are irreplaceable, bear scientific and historical value and are not reliably measurable in monetary terms. Therefore, CSIRO has not recognised them as an asset in its financial statements. The main collections held by CSIRO are: • Australian National Herbarium (ANH) – With a focus on the Australian flora and that of neighbouring regions such as New Guinea and the Pacific, the ANH has over 1.1 million databased herbarium specimens, with additional holdings at the Australian Tropical Herbarium (ATH) in Cairns, Queensland. The ANH collections include the Dadswell Memorial Wood Collection and comprehensive holdings of several groups, including, eucalypts, orchids and cryptogams. • Australian National Insect Collection (ANIC) – Specialising in Australian terrestrial invertebrates, ANIC houses over 12 million specimens and has significant collections of Australian insects, as well as groups such as mites, spiders, earthworms, nematodes and centipedes. This includes 340,000 databased, with 19,000 of these being type specimens. ANIC is an important research collection used by CSIRO researchers, biosecurity managers, university staff and students, and scientists from Australian and international research organisations. • Australian National Wildlife Collection (ANWC) – Specializes in terrestrial vertebrates, housing around 200,000 voucher specimens, including most Australian bird, mammal, reptile, and amphibian species, plus a notable collection of Papua New Guinea birds. In addition to its holdings of skins, skeletons and whole animals; ANWC also holds over 52,000 tissue samples, 35,000 egg clutches and 60,000 wildlife sound recordings. A global research resource, ANWC provides data-rich specimens for studies including genetics, transcriptomics, conservation ecology, morphology, speciation, biogeography, disease, diet, and wildlife response to climate change. • Australian National Fish Collection (ANFC) – Specialising in marine fishes, the ANFC contains over 165,000 specimens representing more than 3,500 species from the Indo-Pacific region. As an active research collection, the ANFC is an invaluable resource for biodiversity and biogeographic research on Australian and Indo-Pacific fishes. Its major strengths are sharks, rays, and deep-water fishes. It also contains over 92,000 images, over 13,000 radiographs of Australian fishes and over 23,000 tissue samples for genetic analyses. • Australian Tree Seed Centre (ATSC) – The ATSC is managed as a collection and research centre for Australian native tree species. For over 60 years the centre has been collecting, researching and supplying quality, fully documented tree seed to both domestic and overseas customers. 21,600 accessions been collected from wild populations and genetically improved sources from our domestication and improvement programs. • Australian National Algae Culture Collection (ANACC) – The ANACC consists of over 1200 strains of more than 400 micro- and macro-algae species and is a resource for research on algal diversity, distribution, richness, and taxonomic relationships, including those of economic importance and environmental concern. Aligned with the collection is the Algae Services, which provides algae characterisation and supply strains as starter cultures to industry, research organisations and educational institutions in over 70 countries. CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 131 6. Budgetary Reports and Explanations of Major Variances The following provides a comparison of the original budget as presented in the 2024-25 Portfolio Budget Statements to the actual outcome reported for 2024-25. The intention of this variance analysis is to provide the reader with information relevant to assessing the performance of CSIRO, including the accountability for the resources entrusted to it. Statement of Comprehensive Income Consolidated Actuals Original Budget Variance For the period ended 30 June 2025 2025 2025 $'000 $'000 $'000 NET COST OF SERVICES Expenses Employee benefits 984,154 940,935 (43,219) Suppliers 471,745 484,086 12,341 Depreciation and amortisation 194,968 185,804 (9,164) Finance costs 1,529 468 (1,061) Write-downs and impairment loss on financial instruments 58 - (58) Write-downs and impairment of other assets (9,266) - 9,266 Losses from asset sales 4,475 - (4,475) Foreign exchange losses 25 - (25) Total expenses 1,647,688 1,611,293 (36,395) Own-source Income Own-source revenue Revenue from contracts with customers 549,543 516,702 32,841 Royalties and licence fees - 52,565 (52,565) Bank and term deposits interest 45,455 19,594 25,861 Rental income 6,633 6,575 58 Other revenues 26,689 50,729 (24,040) Total own-source revenue 628,320 646,165 (17,845) Gains Gains from sale of equity investments and intellectual property 3,723 - 3,723 Gains from asset sales - 262,318 (262,318) Gains on valuation of equity investments 17,534 - 17,534 Gain on revaluation of investment properties (100) - (100) Other gains 4,448 - 4,448 Total gains 25,605 262,318 (236,713) Total own-source income 653,925 908,483 (254,558) Net cost of services (993,763) (702,810) (290,953) Revenue from Government 916,459 916,459 - Surplus/(deficit) from ongoing operations (77,304) 213,649 (290,953) Discontinued operations Deficit for the year from discontinued operations (306) - (306) Total surplus/(deficit) from all operations (77,610) 213,649 (291,259) OTHER COMPREHENSIVE INCOME From ongoing operations Changes in asset revaluation reserves 78,030 - 78,030 Changes in other reserves 5 - 5 From discontinued operations Changes in other reserves 8 - 8 Total other comprehensive income 78,043 - 78,043 Total comprehensive income/(loss) 433 213,649 (213,216) CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 132 Statement of Financial Position Consolidated Actuals Original Budget Variance As at 30 June 2025 2025 2025 $'000 $'000 $'000 ASSETS Financial assets Cash and cash equivalents 860,126 508,041 352,085 Trade and other receivables 99,923 358,411 (258,488) Other investments 1,189,409 510,188 679,221 Assets directly related to discontinued operations 176 - 176 Total financial assets 2,149,634 1,376,640 772,994 Non-financial assets Land and buildings 1,756,084 1,707,831 48,253 Heritage and cultural 15,907 10,160 5,747 Plant and equipment 653,778 665,175 (11,397) Intangibles 14,173 16,507 (2,334) Investment properties 5,500 46,141 (40,641) Inventories 519 1,284 (765) Other non-financial assets 29,020 30,596 (1,576) Total non-financial assets 2,474,981 2,477,694 (2,713) Assets held for distribution to owners 98,219 - 98,219 Assets held for sale 14,244 5,200 9,044 Total assets 4,737,078 3,859,534 877,544 LIABILITIES Payables Suppliers 364,691 355,136 (9,555) Other payables 26,325 24,197 (2,128) Deposits 12,155 17,011 4,856 Liabilities directly associated with discontinued operations - - - Total payables 403,171 396,344 (6,827) Interest bearing liabilities Leases 32,725 32,032 (693) Total interest bearing liabilities 32,725 32,032 (693) Provisions Employee provisions 281,731 248,206 (33,525) Provision for remediation 52,436 58,606 6,170 Total provisions 334,167 306,812 (27,355) Total liabilities 770,063 735,188 (34,875) Net assets 3,967,015 3,124,346 842,669 EQUITY Contributed equity 517,712 517,712 - Asset revaluation reserves 1,061,047 1,702,285 (641,238) Other reserves (127) - (127) Retained surplus 1,649,811 904,349 745,462 Non-controlling interest 738,572 - 738,572 Total equity 3,967,015 3,124,346 842,669 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 133 Statement of Changes in Equity For the period ended 30 June 2025 Retained earnings Asset revaluation reserve Other reserves Contributed equity/capital Non-controlling interest Total equity Actual Original Budget Variance Actual Original Budget Variance Actual Original Budget Variance Actual Original Budget Variance Actual Original Budget Variance Actual Original Budget Variance 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Opening balance 1,672,985 690,700 982,285 1,030,323 1,702,538 (672,215) (140) (253) 113 467,612 467,612 - 655,939 - 655,939 3,826,719 2,860,597 966,122 Comprehensive income Other comprehensive income - - - 78,030 - 78,030 13 - 13 - - - - - - 78,043 - 78,043 Surplus/(deficit) for the period (70,075) 213,649 (283,724) - - - - - - - - - (7,229) - (7,229) (77,304) 213,649 (290,953) Total comprehensive income (70,075) 213,649 (283,724) 78,030 - 78,030 13 - 13 - - - (7,229) - (7,229) 739 213,649 (212,910) Other movements 46,901 - 46,901 (47,306) - (47,306) - - - - - - 41 - 41 (364) - (364) Contributions by owners Equity injection - - - - - - - - - 50,100 50,100 - 89,821 - 89,821 139,921 50,100 89,821 Closing balance 1,649,811 904,349 745,462 1,061,047 1,702,538 (641,491) (127) (253) 126 517,712 517,712 - 738,572 - 738,572 3,967,015 3,124,346 842,669 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 134 Cash Flow Statement Consolidated Actuals Original Budget Variance For the period ended 30 June 2025 2025 2025 $'000 $'000 $'000 OPERATING ACTIVITIES Cash received Receipts from Government 916,459 916,459 - Sale of goods and rendering of services 687,933 716,228 (28,295) Interest 49,387 19,594 29,793 Net GST received 27,630 - 27,630 Total cash received 1,681,409 1,652,281 29,128 Cash used Employees 975,920 940,935 (34,985) Suppliers 557,396 535,441 (21,955) Interest payments on lease liabilities 1,431 468 (963) Finance costs 98 - (98) Deposits 2,425 - (2,425) Net GST paid - 41,302 41,302 Total cash used 1,537,270 1,518,146 (19,124) Net cash from operating activities 144,139 134,135 10,004 INVESTING ACTIVITIES Cash received Proceeds from sales of equity investments and intellectual property (8,499) - (8,499) Return of capital 6 - 6 Proceeds from sales of property, plant and equipment 1,961 40,500 (38,539) Total cash received (6,532) 40,500 (47,032) Cash used Purchase of property, plant and equipment 139,928 282,611 142,683 Purchase of equity investments 54,037 45,000 (9,037) Other selling costs 39 - (39) Total cash used 194,004 327,611 133,607 Net cash used in investing activities (200,536) (287,111) 86,575 FINANCING ACTIVITIES Cash received Contributed equity 139,921 50,100 89,821 Total cash received 139,921 50,100 89,821 Cash used Principal payments of lease liabilities 12,967 14,342 1,375 Total cash used 12,967 14,342 1,375 Net cash from financing activities 126,954 35,758 91,196 Net increase in cash held 70,557 (117,218) 187,775 Cash and cash equivalents at the beginning of the reporting period 789,569 625,259 164,310 Cash and cash equivalents at the end of the reporting period 860,126 508,041 352,085 CSIRO statutory financial statements CONSOLIDATED FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 135 Explanation of Major Variances Australian Accounting Standard AASB 1055 Budgetary Reporting requires variance explanations of major variances between the original budget, as presented in the 2024-2025 Portfolio Budget Statements (PBS), and the actual outcome as reported in these financial statements. Major variances are those that are relevant to an assessment of the discharge of accountability and to an analysis of the performance of the entity. Variances attributable to factors which would not reasonably have been identifiable at the time of the budget preparation, such as the revaluation, sale or impairment of assets have not been included as part of the explanation. Statement of Comprehensive Income Royalties and licence fees are disclosed separately in the PBS and included in Revenue from contracts with customers as per AASB 15 Revenue from Contracts with Customers in the financial statements. Bank and term deposits interest is higher than budget due to the impact of higher interest rates which were not foreseen at the time of preparing the budget. Other revenues are lower than budget mainly driven by the difference in basis of preparation between the PBS and the financial statements relating to the Innovation Fund investment. Additionally, there have been minor delays in the recognition of external capital contributions from CSIRO’s research partners. Gains from sale of assets is lower than budget due to delays in contract negotiations resulting from the divestment of a property. Gains on valuation of equity investments are not included in the preparation of estimates as they cannot be reasonably estimated or identified at the time of budget preparation. Statement of Financial Position Cash and cash equivalents are higher than budget due the difference in basis of preparation between the PBS and the financial statements relating to the Innovation Fund investment. The PBS are prepared on the basis of only including General Government Sector (GGS) entities, whereas the Financial Statements for CSIRO include the results of CSIRO and all controlled entities, regardless of whether they are within the GGS or not. Therefore, there is a difference in the accounting treatment between the two, resulting in the budget containing the Innovation Fund investment as an Investment Accounted for using the Equity Method (reported as Other investments), while the Financial Statements account for this investment in the consolidation as Cash and cash equivalents held by a controlled entity. Additionally, cash and cash equivalents is higher due to delays in capital projects. Trade and other receivables are lower than budget largely due to delays in contract negotiations in relation to the intended divestment of a property. Other investments are higher than budget due to an increase in the valuation of the share portfolio, and the difference in basis of preparation between the PBS and the financial statements relating to the Innovation Fund investment. Total non-financial assets are higher than budget attributable to assumptions that were not reasonably known at the time of the budget preparation. Key contributors to this include the impact of asset revaluations, which resulted in higher than anticipated asset values, and subsequent increases to depreciation expenses. Assets held for sale are higher than budget attributable to unbudgeted land and buildings held for sale which were not reasonably known at the budget preparation. Employee provisions are higher than budget due to the increase redundancy provisions driven by current CSIRO reforms, as well as higher end of year leave balances than estimated. Non-controlling interest balance is higher than budget due to the difference in basis of preparation between the PBS and the financial statements relating to the Innovation Fund investment. Cash Flow Statement Variances relating to cash flows reflect the factors detailed under Statement of Comprehensive Income and Statement of Financial Position. 138 Trustee’s report 141 Independent Auditor’s report for SIEF 142 SIEF financial statements Part 5 Science and Industry Endowment Fund Trustee’s report Science and technology are essential to solving the profound challenges Australia faces. The role of the Science Industry Endowment Fund (SIEF) is critical in supporting that research and developing it to ensure it can make the greatest difference. As SIEF Trustee I am proud to share some of this year’s highlights. These include programs that are addressing challenges such as water scarcity, tackling the rise of misinformation, and frontier research questions like how to use AI to augment scientific work itself. Over the past year, the Fund has again helped to bridge the gap between research and commercialisation, supporting vital research infrastructure, and digital initiatives. The success of SIEF-funded projects is only possible thanks to the collaboration and collective effort across organisations. My role as Trustee is also greatly assisted by the Fund’s Advisory Councils and other experts who have generously provided guidance and insight on a pro bono basis. Their contributions have ensured investments are focused on the projects that can provide the most impact to Australian industries and communities. Dr Doug Hilton AO Trustee, SIEF Research infrastructure To produce the science Australia needs, we must ensure we have quality research infrastructure and technology. SIEF has been funding this through its Medium Equipment Program (MEP) since 2017. The MEP program provides facilities and state-of-the art equipment to keep Australia at the forefront of research and development. Funding from SIEF is expanding the services of the National Vaccine and Therapeutics Laboratory (NVTL). This is the only facility in Australia offering pilot-scale manufacture of biomedical products from a mammalian or insect host for clinical trials. The expansion of services includes cell line development and formulation for early-stage research translation to a clinical product. This will get therapeutics from the research stage to Australian patients faster, while improvements in digitisation and automation will lower costs and create more efficient manufacturing processes. Projects at the NVTL include a way to support nerve regrowth in the inner ear to treat hearing loss, and an Australian Government-funded project to increase health security across the region by enabling vaccine and therapeutic manufacture by our international neighbours. In Myall Vale, NSW, the SIEF has funded a greenhouse to support research in the cotton industry. The greenhouse will be used to develop new cotton varieties, with superior biotic and abiotic stress tolerance, to meet future climate, pest and disease adaptation challenges. All cotton varieties grown in Australia are developed by CSIRO’s cotton breeding program at the Myall Vale site. CSIRO’s National Vaccine and Therapeutics Lab will strengthen Australia’s ability to translate and commercialise research. Bringing science to industry Since 2016, the SIEF Experimental Development Program (EDP) has invested in research that takes technology development to a stage where it can attract commercial investment. Over the duration of the EDP Program, SIEF has invested $24 million in 23 projects, with CSIRO and its collaborators investing a further $26 million. These funds help to bridge the ‘valley of death’ on the path to commercialisation. The Program is now winding down and is no longer open for new applications. Two of the most recently approved projects aim to bring innovation in water sourcing to industry application. The atmospheric water generation pilot plant project uses metal-organic framework technology to absorb water from air to provide a secure and reliable source of potable water off the grid with minimal energy input or waste generation. This is designed for use by remote communities. The system will be suitable for low-humidity environments. SIEF funding is supporting the construction of a prototype that is easily transportable, producing 100 litres a day of potable water and ready to deploy for real‑world testing. The second project involves modular membrane distillation and crystallisation (MDC) for inland water treatment. It aims to solve water scarcity by recovering reusable water with a technology, which is powered by renewable energy. The waste concentrates from MDC could contain very high levels of value-added products like critical metals. If we’re able to extract those too, it would create even greater economic benefit. Existing solutions for treating saline bore water and acidic wastewater in inland areas often use processes such as reverse osmosis which aren't suited for inland areas where energy supply is restricted and there are limited options for waste storage and disposal. SIEF funding is supporting the scale-up of the pilot-scale MDC technology. These two projects complement the recently completed Vesi™ EDP project, which demonstrated a proof-of-concept system for monitoring water sources, including groundwater, wastewater, acid mine drainage and tailing dams. Its miniaturised design allows it to continuously monitor water, replacing manual sampling and testing and reducing maintenance requirements, making it a much better option in remote or challenging environments. Industry-ready early career researchers The SIEF STEM+ Business Fellowship program, and the Ross Metcalf extension of it, has come to a close. This was an excellent means to provide postdoctoral fellows with real-world experience and to link research organisations with small to medium enterprises. It built deep connections between research and industry, giving early career researchers important professional development, while accelerating the commercialisation of new ideas and technologies. The program value across the 44 funded projects is $38.23 million, comprising $11 million of SIEF funding and contributions from both businesses and research organisations. Advancing digital science In 2024, SIEF launched the SIEF Science Digital Transformation (SDT) Program to support research and development of digital capabilities that change how scientists and engineers work. Projects funded under the SDT Program are exploring frontier research questions such as how to utilise AI to elevate the scientific process and how to augment scientists in ideation, hypothesis generation, and experimental design, execution and output. SIEF-funded researchers are also using digital science to analyse complex challenges on the transition to net zero. The National Energy Analysis Centre includes a large-scale living lab of real people in real homes and businesses, and a systems science toolbox with rich, curated datasets, powerful analytical tools and data visualisation capabilities. One of the most complex challenges we face today is the rise of misinformation. Postdoctoral fellows funded by SIEF are helping to tackle this as part of Australia’s new Responsible AI Research Centre. They’re developing methods that enable attribution of trusted data sources to AI-generated content, exploring how AI interacts with the physical world, and developing AI systems that can accurately assess the limits of their own knowledge and understand cause-and-effect relationships in dynamic environments. The SIEF Future National ICT Industry Platform Program is supporting this work. Independent Auditor’s report for SIEF GPO Box 707, Canberra ACT 2601 38 Sydney Avenue, Forrest ACT 2603 Phone (02) 6203 7300 INDEPENDENT AUDITOR’S REPORT To the Minister for Science Opinion In my opinion, the financial statements of the Science and Industry Endowment Fund (the Entity) for the year ended 30 June 2025: (a) comply with Australian Accounting Standards – Simplified Disclosures; (b) comply with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022; and (c) present fairly the financial position of the Entity as at 30 June 2025 and its financial performance and cash flows for the year then ended. The financial statements of the Entity, which I have audited, comprise the following as at 30 June 2025 and for the year then ended: • Statement by the Trustee and Chief Financial Officer; • Statement of Comprehensive Income; • Statement of Financial Position; • Statement of Changes in Equity; • Cash Flow Statement; and • Notes to and forming part of the financial report, comprising material accounting policy information and other explanatory information. Basis for opinion I conducted my audit in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Entity in accordance with the relevant ethical requirements for financial statement audits conducted by the Auditor-General and their delegates. These include the relevant independence requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) to the extent that they are not in conflict with the Auditor- General Act 1997. I have also fulfilled my other responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Accountable Authority’s responsibility for the financial statements As the Accountable Authority of the Entity, the Trustee of the Science and Industry Endowment Fund (the Trustee) is responsible for the preparation and fair presentation of annual financial statements that comply with the Australian Charities and Not-for-profits Commission Act 2012, Australian Accounting Standards – Simplified Disclosures and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the ability of the Entity to continue as a going concern, taking into account whether the Entity’s operations will cease as a result of an administrative restructure or for any other reason. The Trustee is also responsible for disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the assessment indicates that it is not appropriate. Independent Auditor’s report for SIEF SIEF financial statements SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀀘􀆌􀀃􀀘􀅽􀆵􀅐􀀃􀀬􀅝􀅯􀆚􀅽􀅶􀀃􀀄􀁋􀁞􀆚􀄞􀇁􀄂􀆌􀆚􀀃􀁴􀄂􀅯􀆚􀄞􀆌􀆐􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀦􀆵􀅶􀄚􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀄏􀇇􀀃􀆚􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀄂􀅶􀄚􀀃􀀒􀅚􀅝􀄞􀄨􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀁋􀄨􀄨􀅝􀄐􀄞􀆌􀏭􀏵􀀃􀀄􀆵􀅐􀆵􀆐􀆚􀀃􀏮􀏬􀏮􀏱􀁞􀁤􀀄􀁤􀀜􀁄􀀜􀁅􀁤􀀃􀀑􀁺􀀃􀁤􀀬􀀜􀀃􀁤􀁚􀁨􀁞􀁤􀀜􀀜􀀃􀀄􀁅􀀘􀀃􀀒􀀬􀀯􀀜􀀦􀀃􀀦􀀯􀁅􀀄􀁅􀀒􀀯􀀄􀀾􀀃􀁋􀀦􀀦􀀯􀀒􀀜􀁚􀀃􀁋􀀦􀀃􀁤􀀬􀀜􀀃􀀒􀁋􀁄􀁄􀁋􀁅􀁴􀀜􀀄􀀾􀁤􀀬􀀃􀁞􀀒􀀯􀀜􀁅􀁤􀀯􀀦􀀯􀀒􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀀯􀀄􀀾􀀃􀁚􀀜􀁞􀀜􀀄􀁚􀀒􀀬􀀃􀁋􀁚􀀧􀀄􀁅􀀯􀁞􀀄􀁤􀀯􀁋􀁅􀀃􀍾􀀒􀁞􀀯􀁚􀁋􀍿􀀃􀀄􀁞􀀃􀁞􀀜􀁚􀁳􀀯􀀒􀀜􀀃􀁗􀁚􀁋􀁳􀀯􀀘􀀜􀁚􀀃􀁤􀁋􀀃􀁤􀀬􀀜􀀃􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀁤􀅚􀄞􀀃􀄂􀆚􀆚􀄂􀄐􀅚􀄞􀄚􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀀃􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀀃􀅚􀄂􀆐􀀃􀄏􀄞􀄞􀅶􀀃􀆉􀆌􀄞􀆉􀄂􀆌􀄞􀄚􀀃􀄏􀄂􀆐􀄞􀄚􀀃􀅽􀅶􀀃􀆉􀆌􀅽􀆉􀄞􀆌􀅯􀇇􀀃􀅵􀄂􀅝􀅶􀆚􀄂􀅝􀅶􀄞􀄚􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆌􀄞􀄐􀅽􀆌􀄚􀆐􀀃􀅝􀅶􀀃􀄂􀄐􀄐􀅽􀆌􀄚􀄂􀅶􀄐􀄞􀀃􀇁􀅝􀆚􀅚􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁞􀆚􀄂􀅶􀄚􀄂􀆌􀄚􀆐􀀃􀆐􀅝􀅵􀆉􀅯􀅝􀄨􀅝􀄞􀄚􀀃􀄚􀅝􀆐􀄐􀅯􀅽􀆐􀆵􀆌􀄞􀀃􀆌􀄞􀆋􀆵􀅝􀆌􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀄂􀅶􀄚􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆋􀆵􀅝􀆌􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀄􀄐􀆚􀀃􀏭􀏵􀏮􀏲􀍕􀀃􀄂􀅶􀄚􀀃􀆉􀆌􀄞􀆐􀄞􀅶􀆚􀀃􀄨􀄂􀅝􀆌􀅯􀇇􀀃􀆚􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆉􀅽􀆐􀅝􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀦􀆵􀅶􀄚􀀃􀄂􀆐􀀃􀄂􀆚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀀃􀄂􀅶􀄚􀀃􀅝􀆚􀆐􀀃􀆉􀄞􀆌􀄨􀅽􀆌􀅵􀄂􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀄨􀅯􀅽􀇁􀆐􀀃􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀍘􀀯􀅶􀀃􀅽􀆵􀆌􀀃􀅽􀆉􀅝􀅶􀅝􀅽􀅶􀍕􀀃􀄂􀆚􀀃􀆚􀅚􀄞􀀃􀄚􀄂􀆚􀄞􀀃􀅽􀄨􀀃􀆚􀅚􀅝􀆐􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀍕􀀃􀆚􀅚􀄞􀆌􀄞􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄂􀆐􀅽􀅶􀄂􀄏􀅯􀄞􀀃􀅐􀆌􀅽􀆵􀅶􀄚􀆐􀀃􀆚􀅽􀀃􀄏􀄞􀅯􀅝􀄞􀇀􀄞􀀃􀆚􀅚􀄂􀆚􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀦􀆵􀅶􀄚􀀃􀇁􀅝􀅯􀅯􀀃􀄏􀄞􀀃􀄂􀄏􀅯􀄞􀀃􀆚􀅽􀀃􀆉􀄂􀇇􀀃􀅝􀆚􀆐􀀃􀄚􀄞􀄏􀆚􀆐􀀃􀄂􀆐􀀃􀄂􀅶􀄚􀀃􀇁􀅚􀄞􀅶􀀃􀆚􀅚􀄞􀇇􀀃􀄏􀄞􀄐􀅽􀅵􀄞􀀃􀄚􀆵􀄞􀀃􀄂􀅶􀄚􀀃􀆉􀄂􀇇􀄂􀄏􀅯􀄞􀍘􀁞􀅝􀅐􀅶􀄞􀄚􀀃􀅝􀅶􀀃􀄂􀄐􀄐􀅽􀆌􀄚􀄂􀅶􀄐􀄞􀀃􀇁􀅝􀆚􀅚􀀃􀄂􀀃􀆌􀄞􀆐􀅽􀅯􀆵􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀍘􀀦􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀏭􀏵􀀃􀀄􀆵􀅐􀆵􀆐􀆚􀀃􀏮􀏬􀏮􀏱􀀒􀅚􀅝􀄞􀄨􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀁋􀄨􀄨􀅝􀄐􀄞􀆌􀀃􀅽􀄨􀀃􀀒􀁞􀀯􀁚􀁋􀀃􀄂􀆐􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀀃􀆉􀆌􀅽􀇀􀅝􀄚􀄞􀆌􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀦􀆵􀅶􀄚􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁅􀅽􀆚􀄞􀆐􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀀜􀇆􀆉􀄞􀅶􀆐􀄞􀆐􀁞􀄐􀅝􀄞􀅶􀆚􀅝􀄨􀅝􀄐􀀃􀆌􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀏭􀍘􀏭􀀄􀏭􀏯􀍕􀏳􀏲􀏳􀍕􀏱􀏵􀏴􀀃􀏭􀏮􀍕􀏯􀏱􀏮􀍕􀏲􀏳􀏰􀀃􀁞􀄞􀆌􀇀􀅝􀄐􀄞􀀃􀄨􀄞􀄞􀀃􀆵􀅶􀄚􀄞􀆌􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀄂􀅐􀆌􀄞􀄞􀅵􀄞􀅶􀆚􀀃􀇁􀅝􀆚􀅚􀀃􀀒􀁞􀀯􀁚􀁋􀏭􀍘􀏭􀀑􀏱􀏱􀏭􀍕􀏬􀏬􀏬􀀃􀏱􀏯􀏭􀍕􀏬􀏬􀏬􀀃􀀄􀆵􀄚􀅝􀆚􀀃􀄨􀄞􀄞􀆐􀏭􀍘􀏭􀀒􀏭􀏵􀍕􀏬􀏬􀏬􀀃􀏭􀏵􀍕􀏬􀏬􀏬􀀃􀁋􀆚􀅚􀄞􀆌􀀃􀄨􀄞􀄞􀆐􀏭􀍘􀏭􀀘􀏯􀀃􀏭􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀄞􀇆􀆉􀄞􀅶􀆐􀄞􀆐􀏭􀏰􀍕􀏯􀏯􀏳􀍕􀏲􀏬􀏭􀀃􀏭􀏮􀍕􀏵􀏬􀏮􀍕􀏲􀏳􀏱􀀃􀁚􀄞􀇀􀄞􀅶􀆵􀄞􀀯􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆌􀄞􀇀􀄞􀅶􀆵􀄞􀏭􀍘􀏮􀀄􀏱􀍕􀏴􀏬􀏬􀍕􀏮􀏰􀏯􀀃􀏱􀍕􀏴􀏭􀏰􀍕􀏵􀏬􀏵􀀃􀀧􀅝􀄨􀆚􀆐􀏭􀍘􀏮􀀑􀀃􀍲􀏴􀍕􀏬􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀆌􀄞􀇀􀄞􀅶􀆵􀄞􀏱􀍕􀏴􀏬􀏬􀍕􀏮􀏰􀏯􀀃􀏭􀏯􀍕􀏴􀏭􀏰􀍕􀏵􀏬􀏵􀀃􀁅􀄞􀆚􀀃􀍾􀅯􀅽􀆐􀆐􀍿􀍬􀆐􀆵􀆌􀆉􀅯􀆵􀆐􀀃􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀍾􀏴􀍕􀏱􀏯􀏳􀍕􀏯􀏱􀏴􀍿􀏵􀏭􀏮􀍕􀏮􀏯􀏰􀀃􀁋􀆚􀅚􀄞􀆌􀀃􀄐􀅽􀅵􀆉􀆌􀄞􀅚􀄞􀅶􀆐􀅝􀇀􀄞􀀃􀅝􀅶􀄐􀅽􀅵􀄞􀀃􀍲􀀃􀍲􀁤􀅽􀆚􀄂􀅯􀀃􀄐􀅽􀅵􀆉􀆌􀄞􀅚􀄞􀅶􀆐􀅝􀇀􀄞􀀃􀅝􀅶􀄐􀅽􀅵􀄞􀍾􀏴􀍕􀏱􀏯􀏳􀍕􀏯􀏱􀏴􀍿􀏵􀏭􀏮􀍕􀏮􀏯􀏰􀀃􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀅽􀄨􀀃􀀒􀅽􀅵􀆉􀆌􀄞􀅚􀄞􀅶􀆐􀅝􀇀􀄞􀀃􀀯􀅶􀄐􀅽􀅵􀄞􀁤􀅚􀄞􀀃􀄂􀄏􀅽􀇀􀄞􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀆐􀅚􀅽􀆵􀅯􀄚􀀃􀄏􀄞􀀃􀆌􀄞􀄂􀄚􀀃􀅝􀅶􀀃􀄐􀅽􀅶􀅩􀆵􀅶􀄐􀆚􀅝􀅽􀅶􀀃􀇁􀅝􀆚􀅚􀀃􀆚􀅚􀄞􀀃􀄂􀄐􀄐􀅽􀅵􀆉􀄂􀅶􀇇􀅝􀅶􀅐􀀃􀅶􀅽􀆚􀄞􀆐􀍘􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀄂􀆐􀀃􀄂􀆚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁅􀅽􀆚􀄞􀆐􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀀄􀁞􀁞􀀜􀁤􀁞􀀒􀆵􀆌􀆌􀄞􀅶􀆚􀀒􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀀃􀄞􀆋􀆵􀅝􀇀􀄂􀅯􀄞􀅶􀆚􀆐􀏮􀍘􀏭􀀄􀏭􀏭􀏬􀍕􀏴􀏳􀏮􀍕􀏭􀏭􀏯􀀃􀏭􀏭􀏵􀍕􀏱􀏬􀏬􀍕􀏯􀏮􀏳􀀃􀁤􀆌􀄂􀄚􀄞􀀃􀄂􀅶􀄚􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀆐􀏮􀍘􀏭􀀑􀏭􀍕􀏴􀏯􀏱􀍕􀏴􀏮􀏱􀀃􀏭􀍕􀏳􀏰􀏰􀍕􀏵􀏲􀏵􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀀄􀆐􀆐􀄞􀆚􀆐􀏭􀏭􀏮􀍕􀏳􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀀾􀀯􀀄􀀑􀀯􀀾􀀯􀁤􀀯􀀜􀁞􀁞􀆵􀆉􀆉􀅯􀅝􀄞􀆌􀆐􀀃􀆉􀄂􀇇􀄂􀄏􀅯􀄞􀀃􀍲􀀃􀍲􀁤􀅽􀆚􀄂􀅯􀀃􀀾􀅝􀄂􀄏􀅝􀅯􀅝􀆚􀅝􀄞􀆐􀀃􀍲􀀃􀍲􀁅􀄞􀆚􀀃􀀄􀆐􀆐􀄞􀆚􀆐􀏭􀏭􀏮􀍕􀏳􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀀜􀁙􀁨􀀯􀁤􀁺􀀒􀅽􀅶􀆚􀆌􀅝􀄏􀆵􀆚􀄞􀄚􀀃􀄞􀆋􀆵􀅝􀆚􀇇􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀁚􀄞􀆚􀄂􀅝􀅶􀄞􀄚􀀃􀄞􀄂􀆌􀅶􀅝􀅶􀅐􀆐􀏭􀏭􀏮􀍕􀏱􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀏭􀏮􀏭􀍕􀏬􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀏭􀏭􀏮􀍕􀏳􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀅽􀄨􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀁗􀅽􀆐􀅝􀆚􀅝􀅽􀅶􀁤􀅚􀄞􀀃􀄂􀄏􀅽􀇀􀄞􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀆐􀅚􀅽􀆵􀅯􀄚􀀃􀄏􀄞􀀃􀆌􀄞􀄂􀄚􀀃􀅝􀅶􀀃􀄐􀅽􀅶􀅩􀆵􀅶􀄐􀆚􀅝􀅽􀅶􀀃􀇁􀅝􀆚􀅚􀀃􀆚􀅚􀄞􀀃􀄂􀄐􀄐􀅽􀅵􀆉􀄂􀅶􀇇􀅝􀅶􀅐􀀃􀅶􀅽􀆚􀄞􀆐􀍘􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀁤􀅽􀆚􀄂􀅯􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀁋􀆉􀄞􀅶􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏭􀀃􀀺􀆵􀅯􀇇􀀃􀏮􀏬􀏮􀏰􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀁅􀄞􀆚􀀃􀅯􀅽􀆐􀆐􀍾􀏴􀍕􀏱􀏯􀏳􀍕􀏯􀏱􀏴􀍿􀀒􀅯􀅽􀆐􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀏭􀏭􀏮􀍕􀏳􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀁋􀆉􀄞􀅶􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏭􀀃􀀺􀆵􀅯􀇇􀀃􀏮􀏬􀏮􀏯􀏭􀏮􀏬􀍕􀏯􀏯􀏯􀍕􀏬􀏲􀏮􀀃􀁅􀄞􀆚􀀃􀆐􀆵􀆌􀆉􀅯􀆵􀆐􀏵􀏭􀏮􀍕􀏮􀏯􀏰􀀃􀀒􀅯􀅽􀆐􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏰􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀁤􀅚􀄞􀀃􀄂􀄏􀅽􀇀􀄞􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀆐􀅚􀄚􀀃􀀜􀄂􀆌􀅶􀅝􀅶􀅐􀆐􀀒􀅽􀅶􀆚􀆌􀅝􀄏􀆵􀆚􀄞􀄚􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀅽􀄨􀀃􀀒􀅚􀄂􀅶􀅐􀄞􀆐􀀃􀅝􀅶􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘 􀁚􀄞􀆚􀄂􀅝􀅶􀄞􀄚􀀃􀀜􀄂􀆌􀅶􀅝􀅶􀅐􀆐􀀒􀅽􀅶􀆚􀆌􀅝􀄏􀆵􀆚􀄞􀄚􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀏭􀏮􀏭􀍕􀏬􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃 􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏭􀏭􀏮􀍕􀏱􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀍾􀏴􀍕􀏱􀏯􀏳􀍕􀏯􀏱􀏴􀍿􀍲􀏭􀏮􀏭􀍕􀏬􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀏭􀏮􀏬􀍕􀏭􀏯􀏯􀍕􀏬􀏲􀏮􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀍲􀏵􀏭􀏮􀍕􀏮􀏯􀏰􀀃􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀁤􀅽􀆚􀄂􀅯􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀁋􀆉􀄞􀅶􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏭􀀃􀀺􀆵􀅯􀇇􀀃􀏮􀏬􀏮􀏰􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀁅􀄞􀆚􀀃􀅯􀅽􀆐􀆐􀍾􀏴􀍕􀏱􀏯􀏳􀍕􀏯􀏱􀏴􀍿􀀒􀅯􀅽􀆐􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀏭􀏭􀏮􀍕􀏳􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀁋􀆉􀄞􀅶􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏭􀀃􀀺􀆵􀅯􀇇􀀃􀏮􀏬􀏮􀏯􀏭􀏮􀏬􀍕􀏯􀏯􀏯􀍕􀏬􀏲􀏮􀀃􀁅􀄞􀆚􀀃􀆐􀆵􀆌􀆉􀅯􀆵􀆐􀏵􀏭􀏮􀍕􀏮􀏯􀏰􀀃􀀒􀅯􀅽􀆐􀅝􀅶􀅐􀀃􀄏􀄂􀅯􀄂􀅶􀄐􀄞􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏰􀏭􀏮􀏭􀍕􀏮􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀁤􀅚􀄞􀀃􀄂􀄏􀅽􀇀􀄞􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀆐􀅚􀄚􀀃􀀜􀄂􀆌􀅶􀅝􀅶􀅐􀆐􀀒􀅽􀅶􀆚􀆌􀅝􀄏􀆵􀆚􀄞􀄚􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀅽􀄨􀀃􀀒􀅚􀄂􀅶􀅐􀄞􀆐􀀃􀅝􀅶􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘 􀁚􀄞􀆚􀄂􀅝􀅶􀄞􀄚􀀃􀀜􀄂􀆌􀅶􀅝􀅶􀅐􀆐􀀒􀅽􀅶􀆚􀆌􀅝􀄏􀆵􀆚􀄞􀄚􀀃􀀜􀆋􀆵􀅝􀆚􀇇􀏭􀏮􀏭􀍕􀏬􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃 􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏭􀏭􀏮􀍕􀏱􀏬􀏳􀍕􀏵􀏯􀏴􀀃􀍾􀏴􀍕􀏱􀏯􀏳􀍕􀏯􀏱􀏴􀍿􀍲􀏭􀏮􀏭􀍕􀏬􀏰􀏱􀍕􀏮􀏵􀏲􀀃􀏭􀏮􀏬􀍕􀏭􀏯􀏯􀍕􀏬􀏲􀏮􀀃􀏮􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀍲􀏵􀏭􀏮􀍕􀏮􀏯􀏰􀀃􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀁋􀁗􀀜􀁚􀀄􀁤􀀯􀁅􀀧􀀃􀀄􀀒􀁤􀀯􀁳􀀯􀁤􀀯􀀜􀁞􀀒􀄂􀆐􀅚􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄞􀄚􀀒􀁞􀀯􀁚􀁋􀀃􀅐􀅝􀄨􀆚􀀃􀍲􀏴􀍕􀏬􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀀯􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄞􀄚􀏱􀍕􀏲􀏮􀏮􀍕􀏲􀏴􀏳􀀃􀏱􀍕􀏰􀏴􀏯􀍕􀏰􀏳􀏳􀀃􀀧􀁞􀁤􀀃􀄐􀆌􀄞􀄚􀅝􀆚􀆐􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄞􀄚􀏭􀍕􀏱􀏮􀏬􀍕􀏰􀏲􀏬􀀃􀏭􀍕􀏳􀏱􀏭􀍕􀏴􀏰􀏮􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀄐􀄂􀆐􀅚􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄞􀄚􀏳􀍕􀏭􀏰􀏯􀍕􀏭􀏰􀏳􀀃􀏭􀏱􀍕􀏮􀏯􀏱􀍕􀏯􀏭􀏵􀀃􀀒􀄂􀆐􀅚􀀃􀆵􀆐􀄞􀄚􀁗􀄂􀇇􀅵􀄞􀅶􀆚􀆐􀀃􀆚􀅽􀀃􀅐􀆌􀄂􀅶􀆚􀄞􀄞􀆐􀏭􀏱􀍕􀏭􀏰􀏰􀍕􀏯􀏱􀏴􀀃􀏭􀏯􀍕􀏱􀏴􀏳􀍕􀏵􀏰􀏭􀀃􀁋􀆚􀅚􀄞􀆌􀀃􀆉􀄂􀇇􀅵􀄞􀅶􀆚􀆐􀏲􀏮􀏳􀍕􀏬􀏬􀏯􀀃􀏲􀏬􀏱􀍕􀏬􀏬􀏭􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀄐􀄂􀆐􀅚􀀃􀆵􀆐􀄞􀄚􀏭􀏱􀍕􀏳􀏳􀏭􀍕􀏯􀏲􀏭􀀃􀏭􀏰􀍕􀏭􀏵􀏮􀍕􀏵􀏰􀏮􀀃􀁅􀄞􀆚􀀃􀄐􀄂􀆐􀅚􀀃􀄨􀆌􀅽􀅵􀀃􀅽􀆉􀄞􀆌􀄂􀆚􀅝􀅶􀅐􀀃􀄂􀄐􀆚􀅝􀇀􀅝􀆚􀅝􀄞􀆐􀍾􀏴􀍕􀏲􀏮􀏴􀍕􀏮􀏭􀏰􀍿􀏭􀍕􀏬􀏰􀏮􀍕􀏯􀏳􀏳􀀃􀁅􀄞􀆚􀀃􀅝􀅶􀄐􀆌􀄞􀄂􀆐􀄞􀍬􀍾􀄚􀄞􀄐􀆌􀄞􀄂􀆐􀄞􀍿􀀃􀅝􀅶􀀃􀄐􀄂􀆐􀅚􀀃􀅚􀄞􀅯􀄚􀍾􀏴􀍕􀏲􀏮􀏴􀍕􀏮􀏭􀏰􀍿􀏭􀍕􀏬􀏰􀏮􀍕􀏯􀏳􀏳􀀃􀀒􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀀃􀄞􀆋􀆵􀅝􀇀􀄂􀅯􀄞􀅶􀆚􀆐􀀃􀄂􀆚􀀃􀆚􀅚􀄞􀀃􀄏􀄞􀅐􀅝􀅶􀅶􀅝􀅶􀅐􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀏭􀏭􀏵􀍕􀏱􀏬􀏬􀍕􀏯􀏮􀏳􀀃􀏭􀏭􀏴􀍕􀏰􀏱􀏳􀍕􀏵􀏱􀏬􀀃􀀒􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀀃􀄞􀆋􀆵􀅝􀇀􀄂􀅯􀄞􀅶􀆚􀆐􀀃􀄂􀆚􀀃􀆚􀅚􀄞􀀃􀄞􀅶􀄚􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀏭􀏭􀏬􀍕􀏴􀏳􀏮􀍕􀏭􀏭􀏯􀀃􀏭􀏭􀏵􀍕􀏱􀏬􀏬􀍕􀏯􀏮􀏳􀀃􀀒􀄂􀆐􀅚􀀃􀀦􀅯􀅽􀇁􀀃􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀁤􀅚􀄞􀀃􀄂􀄏􀅽􀇀􀄞􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀀃􀆐􀅚􀅽􀆵􀅯􀄚􀀃􀄏􀄞􀀃􀆌􀄞􀄂􀄚􀀃􀅝􀅶􀀃􀄐􀅽􀅶􀅩􀆵􀅶􀄐􀆚􀅝􀅽􀅶􀀃􀇁􀅝􀆚􀅚􀀃􀆚􀅚􀄞􀀃􀄂􀄐􀄐􀅽􀅵􀆉􀄂􀅶􀇇􀅝􀅶􀅐􀀃􀅶􀅽􀆚􀄞􀆐􀍘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁤􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀦􀆵􀅶􀄚􀀃􀍾􀆌􀄞􀄨􀄞􀆌􀆌􀄞􀄚􀀃􀆚􀅽􀀃􀄂􀆐􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀍿􀀃􀇁􀄂􀆐􀀃􀄞􀆐􀆚􀄂􀄏􀅯􀅝􀆐􀅚􀄞􀄚􀀃􀆵􀅶􀄚􀄞􀆌􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀄􀄐􀆚􀀃􀏭􀏵􀏮􀏲􀀃􀇁􀅝􀆚􀅚􀀃􀆚􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀀃􀄏􀄞􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀀒􀅽􀅵􀅵􀅽􀅶􀇁􀄞􀄂􀅯􀆚􀅚􀀃􀁞􀄐􀅝􀄞􀅶􀆚􀅝􀄨􀅝􀄐􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀅝􀄂􀅯􀀃􀁚􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃 􀁋􀆌􀅐􀄂􀅶􀅝􀆐􀄂􀆚􀅝􀅽􀅶􀎖􀆐􀀃􀍾􀀒􀁞􀀯􀁚􀁋􀍿􀀃􀀒􀅚􀅝􀄞􀄨􀀃􀀜􀇆􀄞􀄐􀆵􀆚􀅝􀇀􀄞􀀃􀄂􀅶􀄚􀀃􀅝􀆐􀀃􀄂􀀃􀅶􀅽􀆚􀍲􀄨􀅽􀆌􀍲􀆉􀆌􀅽􀄨􀅝􀆚􀀃􀄞􀅶􀆚􀅝􀆚􀇇􀍘􀀃􀀄􀅶􀀃􀄂􀆉􀆉􀆌􀅽􀆉􀆌􀅝􀄂􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀏭􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀆉􀅽􀆵􀅶􀄚􀆐􀀃􀇁􀄂􀆐􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄞􀄚􀀃􀄂􀆚􀀃􀆚􀅚􀄞􀀃 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SIEF financial statements 􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀁤􀅚􀄞􀆌􀄞􀀃􀅚􀄂􀆐􀀃􀄏􀄞􀄞􀅶􀀃􀅶􀅽􀀃􀄞􀄂􀆌􀅯􀇇􀀃􀄂􀄚􀅽􀆉􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀄂􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀆐􀆚􀄂􀅶􀄚􀄂􀆌􀄚􀆐􀀃􀄂􀆉􀆉􀅯􀅝􀄐􀄂􀄏􀅯􀄞􀀃􀆚􀅽􀀃􀄨􀆵􀆚􀆵􀆌􀄞􀀃􀇇􀄞􀄂􀆌􀆐􀍘􀀄􀄚􀅽􀆉􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀅶􀄞􀇁􀀃􀄂􀅶􀄚􀀃􀄨􀆵􀆚􀆵􀆌􀄞􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁞􀆚􀄂􀅶􀄚􀄂􀆌􀄚􀆐􀀄􀅯􀅯􀀃􀅶􀄞􀇁􀍕􀀃􀆌􀄞􀇀􀅝􀆐􀄞􀄚􀀃􀄂􀅶􀄚􀍬􀅽􀆌􀀃􀄂􀅵􀄞􀅶􀄚􀅝􀅶􀅐􀀃􀆐􀆚􀄂􀅶􀄚􀄂􀆌􀄚􀆐􀀃􀄂􀅶􀄚􀍬􀅽􀆌􀀃􀅝􀅶􀆚􀄞􀆌􀆉􀆌􀄞􀆚􀄂􀆚􀅝􀅽􀅶􀆐􀀃􀆚􀅚􀄂􀆚􀀃􀇁􀄞􀆌􀄞􀀃􀅝􀆐􀆐􀆵􀄞􀄚􀀃􀆉􀆌􀅝􀅽􀆌􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀆐􀅝􀅐􀅶􀅝􀅶􀅐􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀆐􀄞􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀄂􀅶􀄚􀀃􀄂􀆉􀆉􀅯􀅝􀄐􀄂􀄏􀅯􀄞􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀄐􀆵􀆌􀆌􀄞􀅶􀆚􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀇁􀄞􀆌􀄞􀀃􀄂􀄚􀅽􀆉􀆚􀄞􀄚􀀃􀄏􀇇􀀃􀀒􀁞􀀯􀁚􀁋􀍕􀀃􀅶􀅽􀅶􀄞􀀃􀅽􀄨􀀃􀇁􀅚􀅝􀄐􀅚􀀃􀅚􀄂􀄚􀀃􀄂􀀃􀅵􀄂􀆚􀄞􀆌􀅝􀄂􀅯􀀃􀅝􀅵􀆉􀄂􀄐􀆚􀀃􀅽􀅶􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀎖􀆐􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀍘􀁤􀄂􀇆􀄂􀆚􀅝􀅽􀅶􀁤􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀀃􀅝􀆐􀀃􀄞􀇆􀄞􀅵􀆉􀆚􀀃􀄨􀆌􀅽􀅵􀀃􀄂􀅯􀅯􀀃􀄨􀅽􀆌􀅵􀆐􀀃􀅽􀄨􀀃􀆚􀄂􀇆􀄂􀆚􀅝􀅽􀅶􀀃􀄞􀇆􀄐􀄞􀆉􀆚􀀃􀀧􀁞􀁤􀍘􀀜􀇀􀄞􀅶􀆚􀆐􀀃􀄂􀄨􀆚􀄞􀆌􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀄􀆚􀀃􀆚􀅚􀄞􀀃􀆚􀅝􀅵􀄞􀀃􀅽􀄨􀀃􀆐􀅝􀅐􀅶􀅝􀅶􀅐􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀍕􀀃􀆚􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀅝􀆐􀀃􀅶􀅽􀆚􀀃􀄂􀇁􀄂􀆌􀄞􀀃􀅽􀄨􀀃􀄂􀅶􀇇􀀃􀆐􀅝􀅐􀅶􀅝􀄨􀅝􀄐􀄂􀅶􀆚􀀃􀄞􀇀􀄞􀅶􀆚􀆐􀀃􀅽􀄐􀄐􀆵􀆌􀆌􀅝􀅶􀅐􀀃􀄂􀄨􀆚􀄞􀆌􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀄚􀄂􀆚􀄞􀀃􀆚􀅚􀄂􀆚􀀃􀄐􀅽􀆵􀅯􀄚􀀃􀅝􀅵􀆉􀄂􀄐􀆚􀀃􀅽􀅶􀀃􀆚􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀍘􀁤􀅚􀄞􀀃􀄂􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀆉􀅽􀅯􀅝􀄐􀅝􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀆐􀄞􀆚􀀃􀅽􀆵􀆚􀀃􀄏􀄞􀅯􀅽􀇁􀍘􀀃􀁴􀅝􀆚􀅚􀅝􀅶􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀍕􀀃􀆚􀅚􀄞􀆌􀄞􀀃􀇁􀄞􀆌􀄞􀀃􀅶􀅽􀀃􀆐􀅝􀅐􀅶􀅝􀄨􀅝􀄐􀄂􀅶􀆚􀀃􀅩􀆵􀄚􀅐􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀅽􀆌􀀃􀄞􀆐􀆚􀅝􀅵􀄂􀆚􀄞􀆐􀀃􀆵􀆐􀄞􀄚􀀃􀅝􀅶􀀃􀆚􀅚􀄞􀀃􀆉􀆌􀄞􀆉􀄂􀆌􀄂􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀍘 􀀼􀄞􀇇􀀃􀅩􀆵􀄚􀅐􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀄂􀅶􀄚􀀃􀄞􀆐􀆚􀅝􀅵􀄂􀆚􀄞􀆐􀀑􀄂􀆐􀅝􀆐􀀃􀅽􀄨􀀃􀆉􀆌􀄞􀆉􀄂􀆌􀄂􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀁤􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀀃􀄂􀆌􀄞􀀃􀅐􀄞􀅶􀄞􀆌􀄂􀅯􀀃􀆉􀆵􀆌􀆉􀅽􀆐􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀄂􀅶􀄚􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀆋􀆵􀅝􀆌􀄞􀄚􀀃􀄏􀇇􀀃􀁞􀄞􀄐􀆚􀅝􀅽􀅶􀀃􀏭􀏬􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀄚􀆵􀆐􀆚􀆌􀇇􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀄􀄐􀆚􀀃􀏭􀏵􀏮􀏲􀀃􀄂􀅶􀄚􀀃􀆚􀅚􀄞􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀀒􀅚􀄂􀆌􀅝􀆚􀅝􀄞􀆐􀀃􀄂􀅶􀄚􀀃􀁅􀅽􀆚􀍲􀄨􀅽􀆌􀍲􀆉􀆌􀅽􀄨􀅝􀆚􀆐􀀃􀀒􀅽􀅵􀅵􀅝􀆐􀆐􀅝􀅽􀅶􀀃􀍾􀀄􀀒􀁅􀀒􀍿􀀃􀀄􀄐􀆚􀀃􀏮􀏬􀏭􀏮􀀃􀍾􀀄􀀒􀁅􀀒􀀃 􀀄􀄐􀆚􀍿􀍘􀀃􀁤􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀅚􀄂􀇀􀄞􀀃􀄏􀄞􀄞􀅶􀀃􀆉􀆌􀄞􀆉􀄂􀆌􀄞􀄚􀀃􀅝􀅶􀀃􀄂􀄐􀄐􀅽􀆌􀄚􀄂􀅶􀄐􀄞􀀃􀇁􀅝􀆚􀅚􀀃􀆚􀅚􀄞􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁞􀆚􀄂􀅶􀄚􀄂􀆌􀄚􀆐􀀃􀄂􀅶􀄚􀀃􀀯􀅶􀆚􀄞􀆌􀆉􀆌􀄞􀆚􀄂􀆚􀅝􀅽􀅶􀆐􀍕􀀃􀅝􀅶􀄐􀅯􀆵􀄚􀅝􀅶􀅐􀀃􀀄􀀄􀁞􀀑􀀃􀏭􀏬􀏲􀏬􀀃􀀧􀄞􀅶􀄞􀆌􀄂􀅯􀀃􀁗􀆵􀆌􀆉􀅽􀆐􀄞􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀁞􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀍲􀁞􀅝􀅵􀆉􀅯􀅝􀄨􀅝􀄞􀄚􀀃􀀘􀅝􀆐􀄐􀅯􀅽􀆐􀆵􀆌􀄞􀆐􀀃􀄨􀅽􀆌􀀃􀀦􀅽􀆌􀍲􀁗􀆌􀅽􀄨􀅝􀆚􀀃􀄂􀅶􀄚􀀃􀁅􀅽􀆚􀍲􀄨􀅽􀆌􀀃􀁗􀆌􀅽􀄨􀅝􀆚􀀃􀀜􀅶􀆚􀅝􀆚􀅝􀄞􀆐􀀃􀅝􀆐􀆐􀆵􀄞􀄚􀀃􀄏􀇇􀀃􀆚􀅚􀄞􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁞􀆚􀄂􀅶􀄚􀄂􀆌􀄚􀆐􀀃􀀑􀅽􀄂􀆌􀄚􀀃􀍾􀀄􀀄􀁞􀀑􀍿􀀃􀆚􀅚􀄂􀆚􀀃􀄂􀆉􀆉􀅯􀇇􀀃􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀍘􀁤􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀅚􀄂􀇀􀄞􀀃􀄏􀄞􀄞􀅶􀀃􀆉􀆌􀄞􀆉􀄂􀆌􀄞􀄚􀀃􀅽􀅶􀀃􀄂􀅶􀀃􀄂􀄐􀄐􀆌􀆵􀄂􀅯􀀃􀄏􀄂􀆐􀅝􀆐􀀃􀄂􀅶􀄚􀀃􀄂􀆌􀄞􀀃􀅝􀅶􀀃􀄂􀄐􀄐􀅽􀆌􀄚􀄂􀅶􀄐􀄞􀀃􀇁􀅝􀆚􀅚􀀃􀆚􀅚􀄞􀀃􀅚􀅝􀆐􀆚􀅽􀆌􀅝􀄐􀄂􀅯􀀃􀄐􀅽􀆐􀆚􀀃􀄐􀅽􀅶􀇀􀄞􀅶􀆚􀅝􀅽􀅶􀍘􀀃􀁅􀅽􀀃􀄂􀅯􀅯􀅽􀇁􀄂􀅶􀄐􀄞􀀃􀅝􀆐􀀃􀅵􀄂􀄚􀄞􀀃􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀄞􀄨􀄨􀄞􀄐􀆚􀀃􀅽􀄨􀀃􀄐􀅚􀄂􀅶􀅐􀅝􀅶􀅐􀀃􀆉􀆌􀅝􀄐􀄞􀆐􀀃􀅽􀅶􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆐􀆵􀅯􀆚􀆐􀀃􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆉􀅽􀆐􀅝􀆚􀅝􀅽􀅶􀍘􀀃􀁤􀅚􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀀃􀄂􀆌􀄞􀀃􀆉􀆌􀄞􀆐􀄞􀅶􀆚􀄞􀄚􀀃􀅝􀅶􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀄚􀅽􀅯􀅯􀄂􀆌􀆐􀀃􀄂􀅶􀄚􀀃􀇀􀄂􀅯􀆵􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀆌􀅽􀆵􀅶􀄚􀄞􀄚􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀅶􀄞􀄂􀆌􀄞􀆐􀆚􀀃􀄚􀅽􀅯􀅯􀄂􀆌􀀃􀆵􀅶􀅯􀄞􀆐􀆐􀀃􀅽􀆚􀅚􀄞􀆌􀇁􀅝􀆐􀄞􀀃􀆐􀆉􀄞􀄐􀅝􀄨􀅝􀄞􀄚􀍘􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀁅􀁋􀁤􀀜􀁞􀀃􀁤􀁋􀀃􀀄􀁅􀀘􀀃􀀦􀁋􀁚􀁄􀀯􀁅􀀧􀀃􀁗􀀄􀁚􀁤􀀃􀁋􀀦􀀃􀁤􀀬􀀜􀀃􀀦􀀯􀁅􀀄􀁅􀀒􀀯􀀄􀀾􀀃􀁚􀀜􀁗􀁋􀁚􀁤 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀁅􀁋􀁤􀀜􀁞􀀃􀁤􀁋􀀃􀀄􀁅􀀘􀀃􀀦􀁋􀁚􀁄􀀃􀁗􀀄􀁚􀁤􀀃􀁋􀀦􀀃􀁤􀀬􀀜􀀃􀀦􀀯􀁅􀀄􀁅􀀒􀀯􀀄􀀾􀀃􀁚􀀜􀁗􀁋􀁚􀁤􀏭􀍘􀏭􀀃􀀜􀇆􀆉􀄞􀅶􀆐􀄞􀆐􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏭􀍘􀏭􀀄􀍗􀀃􀁞􀄐􀅝􀄞􀅶􀆚􀅝􀄨􀅝􀄐􀀃􀆌􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀁗􀆌􀅽􀅵􀅽􀆚􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀁞􀄐􀅝􀄞􀅶􀄐􀄞􀀃􀁗􀆌􀅽􀅐􀆌􀄂􀅵􀀃􀍲􀀃􀁞􀄐􀅚􀅽􀅯􀄂􀆌􀆐􀅚􀅝􀆉􀆐􀀃􀄂􀅶􀄚􀀃􀀦􀄞􀅯􀅯􀅽􀇁􀆐􀅚􀅝􀆉􀆐􀏭􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏭􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀁚􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃􀀯􀅶􀄨􀆌􀄂􀆐􀆚􀆌􀆵􀄐􀆚􀆵􀆌􀄞􀀃􀁗􀆌􀅽􀅐􀆌􀄂􀅵􀏰􀍕􀏯􀏬􀏱􀍕􀏬􀏬􀏬􀀃􀏵􀍕􀏰􀏱􀏴􀍕􀏬􀏬􀏬􀀃􀁅􀁞􀁴􀀃􀀜􀅶􀄚􀅽􀇁􀅵􀄞􀅶􀆚􀀃􀀧􀆌􀄂􀅶􀆚􀏰􀍕􀏳􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏭􀍕􀏰􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀀜􀄚􀆵􀄐􀄂􀆚􀅝􀅽􀅶􀀃􀄂􀅶􀄚􀀃􀁋􀆵􀆚􀆌􀄞􀄂􀄐􀅚􀀃􀁗􀆌􀅽􀅐􀆌􀄂􀅵􀀃􀍲􀏭􀏴􀍕􀏬􀏬􀏬􀀃􀀜􀇆􀆉􀄞􀆌􀅝􀅵􀄞􀅶􀆚􀄂􀅯􀀃􀀘􀄞􀇀􀄞􀅯􀅽􀆉􀅵􀄞􀅶􀆚􀀃􀁗􀆌􀅽􀅐􀆌􀄂􀅵􀏯􀍕􀏬􀏵􀏰􀍕􀏮􀏱􀏴􀀃􀏭􀍕􀏯􀏳􀏲􀍕􀏲􀏳􀏰􀀃􀁄􀅝􀆐􀆐􀅝􀅽􀅶􀆐􀀃􀁗􀆌􀅽􀅐􀆌􀄂􀅵􀏭􀍕􀏱􀏲􀏴􀍕􀏯􀏰􀏬􀀃􀀃􀍲􀁤􀅽􀆚􀄂􀅯􀀃􀆐􀄐􀅝􀄞􀅶􀆚􀅝􀄨􀅝􀄐􀀃􀆌􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀏭􀏯􀍕􀏳􀏲􀏳􀍕􀏱􀏵􀏴􀀃􀏭􀏮􀍕􀏯􀏱􀏮􀍕􀏲􀏳􀏰􀀃􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏭􀍘􀏭􀀑􀍗􀀃􀁞􀄞􀆌􀇀􀅝􀄐􀄞􀀃􀄨􀄞􀄞􀀃􀆵􀅶􀄚􀄞􀆌􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀄂􀅐􀆌􀄞􀄞􀅵􀄞􀅶􀆚􀀃􀇁􀅝􀆚􀅚􀀃􀀒􀁞􀀯􀁚􀁋􀁞􀄞􀆌􀇀􀅝􀄐􀄞􀀃􀄨􀄞􀄞􀏱􀏱􀏭􀍕􀏬􀏬􀏬􀀃􀏱􀏯􀏭􀍕􀏬􀏬􀏬􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀀃􀄨􀄞􀄞􀏱􀏱􀏭􀍕􀏬􀏬􀏬􀀃􀏱􀏯􀏭􀍕􀏬􀏬􀏬􀀃 􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏭􀍘􀏭􀀒􀍗􀀃􀀄􀆵􀄚􀅝􀆚􀀃􀄨􀄞􀄞􀆐􀀄􀆵􀄚􀅝􀆚􀀃􀄨􀄞􀄞􀆐􀏭􀏵􀍕􀏬􀏬􀏬􀀃􀏭􀏵􀍕􀏬􀏬􀏬􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀄂􀆵􀄚􀅝􀆚􀀃􀄨􀄞􀄞􀆐􀏭􀏵􀍕􀏬􀏬􀏬􀀃􀏭􀏵􀍕􀏬􀏬􀏬􀀃􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏭􀍘􀏭􀀘􀍗􀀃􀁋􀆚􀅚􀄞􀆌􀀃􀄨􀄞􀄞􀆐􀁋􀆚􀅚􀄞􀆌􀀃􀄨􀄞􀄞􀆐􀏯􀀃􀏭􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀄨􀄞􀄞􀆐􀏯􀀃􀏭􀀃􀁞􀀒􀀯􀀜􀁅􀀒􀀜􀀃􀀄􀁅􀀘􀀃􀀯􀁅􀀘􀁨􀁞􀁤􀁚􀁺􀀃􀀜􀁅􀀘􀁋􀁴􀁄􀀜􀁅􀁤􀀃􀀦􀁨􀁅􀀘􀄨􀅽􀆌􀀃􀆚􀅚􀄞􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄞􀅶􀄚􀄞􀄚􀀃􀏯􀏬􀀃􀀺􀆵􀅶􀄞􀀃􀏮􀏬􀏮􀏱􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀁤􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀀃􀄂􀇁􀄂􀆌􀄚􀆐􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀀃􀆚􀅽􀀃􀆐􀆵􀆉􀆉􀅽􀆌􀆚􀀃􀄂􀆉􀆉􀆌􀅽􀇀􀄞􀄚􀀃􀄞􀅯􀅝􀅐􀅝􀄏􀅯􀄞􀀃􀄂􀆉􀆉􀅯􀅝􀄐􀄂􀆚􀅝􀅽􀅶􀆐􀀃􀄂􀅶􀄚􀀃􀄂􀄐􀆚􀅝􀇀􀅝􀆚􀅝􀄞􀆐􀀃􀅝􀅶􀀃􀅝􀅶􀆐􀆚􀄂􀅯􀅵􀄞􀅶􀆚􀆐􀍕􀀃􀆐􀆵􀄏􀅩􀄞􀄐􀆚􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀄐􀅽􀅵􀆉􀅯􀄞􀆚􀅝􀅽􀅶􀀃􀄏􀇇􀀃􀅐􀆌􀄂􀅶􀆚􀀃􀆌􀄞􀄐􀅝􀆉􀅝􀄞􀅶􀆚􀆐􀀃􀅽􀄨􀀃􀄨􀆵􀅶􀄚􀅝􀅶􀅐􀀃􀅵􀅝􀅯􀄞􀆐􀆚􀅽􀅶􀄞􀆐􀀃􀇁􀅚􀅝􀄐􀅚􀀃􀄂􀆌􀄞􀀃􀇀􀄞􀆌􀅝􀄨􀅝􀄞􀄚􀀃􀆚􀅚􀆌􀅽􀆵􀅐􀅚􀀃􀆉􀆌􀅽􀇀􀅝􀆐􀅝􀅽􀅶􀀃􀅽􀄨􀀃􀆐􀄂􀆚􀅝􀆐􀄨􀄂􀄐􀆚􀅽􀆌􀇇􀀃􀆉􀆌􀅽􀅐􀆌􀄞􀆐􀆐􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀆐􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀀃􀁄􀄂􀅶􀄂􀅐􀄞􀆌􀍘􀀃􀀄􀅯􀅯􀀃􀄐􀅽􀆐􀆚􀆐􀀃􀄂􀆐􀆐􀅽􀄐􀅝􀄂􀆚􀄞􀄚􀀃􀇁􀅝􀆚􀅚􀀃􀆉􀆌􀅽􀇀􀅝􀄚􀅝􀅶􀅐􀀃􀆐􀄐􀅝􀄞􀅶􀆚􀅝􀄨􀅝􀄐􀀃􀆌􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀀃􀄂􀆌􀄞􀀃􀄞􀇆􀆉􀄞􀅶􀆐􀄞􀄚􀀃􀄂􀆚􀀃􀄂􀄐􀄐􀄞􀆉􀆚􀄂􀅶􀄐􀄞􀀃􀅽􀄨􀀃􀆌􀄞􀅯􀄞􀇀􀄂􀅶􀆚􀀃􀆉􀆌􀅽􀅐􀆌􀄞􀆐􀆐􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀆐􀍘􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀁞􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀄨􀄞􀄞􀆐􀀃􀆵􀅶􀄚􀄞􀆌􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀄂􀅐􀆌􀄞􀄞􀅵􀄞􀅶􀆚􀀃􀇁􀅝􀆚􀅚􀀃􀀒􀁞􀀯􀁚􀁋􀀃􀄂􀆌􀄞􀀃􀄞􀇆􀆉􀄞􀅶􀆐􀄞􀄚􀀃􀄂􀆐􀀃􀅝􀅶􀄐􀆵􀆌􀆌􀄞􀄚􀍘􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀀄􀆵􀄚􀅝􀆚􀀃􀄨􀄞􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀇁􀅚􀄞􀅶􀀃􀆚􀅚􀄞􀇇􀀃􀅚􀄂􀇀􀄞􀀃􀄏􀄞􀄞􀅶􀀃􀅝􀅶􀄐􀆵􀆌􀆌􀄞􀄚􀀃􀍾􀅝􀆌􀆌􀄞􀆐􀆉􀄞􀄐􀆚􀅝􀇀􀄞􀀃􀅽􀄨􀀃􀅚􀄂􀇀􀅝􀅶􀅐􀀃􀄏􀄞􀄞􀅶􀀃􀅝􀅶􀇀􀅽􀅝􀄐􀄞􀄚􀍿􀍘􀀃􀁋􀆵􀆚􀆐􀅝􀄚􀄞􀀃􀅽􀄨􀀃􀄂􀆵􀄚􀅝􀆚􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀍕􀀃􀅶􀅽􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀅚􀄂􀆐􀀃􀄏􀄞􀄞􀅶􀀃􀆉􀆌􀅽􀇀􀅝􀄚􀄞􀄚􀀃􀄏􀇇􀀃􀆚􀅚􀄞􀀃􀄂􀆵􀄚􀅝􀆚􀅽􀆌􀆐􀍘􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀀄􀅯􀅯􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀄨􀄞􀄞􀆐􀀃􀅝􀅶􀄐􀅯􀆵􀄚􀄞􀀃􀅽􀆉􀄞􀆌􀄂􀆚􀅝􀅽􀅶􀄂􀅯􀀃􀄞􀇆􀆉􀄞􀅶􀆐􀄞􀆐􀀃􀄂􀅶􀄚􀀃􀄂􀆌􀄞􀀃􀄞􀇆􀆉􀄞􀅶􀆐􀄞􀄚􀀃􀄂􀆐􀀃􀅝􀅶􀄐􀆵􀆌􀆌􀄞􀄚􀍘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀏭􀍘􀏮􀀃􀀯􀅶􀄐􀅽􀅵􀄞􀀃􀄂􀅶􀄚􀀃􀀧􀄂􀅝􀅶􀆐􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏭􀍘􀏮􀀄􀍗􀀃􀀯􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆌􀄞􀇀􀄞􀅶􀆵􀄞􀀑􀄂􀅶􀅬􀀃􀄂􀄐􀄐􀅽􀆵􀅶􀆚􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀏱􀏵􀏭􀍕􀏰􀏵􀏱􀀃􀏲􀏰􀏱􀍕􀏰􀏬􀏮􀀃􀁤􀄞􀆌􀅵􀀃􀄚􀄞􀆉􀅽􀆐􀅝􀆚􀆐􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀏱􀍕􀏮􀏬􀏴􀍕􀏳􀏰􀏴􀀃􀏱􀍕􀏭􀏲􀏵􀍕􀏱􀏬􀏳􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆌􀄞􀇀􀄞􀅶􀆵􀄞􀏱􀍕􀏴􀏬􀏬􀍕􀏮􀏰􀏯􀀃􀏱􀍕􀏴􀏭􀏰􀍕􀏵􀏬􀏵􀀃􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰 􀏭􀍘􀏮􀀑􀍗􀀃􀀧􀅝􀄨􀆚􀆐􀀒􀁞􀀯􀁚􀁋􀀃􀅐􀅝􀄨􀆚􀀃􀍲􀏴􀍕􀏬􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀅐􀅝􀄨􀆚􀆐􀀃􀍲􀏴􀍕􀏬􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀀧􀅝􀄨􀆚􀆐􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀄂􀆐􀀃􀅝􀅶􀄐􀅽􀅵􀄞􀀃􀇁􀅚􀄞􀅶􀀃􀆚􀅚􀄞􀀃􀄞􀅶􀆚􀅝􀆚􀇇􀀃􀅐􀄂􀅝􀅶􀆐􀀃􀄐􀅽􀅶􀆚􀆌􀅽􀅯􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀄨􀆵􀅶􀄚􀆐􀍕􀀃􀇁􀅚􀄞􀆌􀄞􀀃􀆚􀅚􀄞􀀃􀄐􀅽􀅶􀆐􀅝􀄚􀄞􀆌􀄂􀆚􀅝􀅽􀅶􀀃􀆚􀅽􀀃􀄂􀄐􀆋􀆵􀅝􀆌􀄞􀀃􀄂􀅶􀀃􀄂􀆐􀆐􀄞􀆚􀀃􀅝􀆐􀀃􀆐􀅝􀅐􀅶􀅝􀄨􀅝􀄐􀄂􀅶􀆚􀅯􀇇􀀃􀅯􀄞􀆐􀆐􀀃􀆚􀅚􀄂􀅶􀀃􀄨􀄂􀅝􀆌􀀃􀇀􀄂􀅯􀆵􀄞􀍘􀀃􀀧􀅝􀄨􀆚􀆐􀍕􀀃􀄏􀄞􀆋􀆵􀄞􀆐􀆚􀆐􀀃􀅽􀆌􀀃􀄚􀅽􀅶􀄂􀆚􀅝􀅽􀅶􀆐􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀄂􀆚􀀃􀆚􀅚􀄞􀅝􀆌􀀃􀅶􀅽􀅵􀅝􀅶􀄂􀅯􀀃􀄂􀅵􀅽􀆵􀅶􀆚􀆐􀀃􀄂􀆐􀀃􀄂􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀄂􀆐􀆐􀄞􀆚􀀃􀆵􀅶􀄚􀄞􀆌􀀃􀀄􀀄􀁞􀀑􀀃􀏵􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀀯􀅶􀆐􀆚􀆌􀆵􀅵􀄞􀅶􀆚􀆐􀀃􀄂􀆐􀀃􀅚􀅝􀅐􀅚􀅯􀅝􀅐􀅚􀆚􀄞􀄚􀀃􀅝􀅶􀀃􀆉􀄂􀆌􀄂􀅐􀆌􀄂􀆉􀅚􀀃􀏴􀀃􀅽􀄨􀀃􀀄􀀄􀁞􀀑􀀃􀏭􀏬􀏱􀏴􀀃􀀯􀅶􀄐􀅽􀅵􀄞􀀃􀅽􀄨􀀃􀁅􀅽􀆚􀍲􀄨􀅽􀆌􀍲􀁗􀆌􀅽􀄨􀅝􀆚􀀃􀀜􀅶􀆚􀅝􀆚􀅝􀄞􀆐􀍘􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀀯􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆌􀄞􀇀􀄞􀅶􀆵􀄞􀀃􀅝􀆐􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀆵􀆐􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀄞􀄨􀄨􀄞􀄐􀆚􀅝􀇀􀄞􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀅵􀄞􀆚􀅚􀅽􀄚􀀃􀄂􀆐􀀃􀆐􀄞􀆚􀀃􀅽􀆵􀆚􀀃􀅝􀅶􀀃􀀄􀀄􀁞􀀑􀀃􀏵􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀀯􀅶􀆐􀆚􀆌􀆵􀅵􀄞􀅶􀆚􀆐􀍘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀏮􀍘􀏭􀀃􀀄􀆐􀆐􀄞􀆚􀆐􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏮􀍘􀏭􀀄􀍗􀀃􀀒􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀀃􀄞􀆋􀆵􀅝􀇀􀄂􀅯􀄞􀅶􀆚􀆐􀀒􀄂􀆐􀅚􀀃􀄂􀆚􀀃􀄏􀄂􀅶􀅬􀏵􀍕􀏴􀏳􀏮􀍕􀏭􀏭􀏯􀀃􀏭􀏲􀍕􀏳􀏬􀏬􀍕􀏯􀏮􀏳􀀃􀁤􀄞􀆌􀅵􀀃􀄚􀄞􀆉􀅽􀆐􀅝􀆚􀆐􀏭􀏬􀏭􀍕􀏬􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀏭􀏬􀏮􀍕􀏴􀏬􀏬􀍕􀏬􀏬􀏬􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀄐􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀀃􀄞􀆋􀆵􀅝􀇀􀄂􀅯􀄞􀅶􀆚􀆐􀏭􀏭􀏬􀍕􀏴􀏳􀏮􀍕􀏭􀏭􀏯􀀃􀏭􀏭􀏵􀍕􀏱􀏬􀏬􀍕􀏯􀏮􀏳􀀃􀏮􀏬􀏮􀏱􀏮􀏬􀏮􀏰􀏮􀍘􀏭􀀑􀍗􀀃􀁤􀆌􀄂􀄚􀄞􀀃􀄂􀅶􀄚􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀆐􀀯􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀏭􀍕􀏳􀏱􀏵􀍕􀏬􀏮􀏱􀀃􀏭􀍕􀏱􀏴􀏭􀍕􀏰􀏲􀏵􀀃􀀧􀁞􀁤􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀏳􀏲􀍕􀏴􀏬􀏬􀀃􀏭􀏲􀏯􀍕􀏱􀏬􀏬􀀃􀁤􀅽􀆚􀄂􀅯􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀆐􀏭􀍕􀏴􀏯􀏱􀍕􀏴􀏮􀏱􀀃􀏭􀍕􀏳􀏰􀏰􀍕􀏵􀏲􀏵􀀃􀀾􀄞􀆐􀆐􀀃􀅝􀅵􀆉􀄂􀅝􀆌􀅵􀄞􀅶􀆚􀀃􀅯􀅽􀆐􀆐􀀃􀄂􀅯􀅯􀅽􀇁􀄂􀅶􀄐􀄞􀀃􀍲􀀃􀍲􀁤􀅽􀆚􀄂􀅯􀀃􀆚􀆌􀄂􀄚􀄞􀀃􀄂􀅶􀄚􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀆐􀏭􀍕􀏴􀏯􀏱􀍕􀏴􀏮􀏱􀀃􀏭􀍕􀏳􀏰􀏰􀍕􀏵􀏲􀏵􀀃􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀀒􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀄐􀄂􀆐􀅚􀀃􀄞􀆋􀆵􀅝􀇀􀄂􀅯􀄞􀅶􀆚􀆐􀀃􀅝􀅶􀄐􀅯􀆵􀄚􀄞􀀃􀄐􀄂􀆐􀅚􀀃􀅽􀅶􀀃􀅚􀄂􀅶􀄚􀀃􀄂􀅶􀄚􀀃􀄚􀄞􀅵􀄂􀅶􀄚􀀃􀄚􀄞􀆉􀅽􀆐􀅝􀆚􀆐􀀃􀅝􀅶􀀃􀄏􀄂􀅶􀅬􀀃􀄂􀄐􀄐􀅽􀆵􀅶􀆚􀆐􀀃􀇁􀅝􀆚􀅚􀀃􀄂􀅶􀀃􀅽􀆌􀅝􀅐􀅝􀅶􀄂􀅯􀀃􀅵􀄂􀆚􀆵􀆌􀅝􀆚􀇇􀀃􀅽􀄨􀀃􀏭􀏮􀀃􀅵􀅽􀅶􀆚􀅚􀆐􀀃􀅽􀆌􀀃􀅯􀄞􀆐􀆐􀀃􀆚􀅚􀄂􀆚􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄂􀄚􀅝􀅯􀇇􀀃􀄐􀅽􀅶􀇀􀄞􀆌􀆚􀅝􀄏􀅯􀄞􀀃􀆚􀅽􀀃􀅬􀅶􀅽􀇁􀅶􀀃􀄂􀅵􀅽􀆵􀅶􀆚􀆐􀀃􀅽􀄨􀀃􀄐􀄂􀆐􀅚􀀃􀄂􀅶􀄚􀀃􀆐􀆵􀄏􀅩􀄞􀄐􀆚􀀃􀆚􀅽􀀃􀅝􀅶􀆐􀅝􀅐􀅶􀅝􀄨􀅝􀄐􀄂􀅶􀆚􀀃􀆌􀅝􀆐􀅬􀀃􀅽􀄨􀀃􀄐􀅚􀄂􀅶􀅐􀄞􀀃􀅝􀅶􀀃􀇀􀄂􀅯􀆵􀄞􀍘􀀃􀀒􀄂􀆐􀅚􀀃􀅝􀆐􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀄂􀆚􀀃􀅝􀆚􀆐􀀃􀅶􀅽􀅵􀅝􀅶􀄂􀅯􀀃􀄂􀅵􀅽􀆵􀅶􀆚􀍘􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀁤􀆌􀄂􀄚􀄞􀀃􀄂􀅶􀄚􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄂􀄏􀅯􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀄂􀆐􀆐􀄞􀆚􀆐􀀃􀅚􀄞􀅯􀄚􀀃􀄨􀅽􀆌􀀃􀄐􀅽􀅯􀅯􀄞􀄐􀆚􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀄐􀅽􀅶􀆚􀆌􀄂􀄐􀆚􀆵􀄂􀅯􀀃􀄐􀄂􀆐􀅚􀀃􀄨􀅯􀅽􀇁􀆐􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀄂􀆐􀆐􀄞􀆚􀍕􀀃􀇁􀅚􀄞􀆌􀄞􀀃􀆚􀅚􀄞􀀃􀄐􀄂􀆐􀅚􀀃􀄨􀅯􀅽􀇁􀆐􀀃􀄂􀆌􀄞􀀃􀆐􀅽􀅯􀄞􀅯􀇇􀀃􀆉􀄂􀇇􀅵􀄞􀅶􀆚􀆐􀀃􀅽􀄨􀀃􀆉􀆌􀅝􀅶􀄐􀅝􀆉􀅯􀄞􀀃􀄂􀅶􀄚􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀆚􀅚􀄂􀆚􀀃􀄂􀆌􀄞􀀃􀅶􀅽􀆚􀀃􀆉􀆌􀅽􀇀􀅝􀄚􀄞􀄚􀀃􀄂􀆚􀀃􀄏􀄞􀅯􀅽􀇁􀍲􀅵􀄂􀆌􀅬􀄞􀆚􀀃􀆌􀄂􀆚􀄞􀆐􀍘􀀃􀁤􀅚􀄞􀇇􀀃􀄂􀆌􀄞􀀃􀆐􀆵􀄏􀆐􀄞􀆋􀆵􀄞􀅶􀆚􀅯􀇇􀀃􀅵􀄞􀄂􀆐􀆵􀆌􀄞􀄚􀀃􀄂􀆚􀀃􀄂􀅵􀅽􀆌􀆚􀅝􀆐􀄞􀄚􀀃􀄐􀅽􀆐􀆚􀀃􀆵􀆐􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀄞􀄨􀄨􀄞􀄐􀆚􀅝􀇀􀄞􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀅵􀄞􀆚􀅚􀅽􀄚􀀃􀄂􀄚􀅩􀆵􀆐􀆚􀄞􀄚􀀃􀄨􀅽􀆌􀀃􀄂􀅶􀇇􀀃􀅯􀅽􀆐􀆐􀀃􀄂􀅯􀅯􀅽􀇁􀄂􀅶􀄐􀄞􀍘􀀃􀁚􀄞􀄨􀄞􀆌􀀃􀆚􀅽􀀃􀄂􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀆉􀅽􀅯􀅝􀄐􀅝􀄞􀆐􀀃􀅽􀄨􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀄂􀆐􀆐􀄞􀆚􀆐􀀃􀅝􀅶􀀃􀁅􀅽􀆚􀄞􀀃􀏯􀍘􀏭􀀃􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀀯􀅶􀆐􀆚􀆌􀆵􀅵􀄞􀅶􀆚􀆐􀀃􀍲􀀃􀀯􀅶􀅝􀆚􀅝􀄂􀅯􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆚􀅝􀅽􀅶􀀃􀄂􀅶􀄚􀀃􀆐􀆵􀄏􀆐􀄞􀆋􀆵􀄞􀅶􀆚􀀃􀅵􀄞􀄂􀆐􀆵􀆌􀄞􀅵􀄞􀅶􀆚􀍘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 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􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀅯􀅝􀄂􀄏􀅝􀅯􀅝􀆚􀅝􀄞􀆐􀀃􀄂􀆚􀀃􀄂􀅵􀅽􀆌􀆚􀅝􀆐􀄞􀄚􀀃􀄐􀅽􀆐􀆚􀀦􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀅯􀅝􀄂􀄏􀅝􀅯􀅝􀆚􀅝􀄞􀆐􀍕􀀃􀅝􀅶􀄐􀅯􀆵􀄚􀅝􀅶􀅐􀀃􀄏􀅽􀆌􀆌􀅽􀇁􀅝􀅶􀅐􀆐􀀃􀄂􀆌􀄞􀀃􀅝􀅶􀅝􀆚􀅝􀄂􀅯􀅯􀇇􀀃􀅵􀄞􀄂􀆐􀆵􀆌􀄞􀄚􀀃􀄂􀆚􀀃􀄨􀄂􀅝􀆌􀀃􀇀􀄂􀅯􀆵􀄞􀍕􀀃􀅶􀄞􀆚􀀃􀅽􀄨􀀃􀆚􀆌􀄂􀅶􀆐􀄂􀄐􀆚􀅝􀅽􀅶􀀃􀄐􀅽􀆐􀆚􀆐􀍘􀀃􀁤􀅚􀄞􀆐􀄞􀀃􀅯􀅝􀄂􀄏􀅝􀅯􀅝􀆚􀅝􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀆐􀆵􀄏􀆐􀄞􀆋􀆵􀄞􀅶􀆚􀅯􀇇􀀃􀅵􀄞􀄂􀆐􀆵􀆌􀄞􀄚􀀃􀄂􀆚􀀃􀄂􀅵􀅽􀆌􀆚􀅝􀆐􀄞􀄚􀀃􀄐􀅽􀆐􀆚􀀃􀆵􀆐􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀅵􀄞􀆚􀅚􀅽􀄚􀍕􀀃􀇁􀅝􀆚􀅚􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀄞􀇆􀆉􀄞􀅶􀆐􀄞􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀅽􀅶􀀃􀄂􀅶􀀃􀄞􀄨􀄨􀄞􀄐􀆚􀅝􀇀􀄞􀀃􀅝􀅶􀆚􀄞􀆌􀄞􀆐􀆚􀀃􀄏􀄂􀆐􀅝􀆐􀍘􀀃􀁞􀆵􀆉􀆉􀅯􀅝􀄞􀆌􀀃􀄂􀅶􀄚􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆉􀄂􀇇􀄂􀄏􀅯􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀄂􀆚􀀃􀄂􀅵􀅽􀆌􀆚􀅝􀆐􀄞􀄚􀀃􀄐􀅽􀆐􀆚􀍘􀀃􀀾􀅝􀄂􀄏􀅝􀅯􀅝􀆚􀅝􀄞􀆐􀀃􀄂􀆌􀄞􀀃􀆌􀄞􀄐􀅽􀅐􀅶􀅝􀆐􀄞􀄚􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀀃􀄞􀇆􀆚􀄞􀅶􀆚􀀃􀆚􀅚􀄂􀆚􀀃􀆚􀅚􀄞􀀃􀅐􀅽􀅽􀄚􀀃􀅽􀆌􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀅚􀄂􀇀􀄞􀀃􀄏􀄞􀄞􀅶􀀃􀆌􀄞􀄐􀄞􀅝􀇀􀄞􀄚􀀃􀍾􀄂􀅶􀄚􀀃􀅝􀆌􀆌􀄞􀆐􀆉􀄞􀄐􀆚􀅝􀇀􀄞􀀃􀅽􀄨􀀃􀅚􀄂􀇀􀅝􀅶􀅐􀀃􀄏􀄞􀄞􀅶􀀃􀅝􀅶􀇀􀅽􀅝􀄐􀄞􀄚􀍿􀍘􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 SIEF financial statements 􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾􀎷􀏰􀍘􀏭􀀃􀁚􀄞􀅯􀄂􀆚􀄞􀄚􀀃􀁗􀄂􀆌􀆚􀅝􀄞􀆐􀀄􀄐􀄐􀅽􀆵􀅶􀆚􀅝􀅶􀅐􀀃􀁗􀅽􀅯􀅝􀄐􀇇􀁤􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀀃􀅝􀆐􀀃􀄂􀀃􀇁􀅚􀅽􀅯􀅯􀇇􀀃􀄐􀅽􀅶􀆚􀆌􀅽􀅯􀅯􀄞􀄚􀀃􀆐􀆵􀄏􀆐􀅝􀄚􀅝􀄂􀆌􀇇􀀃􀅽􀄨􀀃􀀒􀁞􀀯􀁚􀁋􀍘􀀃􀁤􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀅝􀆐􀀃􀆚􀅚􀄞􀀃􀀒􀅚􀅝􀄞􀄨􀀃􀀜􀇆􀄞􀄐􀆵􀆚􀅝􀇀􀄞􀀃􀅽􀄨􀀃􀀒􀁞􀀯􀁚􀁋􀍕􀀃􀇁􀅚􀅽􀀃􀅝􀆐􀀃􀆌􀄞􀅵􀆵􀅶􀄞􀆌􀄂􀆚􀄞􀄚􀀃􀆚􀅚􀆌􀅽􀆵􀅐􀅚􀀃􀀒􀁞􀀯􀁚􀁋􀀃􀄂􀅶􀄚􀀃􀅶􀅽􀆚􀀃􀆉􀄂􀅝􀄚􀀃􀄂􀅶􀀃􀄂􀄚􀄚􀅝􀆚􀅝􀅽􀅶􀄂􀅯􀀃􀆐􀄂􀅯􀄂􀆌􀇇􀀃􀄨􀅽􀆌􀀃􀅚􀅝􀆐􀀃􀆌􀅽􀅯􀄞􀀃􀄂􀆐􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀍘􀀃􀁤􀅚􀄞􀆌􀄞􀀃􀇁􀄞􀆌􀄞􀀃􀅶􀅽􀀃􀆚􀆌􀄂􀅶􀆐􀄂􀄐􀆚􀅝􀅽􀅶􀆐􀀃􀄚􀆵􀆌􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄏􀄞􀆚􀇁􀄞􀄞􀅶􀀃􀆚􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀄂􀅶􀄚􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀍘􀀃􀁚􀄞􀅯􀄂􀆚􀄞􀄚􀀃􀆉􀄂􀆌􀆚􀅝􀄞􀆐􀀃􀆚􀅽􀀃􀆚􀅚􀅝􀆐􀀃􀄞􀅶􀆚􀅝􀆚􀇇􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆚􀅚􀄂􀅶􀀃􀆚􀅚􀄞􀀃􀁤􀆌􀆵􀆐􀆚􀄞􀄞􀀃􀄂􀆌􀄞􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀀄􀆵􀆐􀆚􀆌􀄂􀅯􀅝􀄂􀅶􀀃􀀧􀅽􀇀􀄞􀆌􀅶􀅵􀄞􀅶􀆚􀀃􀀜􀅶􀆚􀅝􀆚􀅝􀄞􀆐􀍘􀀯􀅶􀀃􀏮􀏬􀏮􀏰􀍲􀏮􀏱􀍕􀀃􀎨􀏭􀏯􀍕􀏲􀏲􀏳􀍕􀏱􀏵􀏴􀀃􀍾􀀧􀁞􀁤􀀃􀄞􀇆􀄐􀅯􀆵􀆐􀅝􀇀􀄞􀍿􀀃􀅽􀄨􀀃􀆚􀅚􀄞􀀃􀆐􀄐􀅝􀄞􀅶􀆚􀅝􀄨􀅝􀄐􀀃􀆌􀄞􀆐􀄞􀄂􀆌􀄐􀅚􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀀃􀇁􀄞􀆌􀄞􀀃􀆉􀄂􀅝􀄚􀀃􀆚􀅽􀀃􀀒􀁞􀀯􀁚􀁋􀍕􀀃􀆌􀄞􀄨􀄞􀆌􀀃􀁅􀅽􀆚􀄞􀀃􀏭􀍘􀏭􀀄􀀃􀍾􀏮􀏬􀏮􀏯􀍲􀏮􀏰􀀃􀎨􀏭􀏮􀍕􀏮􀏱􀏮􀍕􀏲􀏳􀏰􀍿􀍘􀀃􀁞􀄞􀆌􀇀􀅝􀄐􀄞􀀃􀄨􀄞􀄞􀆐􀀃􀅽􀄨􀀃􀎨􀏱􀏱􀏭􀍕􀏬􀏬􀏬􀀃􀍾􀀧􀁞􀁤􀀃􀄞􀇆􀄐􀅯􀆵􀆐􀅝􀇀􀄞􀍿􀀃􀇁􀄞􀆌􀄞􀀃􀆉􀄂􀅝􀄚􀀃􀆚􀅽􀀃􀀒􀁞􀀯􀁚􀁋􀀃􀅝􀅶􀀃􀏮􀏬􀏮􀏰􀍲􀏮􀏱􀀃􀆵􀅶􀄚􀄞􀆌􀀃􀆚􀅚􀄞􀀃􀆐􀄞􀆌􀇀􀅝􀄐􀄞􀆐􀀃􀄂􀅐􀆌􀄞􀄞􀅵􀄞􀅶􀆚􀀃􀇁􀅝􀆚􀅚􀀃􀀒􀁞􀀯􀁚􀁋􀍕􀀃􀆌􀄞􀄨􀄞􀆌􀀃􀁅􀅽􀆚􀄞􀀃􀏭􀍘􀏭􀀑􀍾􀏮􀏬􀏮􀏯􀍲􀏮􀏰􀀃􀎨􀏱􀏯􀏭􀍕􀏬􀏬􀏬􀍿􀍘􀀃􀀯􀅶􀀃􀄐􀅽􀅶􀆐􀅝􀄚􀄞􀆌􀅝􀅶􀅐􀀃􀆌􀄞􀅯􀄂􀆚􀅝􀅽􀅶􀆐􀅚􀅝􀆉􀆐􀀃􀇁􀅝􀆚􀅚􀀃􀆌􀄞􀅯􀄂􀆚􀄞􀄚􀀃􀄞􀅶􀆚􀅝􀆚􀅝􀄞􀆐􀀃􀄂􀅶􀄚􀀃􀆚􀆌􀄂􀅶􀆐􀄂􀄐􀆚􀅝􀅽􀅶􀆐􀀃􀄞􀅶􀆚􀄞􀆌􀄞􀄚􀀃􀅝􀅶􀆚􀅽􀀃􀄚􀆵􀆌􀅝􀅶􀅐􀀃􀆚􀅚􀄞􀀃􀆌􀄞􀆉􀅽􀆌􀆚􀅝􀅶􀅐􀀃􀆉􀄞􀆌􀅝􀅽􀄚􀀃􀄏􀇇􀀃􀆚􀅚􀄞􀀃􀀦􀆵􀅶􀄚􀍕􀀃􀅝􀆚􀀃􀅚􀄂􀆐􀀃􀄏􀄞􀄞􀅶􀀃􀄚􀄞􀆚􀄞􀆌􀅵􀅝􀅶􀄞􀄚􀀃􀆚􀅚􀄂􀆚􀀃􀆚􀅚􀄞􀆌􀄞􀀃􀄂􀆌􀄞􀀃􀅶􀅽􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀆌􀄞􀅯􀄂􀆚􀄞􀄚􀀃􀆉􀄂􀆌􀆚􀇇􀀃􀆚􀆌􀄂􀅶􀆐􀄂􀄐􀆚􀅝􀅽􀅶􀆐􀀃􀆌􀄞􀆋􀆵􀅝􀆌􀄞􀄚􀀃􀆚􀅽􀀃􀄏􀄞􀀃􀆐􀄞􀆉􀄂􀆌􀄂􀆚􀄞􀅯􀇇􀀃􀄚􀅝􀆐􀄐􀅯􀅽􀆐􀄞􀄚􀀃􀇁􀅚􀄞􀅶􀀃􀆚􀄂􀅬􀅝􀅶􀅐􀀃􀅝􀅶􀆚􀅽􀀃􀄂􀄐􀄐􀅽􀆵􀅶􀆚􀀃􀆚􀅚􀄞􀀃􀄚􀄞􀆚􀄂􀅝􀅯􀆐􀀃􀆉􀆌􀅽􀇀􀅝􀄚􀄞􀄚􀀃􀇁􀅝􀆚􀅚􀅝􀅶􀀃􀅽􀆚􀅚􀄞􀆌􀀃􀅶􀅽􀆚􀄞􀆐􀀃􀆚􀅽􀀃􀆚􀅚􀄞􀆐􀄞􀀃􀄨􀅝􀅶􀄂􀅶􀄐􀅝􀄂􀅯􀀃􀆐􀆚􀄂􀆚􀄞􀅵􀄞􀅶􀆚􀆐􀍘􀀃􀀧􀆌􀄂􀅶􀆚􀀃􀄨􀆵􀅶􀄚􀆐􀀃􀄂􀆌􀄞􀀃􀄂􀄚􀅵􀅝􀅶􀅝􀆐􀆚􀄞􀆌􀄞􀄚􀀃􀄂􀅶􀄚􀀃􀄂􀆉􀆉􀅯􀅝􀄞􀄚􀀃􀅝􀅶􀀃􀄂􀄐􀄐􀅽􀆌􀄚􀄂􀅶􀄐􀄞􀀃􀇁􀅝􀆚􀅚􀀃􀁗􀆌􀅽􀅐􀆌􀄂􀅵􀀃􀀦􀆵􀅶􀄚􀅝􀅶􀅐􀀃􀀄􀅐􀆌􀄞􀄞􀅵􀄞􀅶􀆚􀆐􀍘􀀃􀀄􀇁􀄂􀆌􀄚􀄞􀄚􀀃􀅐􀆌􀄂􀅶􀆚􀆐􀀃􀄂􀆌􀄞􀀃􀄂􀆐􀆐􀄞􀆐􀆐􀄞􀄚􀀃􀄂􀅐􀄂􀅝􀅶􀆐􀆚􀀃􀄂􀀃􀆐􀄞􀆚􀀃􀅽􀄨􀀃􀄞􀆐􀆚􀄂􀄏􀅯􀅝􀆐􀅚􀄞􀄚􀀃􀄐􀆌􀅝􀆚􀄞􀆌􀅝􀄂􀀃􀆉􀆌􀅝􀅽􀆌􀀃􀆚􀅽􀀃􀄂􀆉􀆉􀆌􀅽􀇀􀄂􀅯􀀃􀄂􀅶􀄚􀀃􀄂􀅯􀅯􀀃􀄞􀅯􀅝􀅐􀅝􀄏􀅯􀄞􀀃􀄂􀆉􀆉􀅯􀅝􀄐􀄂􀆚􀅝􀅽􀅶􀆐􀀃􀄂􀆌􀄞􀀃􀄂􀆐􀆐􀄞􀆐􀆐􀄞􀄚􀀃􀄞􀆋􀆵􀄂􀅯􀅯􀇇􀍘􀀃􀎷􀀃􀁋􀀦􀀦􀀯􀀒􀀯􀀄􀀾 154 Appendix A Human resources 159 Appendix B Accountable authority 164 Appendix C Sustainability compliance report 200 Appendix D Compliance and legislation 206 Acronyms 208 Glossary 210 Index 220 Corrections to previous Annual Reports 221 Contact us Part 6 Appendices and indexes Appendix A Human resources Table A.1: All ongoing employees current report period (2024–25) MAN/MALE WOMAN/FEMALE NON-BINARY FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL NSW 377 11 388 202 48 250 0 0 0 QLD 384 13 397 283 60 343 0 0 0 SA 86 8 94 97 19 116 0 0 0 TAS 211 6 217 106 12 118 0 0 0 VIC 671 25 696 424 86 510 0 0 0 WA 297 3 300 143 42 185 0 0 0 ACT 423 16 439 272 82 354 0 0 0 NT 7 0 7 8 2 10 0 0 0 External territories 0 0 0 0 0 0 0 0 0 OS 0 0 0 1 0 1 0 0 0 Total 2,456 82 2,538 1,536 351 1,887 0 0 0 Table A.2: All non-ongoing employees* current report period (2024–25) MAN/MALE WOMAN/FEMALE NON-BINARY FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL NSW 112 2 114 94 12 106 0 0 0 QLD 122 5 127 133 12 145 0 0 0 SA 27 0 27 30 7 37 0 0 0 TAS 36 2 38 18 7 25 0 0 0 VIC 176 12 188 146 16 162 0 0 0 WA 93 4 97 65 8 73 0 0 0 ACT 98 5 103 99 12 111 0 0 0 NT 2 0 2 6 1 7 0 0 0 External territories 0 0 0 0 0 0 0 0 0 OS 1 0 1 1 1 0 0 0 Total 667 30 697 592 75 667 0 0 0 *excluding casuals N = 176 Table A.3: All ongoing employees previous report period (2023–24) MAN/MALE WOMAN/FEMALE NON-BINARY FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL NSW 376 11 399 218 56 274 0 0 0 QLD 406 14 420 294 62 356 0 0 0 SA 101 7 108 108 33 141 0 0 0 TAS 210 9 219 101 16 117 0 0 0 VIC 713 21 734 434 94 528 0 0 0 WA 282 4 286 130 42 172 0 0 0 ACT 447 15 462 301 83 384 0 0 0 NT 8 1 9 7 3 10 0 0 0 External territories 0 0 0 0 0 0 0 0 0 OS 0 0 0 1 0 1 0 0 0 Total 2,555 82 2637 1,594 389 1,983 0 0 0 Table A.4: All non-ongoing employees previous report period (2023–24) MAN/MALE WOMAN/FEMALE NON-BINARY FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL FULL TIME PART TIME TOTAL NSW 149 7 156 127 17 144 0 0 0 QLD 169 6 175 180 24 204 0 0 0 SA 38 2 40 47 10 57 0 0 0 TAS 42 0 42 28 6 34 0 0 0 VIC 228 13 241 183 26 209 0 0 0 WA 102 3 105 68 14 82 0 0 0 ACT 116 9 125 108 12 120 0 0 0 NT 3 0 3 7 2 9 0 0 0 External territories 0 0 0 0 0 0 0 0 0 OS 1 0 1 3 0 3 0 0 0 Total 848 40 888 751 111 862 0 0 0 Table A.5: Employee numbers by functional area – over 5 years FUNCTIONAL AREA 2020–21 %F 2020–21 2021–22 %F 2021–22 2022–23 %F 2022–23 RESEARCH Research scientists/engineers 1,424 28.58 1,514 31.11 1816 33.59 Research project staff 1,504 42.35 1,625 41.91 1667 43.61 Research management 252 28.97 257 31.52 278 34.53 Research consulting 57 21.05 68 33.82 74 32.43 NON-RESEARCH Senior specialists 11 54.55 10 60.0 11 54.55 Technical services 665 16.54 707 17.96 752 18.35 Communication and information services 206 81.07 256 84.77 317 80.44 General services 8 62.50 15 60.0 14 57.14 Administrative services 946 73.89 1,071 73.86 1,230 72.28 General management 148 50.68 149 52.35 157 52.87 Total headcount 5,221 41.97 5672 43.79 6316 44.90 FTE 4,948.96 – 5,291.24 – 5,938.65 – FUNCTIONAL AREA 2023–24 %F 2023–24 2024–25 %F 2024–25 RESEARCH Research scientists/engineers 1,919 34.03 1,782 34.01 Research project staff 1,734 42.79 1,622 42.48 Research management 301 36.54 266 38.72 Research consulting 77 31.17 72 31.94 NON-RESEARCH Senior specialists 11 54.55 6 50.0 Technical services 810 19.63 775 20.0 Communication and information services 293 78.16 237 80.17 General services 17 58.82 20 60.0 Administrative services 1,307 71.23 1,088 72.98 General management 149 53.69 130 56.15 Total headcount 6618 44.48 5998 44.15 FTE 6,234.13 – 5,675.88 – F = Female Appendix B Accountable authority CSIRO Board The CSIRO Board is responsible under the SIR Act and the PGPA Act for the overall strategy, governance and performance of our organisation. Section 12 of the SIR Act sets out the functions of the Board. The Board Charter and other details are available on our website at csiro.au/minister-board. At 30 June 2025 the Board comprised a total of 8 part-time, non-executive members, including the Chair, and a full-time Chief Executive. There are currently 2 vacancies on the Board. All non-executive Board members are appointed by the Governor-General. The Chief Executive is appointed by the CSIRO Board, in consultation with the Minister pursuant to section 10B of the SIR Act. CSIRO Board members are appointed for their expertise and provide an extensive range of skills, knowledge and experience to assist us in delivering against our objectives and achieving science impact for Australia. On appointment, Board members are formally inducted in the organisation’s functions, operations and activities, and in their duties and responsibilities as members of the Board of a corporate Commonwealth entity under the PGPA Act. Board members are provided with a comprehensive set of induction materials including an induction manual, legislative requirements, the Corporate Plan, Risk Management Framework, and key plans and policies. Board members participate in organisational events, site visits and governance and business briefings. Opportunities are created for Board Members to engage with the CSIRO leadership team, staff and external stakeholders. Board members may seek independent professional advice and liaise with our senior management in keeping with their duties, responsibilities and obligations as Board members. Details of Board members, experience, qualifications and tenure during the current reporting period are outlined in Table B.1. Board Performance Under its Charter and Operating Guidelines, the CSIRO Board reviews its performance, composition and skill base regularly to ensure it is operating efficiently and effectively and follows the principles of good corporate governance. Board performance was reviewed by self-assessment in March 2024. The Board holds 6 scheduled meetings and a strategy session each year, with additional meetings held as required. In 2024–25, 6 Board meetings were held. Members of the Executive Team are subject matter experts and attend Board meetings as required to report on matters related to their areas of responsibility and expertise. The Secretary or Deputy Secretary of the Department of Industry, Science, and Resources attend scheduled Board meetings at the Chair’s invitation as an observer. Details of Board remuneration are reported in Note 3.3 of the financial statements in Part 4, and details of meeting attendance can be found in Table B.3. Board Committees The Board People and Safety Committee (BPSC) assists the Board in meeting its governance responsibilities relating to people and culture strategies, health and safety strategies and obligations, remuneration and performance. The BPSC met 4 times during 2024–25. The Board Audit and Risk Committee (BARC) assists the Board in fulfilling its corporate governance responsibilities regarding financial reporting, audit and risk oversight, performance reporting obligations, internal controls and compliance with relevant laws and policies. The members of the BARC are not CSIRO employees (per section 17 of the PGPA Rule). The functions of BARC are set out in the Committee’s charter and members are selected based on their expertise and ability to discharge the Committee’s functions in line with the charter (see page 160 and csiro.au/BARC). Attendance is outlined in Tables B.2 and B.3, and additional details regarding BARC membership and remuneration are outlined in Table B.2. Audit Committee Charter (PGPA Rule Section 17BE (taa)(i)) DIRECT ELECTRONIC ADDRESS OF THE CHARTER DETERMINING THE FUNCTIONS OF THE AUDIT COMMITTEE URL Board Audit and Risk Committee Charter: csiro.au/BARC Disclosure of interests and related entity transactions Board members and the Chief Executive declare material interests as required under the SIR and PGPA Acts. The Board Governance document contains processes for managing conflicts of interest, including a requirement that members remove themselves from discussions and voting where a member has declared a material personal interest, or where a potential or actual conflict of interest or duty arises. All Board Member interests are reported at every scheduled Board Meeting and Board members are required to declare any new or changed interests. There was one instance in the reporting period of a Board member declaring an interest in an item for consideration. The Board member excused himself from participating in discussions and the decision process. Table B.1: Details of the accountable authority during the current report period (2024–25) NAME, TITLE/POSITION, QUALIFICATIONS AND EXPERIENCE APPOINTMENT PERIOD AS THE ACCOUNTABLE AUTHORITY OR MEMBER WITHIN THE REPORTING PERIOD START DATE END DATE NO. MEETINGS ATTENDED Ms Kathryn Fagg AC Former Chair (non-exec) 02.08.18 to 17.02.25 (resigned) 1 Jul 24 17 Feb 25 2 BE (Hons) Chem Eng and MCom (Hons) FTSE GAICD | Ms Fagg is an experienced director, senior executive and former engineer. She is a highly experienced board member and chair, non-executive Director of the National Australia Bank Ltd, Djerriwarrh Investments Ltd and Medibank, and the Chair of Breast Cancer Network Australia. The inaugural Chair of Watertrust Australia Ltd, she is also a Board Member of the Grattan Institute, The Myer Foundation, and the Champions of Change Coalition. She was also formerly a Reserve Bank Board Member and former President of Chief Executive Women. Ms Ming Long AM Chair (non-exec) D. Chair 01.05.24 to 30.04.28 Chair: 06.03.25 to 05.03.30 1 Jul 24 30 Jun 25 5 BEc LLB MBA FCA GAICD | Ms Long has significant experience as a non-executive director and is currently on the Board of Telstra, IFM Investors, QBE Insurance (Auspac) and the Committee for Economic Development of Australia. Ms Long is a Fellow of Chartered Accountants Australia and New Zealand, a Graduate of the Australian Institute of Company Directors and a member of Chief Executive Women. She was formerly Chair of Diversity Council Australia and AMP Capital Funds Management Limited. Dr Doug Hilton AO Chief Executive 29.09.23 to 28.09.28 1 Jul 24 30 Jun 25 6 PhD FAA FTSE FAHMS | Dr Hilton is the Chief Executive of CSIRO. A molecular and cellular biologist, he is former Director of the Walter and Eliza Hall Institute of Medical Research (WEHI). At WEHI, his medical research focused on understanding how blood cells communicate, using this knowledge to improve disease treatments. He is a fellow of the Australian Academy of Science, Australian Academy of Technology and Engineering and The Australian Academy of Health and Medical Sciences. NAME, TITLE/POSITION, QUALIFICATIONS AND EXPERIENCE APPOINTMENT PERIOD AS THE ACCOUNTABLE AUTHORITY OR MEMBER WITHIN THE REPORTING PERIOD START DATE END DATE NO. MEETINGS ATTENDED Hon Ian Macfarlane Former Member (non-exec) 14.10.21 to 13.10.24 1 Jul 24 13 Oct 24 1 FAICD | Mr Macfarlane is the former Chief Executive of the Queensland Resources Council and a non‑executive director of Woodside Petroleum. He holds board positions at Toowoomba and Surat Basin Enterprise and Sovereign Manufacturing Automation for Composites Cooperative Research Centre. Mr Macfarlane has had a long career in the public service and was elected to Federal Parliament in 1998. He became Australia’s longest serving Federal Resources and Energy Minister and Federal Industry and Innovation Minister before retiring from parliament in May 2016. Prof Alex Brown Member (non-exec) 16.03.23 to 15.03.28 1 Jul 24 30 Jun 25 5 BMed MPH PhD FRACP (Hons) FCSANZ FAAHMS FATSE | Professor Brown is an internationally recognised clinician and researcher who has worked in Aboriginal and Torres Strait Islander health for his entire career. He is the Professor of Indigenous Genomics at the Telethon Kids Institute and the Australian National University. A proud member of the Yuin nation, Professor Brown is the first Indigenous scientist appointed to the CSIRO Board, bringing a wealth of experience in understanding and overcoming health inequalities and bridging connections across science ecosystems. Prof Emma Johnston AO Member (non-exec) 22.08.23 to 21.08.27 1 Jul 24 30 Jun 25 6 FAA FTSE | Professor Johnston is an authority in marine science and conservation, and an influential figure in the Australian higher education and research sector. She is currently Vice Chancellor, at the University of Melbourne and was previously Deputy Vice-Chancellor Research at University of Sydney, Dean of Science and Pro Vice Chancellor of Research at the University of New South Wales, and President of Science and Technology Australia. Professor Johnston is a governor of the Ian Potter Foundation, and an elected fellow of the Australian Academy of Science, the Australian Academy of Technology and Engineering, and the Royal Society of New South Wales. Emeritus Prof Roy Green Member (non-exec) 07.12.23 to 06.12.28 1 Jul 24 30 Jun 25 6 LLB BA (Hons) PhD | Emeritus Professor Green was previously a Research Fellow at Trinity College Cambridge, Dean of UTS Business School, Macquarie Graduate School of Management and Dean and Vice-President for Research at the National University of Ireland, Galway. Professor Green has consulted and published widely in the areas of innovation policy and management and is Chair of the Advanced Robotics for Manufacturing Hub and on the Board of SmartSat Cooperative Research Centre (CRC) and the Australian Design Council. He is also Lifetime Fellow at Clare Hall Cambridge, Fellow of the Royal Society of New South Wales, Royal Society for the Arts, Commerce and Manufactures and Irish Academy of Management, Conjoint Professor at the University of Newcastle, and a member of the Charles Sturt University Council and University of Newcastle Vice Chancellor’s Industry Advisory Board. Mr Terry Moran AC Member (non-exec) 24.04.24 to 23.04.27 (commenced duties 27.06.24) 1 Jul 24 30 Jun 25 6 BA (Hons) DLitt | Mr Moran was formerly Secretary of the Department of Prime Minister and Cabinet, and the Department of Premier and Cabinet (Vic). He is former CEO of the Office of the State Training Board (Vic) and the Australian National Training Authority (QLD) and was Queensland’s Director-General of Education. Since retirement he has been Chair of the Barangaroo Delivery Authority, the Cranlana Foundation, the Melbourne Theatre Company, and the Centre for Policy Development. He has also been Director and Deputy President of the Walter and Eliza Hall Institute of Medical Research, Director of the Menzies Foundation, National President of the Institute of Public Administration Australia and is the former Chancellor of Federation University. NAME, TITLE/POSITION, QUALIFICATIONS AND EXPERIENCE APPOINTMENT PERIOD AS THE ACCOUNTABLE AUTHORITY OR MEMBER WITHIN THE REPORTING PERIOD START DATE END DATE NO. MEETINGS ATTENDED Dr Cathy Foley AO PSM Member (non-exec) 03.01.25 to 02.01.28 3 Jan 25 30 Jun 25 3 BSc (Hons) DipEd PhD DistFRSN FTSE FAA FInstP HonFAIP | Dr Cathy Foley is an Australian physicist, who has joined the CSIRO Board after 40 years of service to CSIRO and holding the office of Australia’s Chief Scientist for 4 years. Her most successful project led to the commercialisation of LANDTEM™ a sensor system that assisted in uncovering billions of dollars of mineral resources. Dr Foley was instrumental in establishing Australia's quantum industry and led the development of the National Quantum Industry Strategy for the government. Dr Foley is a strong advocate of open access, diversity and inclusion in STEM and trust in science. She is Editor-in-Chief of Superconductor Science and Technology; chairs the Government's Methane Measurement Panel; is a Trustee of the Australian Museum and a “Mind in Residence” at Questacon. Ms Vanessa Sullivan (Fernandes) Member (non-exec) 06.03.25 to 05.03.28 6 Mar 25 30 Jun 25 2 BEc (Hons) Grad Dip Finance and Investment GAICD | Ms Sullivan has strong commercial, project development and strategy experience gained over 20+ years working across the energy, water and sustainability sectors. Vanessa’s current roles include NED AGL Energy and Chair of AGL’s Safety and Sustainability committee, NED with Port of Townsville and Chair of the Audit and Risk Committee, NED of Future Energy Exports CRC and Chair of Centacare, a large social services NFP. Vanessa also serves on a Griffith business school advisory board, is an AICD graduate and is a member of Chief Executive Women. Table B.2: CSIRO Board Audit and Risk Committee NAME, QUALIFICATIONS, KNOWLEDGE, SKILLS AND EXPERIENCE NO. MEETINGS ATTENDED TOTAL NO. MEETINGS HELD TOTAL ANNUAL REMUNERATION (GST INC.) ADDITIONAL INFORMATION Hon Ian Macfarlane 2 5 $2,599 BARC Member 01.07.24 to Term End 14.10.24 FAICD | Former Chief Executive and a non-executive director with extensive experience in the public service. Emeritus Professor Roy Green 3 5 $5,769 BARC Member 01.07.24 to 19.02.25 LLB BA PhD | Emeritus Professor and Board member and Chair of several Boards and forums. Extensive consulting experience and published widely in innovation policy and management. Ms Ming Long AM 4 5 $6,115 BARC Member 01.07.24 to 05.03.25 BEc LLB MBA FCA GAICD | Experienced non-executive director and holder of several Board positions. Fellow of Chartered Accountants Australia & New Zealand. Mr Geoff Knuckley 4 5 $6,600 BARC Chair 01.07.24 to 30.06.25 BEc LLB MBA FCA GAICD | Experienced chair and non-executive director with skills in financial reporting and analysis, risk management, corporate governance and internal audit. Mr Matt Cahill 5 5 $23,107 BARC Member 01.07.24 to 30.06.25 FCPA GAICD | Experienced chair and non-executive director with experience in operational, program, regulatory, policy, corporate and assurance roles and deep audit experience, having overseen ANAO’s performance audit program. Dr Cathy Foley AO 2 5 $3,243 Appointed to BARC 19.02.25 AO PSM BSc (Hons) Dip Ed PhD DistFRSN FAA FTSE HonFAIP FInstP | Experienced scientist and CSIRO executive with skills and knowledge in scientific execution, risk management and strategy. Table B.3: Meetings of the Board and Board Sub-committees MEMBER NAME CSIRO BOARD CSIRO BOARD AUDIT AND RISK COMMITTEE CSIRO BOARD PEOPLE AND SAFETY COMMITTEE NO. ELIGIBLE NO. ATTENDED NO. ELIGIBLE NO. ATTENDED NO. ELIGIBLE NO. ATTENDED Ms Kathryn Fagg AC 2 2 0 1 1 1 Ms Ming Long AM 6 5 4 5 3 4 Dr Doug Hilton AO 6 6 0 5 0 3 Hon Ian Macfarlane 1 1 2 2 1 1 Prof Alex Brown 6 5 0 0 0 0 Prof Emma Johnston AO 6 6 0 0 0 0 Emeritus Prof Roy Green AM 6 6 3 3 3 3 Mr Terry Moran AC 6 6 0 2 4 4 Dr Cathy Foley AS PSM 3 3 2 2 0 0 Ms Vanessa Sullivan (Fernandes) 2 2 0 0 0 2 ‘Eligible’ attendance relates to appointed Committee Members. Board members occasionally attend meetings as observers although they are not Committee Members. Appendix C Sustainability compliance report As a Commonwealth Corporate Entity, CSIRO is required to meet obligations under Section 516A of the Environmental Protection and Biodiversity Act 1999 (Cth) (EPBC Act). These include publicly reporting our greenhouse gas emissions in accordance with the Australian Government Emissions Reporting Framework and publishing a climate disclosure in accordance with the Commonwealth Climate Disclosure Policy and Section 46 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). Table C.1 contains full details on CSIRO’s sustainability compliance reporting obligations. Under the EPBC Act we are also required to report annually on contributions we have made to the principles of ecologically sustainable development. These include how our activities have impacted the natural environment, how we are mitigating these impacts and how we plan to review and improve mitigation efforts in the future. Our commitments in this area are outlined in our Sustainability Strategy 2020–2030, which aligns our sustainability ambitions with the United Nations (UN) Sustainable Development Goals. This report delivers on our compliance reporting requirements while also providing an update on our performance against our Sustainability Strategy 2020–2030 focus areas, continuing our commitment to transparency. This report replaces our standalone annual Sustainability Report for the 2024–25 financial year. Our Sustainability Strategy Our Board-approved CSIRO Sustainability Strategy 2020–2030 identifies 6 key focus areas to drive improvements in our sustainability performance, predominantly in relation to our environmental and social impacts. Our key focus areas align with 10 of the 17 UN Sustainable Development Goals. A summary of the Sustainability Strategy is available at csiro.au/about/strategy/sustainability/Sustainability. Governance and transparency Key focus area 1: Governance and transparency. Increase transparency around sustainability performance through improved governance processes and systems, including regular public reporting aligned to the Sustainable Development Goals. We have a commitment to report to our Board, Executive Team and our Sustainability Steering Committee on our progress and challenges. Our Chief Operating Officer is the executive sponsor of our Sustainability Strategy, and our Director Business and Infrastructure Services is responsible for its overall implementation. Our current sustainability governance and reporting structure is set out in Figure C.1. This year we substantially improved the determinations of our organisational and reporting boundaries in accordance with legislative and policy requirements. We continue to improve our data collection, validation and management processes. We have reviewed several data sources to identify priority areas for improvement, bringing greater accuracy to our reporting. CSIRO’s sustainability compliance reporting obligations for the financial year 2024–25 are outlined in Table C.1. Figure C.1: Sustainability governance and reporting structure Table C.1: CSIRO’s sustainability compliance reporting obligations REPORTING FRAMEWORK BOUNDARY FURTHER INFORMATION/SOURCE Environmental Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act) s516A All Commonwealth entities CSIRO uses Operational Control www.legislation.gov.au/ C2004A00485/latest/text Commonwealth Climate Disclosure Policy Tranche 1, Commonwealth Climate Disclosure Year 1 Requirements www.finance.gov.au/government/ climate-action-government- operations/commonwealth-climate- disclosure-policy APS Net Zero Emissions Reporting Framework (APS Net Zero policy) Operational Control Note: includes some scope 3 emissions www.finance.gov.au/government/ climate-action-government-operations/ commonwealth-emission-reporting/ australian-public-service-net-zero- emissions-reporting-framework#aps- net-zero-emissions-reporting- framework National Pollutant Inventory (NPI)* Four of our sites are required to report under the NPI, which is administered by State and Territory‑based environmental protection agencies www.dcceew.gov.au/environment/ protection/npi National Greenhouse and Energy Reporting Scheme (NGERS)* Operational Control NGERS methodology cer.gov.au/schemes/national- greenhouse-and-energy-reporting- scheme *NPI and NGERS data are reported directly to the relevant authorities via their portals and therefore are not provided in this report Table C.2 summarises our progress against the initiatives identified in our Sustainability Strategy for the Governance and Transparency focus area. Table C.3 summarises our performance against the related focus area key targets and measures. Table C.2: Status of Sustainability Strategy initiatives – governance and transparency # INITIATIVE STATUS PROGRESS IN 2024–25 1 Establish a Sustainability Steering Committee to oversee the Sustainability Strategy and reporting, and develop Terms of Reference Achieved Sustainability Steering Committee established in 2021. 3 meetings and 2 out-of-session reports in FY25. 2 Develop a performance measurement framework for assessing progress against the targets and measures in the Sustainability Strategy Revised We have simplified reporting and improved transparency on our performance against the targets and measures in our Sustainability Strategy. 3 Develop a public Sustainability Report, referencing the UN Sustainable Development Goals Revised We have incorporated performance reporting against our Sustainability Strategy focus areas into this Sustainability Compliance Report. This is our fourth public report against our Sustainability Strategy focus areas. 4 Strengthen compliance with mandatory sustainability-related reporting requirements Achieved We strengthened our approach to compliance reporting, including the addition of our climate disclosure. 5 Periodically (e.g. every 3 to 5 years) undertake a materiality refresh to understand if CSIRO’s material topics have changed On hold We will commence a materiality refresh once our enterprise-wide climate risk and opportunities assessment is completed. 6 Monitor development and implementation of CSIRO’s next Reconciliation Action Plan, for inclusion in reporting Achieved CSIRO launched its Stretch Reconciliation Action Plan 2024–2027 and published a report on CSIRO Indigenous Collaboration and Partnerships 2023–24. Table C.3: Status of targets and measures – governance and transparency # TARGETS AND MEASURES METRIC STATUS 1 Materially complete reports submitted on time 100% compliance Achieved Excellent and impactful science Key focus area 2: Excellent and impactful science. Apply CSIRO’s technical expertise to solve internal challenges and respond to global priorities by creating internal and external partnerships that contribute to the Sustainable Development Goals. This year, the development of a portfolio of CSIRO research programs, titled The CSIRO Book, inspired a new approach to collaborating with our scientists to find solutions to our high‑priority operational challenges, including improving our data systems and processes. A series of engagements between CSIRO scientists and CSIRO’s sustainability team have led to at least one new project commencing and several others progressing to scoping and feasibility stage. To date, the Smart Building Data Clearing House (DCH)6 has been our most successful operational initiative. This year, we expanded our use of the DCH by implementing an energy management system that provides energy data analytics for CSIRO sites consuming over 100 MWh. The insights gained from this are helping us to identify opportunities to improve the resilience of our energy metering systems and associated digital infrastructure. Table C.4 summarises our progress against the initiatives identified in our Sustainability Strategy for the Excellent and impactful science focus area. Table C.5 summarises our performance against the related focus area targets and measures. Table C.4: Status of initiatives – excellent and impactful science # INITIATIVE STATUS PROGRESS IN 2024–25 1 Establish Sustainability Advisory Group incorporating CSIRO science expertise Achieved Our Sustainability Steering Committee composition now includes key scientific research leaders and serves as both an advisory and steering committee. 2 Identify opportunities under CSIRO Missions program to apply science solutions to operational challenges Revised We commenced a new approach to align our sustainability collaborations with the programs and projects in The CSIRO Book. Table C.5: Status of targets and measures – excellent and impactful science # TARGETS AND MEASURES METRIC STATUS 1 Opportunities identified and deployed into operations Minimum 2 by 2030 On track 6 Smart Building Data Clearing House | i-Hub https://ihub.org.au/ihub-initiatives/smart-building-data-clearing-house/ Our people and capability building Key focus area 3: Our people and capability building. Create a culture that supports our highly capable and diverse workforce on sustainable practices, and promote capability building and understanding of sustainability issues through community and industry engagement. Our focus this year was to build awareness and capability among our people in relation to climate risk and opportunity management and net zero in government operations. We also engaged 111 staff in 22 teams as part of our own CSIRO Green Impact program, supported by Australian Campuses Towards Sustainability (ACTS). One of our teams was also awarded CSIRO’s first Labs Award for its efforts in tackling energy and waste audits, soft plastics recycling, chemical clean outs and the International Freezer Challenge, while inspiring other lab-based colleagues. In 2025 we commenced a targeted engagement program focussed on The CSIRO Book along with engagements to improve our sustainability data collection processes. This work will be ongoing in the 2025–26 financial year. Members of our executive team, our Sustainability Steering Committee, Assurance Governance Committee, Board Audit and Risk Committee, and our Board were supported with training resources on climate risk and opportunity management. Work on a formal sustainability skills matrix for the Sustainability Steering Committee was commenced and discussed at the June 2025 committee meeting. Table C.6 summarises our progress against the initiatives identified in our Sustainability Strategy for the Our people and capacity building focus area. Table C.7 summarises our performance against the related focus area targets and measures. Table C.6: Status of Sustainability Strategy initiatives – our people and capacity building # INITIATIVE STATUS PROGRESS IN 2024–25 1 Develop approach to the engagement of CSIRO staff in the implementation of the Sustainability Strategy across disciplines and enterprise and research units, through multiple communication channels Achieved We have further evolved our engagement plan and have commenced targeted engagement with internal stakeholders to enable improved data collection for our Greenhouse Gas Inventory and to build awareness of our harder to abate emissions challenges. 2 Build capability of staff to understand and embed sustainability approaches within their roles, including developing training that references UN Sustainable Development Goals Partially achieved This year, the Green Impact program promoted actions addressing 16 of the 17 UN Sustainable Development Goals. CSIRO has contributed input to the Department of Finance’s suite of Climate Action in Government Operations training modules. Staff are encouraged to make use of these and the climate risk and opportunity management training, via links promoted through our internal communication channels and intranet. Table C.7: Status of targets and measures – our people and capacity building # KEY TARGETS AND MEASURES METRIC STATUS 1 Staff trained in sustainability Formal compliance training program implemented by 2027 Not started 2 Sustainability skills embedded in key roles – All Senior Management Levels and Committees Key leadership roles include skill competencies by 2027 Key Committees assessed for skill competencies by 2027 On track On track Sustainable property portfolio Key focus area 4: Sustainable property portfolio. Ensure fit-for-purpose buildings, aspiring to net zero carbon impact, that stimulate excellent science and improve staff health and well-being Since January 2020, CSIRO has seen a total reduction in gross floor area of approximately 133,420 square metres (m2) across our property portfolio. This year, we reduced our gross floor area by approximately 51,188 m2. Our total remaining gross floor area is approximately 598,739 m2. See page 35 for more information on our property portfolio. This year we strengthened our approach to sustainability in our property portfolio by integrating climate risk management and sustainable development into all phases of the construction project lifecycle. A working group with cross-disciplinary expertise in procurement, legal, technical, financial and operational aspects contributed to a draft Sustainability in Construction Procedure (Procedure). The processes outlined in the Procedure have been piloted, resulting in a significant project targeting a Green Star rating with the Green Building Council of Australia. The Procedure also responds to our compliance obligations under the Environmentally Sustainable Procurement Policy for Commonwealth agencies. Internal consultation is in progress before proceeding to formal approval processes. Table C.8 summarises our progress against the initiatives identified in our Sustainability Strategy for our Sustainable property portfolio focus area. Table C.9 summarises our performance against the related focus area targets and measures. Table C.8: Status of Sustainability Strategy initiatives # INITIATIVE STATUS PROGRESS IN 2024–25 1 Undertake a physical climate risk assessment of CSIRO’s properties and infrastructure and develop an action plan. Revised In 2022 and 2023 CSIRO’s Environment Research Unit led a climate risk assessment and developed a climate risk heat map of CSIRO sites. Our Property Strategy Implementation Plan considers climate risk; however, further actions are being undertaken in line with CSIRO’s revised approach to climate risk and opportunity management. See our climate disclosure on page 182. 2 Support the Property Strategy Implementation Plan to optimise CSIRO’s property portfolio, considering economic, social and environmental needs. Ongoing We continue to optimise our property portfolio through embedding sustainability in decision making processes. Table C.9: Status of targets and measures – sustainable property portfolio # KEY TARGETS AND MEASURES METRIC STATUS 1 Physical and transitional climate risk assessment completed, and an action plan developed New risk assessment completed in 2026, with annual review On track 2 Property Strategy Implementation Plan reviewed and updated where applicable Annual review Achieved 3 Consolidated and sustainable property portfolio in accordance with Property Strategy Performance Measures Annual reduction in gross floor area Achieved 4 New buildings designed to maximise net zero carbon impact Implement Sustainability in Construction Procedure by 2026 On track Transition to a clean energy future Key focus area 5: Transition to a clean energy future. Improve energy demand management and efficiency to support the transition to net zero emissions. We are committed to achieving net zero for scope 1, 2 and material scope 3 emissions by 2050. The organisational boundary for these targets extends to CSIRO’s operations within our operational control, including our research units, enterprise units and subsidiaries. In 2020 we set interim targets for scope 1 and 2 emissions by the end of 2025 for our Newcastle site, and by 2030 for remaining sites in Australia. As we are now at the mid-point of our Sustainability Strategy, we are undertaking a detailed review of our targets including the data and assumptions that underpin them and the methodologies applied to set them. This work builds on our review of our Organisational Boundary, which has now been completed. Although we successfully completed significant emissions reduction activity at our Newcastle site (see page 176 for details), we made the decision to incorporate our Newcastle site into our net zero 2030 target. Further information on our net zero targets and how we are approaching our review of net zero in the context of climate and nature can be found on our website. Table C.10 summarises our progress against the initiatives identified in our Sustainability Strategy for the Transition to a clean energy future focus area. Table C.11 summarises our performance against the related focus area targets and measures. Table C.10: Status of Sustainability Strategy initiatives # INITIATIVE STATUS PROGRESS IN 2024–25 1 Finalise a net zero emissions (NZE) pathway for CSIRO to achieve its emissions and renewable energy targets, with strong links to CSIRO’s Towards Net Zero Mission where possible Under review A net zero pathway was developed in 2022 for scope 1 and 2 emissions; we are now undertaking a review of our net zero roadmap and transition assumptions. See our net zero fact sheet on our website. We are upgrading our data collection and management systems and processes to support the required analysis, working towards alignment with whole of Commonwealth government approaches to net zero. 2 Assess options to reduce domestic and international air travel (from 2019 baseline) and set appropriate targets Under review We are improving our data management and analytics to support decisions relating to air travel related emissions targets. 3 Undertake an assessment of how the transition to a low-carbon economy may affect CSIRO’s operations and research areas, including risks and opportunities Revised Building on an earlier assessment completed in 2023, additional risks have been added to CSIRO’s operational risk register. CSIRO’s Board and executive have also approved an organisational climate risk and opportunity assessment to be completed in the 2025–26 financial year. 4 Continue to transition CSIRO vehicle fleet to low emissions technologies in accordance with Environmental Fleet Strategy In Progress This year we have focused on reducing CSIRO’s total fleet size, with 27 vehicles being retired. See Percentage of low emissions vehicles in Table C.22 for more details. Table C.11: Status of targets and measures – transition to a clean energy future # TARGETS AND MEASURES METRIC STATUS 1 Define the organisational emissions boundary Review complete 2025 On track 2 Net zero scope 1 and 2 emissions by 2030 market-based emissions Emissions reduction against FY 2018–19 baseline On track 3 Net zero scope 1 and 2 and material scope 3 emissions by 2050 Scope 3 GHG accounting progress On track 4 100% renewable electricity supply for all CSIRO sites by 2030 100% renewables On track 5 NZE pathway to achieve targets defined Review of NZE pathway by 2026 On track 6 Reduced air travel kilometres against 2019 baseline Reduction in domestic flight kms On track 7 Percentage of low emissions fleet vehicles (LEV) Percentage of LEVs relative to total fleet On track Net zero emissions – scope 1 and 2 We are continuing to work towards our target for CSIRO’s Australian operations to achieve net zero emissions (scope 1 and 2) by 2030. We have reduced our market-based emissions by 78 per cent from our 2018–19 baseline. This year, we have updated our emissions reporting methodology to align with the National Greenhouse and Energy Reporting Scheme (NGERS) requirements. Therefore, voluntary LGCs must now be surrendered to the Clean Energy Regulator before 30 June of the reporting year. This change brings our reporting in line with the Emissions Reporting Framework for Commonwealth agencies and ensures consistency with NGERS reporting standards. Due to the new methodology, renewable electricity purchases for May and June 2025 in NSW, ACT and VIC (totalling 10,314 megawatt-hours) have not been included in the 2024–25 market-based greenhouse gas emissions reporting. Instead, these purchases will be recognised in the 2025–26 reporting year. Moving forward, each reporting year will cover LGCs purchased and surrendered for electricity consumed for each 12-month period May to April. If the previous methodology had been applied, our market-based emissions for 2024–25 would reflect an 85 per cent reduction from the 2018–19 baseline. However, under the new approach, market-based emissions have increased by 29 per cent compared with the previous financial year. The result for 2024–25, under the old methodology, would have been a 16 per cent decrease compared to last year. The realignment of reporting methodology to NGERS requirements ensures greater transparency and consistency but temporarily affects reported emissions figures. Future reporting years will provide a more accurate reflection of annual renewable electricity purchases and surrendered LGCs, supporting our ongoing sustainability efforts. Table C.12: CSIRO’s net zero 2030 market-based target progress CSIRO NET ZERO 2030 TARGET – SCOPE 1 AND 2 2018–19 2019–20 2020–21 2021–22 2022–23 2023–24 2024–25 CSIRO 2030 target progress (kt CO2e) 109 99 20 21 19 19 24 % change compared with previous year N/A -9% -80% -8% -9% -3% 29% % change against baseline year N/A -9% -82% -80% -82% -83% -78% Notes: 1. The CO2e emission calculation is based on the emission factors, global warming potential and methodology outlined in National Greenhouse Accounts Factors. 2. The sources of emissions are listed in Table C.16 Emissions by fuel source. 3. This data is aligned with our net zero emissions target ‘operational control’ reporting boundary. 4. The sum of individual emission sources may differ from ‘total’ due to rounding. 5. This table reflects the market-based emissions methodology. 6. Fugitive emissions from refrigerants have been recorded and reported under the CSIRO NZE target starting from FY25. 7. Our emissions include those from off-grid generation. We have achieved these reductions through the implementation of our net zero roadmap. Reduction measures include our Power Purchase Agreement for renewable energy and other purchases of voluntary large-scale generation certificates for sites in South Australia, ‘behind-the-meter’ solar PV generation, energy efficiency improvements, electrification, transitioning some of our fleet to low- and zero‑emissions vehicles, and property consolidation. Recalculations have been made this year due to refinements in our organisational boundary, including the appropriate categorisation of the RV Investigator within scope 3. Changes from last year include: • inclusion of sites that CSIRO operates on behalf of foreign entities • inclusion of 100 per cent of the Pawsey Centre emissions. Sites managed and operated by CSIRO on behalf of foreign entities, including at Tidbinbilla (ACT) and New Norcia (WA), have been determined as being within CSIRO’s operational control for the purposes of CSIRO’s reporting boundary. The Pawsey Centre is operated by CSIRO for a joint venture involving several partners. The previous determination that CSIRO was accountable for only ~30 per cent of the emissions is not consistent with the operational control approach. As CSIRO is considered to have the greatest authority to implement various policies, we now account for 100 per cent of emissions from this facility. These changes impact our progress towards net zero and our net zero roadmap must be reviewed accordingly. This year we worked with Pawsey Centre operations on scoping and procuring a level 3 energy audit and decarbonisation plan to commence in the 2025–26 financial year. Figure C.2 represents our progress towards our target of net zero emissions (scope 1 and 2) by 2030. Figure C.2: Graph showing progress towards our target of net zero (scope 1 and 2) market-based emissions by 2030. Bar chart showing progress towards our target of net zero market-based emissions. ––––––– kt COeScope  emissionsScope  emissions market-based This year we completed electrification and modernisation of CSIRO’s Phytotron and Phenomics Centre at our Black Mountain site in the ACT, as well as other energy efficiency projects across our property portfolio. These initiatives are estimated to have reduced CSIRO’s scope 1 and 2 emissions by 774 tonnes CO2e per annum. As we approach the mid-point of our strategy implementation, 2025 is an opportunity to reflect on our progress over the past 5 years and reassess opportunities to address hard-to-abate emissions sources. For transparency, we have provided details below of our location-based and market-based emissions, fuel and energy sources. Table C.13: Comparison of location-based emissions and market-based emissions CSIRO NET ZERO TARGET SCOPE 1 AND 2 FROM BASELINE 2018–19 (kt CO2e) 2024–25 (kt CO2e) REDUCTION Total location-based emissions 109 72 34% Total market-based emissions 109 24 78% Notes: 1. Our net zero emissions targets are market-based. The information in this table is provided for comparison purposes. 2. See Table C.12 for other relevant notes. 3. Our emissions include those from off-grid generation. Table C.14: Location-based scope 1 and 2 emissions summary SCOPE 1 AND 2 EMISSIONS SUMMARY (LOCATION‑BASED) (kt CO2e) 2018–19 2019–20 2020–21 2021–22 2022–23 2023–24 2024–25 Scope 1 emissions 13 12 11 12 11 11 10 Scope 2 emissions location‑based 96 86 82 77 65 64 62 Total scope 1 and 2 location‑based 109 99 93 89 76 74 72 Notes: 1. Our net zero emissions targets are market-based (not location-based). However, the information in this table is provided for comparison purposes. 2. See Table C.12 for other relevant notes. Table C.15: Market-based scope 1 and 2 emissions summary SCOPE 1 AND 2 EMISSIONS SUMMARY (MARKET-BASED) (kt CO2e) 2018–19 2019–20 2020–21 2021–22 2022–23 2023–24 2024–25 Scope 1 emissions 13 12 11 12 11 11 10 Scope 2 emissions market‑based 96 86 8 10 8 8 14 Total scope 1 and 2 market‑based emissions 109 99 20 21 19 19 24 Notes: 1. See Table C.12 for notes. Table C.16 shows how we have reduced our emissions against our baseline for different fuel sources. Table C.16: Emissions reduction by fuel source against 2018–19 baseline EMISSIONS BY FUEL SOURCE (kt CO2e) 2018–19 2024–25 CHANGE Natural gas 10 8 -22% Stationary fuel 1.1 0.8 -31% Transport fuel 1.3 0.6 -57% Other emission sources in Scope 1 (e.g. waste incineration, SF6, etc.) 0.03 0.02 -27% Refrigerant – 0.47 N/A Electricity (location-based) 96 62 -36% Electricity (market-based) 96 14 -85% Notes: 1. See Table C.12 for notes. 2. Table shows total emissions reduction to 30 June 2025 against FY19 baseline, by fuel source. 3. Other emissions sources in Scope 1 are not included in the Emissions Reporting Framework and therefore not included in the APS greenhouse gas emissions inventory.' Net zero emissions – material scope 3 emissions This year we began analysis of data sources and processes to support improved data collection for scope 3 emissions categories (upstream and downstream). Table C.17 demonstrates the progress we have made on selected emission categories, noting that the emissions sources do not represent all relevant emissions sources for each of the scope 3 categories shown. We will continue to improve our data collection and mapping to appropriate scope 3 categories in 2025–26. Table C.17: Scope 3 emissions sources SCOPE 3 EMISSIONS SOURCE GHG PROTOCOL CATEGORY 2023–24 (kt CO2e) 2024–25 (kt CO2e) Indirect emissions from the extraction, production, transportation, transmission and distribution of the energy source 3: Fuel- and energy-related activities not included in scope 1 or scope 2 – 7.4 Solid waste to landfill 5: Waste generated in operations 1.4 1.4 Air travel domestic commercial 6: Business travel 6.1 4.6 Accommodation domestic travel 6: Business travel 1.6 0.8 Hire car domestic 6: Business travel 0.1 0.1 RV Investigator* 13: Downstream leased facility 5.8 5.0 Subtotal scope 3 emissions 15.0 19.3 Notes: 1. The figures for Hire car domestic were reported last year based on data from fuel receipts; however, this year we apply the kilometres travelled method used by the Department of Finance and have therefore restated the FY 2023–24 figure. Data has been sourced from third party providers and is incomplete. 2. Emissions from domestic air travel and accommodation, booked through the government central booking system, are sourced from the Emissions Reporting Framework for Commonwealth entities. 3. The solid waste to landfill data excludes gaseous, liquid and hazardous waste, and all resource recovery and recycling waste streams. 4. This table does not represent a complete assessment of CSIRO’s emissions under each category. *RV Investigator as a downstream facility is an emissions source that is not included in the Emissions Reporting Framework scope 3 categories. As part of CSIRO’s Enterprise Unit Graduate Business Challenge, 8 graduates were supported in researching and developing a methodology to help CSIRO account for staff and affiliate commuter emissions. The graduates gained valuable insights and knowledge through their exploration of the Greenhouse Gas Protocol and guidance on scope 3 commuter emissions. They also developed an understanding of how various enterprise systems and policies could be utilised to support data gathering for this emissions category. The products developed by the team provide an excellent base to build on when CSIRO begins to gather this data in the coming years. Net zero emissions – Newcastle Energy Centre The CSIRO Energy Centre in Newcastle, New South Wales, is home to our leading renewable energy research. In 2020 we set a target for the Newcastle site to achieve net zero emissions (scope 1 and 2) by 2025 as an exemplar site where new technologies and emission reduction strategies could be tested before being implemented across the organisation. The Newcastle site boasts 688.56 kW of solar PV generation capacity, including a 264 kW car park solar PV system with integrated electric vehicle charging facilities. In terms of energy storage, the site hosts the Stored Energy Integration Facility (SEIF) and the Lithium-Ion Battery Bank Installation (LIBBI), with capacities of 344 kWh and 125 kW respectively. As at 30 June 2025 our estimated market-based scope 1 and 2 residual emissions for the Newcastle site are 225 tonnes of CO2e. CSIRO has made the decision not to claim net zero scope 1 and 2 emissions for the Newcastle site in 2025. This approach reflects our commitment to deep decarbonisation and climate integrity, rather than relying on offsets to make net zero claims. This approach is consistent with our plan to review our organisational targets to ensure that our emissions reduction plans and baselines are robust and auditable, in preparation for our new net zero roadmap. This year we undertook an energy audit which identified opportunities to further reduce residual emissions and improve energy efficiency. We also commenced a major electrification project which is expected to substantially reduce scope 1 emissions (gas). Table C.18 shows our Newcastle site’s progress towards net zero (scope 1 and 2). Table C.18: Newcastle comparison location-based emissions and market-based emissions NEWCASTLE NET ZERO TARGET SCOPE 1 AND 2 FROM BASELINE 2018–19 (t CO2e) 2024–25 (t CO2e) REDUCTION Total location-based emissions 1,107 575 48% Total market-based emissions 1,107 225 80% Notes: 1. In FY 2024–25, fugitive emissions represented 3% of our total location-based emissions (scope 1 and 2). Due to limited availability of historic data, FY 2018–19 fugitive emissions data have been estimated based on a conservative assumption that they were no greater than they were in FY 2023–24, and that deviations from this figure represent an immaterial change to our total emissions. 2. Market-based scope 2 emissions reflect purchased renewable electricity, with voluntary large-scale generation certificates (LGCs) surrendered to match consumption (1 LGC is purchased per MWh of grid electricity used under a renewable PPA). Renewable electricity target As shown in Table C.19, this year 83 per cent of our total electricity needs were met from renewable energy sources – 6,372 megawatt hours through on-site behind-the-meter solar generation, and 48,175 megawatt hours through the voluntary purchase of renewable energy and large-scale generation certificates, in addition to the national and jurisdictional renewable power percentages. This year we inspected some of our older solar PV systems and undertook some minor works, repairs and maintenance to resolve issues. We also registered our solar PV systems at our Pullenvale Site as a renewable power plant with the Clean Energy Regulator. Table C.19: Renewable electricity target detail ELECTRICITY CONSUMPTION (MWh) 2024–25 Renewable electricity consumption 88,992 Total electricity consumption 107,435 Renewable electricity consumption (%) 83% Notes: 1. This data relates to sites where CSIRO has management and operational control. 2. CSIRO uses Emissions Reporting Framework market-based methodology see page 199 for detailed breakdown of renewable electricity consumed. 3. The total consumption also includes off-grid energy use at the Murchison site. 4. Approximately 1% of bills from supplier have yet to be received at time of finalising this disclosure. We are continuing to transition to clean electricity for our operations, through building our solar PV capacity and purchasing renewable energy, and we are working towards procurement of renewable energy for our operations in all Australian states and territories. The status of our procurement in each jurisdiction is set out in Table C.20. Table C.20: Status of renewable electricity supply procurement by jurisdiction JURISDICTION STATUS APPROACH New South Wales 100% renewable electricity to 2030 Existing renewable energy power purchasing agreement to 2030 Victoria 100% renewable electricity to 2030 Existing renewable energy power purchasing agreement to 2030 Australian Capital Territory 100% renewable electricity to 2030 Existing renewable energy power purchasing agreement to 2030 South Australia 100% renewable electricity to 2027 Contract for voluntary large-scale generation certificates procured and surrendered to 2027 Queensland Planning voluntary renewable electricity post-2028 Assessing energy efficiency opportunities prior to purchasing renewable energy Tasmania Planning voluntary renewable electricity post-2026 Preparing to join Whole of Australian Government procurement of renewable energy Western Australia Planning voluntary renewable electricity post-2026 Preparing to join Whole of Australian Government procurement of renewable energy Northern Territory Planning voluntary renewable electricity post-2026 Preparing to join Whole of Australian Government procurement of renewable energy Reduced air travel kilometres against 2018–19 baseline In the 2023–24 financial year we considered setting an appropriate target for air travel; however, we needed to make improvements to our data systems and processes for this to be meaningful. In 2024–25 we procured a new data management system which, once implemented, will allow us to establish appropriate reporting categories. Timely data collection will remain an issue and will require further work. While we improve our data systems, we will continue to track our total annual kilometres travelled. Compared with our 2018–19 baseline year, 2024–25 saw a 35 per cent reduction in domestic flight kilometres and a 43 per cent reduction in international flight kilometres. Table C.21: Air travel km against 2018–19 baseline AIR TRAVEL (km) 2018–19 2024–25 REDUCTION Domestic travel 50,959,548 33,361,249 35% International travel 58,980,413 33,850,972 43% Notes: 1. The baseline year 2018–19 has been recalculated to reflect a more accurate and relevant methodology. The new methodology improves accuracy and consistency, allowing for meaningful comparison with 2024–25 data by including flights with departure dates falling within the reporting year. 2. The data extends to flights travelled for CSIRO staff and affiliates as provided via the Commonwealth government’s travel management provider. Percentage of low emissions fleet vehicles This year we focused on removing under-utilised vehicles from our fleet, achieving a reduction of 27 vehicles, including 13 internal combustion engine vehicles. This takes our total fleet from 241 to 214. The overall percentage of low emissions vehicles has reduced to 19.63 per cent due to the removal of underutilised vehicles, which includes 5 electric and 8 hybrid vehicles. Table C.22: Our fleet OUR FLEET 30 JUNE 2023 30 JUNE 2024 30 JUNE 2025 Number of zero emissions vehicles 15 (14 electric and 1 hydrogen vehicle) 16 (14 electric and 2 hydrogen vehicles) 11 (9 electric and 2 hydrogen vehicles) Number of hybrid vehicles 41 39 31 Number of internal combustion engine vehicles (includes diesel and unleaded vehicles) 191 186 172 Total fleet vehicles (includes passenger, SUV, light and heavy commercial vehicles) 247 241 214 % low emissions vehicles in fleet 22.67% 22.82% 19.63% New fleet charging infrastructure points added 4 (2 single unit chargers at Tidbinbilla site, 1 dual charger at Clayton site, 1 dual charger at Black Mountain site) 0 Notes: 1. Low emissions fleet vehicles include zero emissions vehicles and hybrid vehicles. We will continue to assess utilisation rates of our fleet vehicles and the suitability of new models of low emissions vehicles, including those with 4WD capability, for addition to our fleet where needed. We are also exploring cost-effective solutions for adding charging facilities to our sites. Responsible value chain and resource use Key focus area 6: Responsible value chain and resource use – understand the environmental and social impacts of purchase decisions, and embed circular economy thinking and the highest standards of responsible procurement. Our Waste Avoidance and Resource Recovery Strategy (WARRS) defines the scope of our 80 per cent resource recovery target and outlines 7 key focus areas for waste and resource recovery programs and projects, including circular economy innovations. We made good progress this year in implementing the WARRS. Waste audits were completed at 7 of our larger sites (Black Mountain, Tidbinbilla, Marsfield, Newcastle, Pullenvale, Waite and Kensington). These audits were completed in collaboration with our resource recovery and waste management contractor. The reports from these audits provide insights to our ongoing waste avoidance and resource recovery challenges and opportunities. Table C.23 summarises our progress against the initiatives identified in our Sustainability Strategy for the Responsible value chain and resource use focus area. Table C.24 summarises our performance against the related focus area targets and measures. Table C.23: Status of Sustainability Strategy initiatives – responsible value chain and resource use # INITIATIVE STATUS COMMENTS 1 Understand social and climate‑related impacts of CSIRO’s investment portfolio On hold CSIRO will undertake a climate risk and opportunity assessment of its investment portfolio in preparation for year 3 Commonwealth Climate Disclosures. 2 Update Procurement Standards and procedures to strengthen environmental and social considerations Achieved Our internal procurement standards reflect both CSIRO’s commitment to assessing our suppliers’ environmental and social credentials and our response to strengthened Commonwealth Procurement Rules and connected policies. 3 Develop and implement supplier due diligence processes to ensure supply chain integrity, and respond to modern slavery legislation and broader environmental and social considerations Achieved The introduction of the new Environmentally Sustainable Procurement Policy has been a focus this year, with significant amendments to capital project procurement documentation undertaken. CSIRO’s supplier due diligence processes include supply chain integrity and modern slavery assessments. 4 Undertake waste audit program to understand CSIRO’s waste streams and opportunities for reusing, reducing and recycling waste Ongoing This year we worked with our national resource recovery and waste management contractor to undertake waste audits at 7 major sites. # INITIATIVE STATUS COMMENTS 5 Align with the National Waste Policy Action Plan and develop a Waste Strategy and diversion targets Achieved In 2024 our Waste Avoidance and Resource Recovery Strategy was approved by the CSIRO Executive Team and implementation commenced with a focus on data and audits. 6 Pursue opportunities to improve resource recovery through application of circular economy principles Ongoing This year we completed a prototype of a waste data collection technology to inform circular economy opportunities. Testing and refinement are ongoing. 7 Conduct water audits to understand CSIRO’s water use and opportunities to reduce consumption Partially achieved Additional water metering infrastructure has been implemented this year. We continue to improve data processes to enable accurate, efficient and timely visibility of water consumption patterns. We will address our priorities for water management consistent with a completed climate risk and opportunity assessment in 2025–26. Table C.24: Status of targets and measures – responsible value chain and resource use # TARGETS AND MEASURES METRIC STATUS 1 Social and environmental impact assessment of CSIRO investment portfolio completed Impact assessment completed On hold 2 Supplier due diligence processes implemented Implemented in procurement documentation and procedures Achieved 3 Waste Strategy developed and waste reduction measures implemented Waste Strategy approved Achieved 4 Average 80% recovery rate (by weight) from all waste streams by 2030 % diversion rate compared to FY24 baseline On track Waste Avoidance and Resource Recovery Strategy The boundary for our 80 per cent target is limited to solid waste streams at CSIRO sites where we manage waste streams. It excludes liquid, gaseous and hazardous waste streams and sites where CSIRO is a tenant (except where CSIRO’s national waste contractor provides specified waste stream services). We chose this target and boundary as a relevant indication of our impact backed by invoiced data, rather than estimates. The 2023–24 financial year represents our baseline, against which we will measure our progress each year. Table C.25: Progress toward our target of average 80 per cent diversion from landfill (by weight) by 2030 TARGET METRICS 2023–24 2024–25 Waste generation limited streams (tonnes) 1,267 1,245 Rate of diversion from landfill (%) 32 30 Notes: 1. ‘Waste generation’ (tonnes) in Table C.25 excludes liquid, gaseous and hazardous waste streams and excludes sites where CSIRO is a tenant (except where CSIRO’s national waste contractor provides specific waste stream services). 2. ‘Diversion’ of waste means diverting from landfill using the principles of the waste hierarchy. In addition to undertaking waste audits, we also demonstrated sustainable practices through the coordination of a major event. The result was an 88 per cent diversion of event waste from landfill by weight. This was achieved by targeting food waste avoidance and diversion, with carefully planned menus, service and source separation activities. Table C.26: Waste metrics for all waste streams collected by national waste contractor RESOURCE AND OPERATIONAL METRICS 2022–23 2023–24 2024–25 Total waste generation all streams (tonnes) 1,594 1,473 1,417 Waste generation (kg/FTE) 268 237 250 Notes: 1. ‘Waste generation’ (tonnes) in Table C.26 includes hazardous waste streams and grease trap and excludes sites where CSIRO is a tenant (except where CSIRO’s national waste contractor provides specific waste stream services). 2. Metric related to EPBC Act s 516A. Water Water consumption at sites owned and managed by CSIRO is measured using data from water authority invoices. This year we recorded water usage for the first time at Forest Hill Agricultural Research Station in the Lockyer Valley, where we have a 77-hectare property for vital cropping research for the northern cropping zone. Irrigation of crops using bore water during the drier months accounts for most of the water consumed on site. Fourteen per cent of expected water data was unavailable at the time of reporting. The missing consumption data has been estimated based on previous invoices for comparable timeframes and is included in Table C.27. Table C.27: Mains water usage and intensity RESOURCE AND OPERATIONAL METRICS 2022–23 2023–24 2024–25 Mains water usage (megalitres) 282 335 350 Mains water usage intensity (kilolitres/FTE) 47 54 62 Notes: 1. Where data was unavailable for water usage (specifically for sites where we do not readily have separate metering due to tenancy), estimates have been made. 2. Metric related to EPBC Act s 516A. Commonwealth Climate Disclosure Commonwealth Climate Disclosure is the Australian Government’s policy requiring Commonwealth entities to publicly disclose their exposure to climate risks and opportunities, as well as their actions to manage them. Climate action is an integral part of our Sustainability Strategy, which features key metrics and targets including our net zero ambition. When it comes to managing climate risks and opportunities, we are working towards aligning our approach with the Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–26. We have been applying the guidance provided by the Department of Finance and the Department of Climate Change, Energy, Environment and Water in this regard while still bringing to the table CSIRO’s unique expertise and scientific leadership. This year we provided reports to our Board, Board Audit and Risk Committee, Executive Team and the Assurance Governance Committee regarding CSIRO’s approach to climate risk and opportunity management and the Commonwealth Climate Disclosures. We have a Board-approved governance structure specifically for climate risk and opportunity management that mirrors our governance structure for risk management. This features CSIRO’s recently formed Assurance Governance Committee and a formal Climate Risk Owner and research lead. Our current climate risk and opportunity management governance and reporting structure is set out in Figure C.3. CSIRO BOARD Accountable Authority CSIRO CHIEF EXECUTIVE Principal Assignee CHIEF OPERATING OFFICER Assignee with delegated responsibility for climate risk management EXECUTIVE TEAM Operationalise climate risk management in areas of influence ASSURANCE GOVERNANCE COMMITTEE BOARD AUDIT AND RISK COMMITTEE Figure C.3: Governance structure for climate risk and opportunity management Table C.28 sets out responsibilities for each position and committee. Table C.28: Climate risk and opportunity management governance structure POSITION/BODY RESPONSIBILITY Board (accountable authority) Accountable authority ultimately responsible for oversight of climate risks and opportunities. Sets risk appetite and tolerance for climate risk. Board Audit and Risk Committee Responsible for reviewing and advising on the adequacy and effectiveness of CSIRO’s climate-related risk and opportunity oversight and management, including overseeing the adequacy of systems and processes for managing risk. Chief Executive (principal assignee) Accountable authority’s assignee for climate risk and opportunity management. Responsible for operationalising the Board’s risk appetite and tolerance for climate risk. Chief Operating Officer (assignee) Climate Risk Owner with delegated responsibility by the Chief Executive for overseeing monitoring, embedding and implementation of climate-related risk and opportunity management approaches and practices throughout operations. The COO is supported by the Deputy Director Environment as the ‘Research lead’ in climate risk and opportunity management. Assurance Governance Committee Responsible for providing oversight and advice to the Executive team and updates to the Board Audit and Risk Committee on CSIRO’s climate risk and internal controls. Executive Team Responsible for monitoring, embedding and implementing climate-related risk and opportunity management approaches and practices within its area of influence. Our climate disclosure against each of the Commonwealth Climate Disclosure year 1 requirements is set out in Table C.29. Table C.29: CSIRO climate disclosure CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE G.0 Governance G1.a Disclose the accountable authority (as per PGPA Act s 12) responsible for oversight of Climate risks and opportunities (CR&O). The Board is CSIRO’s Accountable Authority by virtue of section 12(2) of the PGPA Act. Refer to page 159 for information on the CSIRO Board. G1.a.i How responsibilities for CR&O are reflected in the terms of reference, mandates, role descriptions and/or other legislation applicable to the accountable authority; The CSIRO Board Charter includes Board responsibilities to: • establish and maintain an appropriate system of risk oversight and management for CSIRO • work with management to systematically identify and manage strategic risks and opportunities. The Board Audit and Risk Committee (BARC) assists the Board in the areas of financial management, risk management, internal control and compliance. From June 2025, the BARC Charter has been updated to include an express responsibility to assist the Board by reviewing, reporting and providing advice on environmental and climate-related disclosure requirements. In 2024–25, the Board endorsed a new governance structure for climate risk and opportunity management (see Figure C.3 on page 182). The CSIRO Risk Management Framework also details roles and responsibilities to ensure CSIRO risks are systematically identified, assessed and managed across all levels of the organisation. G.1.a.ii How the accountable authority determines whether appropriate skills and competencies are available or will be developed to oversee strategies designed to respond to CR&O; CSIRO Board expertise is mapped to CSIRO’s previous focus areas, including ‘Resilient and Valuable Environments’ which includes climate change mitigation and adaptation. The current Board skills matrix was developed in 2022 and includes the following skills: Specialist industry and market expertise: Sustainable energy and resources and resilient and valuable environments. Foundational governance and functional oversight: Change and major project delivery, risk management and governance and legal. A review of the Board skills matrix was commenced in June 2025. Climate-related training resources and links to APS Academy climate training are available on CSIRO’s intranet Sustainability page for relevant CSIRO officers. CSIRO’s Sustainability Team has provided bespoke training to relevant stakeholders, including presentations on climate risk and specific climate resilience courses related to the built environment via the Green Building Council of Australia. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE G.1.a.iii How and how often the accountable authority is informed about CR&O; During the reporting period, the BARC was informed of key enterprise and operational risks and received a report on CSIRO’s approach to CR&O management and Commonwealth Climate Disclosure. BARC meets 6 times a year and reports material matters and recommendations for approval to the Board. From June 2025, the BARC Charter has been updated to include an express responsibility to assist the Board by reviewing, reporting and providing advice on environmental and climate-related disclosure requirements. G.1.a.iv How the accountable authority takes into account CR&O when overseeing the entity’s strategy and risk management processes and related policies, and when making decisions in relation to major transactions and the prioritisation of funds, where applicable. CSIRO publishes a suite of climate-focused reports that provide evidence-based insights into Australia’s changing environment and future risks. Reports such as the State of the Climate, Exploring Climate Risk in Australia, CSIRO Report on Climate and Disaster Resilience and Our Future World support national understanding of climate impacts and resilience. These publications not only inform policymakers and industry but also serve as valuable resources for CSIRO’s leadership in developing informed strategies to mitigate and adapt to the evolving climate landscape. These resources, along with other global reports such as the World Economic Forum’s Global Risk Report, assist CSIRO in setting our strategic direction. Management also leverages these resources to develop and refine CSIRO’s research portfolio aspirations, as outlined in The CSIRO Book, and shape its response through strategic plans such as the Corporate Plan and our Sustainability Strategy. CSIRO’s approach to managing research and enabling infrastructure aims to deliver science-informed capital planning that takes into consideration environmental impacts and long-term sustainability. CSIRO’s Major Transactions Committee (MTC) reviews and recommends for approval CSIRO’s involvement in major transactions (and related investments) to ensure (among other things) strategic alignment and robust risk identification, assessment and mitigation. Major decisions are considered by the MTC to ensure proposals minimise duplication, identify opportunities for consolidation, consider whole-of-life costs and enable the decommissioning of outdated or inefficient infrastructure to maximise impact and efficiency. The Board, through the BARC, reviews and approves the CSIRO Risk Management Framework ensuring CSIRO risks are systematically identified, assessed and managed across all levels of the organisation. Effective risk engagement and management are fundamental to achieving CSIRO’s strategic and operational objectives. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE G.1.a.v How the accountable authority oversees the setting of targets related to CR&O, and monitors progress towards those targets (M5-8), including targets related to emissions reduction and any other CR&O management targets. The Board-approved Sustainability Strategy 2020–2030 sets out CSIRO’s emissions reduction targets, including net zero and other climate-related targets. An annual performance report of progress toward the Sustainability Strategy metrics and targets is provided to the Board. CSIRO also has a management-level Sustainability Steering Committee that oversees the implementation of the Sustainability Strategy, including our net zero targets and emissions reduction strategies. CSIRO does not have specific targets for management of climate resilience, adaptation and management of transition risks. G.1.a.vi Whether, and to what extent, risk oversight is deputised to a specific management-level position or management-level committee (assignee) and how oversight is exercised over that position or committee. The BARC provides oversight of risk management on behalf of the Board, including the review of the effectiveness and adequacy of CSIRO’s Risk Management Framework (RMF) and related processes. In 2024–25, the Assurance Governance Committee (AGC) was created to provide oversight of risk on behalf of the Executive Team (ET). The AGC reports to the ET on the activities and findings of the committee, providing detailed insights into management-level oversight of risks. In 2024–25, a member of ET, the Chief Operating Officer (COO) was appointed as assignee on climate risk and opportunities. The Chief Security and Risk Officer maintains the RMF, ensuring a consistent application of risk management approaches that are aligned to our organisational maturity, across all research and enterprise functions. Each research and enterprise director is responsible for the oversight and management, on behalf of CSIRO, of risks relevant to their function. See also G.1.a.i. G.1.b Disclose the role and responsibilities the assignee and other senior management and governance committees play in the oversight and administration of governance processes, controls and procedures used to monitor, manage and oversee CR&O. The BARC provides oversight of risk on behalf of the Board. Specifically, the updated BARC Charter provides for oversight of, and compliance with, environmental and climate-related disclosure requirements. The BARC reports material matters and recommendations for approval to the Board. The Chief Executive (principal assignee), supported by the ET, oversees the effective implementation of the Board-endorsed risk management framework across the organisation and corresponding internal controls used to managing CSIRO’s key risks. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE The AGC is our new management committee, formed in 2024–25 to oversee CSIRO’s management of key organisational risks and ensure appropriate communication in relation to these risks is provided to ET and BARC in a timely manner. In addition, the AGC is responsible for: • monitoring and assessing the effectiveness of CSIRO’s control environment, with a focus on the effectiveness of critical controls in managing key organisational risks and achieving strategic objectives • discussing and making recommendations and decisions on the Operational Risk Profile (ORP) which identifies key organisational risks. In 2024–25, a member of ET (the COO) was appointed as assignee on climate risk and opportunities. The Chief Security and Risk Officer maintains the RMF to support a consistent application of risk management approaches that are aligned to our organisational maturity, across all research and enterprise functions. Management plays a key role in overseeing the implementation of governance processes and controls related to identified risks according to our RMF. These responsibilities include reviewing risk assessments, endorsing mitigation strategies, and ensuring climate considerations are embedded in corporate planning and decision making processes. See G.1.a.i for our new governance structure in relation to climate risk and opportunity management and G.1.a.iv for deputised responsibilities on climate risks and opportunities. G.1.b.i Whether the assignee uses controls and procedures to support the oversight of CR&O and, if so, how these controls and procedures are integrated with other internal functions. The CSIRO RMF details the internal control framework CSIRO employs to ensure CSIRO risks are systematically identified, assessed and managed across all levels of the organisation. See also G.1.b. G.2.a Entities shall have regard to The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026 when describing processes, controls and procedures used to monitor, manage and oversee climate‑related risks and opportunities; and Work is underway to adhere to The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026. In 2025–26, CSIRO will conduct an organisational climate risk and opportunity assessment in accordance with the CROMP (Climate Risk and Opportunity Management Program). CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE G.2.b Corporate Commonwealth entities (CCEs) and Commonwealth companies may choose to refer to the Net Zero in Government Operations Strategy and Commonwealth Risk Management Policy as a matter of good practice. As a CCE, CSIRO is not bound by the Net Zero in Government Operations Strategy (NZGO Strategy). CSIRO has been implementing its own Sustainability Strategy 2020–2030 which includes targets for achieving net zero. Our 2030 target is consistent with the APS net zero target. The CSIRO RMF aligns with the Commonwealth Risk Management Policy, which sets the direction and system for how all CSIRO risks are to be considered and managed. It does not specify particular risk management approach for climate risks but looks to integrate all risk types. Risk accountability lies with Risk Owners at different levels of the organisation. S.0 Strategy S.1.a Disclose Material information about the entity’s climate-related risks and opportunities (S2-3). Achieved though S2–S3. S.2 Disclose Climate-related risks and opportunities. See S.2.a–S.2.d. S.2.a Provide the entity’s material CR&O in accordance with the progressive implementation schedule. CSIRO has not yet conducted an organisation-wide climate risk and opportunity assessment. In 2022 CSIRO completed a high-level climate risk assessment (specifically, a climate scan cycle process as outlined in the Climate Compass – A Climate Risk Management Framework for Commonwealth Agencies) including a physical risk heat map for our sites. CSIRO’s 2022 Climate Risk Report notes 3 priority climate risk areas, as determined by participant groups in the climate risk assessment: Critical CSIRO services and research activities being disrupted (more than standard recovery time) or deemed no longer viable due to climate change impacts. Failure to integrate the assessment and mitigation of acute and chronic climate change impacts in planning CSIRO’s infrastructure requirements. Health and safety impacts to staff from acute and chronic climate change risks. The 2022 assessment did not include climate-related opportunities. In March 2025 CSIRO commenced a new physical climate risk assessment utilising CSIRO’s INDRA platform. INDRA is a platform technology for physical climate risk assessments, which encompasses inputs from various areas of CSIRO, along with key data from relevant agencies, such as the Bureau of Meteorology and state- and city-based planning departments. In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in adherence to the CROMP (Climate Risk and Opportunity Management Program). CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE S.2.a.i Specifically: i) the entity’s organisational risks and opportunities. In 2024–25 the ET endorsed the commencement of an enterprise-wide climate risk and opportunity assessment to be conducted in 2025–2026. See S.2.a. S.2.b Explain, for each climate-related risk the entity has identified, whether the entity considers the risk to be predominantly a climate-related physical risk or climate-related transition risk; The 3 priority climate risk areas identified in 2022 considered our risk exposure to be predominantly in the physical risk category. S.2.c Specify the time horizons—short, medium or long term—for which the effects of each of those CR&O identified by the entity could reasonably be expected to occur; and The risk assessment undertaken in 2022 did not involve a methodology for future climate scenarios. In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in accordance with the CROMP (Climate Risk and Opportunity Management Program). S.2.d Explain how the entity defines ‘short term’, ‘medium term’ and ‘long term’ and the reasons these definitions were selected. See S.2.c. S.3 In preparing disclosures to meet the requirements in paragraphs S1–2: See S.3.a. S.3.a There is an expectation that entities will have undertaken a climate risk and opportunity assessment. This expectation is set out in The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026. Work is underway to adhere to The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026. In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in accordance with the CROMP (Climate Risk and Opportunity Management Program). S.3.a.i Entities are encouraged to conduct their climate risk and opportunity assessment in adherence with the Climate Risk and Opportunity Management Program, where practicable; and In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in adherence to the CROMP (Climate Risk and Opportunity Management Program). See also S.2.a. S.3.a.ii 1–2 Where it is impractical for an entity to adopt the Climate Risk and Opportunity Management Program methodology in full, the entity shall: Explain why it has adopted an alternate methodology; and ensure that its alternate methodology is robust and defensible. In 2022 CSIRO conducted a climate scan cycle process as outlined in Climate Compass – Risk Management Framework for Commonwealth Agencies. At the time of undertaking, the climate scan cycle process was the most suitable methodology available to Commonwealth agencies. In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in adherence to the CROMP (Climate Risk and Opportunity Management Program). CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE S.1.b Disclose the current and anticipated effects of those CR&O on the entity’s operational model (S4). Achieved through S4. S4 An entity shall disclose information that enables annual report users to understand the current and anticipated effects of CR&O on the entity’s operational model. Specifically, the entity shall disclose: See S.4.a–b. S.4.a A description of the current and anticipated effects of climate‑related risks and opportunities on the entity’s operational model; and As part of its operational model, CSIRO maintains an enterprise risk register and risks and opportunities are also regularly considered at the operational unit level. It also includes a process for periodic financial forecasts and budget setting that considers the relevant risk and opportunities. However, the detailed and extended future time period of possible climate-related risks and opportunities determine that the complete suite of data for the analysis may not be currently available. CSIRO is in the process of proceduralising the capture of the relevant data to enable conduct of a detailed multi time period organisational climate risk and opportunity assessment. S.4.b A description of where in the entity’s operational model the current and anticipated effects of climate-related risks and opportunities are concentrated. See S.4.a. R.0 Risk management R.1.a Disclose the processes and related policies the entity uses to identify, assess, prioritise, manage and monitor climate-related risks, including: The CSIRO RMF describes how all risks are systematically identified, assessed, managed and monitored across our operations and strategic objectives. Our RMF approach is designed to ensure that risks are not siloed but integrated into our broader organisational risk profile allowing for a comprehensive and holistic approach. CSIRO’s enterprise risks are being managed by enterprise functions, responsible for designing policy and the control environment and monitoring compliance. The RMF sets out how risk is embedded in our operations and decision making and provides the processes for implementing, communicating, monitoring, reviewing and continually improving risk management in CSIRO. In accordance with the Commonwealth Risk Management Policy, the Framework includes details on the following: • CSIRO’s approach to risk management. • How to apply the RMF (including CSIRO’s risk appetite and tolerance limits). • CSIRO’s risk culture. • Managing shared risks. • Management of the RMF. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE Key roles and responsibilities in managing risk. Effective risk management and engagement are fundamental to achieving CSIRO’s strategic and operational objectives. The RMF is designed to ensure the following: • CSIRO can confidently make risk informed decisions. • Opportunities and initiatives can be pursued with greater agility, robustness and confidence. • Consistency of CSIRO’s risk management approach. The RMF details the internal control framework CSIRO employs to ensure all CSIRO risks are systematically identified, assessed and managed across all levels of the organisation. In 2025–26 CSIRO will conduct and organisational climate risk and opportunity assessment in adherence to The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026. R.1.a.i The inputs and parameters the entity uses; As described in G.1.a.iv, CSIRO publishes a suite of climate-focused reports that provide evidence-based insights into Australia’s changing environment and future risks. Reports such as the State of the Climate, Exploring Climate Risk in Australia, CSIRO Report on Climate and Disaster Resilience and Our Future World support national understanding of climate impacts and resilience. These publications not only inform policymakers and industry but also serve as valuable resources for CSIRO’s leadership in developing informed strategies to mitigate and adapt to the evolving climate landscape. Risk identification is undertaken to establish a comprehensive list of events that could occur and would likely impact CSIRO and business objectives. CSIRO identifies risks based on the best available information, including historical data, experience, stakeholder feedback, observation and expert judgement. We employ a systematic process to identify all risks, and we use a checklist as a prompt for risk identification purposes. The checklist forms part of the RMF. Each risk identified must be classified into one of the approved CSIRO Risk Categories. CSIRO’s risk categories align with organisational objectives and activities. The RMF requires that risk identification and assessments be undertaken for all key activities, including when: • planning research and managing its impact • assessing work health and safety concerns • conducting significant procurement activities • establishing major transactions such as contracts • major or significant projects • undertaking business continuity planning • assessing protective security requirements. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE The RMF is currently being updated to further describe climate risks in the checklist in the context of physical risks and transition risks to enable robust identification process. R.1.a.ii How the entity assesses the nature, likelihood and magnitude of the effects of those risks; In CSIRO, identified risks – including climate risks – are assessed using consistent methodology (risk assessment matrix) aligned to the RMF. This involves evaluating the likelihood and potential impact to understand the risk rating. We leverage our deep scientific and corporate expertise and data analytics capabilities to inform these assessments. Based on the risk rating, the response and acceptance matrix will inform the risk owner, required actions and reporting obligations. The responsibility and accountability for each identified risk are allocated to a risk owner who must oversee and ensure mitigating controls are appropriately designed and operate effectively. Corrective action is to be taken when controls are not working effectively. The RMF is principles-based, which creates opportunity to tailor risk management approaches for specific risk areas while maintaining alignment to the overall framework. R.1.a.iii Whether and how the entity prioritises climate-related risks relative to other types of risk; CSIRO does not prioritise climate-related risks relative to other types of risks. However, climate change is one of the imperatives that inform CSIRO objective setting and is considered an overarching element that shapes our strategy and research portfolio discussions. R.1.a.iv How the entity manages climate‑related risks; CSIRO manages climate-related risks within our existing RMF alongside other risks. See R.1.a.i to R.1.a.iii. R.1.a.v How the entity monitors climate‑related risks; and Climate-related risks are subject to the same monitoring and review processes as other risks within our existing RMF. See R.1.a.i to R.1.a.iii. R.1.a.vi Whether and how the entity has changed the processes it uses compared with the previous reporting period. In reviewing the current RMF, there is a proposed change to the description associated to Climate Risk in the ‘Risk Identification Category’ to enable staff identify climate risk within the context of both physical and transition risks. R.1.b The processes the entity uses to identify, assess, prioritise, manage and monitor climate- related opportunities; CSIRO’s current risk management approach as defined by our RMF focuses on threat management aligning with the organisation’s current maturity. CSIRO does not have a specific climate-related opportunity management process in place. However, opportunities management is embedded in our strategy development process, research prioritisation/delivery processes and portfolio management process. In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in adherence to The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE R.1.c The extent to which, and how, the processes for identifying, assessing, prioritising, managing and monitoring CR&O are integrated into and inform the entity’s overall risk management process. Climate-related risks are currently integrated into our RMF alongside other risks. In each stage of the risk management process, risks are covered as follows: Identification: the risk category prompts staff to consider climate risks. • Assessment: consistent methodology and descriptors as with other risks and an established risk matrix. • Prioritisation: As with other risks, climate risk is prioritised based on its impact/risk level in consideration to operational risk tolerance and appetite. • Management: Clear ownership and accountability in place for managing risks and risk response relevant to each risk rating level. • Monitoring: Review and reporting requirements stipulated for risks based on its prioritisation requirements and a dynamic review process in place to assess risks and effectiveness of controls or progress of treatment plans. Specific guidelines to support how climate risks and opportunities are to be considered within CSIRO’s operating context. As disclosed in R.1.b, opportunities management within CSIRO is embedded in its strategy development process, research prioritisation/delivery processes and portfolio management process. In 2025–26 CSIRO will conduct an organisational climate risk and opportunity assessment in adherence to The Australian Government’s Approach to Climate Risk and Opportunity Management in the Public Sector 2024–2026 and take the opportunity to review those processes. M.0 Metrics and targets M1 To achieve the objective in paragraph M0, an entity shall disclose: See M.1.b. M.1.b Information relevant to greenhouse gases (see M3); Achieved through M3. M.3 An entity shall disclose information relevant to greenhouse gases (GHG), in accordance with the APS Net Zero Emissions Reporting Framework. See M.3.a – M.3.f.1 M.3.a Disclose its gross GHG emissions generated during the reporting period, expressed as metric tonnes of CO2 equivalent, classified as: We disclose our gross GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE M.3.a.i Scope 1 greenhouse gas emissions; We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. M.3.a.ii Scope 2 greenhouse gas emissions; and We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. M.3.a.iii Scope 3 greenhouse gas emissions, for select scope 3 greenhouse gas emissions as per the APS Net Zero Emissions Reporting Framework; We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. M.3.b disclose the approach, inputs, assumptions and methodologies as set out in the APS Net Zero Emissions Reporting Framework that are used to measure its GHG emissions including changes from the previous reporting period; We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. M.3.e for scope 2 and scope 3 greenhouse gas emissions disclosed in accordance with paragraph M3(a)(ii) and (a)(iii), include its location-based and market-based scope 2 and scope 3 greenhouse gas emissions for its electricity-related greenhouse gas emissions, and provide information about any contractual instruments that is necessary to inform users’ understanding of the entity’s market-based scope 2 and scope 3 greenhouse gas emissions; and We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. M.3.f for scope 3 greenhouse gas emissions disclosed in accordance with paragraph M3(a)(iii), and with reference to the APS Net Zero Emissions Reporting Framework, disclose: We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. M.3.f.1 the categories included within the entity’s measure of scope 3 greenhouse gas emissions. We disclose our GHG emissions as per the APS Net Zero Emissions Reporting Framework. Detailed on page 198 of this report. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE M.1.c targets set by the entity, and any targets it is required to meet by law, regulation or policy, to mitigate or adapt to climate‑related risks or take advantage of climate-related opportunities, including metrics used by the accountable authority or management to measure progress towards these targets (M5-9); Our climate-related targets are: Net zero scope 1, 2 emissions by 2030 and Net zero scope 1, 2 and 3 emissions by 2050. Detailed in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap. M1.c.i this includes (but is not limited to) the APS Net Zero by 2030 target, where applicable. The APS net zero 2030 target applies to all non-corporate Commonwealth entities. Not applicable to CSIRO, however we have our publicly declared targets (see M.1.c) and our 2030 target is consistent/aligned with the APS net zero target. M.5 An entity shall disclose the quantitative and qualitative climate-related targets it has set to monitor progress towards achieving its strategic goals, and any targets it is required to meet by law, regulation or policy, including any greenhouse gas emissions targets. For each target, the entity shall disclose: See M.5.a – M.5.h. M.5.a the metric used to set the target; The metric used to set our net zero targets is tonnes of Carbon dioxide equivalents (t CO2-e). Detailed on page 171 of this report. M.5.b the objective of the target (for example, mitigation, adaptation or conformance with science‑based initiatives); The objective of the target is to reduce emissions to mitigate further impacts of climate change. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.5.c the part of the entity to which the target applies (for example, whether the target applies to the entity in its entirety or only a part of the entity, such as a specific business unit or specific geographical region); The organisational boundary is the whole entity as per the APS Net Zero Emission Reporting Framework which uses the operational control approach. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.5.d the period over which the target applies; The timeframe for achieving our 2030 net zero target (scope 1 and 2) is from 1 July 2019 to 30 June 2030. For our 2050 target (which includes scope 3 emissions) the timeframe extends to 30 June 2050. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE M.5.e the base period from which progress is measured; Our initial baseline is 2018–2019. The initial baseline may change as additional emissions sources are included in the future. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.5.f any milestones and interim targets; In addition to M.5.d, we have an interim target to achieve 100% of renewable electricity in our sites by 2030. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.5.g if the target is quantitative, whether it is an absolute target or an intensity target; and Our targets are absolute targets. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.5.h how the latest international agreement on climate change, including jurisdictional commitments that arise from that agreement, has informed the target. Our net zero scope 1 and 2 target by 2030 is consistent with the APS net zero target, which forms part of Australia’s international climate commitments, including Australia’s Nationally Determined Contribution under the Paris Agreement. More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.6 An entity shall disclose information about its approach to setting and reviewing each target identified in paragraph M5, and how it monitors progress against each target in M5, including: Achieved through M.6.a to M.6.d. M.6.a whether the target and the methodology for setting the target has been validated by a third party; Our target-setting methodology has not been validated by a third party. However, our net zero roadmap was developed by an external consultant and CSIRO has been undertaking limited assurance within our Sustainability Report data for the past 3 financial years, including reporting against CSIRO’s net zero scope 1 and 2 target. M.6.b the entity’s processes for reviewing the target; To strengthen our data integrity and ensure accurate and reliable reporting, we initiated a comprehensive review of our data sources in 2023–24. This review aimed to identify priority areas for improving the collection, validation and management of greenhouse gas emissions data. In conjunction with this effort, we also took the opportunity to reassess our net zero roadmap and review our targets, given that we are at the midpoint towards achieving our 2030 goals (5 years review). More details are in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap. M.6.c the metrics used to monitor progress towards reaching the target; and Details on metrics and supporting targets to achieve net zero (such as our 100% renewable electricity by 2030 across our operations target and our GHG reductions) can be found on page 171 of this report. CODE COMMONWEALTH CLIMATE DISCLOSURE (CCD) REQUIREMENT – YEAR 1 (2024–2025) CSIRO CLIMATE DISCLOSURE M.6.d any revisions to the target and an explanation for those revisions. See M.6.b. M.8 For each greenhouse gas emissions target disclosed in accordance with M5-M7, an entity shall disclose: Achieved through M.8.a to M.8.d. M.8.a which greenhouse gases are covered by the target; The following greenhouse gas emissions are included in our target as per APS Net Zero Emissions Reporting Framework: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3). M.8.b whether scope 1, scope 2 or scope 3 greenhouse gas emissions are covered by the target; Our 2030 target includes scope 1 and scope 2 emissions. Our 2050 target includes scope 1, 2 and 3 emissions. Decisions on scope 3 emissions can change in the future as further data becomes available. M.8.c whether the target is a gross greenhouse gas emissions target or net greenhouse gas emissions target; Our targets are net greenhouse gas emissions targets. M.8.d whether the target was derived using a sectoral decarbonisation approach. Our targets were not derived using a sectoral decarbonisation approach. M.9 In preparing disclosures to meet the requirements in paragraphs M5-8, entities that have adopted the APS Net Zero by 2030 target, either on a voluntary or mandatory basis, shall: Not applicable. CSIRO is not required to adopt the APS net zero target. As part of our commitment to net zero we have our own publicly declared targets and commitments as detailed in our new net zero factsheet: Towards net zero: reviewing our net zero roadmap and on page 171 of this report. M.9.a disclose information on the APS Net Zero by 2030 target (set out in the Net Zero in Government Operations Strategy), as well as any other obligatory or voluntary targets set out in the entity’s Emissions Reduction Plan or equivalent strategy, including: N/A. Disclosed in M9. M.9.a.i the renewable energy targets of 80% by 2028 and 100% in 2030; and N/A. Disclosed in M9. M.9.a.ii the fleet target of 75% of new passenger vehicle orders to be low emission vehicles by 2025, with a preference for zero emission vehicles. N/A. Disclosed in M9. APS net zero emissions reporting As part of the Australian government’s Net Zero in Government Operations Strategy, and the reporting requirements under section 516A of the Environment Protection and Biodiversity Conservation Act 1999, CSIRO is required to report on our operational greenhouse gas emissions. The greenhouse gas emissions inventory and electricity greenhouse gas emissions tables present greenhouse gas emissions over the 2024–25 financial year. The greenhouse gas emissions reported are calculated on a carbon dioxide equivalent (CO2e) basis and in line with the Emissions Reporting Framework published by the Department of Finance (Commonwealth). This is consistent with a whole-of-Australian Government approach, outlined in the Net Zero in Government Operations Strategy, and Commonwealth Climate Disclosure requirements. Not all data sources were available at the time of the report and amendments to data may be required in future reports. CSIRO is working toward alignment with the Emissions Reporting Framework for its independent net zero reporting; however, some methodologies and factors may cause small discrepancies between the below figures and those in the Transition to clean energy future section of this report at page 171. Table C.30: Greenhouse gas emissions inventory – location-based method EMISSION SOURCE SCOPE 1 (t CO2e) SCOPE 2 (t CO2e) SCOPE 3 (t CO2e) TOTAL (t CO2e) Electricity (location-based approach)1 N/A 61,885.57 6,083.35 67,968.93 Natural gas2 8,053.62 N/A 1,007.96 9,061.58 Solid waste N/A N/A 1,388.46 1,388,46 Refrigerants3 471.43 N/A N/A 471.43 Fleet and other vehicles 576.76 N/A 142.26 719.01 Domestic commercial flights N/A N/A 4,563.77 4,563.77 Domestic hire car4 N/A N/A 63.32 63.32 Domestic travel accommodation N/A N/A 796.80 796.80 Other energy 770.27 N/A 195.43 965.70 Total t CO2e 9,872.08 61,885.57 14,241.36 85,999.01 Notes: 1. Emissions related to electricity usage using the location-based accounting method. 1% of data was unavailable due to billing cycles. 2. 2% of data was unavailable due to billing cycles. 3. Reporting on refrigerants is being phased in over time as emissions reporting matures. It is an optional source in 2024–25 emissions reporting however we have commenced data collection and opted to report this year. Refrigerant data is the best available data set and will improve next year. Refer to the Emissions Reporting Framework for more detail. 4. Data for hire cars has been sourced from third party providers and is incomplete. The quality of data is expected to improve over time as emissions reporting matures. Table C.31: 2024–25 Electricity greenhouse gas emissions SCOPE 2 (t CO2e) SCOPE 3 (t CO2e) TOTAL (t CO2e) ELECTRICITY (kWh) Location-based electricity emissions 61,885.57 6,083.35 67,968.93 101,063,243.81 Market-based electricity emissions 14,344.29 1,933.60 16,277.89 18,443,206.97 Total renewable electricity consumed N/A N/A N/A 88,991,942.38 Renewable power percentage1 N/A N/A N/A 17,955,627.64 Jurisdictional Renewable power percentage2,3 N/A N/A N/A 16,489,359.21 GreenPower2 N/A N/A N/A – Large-scale generation certificates2 N/A N/A N/A 48,175,050.00 Behind the meter solar N/A N/A N/A 6,371,905.53 Total renewable electricity produced N/A N/A N/A 6,883,017.95 Large-scale generation certificates2 N/A N/A N/A 242,000 Behind the meter solar N/A N/A N/A 6,641,017.95 Notes: The table above presents emissions related to electricity usage using both the location-based and the market‑based accounting methods. CO2e = carbon dioxide equivalent. Electricity usage is measured in kilowatt hours (kWh). 1. Listed as Mandatory renewables in 2023–24 Annual Reports. The renewable power percentage (RPP) accounts for the portion of electricity used, from the grid, that falls within the Renewable Energy Target (RET). 2. Listed as Voluntary renewables in 2023–24 Annual Reports. Large-scale generation certificates reported were surrendered by CSIRO (for NSW, ACT, VIC) and retailer (SA) and accepted by the CER by 30 June 2025. This year we created and surrendered 242 large‑scale generation certificates from behind the meter solar generation at our Pullenvale QLD site. 3. The Australian Capital Territory is currently the only state with a jurisdictional renewable power percentage (JRPP). Appendix D Compliance and legislation REQUIREMENT RESPONSE Administrative Decisions (Judicial Review) Act 1977 The Administrative Decisions (Judicial Review) Act 1977 (Cth) (ADJR Act) enables a person aggrieved by certain classes of administrative decisions made by Australian Government agencies, including CSIRO, to obtain reasons for or to challenge those decisions. During 2024–25, we received no challenges or requests for statements of reasons under the ADJR Act. Archives Act 1983 Our archives collection includes material from the Council for Science and Industrial Research, our predecessor, dating from 1926. In accordance with the Archives Act 1983 (Cth) (Archives Act), certain CSIRO records are held by the National Archives of Australia. Disposal arrangements for records follow the Archives Act, and access to records over 20 years old is provided in accordance with that Act. Freedom of Information Act 1982 The Freedom of Information Act 1982 (FOI Act) provides members of the public with a general right to obtain access to documents held by Australian Government agencies, including us. The general right of access to documents is limited by exceptions, including to protect essential public interests and the privacy or business affairs of those who give information to the agency. General information about our FOI procedures, including how to make an FOI request, is available on our website: csiro.au/about/corporate-governance/access- to-information/freedom-of-information Part V of the FOI Act provides a right to request that CSIRO amend a document to which lawful access has been granted, where the applicant claims that information in the document: • contains their personal information • is incomplete, incorrect, out of date or misleading • has been used, is being used or is available for use by the agency or Minister for an administrative purpose. In the reporting year to 30 June 2025, we received 97 requests for documents, or requests from other agencies to consider the release of documents relating to CSIRO, under the FOI Act. During 2024–25, we received no requests for amendment of personal information under the FOI Act. Information Publication Scheme We are required to publish information under the Information Publication Scheme, which promotes open and transparent communication of government information. We provide a plan showing what information we publish in keeping with the Information Publication Scheme requirements on our website: csiro.au/about/corporate-governance/access-to-information/information- publication-scheme Members of the public may access scientific and technical publications from CSIRO Publishing and the ePublish Repository. Research data we use is routinely published on the CSIRO Data Access Portal: data.csiro.au. Judicial decisions Pursuant to PGPA Rule Reference: 17BE(q) during 2024–25, there were no judicial decisions or decisions of administrative tribunals that have had, or may have had, a significant effect on our operations. REQUIREMENT RESPONSE National Anti‑Corruption Commission On 1 July 2023, the National Anti-Corruption Commission commenced. We recently updated our mandatory fraud awareness education training module to reflect the requirements under the National Anti-Corruption Commission Act 2022. No National Anti-Corruption Commission referrals were made by CSIRO during 2024–25. Privacy Act 1988 We are bound by the Australian Privacy Principles under the Privacy Act 1988 (the Privacy Act) and have measures in place to manage compliance, including our Privacy Management Plan and Data Breach Response Plan. During 2024–25, we had no notifiable data breaches (NDB) under the Notifiable Data Breaches Scheme. Public Governance Performance and Accountability Act 2013 Pursuant to section 19 (1) (e) of the Public Governance Performance and Accountability Act, we reported zero instances of significant non-compliance with finance law in 2024–25. Public Interest Disclosure Act 2013 We have implemented internal procedures to comply with the Public Interest Disclosure Act 2013 (PID Act) through a Public Interest Disclosure Scheme (the PID Scheme). These procedures and the PID Scheme are in the process of being updated and will be in effect in 2025–2026. The PID Scheme promotes integrity and accountability by encouraging the disclosure of information about suspected wrongdoing, protecting people who make disclosures and ensuring that we take appropriate action. We contributed to the Commonwealth Ombudsman’s Annual Report on public interest disclosures (or PIDs), as required by section 76(3) of the PID Act. In 2024–25, we received, or were allocated by the Ombudsman, 1 PID pursuant to section 26 of the PID Act. Table D.1: Statutory reporting requirements 17BE(u) PGPA RULE REFERENCE DESCRIPTION REQUIREMENT PAGE REFERENCE 17BE Contents of annual report 1 17BE(a) Details of the legislation establishing the body Mandatory i, 7, 8, 17 17BE(b)(i) A summary of the objects and functions of the entity as set out in legislation Mandatory 7–13 17BE(b)(ii) The purposes of the entity as included in the entity’s corporate plan for the reporting period Mandatory 7–13 17BE(c) The names of the persons holding the position of responsible Minister or responsible Ministers during the reporting period, and the titles of those responsible Ministers Mandatory 17 17BE(d) Directions given to the entity by the Minister under an Act or instrument during the reporting period If applicable, mandatory 17 17BE(e) Any government policy order that applied in relation to the entity during the reporting period under section 22 of the Act If applicable, mandatory 17 17BE(f) Particulars of noncompliance with: (a) a direction given to the entity by the Minister under an Act or instrument during the reporting period; or (b) a government policy order that applied in relation to the entity during the reporting period under section 22 of the Act If applicable, mandatory N/A 17BE(g) Annual performance statements in accordance with paragraph 39(1)(b) of the Act and section 16F of the rule Mandatory 51–79 17BE(h), 17BE(i) A statement of significant issues reported to the Minister under paragraph 19(1)(e) of the Act that relates to noncompliance with finance law and action taken to remedy noncompliance If applicable, mandatory N/A 17BE(j) Information on the accountable authority, or each member of the accountable authority, of the entity during the reporting period Mandatory 17, 18, 159–163 17BE(k) Outline of the organisational structure of the entity (including any subsidiaries of the entity) Mandatory 18–21 17BE(ka) Statistics on the entity’s employees on an ongoing and non-ongoing basis, including the following: (a) statistics on fulltime employees (b) statistics on part time employees (c) statistics on gender (d) statistics on staff location Mandatory 16, 154–158 17BE(l) Outline of the location (whether or not in Australia) of major activities or facilities of the entity Mandatory 14–15 17BE(m) Information relating to the main corporate governance practices used by the entity during the reporting period Mandatory 17, 48–49 PGPA RULE REFERENCE DESCRIPTION REQUIREMENT PAGE REFERENCE 17BE(n), 17BE(o) For transactions with a related Commonwealth entity or related company where the value of the transaction, or if there is more than one transaction, the aggregate of those transactions, is more than $10,000 (inclusive of GST): (a) the decision making process undertaken by the accountable authority to approve the entity paying for a good or service from, or providing a grant to, the related Commonwealth entity or related company; and (b) the value of the transaction, or if there is more than one transaction, the number of transactions and the aggregate of value of the transactions If applicable, mandatory 84 17BE(p) Any significant activities and changes that affected the operation or structure of the entity during the reporting period If applicable, mandatory i, 4, 5, 48 17BE(q) Particulars of judicial decisions or decisions of administrative tribunals that may have a significant effect on the operations of the entity If applicable, mandatory N/A 17BE(r) Particulars of any reports on the entity given by: (a) the Auditor General (other than a report under section 43 of the Act); or (b) a Parliamentary Committee; or (c) the Commonwealth Ombudsman; or (d) the Office of the Australian Information Commissioner If applicable, mandatory N/A 17BE(s) An explanation of information not obtained from a subsidiary of the entity and the effect of not having the information on the annual report If applicable, mandatory N/A 17BE(t) Details of any indemnity that applied during the reporting period to the accountable authority, any member of the accountable authority or officer of the entity against a liability (including premiums paid, or agreed to be paid, for insurance against the authority, member or officer’s liability for legal costs) If applicable, mandatory 82 17BE(taa) The following information about the audit committee for the entity: (a) a direct electronic address of the charter determining the functions of the audit committee; (b) the name of each member of the audit committee; (c) the qualifications, knowledge, skills or experience of each member of the audit committee; (d) information about each member’s attendance at meetings of the audit committee; (e) the remuneration of each member of the audit committee Mandatory 159–163 17BE(ta) Information about executive remuneration Mandatory 84, 85, 115–119 Table D.2: Science and Industry Research Act 1949, Compilation No. 15 (14 September 2022) SIR ACT REFERENCE DESCRIPTION PAGE REFERENCE Part II, Section 9(1)(a)(iiia) Contributing to giving effect to Australia’s obligations under the Paris Agreement (per Climate Change (Consequential Amendments) Act 2022 164–199 Part VIII, Section 51 (a) Policies relating to scientific research 17 Part VIII, Section 51 (b) Development in policies during the year 48, 49 Part VIII, Section 51 (c) Ministerial determinations in relation to the functions of the Organisation 17 Part VIII, Section 51 (d) Ministerial directions or guidelines relating to the functions and powers of the Board 17 Part VIII, Section 51 (e) Policies of Australian Government that apply to CSIRO 17 Table D.3: Additional legislative requirements REQUIREMENT DESCRIPTION PAGE REFERENCE Section 516A(6) Environment Protection and Biodiversity Conservation Act 1999 164–199 Section 9 Equal Employment Opportunity (Commonwealth Authorities) Act 1997 43–47 Section 4(1) Work Health and Safety Act 2011 43, 53, 73 Privacy Act 1988 201 Freedom of Information Act 1982 200 Public Interest Disclosure Act 2013 201 Modern Slavery Act 2018 82 Fraud Control 49 Intellectual property management 37, 41 Service Charter 221 Table D.4: Minister’s Statement of Expectations PRIORITY PRIORITY AREAS PAGE REFERENCE Advancing government’s policy priorities Advancing First Nations science; mission-directed research; delivering a future made in Australia through the National Reconstruction Fund. 25–41 Advancing national interests Deliver innovative scientific and technological solutions; taking Australian science to the world; maintaining an international presence; collaboration across government, university, industry and community; deployment of our science expertise. 25–41 Department Working collaboratively with relevant government portfolios 17, 38, 49 Organisational performance Legislative requirements; effective and efficient use of staff and resources; health and wellbeing of staff, pursuing and retaining talent. 17, 43–49 Promoting STEM Promoting careers and career paths for early career researchers, students, research and technical staff; communication of CSIRO science and research. 43, 46, 47 Translation and commercialisation Translating science and technology into products and services; supporting SMEs to commercialise and integrate research innovations; supporting government translation and commercialisation programs, managing research infrastructure; building industry connections; supporting the health of Australians. 25–41 Acronyms ACDP Australian Centre for Disease Preparedness ACIAR Australian Centre for International Agricultural Research ACSC Australian Cyber Security Centre ACT Australian Capital Territory ADJR Administrative Decisions (Judicial Review) Act (1977) AI Artificial intelligence AI4M Artificial Intelligence for Missions AIATSIS Australian Institute of Aboriginal and Torres Strait Islander Studies ANH Australian National Herbarium ANSTO Australian Nuclear Science and Technology Organisation AO Officer of the Order of Australia APS Australian Public Service APSC Australian Public Service Commission ASCC Australian Synchrotron Clayton Campus ASEAN Association of Southeast Asian Nations ASKAP Australian SKA Pathfinder ASX Australian Securities Exchange ATCA Australia Telescope Compact Array ATH Australian Tropical Herbarium ATNF Australia Telescope National Facility ATSE Australian Academy of Technological Sciences and Engineering AWEI Australian Workplace Equality Index BARC Board Audit and Risk Committee BCR Benefit Cost Ratio BPSC Board People and Safety Committee CAB Catalysing Australia’s Biosecurity CANBR Centre for Australian National Biodiversity Research CAPSTAN Collaborative Australian Postgraduate Sea Training Alliance Network CCEO CSIRO Centre for Earth Observation CDSCC Canberra Deep Space Communication Complex CERC CSIRO Early Research Career COAST-k Clean Ocean Air Sampling upwind of Tasmania - Kennaook CO2e Carbon dioxide equivalent CP Corporate Plan CPRs Commonwealth Procurement Rules CPU Central Processing Unit CRC Cooperative Research Centre CSIRO Commonwealth Scientific and Industrial Research Organisation CSUP Cyber Security Uplift Program DAC Direct Air Capture DCCEEW Dept. Climate Change, Energy, the Environment and Water DIB Diversity, Inclusion and Belonging DISR Department of Industry, Science and Resources DSL Digital Support for Labs E8 Essential Eight EASI Earth Analytics and Science Innovation EO Earth Observation EPBC Environment Protection and Biodiversity Conservation Act (1999) ES Enterprise Services Espresso Evaluation of Strategies, Solvers and Optimizers ET CSIRO Executive Team FHIR Fast Healthcare Interoperability Resources FMIA Future Made in Australia FOI Act Freedom of Information Act 1982 FPR FPR Energy FSP Future Science Platform FTE Full-time equivalent FY Financial Year GBA Gross building area GPU Graphics Processing Unit GHG Greenhouse gas HS Health and Safety HSE Health, Safety and Environment ICT Information and communication technology IMT Information Management and Technology IP Intellectual property iPhD Industry PhD Program IPO Initial Public Offering IPPIN Indo-Pacific Plastics Innovation Network IRG Indigenous Research Grants IWY Impossible Without You JV Joint Venture KCA Knowledge Commercialisation Australasia KPI Key Performance Indicator kW Kilowatts kWh Kilowatt-hours kt CO2e Kilotonnes of carbon dioxide equivalent LBA Long Baseline Array LEV Low emissions vehicle LGBTQIA+ Lesbian Gay Bi-Sexual Transgender Queer/Questioning Intersex Asexual/Ally and other non‑heterosexual MNF Marine National Facility MOSH Microbiomes for One System Health MSV Main Sequence Ventures MTA Material Transfer Agreement MTC Major Transactions Committee NASA National Aeronautics and Space Administration NCI Normalised Citation Impact NCMAS National Computational Merit Allocation Scheme NDA Non-Disclosure Agreement NGER National Greenhouse and Reporting Act 2007 NGERS National Greenhouse and Energy Reporting Scheme NPS Net Promoter Score NPV Net Present Value NRCA National Research Collections Australia NRF National Reconstruction Fund NZGO Net Zero in Government Operations Strategy O2D Opportunity to Delivery OA Open Access ODC Open Data Cube PBS Portfolio Budget Statement PCT Patent Cooperation Treaty PGPA Public Governance, Performance and Accountability Act 2013 PID Act Public Interest Disclosure Act 2013 PPA Power purchasing agreement PSPF Protective Security Policy Framework QPU Quantum Processing Unit R&D Research and development RAP Reconciliation Action Plan RISE Reporting and Improving Science Excellence ROI Return On Investment RTI Right to Information RUIC Regional University Industry Collaboration S&T Science and Technology SIEF Science and Industry Endowment Fund SIR Act Science and Industry Research Act 1949 SKA Square Kilometre Array SKAO SKA Observatory SME Small- to medium-sized enterprise STEM Science, Technology, Engineering and Mathematics SU Service unit t CO2e Tonnes of carbon dioxide equivalent TRIFR Total Recordable Injury Frequency Rate VIA Virtual Irrigation Academy WASP Wireless Ad hoc System for Positioning WGEA Workplace Gender Equity Agency WiT Women in Technology Glossary APS Net Zero 2030: Refers to the Australian government’s policy for the Australian Public Service (APS) to reduce its greenhouse gas emissions to net zero by 2030, and transparently report on its emissions. Circular economy: A circular economy is an economic system focused on eliminating waste and the continual use of resources. In circular economies, resources are recycled, re-used, shared, repaired, refurbished to create a closed-loop system, in turn reducing raw input use and the creation of waste. CO2e: It is a unit for comparing the emissions from various greenhouse gases on the basis of their global warming potential. Emissions: When referred to throughout this report means greenhouse gas (GHG) emissions, unless otherwise stated. Granted patents: Once a patent application has been examined and satisfies various patentability criteria, it becomes a granted patent. It remains a granted patent until the end of the patent period (normally 20 years), provided renewal fees are paid. Indigenous: Respectfully includes both Aboriginal and Torres Strait Islander Peoples and people. The term ‘First Nations’ is also used throughout this report in reference to the Minister’s Statement of Expectations and refers to Aboriginal and Torres Strait Islander Peoples. Journal articles: Includes journal articles and other items published as part of a journal (for example, an editorial or book review). Live patent cases: A live patent case is where either a patent application or a granted patent exists. It does not include cases that have lapsed, expired or been withdrawn. Applications may include provisional applications, Patent Cooperation Treaty (PCT) applications and applications pending in Australia or foreign jurisdictions. Location-based emissions: This method of calculation shows our electricity emissions in the context of our physical locations. It does this by reflecting the emissions intensity of electricity generated within the relevant local area for each of our sites. Market-based emissions: This method of calculation shows our electricity emissions in the context of our investments in different electricity products and markets. Materiality: Materiality is a concept founded in financial accounting procedures, which has been adapted and applied to non-financial information. In sustainability reporting, material issues are those which are important enough to influence a stakeholder’s decisions in relation to the business. Net zero emissions: Refers to achieving an overall balance between emissions produced and emissions taken out of the atmosphere. Net zero emissions targets: See page 171 for a detailed description of our emissions targets. Physical Containment level 4 (PC4) laboratories: Laboratories rated at the highest level of containment and the highest designated biosecurity level for working with highly transmissible diseases and viruses for which there is no vaccine or effective treatment. PCT applications: International Patent Cooperation Treaty (PCT) applications are a ‘temporary’ phase in any international patenting process and have a life span of 18 months. This type of application is very common in major international corporations and is used by CSIRO when it considers its invention may have wide commercial application. In view of the 18-month time span, it is reasonable to approximate that two-thirds of the reported number were filed in the previous 12-month period. Responsible procurement: A procurement process that considers social, environmental and economic impacts to support sustainable development. Science excellence: An assessment of the competitiveness of CSIRO’s research capabilities. It recognises CSIRO’s science (for example, total citations) and excellence (for example, citation rates). It tends to be output-oriented and includes lagging metrics relating to research publication performance (bibliometrics), esteem measures such as awards, and expert-peer reviews. Scope 1, 2 and 3 greenhouse gas emissions: Greenhouse gas emissions are organised into scopes to avoid double-counting emissions and indicate those that organisations can control (Scope 1) versus those that they can influence (Scope 3). Scope 1 are emissions from sources that are owned or controlled by the organisation. Scope 2 are emissions from the consumption of purchased electricity, steam, or other sources of energy generated upstream from the organisation. Scope 3 are emissions that are a consequence of the operations of an organisation but are not directly owned or controlled by the organisation. Solid waste: Solid waste excludes gaseous air emissions, wastewater and stormwater. Solid waste refers to any discarded or abandoned material that is no longer useful or desired. It can be in various physical forms, such as office waste, construction debris, packaging materials, scrap metal, plastics, organic, and hazardous waste. For the purposes of CSIRO’s target, hazardous waste and grease trap waste is excluded. Sponsored students: Students are deemed to be sponsored if they receive a full or partial scholarship paid from CSIRO funds to pursue a research project leading to a PhD, master’s or honours degree. This excludes our employees, whose study expenses are considered training and development. Supervised students: Students are deemed to be supervised if they have a CSIRO staff member appointed officially by the university as a co‑supervisor for their research project. Normally, CSIRO staff are joint supervisors in conjunction with a university academic. Sustainable development: Means development which meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable Development Goals (SDGs): The 17 sustainable development goals forming part of the United Nations 2030 Agenda for Sustainable Development published in 2015. Technical reports: Includes individually authored chapters as well as whole reports that are subject to peer review and are usually publicly released. Total Recordable Injury Frequency Rate (TRIFR): This is calculated as the sum of Lost Time Injuries per million hours worked plus Medical Treatment Injuries per million hours worked. Index A A secure Australia and region (focus area), 9, 10 Aboriginal and Torres Strait Islander collaboration, 37; see also Traditional Owners, collaboration with Aboriginal and Torres Strait Islander employees, 16, 43, 47 Aboriginal and Torres Strait Islander Employment Strategy 2022–2024, 47 Aboriginal and Torres Strait Islander STEM education; see Indigenous STEM education Accelerate commercialisation for CSIRO and national innovation system (Objective 3 priority), 41 accidents, staff; see injury rates, staff accountable authority, Board as, 52, 84, 86, 159, 160–162 Accountable Authority Instructions, 48 achievements, 2024–25, 6 acronyms, 206–207 Administrative Decisions (Judicial Review) Act 1977, 200 administrative law, 200–201 Advance national ambitions (Objective 1 priority), 26–27 Aedes aegypti mosquito, control measures, 38 Agriculture Victoria, 33 AI4Missions program, 29 air quality monitoring, Southern Ocean, 34, 62 Airthena Technology Development Company, 41, 67, 68 algal blooms, monitoring tool, 33 analysis of performance, 53–55; see also performance outcomes Animal Ethics Committees, 25 annual performance statements, 51–79 introductory statement, 52 appropriations, 82; see also financial statements AquaWatch Australia Mission, 25 AquaWatch water monitoring, 26, 33 archives, 200 Archives Act 1983, 200 Artificial Intelligence for Missions, 29 artificial intelligence technologies, 29, 33, 138, 140 Asia Pacific Economic Cooperation Summit on First Nations Digital Inclusion, 47 astronomy; see Australia Telescope Compact Array; Australia Telescope National Facility; Australian Square Kilometre Array Pathfinder; Murchison Radio-astronomy Observatory; Parkes Observatory; SKA-Low telescope; Square Kilometre Array Observatory atmospheric water generation pilot plant, 139 Audit and Risk Committee (Board), 17 meetings and attendance, 163 remuneration, 163 Australia National Mosaic dataset, release of, 6, 31, 33 Australia Telescope Compact Array, 33, 63 usage rates, 33 see also Australia Telescope National Facility Australia Telescope National Facility, 31, 33, 62, 63 usage rates, 33, 62 see also Australia Telescope Compact Array; Australian Square Kilometre Array Pathfinder; Murchison Radio-astronomy Observatory; Parkes Observatory; SKA-Low telescope Australian Animal Health Laboratory; see Australian Centre for Disease Preparedness Australian Antarctic Division, 34 Australian Centre for Disease Preparedness, 31, 33 compliance with legislation and standards, 33 funding for refurbishment, 32 Australian Centre for International Agricultural Research, 29 Australian Cyber Security Centre, Essential Eight strategies, 49 Australian National Audit Office (ANAO), independent audit reports, 86–87, 141 Australian National Herbarium, 33, 62 Australian National University, 39 Australian Research Collections; see National Research Collections Australia Australian Square Kilometre Array Pathfinder, 62 usage rates, 33 see also Australia Telescope National Facility Australian Workplace Equality Index, 6 avian influenza, response to, 33 B biodiversity conservation; see National Research Collections Australia biological collections; see National Research Collections Australia biosecurity; see Australian Centre for Disease Preparedness; National Research Collections Australia Board as accountable authority, 52, 84, 86, 159, 160–162 committees, 17, 160 meetings and attendance, 160–163 directions under SIR Act, 17 disclosure of interests, 160 membership, 18, 160–162 remuneration, 119 Broadband Integrated GPU Correlator for ATCA, 63 Building Indigenous Leadership Capability Program, 47 C carbon dioxide capture technology, 41, 67 Catalysing Australia’s Biosecurity Mission, 25 Centre for Australian National Biodiversity Research, 62 certification audits, Australian Centre for Disease Preparedness, 33 Chair of the Board certification of financial statements, 88 foreword, 4 remuneration, 119 challenges of greatest importance, 8–9, 10; see also A secure Australia and region (focus area); Future industries (focus area); Health and wellbeing (focus area); Missions program; Resilient and valuable environments (focus area); Sustainable agriculture and food systems (focus area); Sustainable energy and resources (focus area) Charter and Operating Guidelines (Board), 17, 159 Chenath technology, 67 Chief Executive appointment under SIR Act, 18 certification of financial statements, 88 disclosure of interests, 160 remuneration, 115 report, 5 role and responsibilities, 17 Chief Finance Officer, certification of financial statements, 88, 142 Chrysos Corporation, 68 circular economy initiatives, 28, 39, 179, 180; see also Indo-Pacific Plastics Innovation Network citation metrics, 57 clean energy innovation strategies, 171–179; see also Hydrogen Industry Mission; Sustainability Compliance Report climate resilience planning, Pacific region, 38 climate science research international partnerships, 38 mitigation and resilience initiatives, 26, 38 see also Resilient and valuable environments (focus area) Closing the Gap, contribution to, 40 Code of Conduct, 48 collaborative activities, fostering of, 6, 36–41 Collaborative Australian Postgraduate Sea Training Alliance Network (CAPSTAN), 34 Comcare, 82 Comcover, insurance, 82 commercialisation activities, 25, 37, 39, 41, 66, 67, 68, 89; see also CSIRO Innovation Fund; equity portfolio; intellectual property management; patents; spinout companies; trademarks Commonwealth Climate Disclosure, 182–197 Commonwealth Ombudsman, 201 Commonwealth Procurement Rules, 83 community and business sentiment surveys, 39, 58, 61, 76; see also customer satisfaction survey community engagement, 37; see also education and outreach programs; Indigenous engagement compliance index, 200–205 conflicts of interest, Board, 160 consultancy services, 83 contact details, 221 contracts; see consultancy services corporate Commonwealth entity, CSIRO status as, 7, 17, 49, 159, 164 Corporate Plan 2024–25, 52 corrections to 2022–23 Annual Report, 220 corrections to 2023–24 Annual Report, 220 cotton industry, research support for, 138 Council for Science and Industrial Research archives, 200 critical minerals strategy, 38 CSIRO Board; see Board The CSIRO Book, i, 4, 24, 26, 167, 168, 185 CSIRO Canberra Deep Space Communication Complex (CDSCC) Enterprise Agreement 2025–2028, 84 CSIRO Delegations, 83, 84 CSIRO Early Research Career Fellowship program, 6, 43, 46, 75 CSIRO Enquiries, contact details, 221 CSIRO Enterprise Agreement 2023–2026, 84 CSIRO Impact Evaluation Guide, 78 CSIRO Indigenous Collaboration and Partnerships Report, 40 CSIRO Innovation Fund, 41; see also Main Sequence CSIRO Publishing, 37 CSIRO–Australian National University Agri- Food Collaboration program, 39 CSIRO–University of Queensland Food Systems Horizons initiative, 39 Cultural Learning Workshops, 40 culture, organisational, 43, 44, 71 Culture Amp, 44, 71 Culture Survey, 71; see also Culture Amp customer satisfaction survey, 59; see also community and business sentiment surveys; Net Promoter Score cyber security, organisational, 49 Cyber Security Uplift Program, 49 D data breach incidents, reporting of, 201 data sources, for performance evaluations, 79 decarbonisation strategies, 38, 173, 176; see also net zero strategies; Towards Net Zero Mission Deep tech VC Fund, 6, 37 deep technology capabilities, 6, 37, 41 Defence Trade Controls Act, 49 Delivering on strategy, 23–49 Department of Agriculture, Fisheries and Forestry, 33, 38 Department of Defence, 49 Department of Foreign Affairs and Trade, 28, 38 Department of the Prime Minister and Cabinet, 28 Digital (Objective 1 priority), 29 Digital Support for Labs program, 29 digitisation of National Research Collections Australia, 33 direct investment portfolio, 25, 37, 41 disclosure of interests, 160; see also Public Interest Disclosure Scheme disease management, crops, 27 Diversity, Inclusion and Belonging Strategy, 45 diversity and inclusion, workplace, 43, 44, 45 divestments, property, 35 Drought Resilience Mission, 25 E Early Career Pathways Program, 46 Early Research Career Fellowship program, 6, 43, 46, 75 Earth Analytics and Science Innovation platform, 33 Earth Observation capabilities, 33; see also NovaSAR-1 Earth observation satellite Eclipse Ingredients, 41, 68 ecologically sustainable development report, 164–199 Economic Accelerator Ignite Grants, 41 education and outreach programs, 43, 46–47; see also STEM capacity development electronic publications repository, 200 emission reduction initiatives, organisational, 198–199 employee engagement, 43, 44, 71 Enabling infrastructure (Objective 2 priority), 35 Ending Plastic Waste Mission, 25; see also plastic waste management energy consumption, organisational, 43; see also net zero strategies; Sustainability Compliance Report Engineering Fellowships, 6, 46 enterprise agreements, 84 Enterprise Risk Management Framework, 48 Enterprise Services functions, reform of, i, 4, 48, 70, 71, 74 Environment Protection and Biodiversity Conservation Act 1999, 164, 198 environmental performance, organisational, 43; see also Sustainability Compliance Report ePublish Repository, 200 equity portfolio, 68 eReefs, monitoring tool, 26 Essential Eight cyber security measures, 49 Executive Team, 17, 19 Exercise Volare, disease readiness simulation, 33 exotic pests and diseases management; see Australian Centre for Disease Preparedness expenses, 82; see also financial statements; operating result Experimental Development Program (SIEF), 139 F Fast Healthcare Interoperability Resources (FHIR) Accelerator Program, 38 female staff, 16, 43, 154–157 in leadership positions, 74 see also gender equity initiatives financial management, 81–145, 81–135 financial statements CSIRO, 88–135 independent audit report, 86–87 Science and Industry Endowment Fund, 143–151 independent audit report, 141 First Nations science, advancing; see Indigenous engagement; Indigenous STEM education; Traditional Owners, collaboration with food security initiatives, 28, 38, 39 foreign interference, risk management, 49 foreword, Chair’s, 4 FPR Energy, 41, 68 Fraud and Corruption Policy, 49 fraud control functions, 49 Freedom of Information Act 1982, 200 freedom of information report, 200 full-time staff, 154–157 functional areas, staff, 158; see also staff statistics funding, 82; see also financial statements Future Food 2.0 Venture Exchange program, 39 Future industries (focus area), 9, 10 ‘Future Made in Australia’ plan, 38 Future National ICT Industry Platform Program (SIEF), 140 Future Protein Mission, 25 Future Science Platforms, 25, 60 G Gay and Lesbian Mardi Gras Parade, CSIRO participation in, 16, 45 GenCost report, 5 gender, staff, 154–157 gender equity initiatives, 45, 74, 77 general liability and professional indemnity insurance, 82 Generation STEM Links, 43, 47 Geoscience Australia, 33 glossary, 208–209 Google, partnership with, 29 governance and accountability, 7, 17, 48–49, 159–163 sustainability strategy measures, 164–166, 182–197 governing legislation, i, 7, 8, 17 government collaboration, 37, 38 government policy orders, 17 grain crops, pathogen control measures, 27 Great Barrier Reef, safeguarding measures, 26 Greater adaptiveness (Objective 4 priority), 48–49 Green Metals Innovation Network, 38 greenhouse gas emissions Inventory, organisational, 198–199 Gupta Family Group Foundation Programme, 37 H H7N8 avian influenza detection, 33 hazard reporting, workplace, 43, 73 Health, Safety and Environmental plan (organisational), 73 health, safety and wellbeing, organisational, 73; see also injury rates, staff Health and wellbeing (focus area), 9, 10 Health Delivery Transformation Program, 38 health-related research, 38, 41, 138; see also National Vaccine and Therapeutics Laboratory Heavy Industry Low-Carbon Transition Cooperative Research Centre, 38 highly paid staff, remuneration, 118 HSE Plan, 73 Human Research Ethics Committees, 6, 25 human resources management, 16; see also talent management Hydrogen Industry Mission, 25 hydrogen research collaboration, 38 I ICT security, organisational, 49 impact assessments and evaluations, 78; see also impact case studies impact case studies, 56 Impossible Without You (recruitment campaign), 58, 70 Inclusive Leadership program, 74 Inclusive Recruitment program, 74 indemnity insurance, 82 independent audit reports, ANAO, 86–87, 141 India, research partnerships, 38, 39 India-Australia Critical Minerals Research Partnership, 38 India-Australia Rapid Innovation and Start‑up Expansion Accelerator program, 38 Indigenous employees, 16, 43, 47 Indigenous employment strategy, 47; see also Indigenous engagement; Indigenous Graduate Program Indigenous engagement, 6, 39, 40, 47, 61; see also Indigenous STEM education Indigenous Graduate Program, 39, 47, 61 Indigenous Insights Report, 61 Indigenous Land Use Agreement, 62 Indigenous Pre-Doctoral Fellowship Program, 47 Indigenous Procurement Policy, 84 Indigenous Research Grants Program, 37, 39 Indigenous scholarship program, 39 Indigenous science and technology sector, support for, 39, 40; see also Indigenous engagement Indigenous Science Symposium, 40 Indigenous STEM education, 37, 39, 47; see also STEM capacity development Indo-Pacific climate resilience and sustainable fisheries, 38 Indo-Pacific Plastics Innovation Network, 28 Indo-Pacific region, collaboration with, 28, 38 Industry, Science and Resources portfolio, 7, 17, 52 industry collaboration and partnerships, 37, 38; see also Industry PhD program; small‑to‑medium enterprises, support for Industry PhD program, 37, 41, 69 infectious disease management; see Australian Centre for Disease Preparedness Information Publication Scheme, 200 Information Security Manual, 49 injury rates, staff, 43, 53, 73 Innovate to Grow program, 37 Innovation Fund, CSIRO, 41; see also Main Sequence insurance cover, organisational, 82 intellectual property management, 6, 25, 37, 41, 60, 67 international engagement and collaboration, 28, 29, 33, 34, 37 International Organization for Standardization accreditation, compliance, 33 invasive species management; see Australian Centre for Disease Preparedness Investigator (research vessel), 31, 34, 62; see also Marine National Facility Inyarrimanha Ilgari Bundara, 32, 62; see also Murchison Radio-astronomy Observatory iPhD program, 37, 41, 69 irrigation water use efficiency measures, 29 J joint ventures, 62, 173 judicial decisions, 200 Julius Career Awards, 43, 46 K key management personnel, remuneration, 115 key performance indicators, 12–13, 24, 30, 36, 42, 54–55, 58–61, 62–63, 64–68, 69–74 Kick-Start initiative, 37, 65 L lactoferrin protein production, 41, 68 landfill waste reduction, organisational, 175, 181 LASC technology, 67 leadership, gender equity in, 74 leadership development, 46, 74 learning and development, organisational, 43 legislative framework, i, 7, 8, 17 letter of transmittal, i LGBTQIA+ inclusiveness measures, 45 liability insurance, 82 locations, office, 14–15, 154–157 Long Baseline Array, 33; see also Australia Telescope National Facility lost time injury rate, 79; see also injury rates, staff M machine learning technologies, 33; see also artificial intelligence technologies MagnaTerra Technologies, 68 Main Sequence, 6, 37, 41, 67 Major Transactions Committee, 84 male staff, 154–157 Managed Data Ecosystem project, 29 Mardi Gras Parade, participation, 16, 45 marine environment research, 31, 34; see also Investigator (research vessel); Marine National Facility Marine National Facility, 31 usage rates, 34, 62 see also Investigator (research vessel) medical research; see health-related research Medium Equipment Program (SIEF), 138 membrane distillation and crystallisation technology, 139 mental health and wellbeing, staff; see psychological safety, employee methods, data sampling and targets, 78–79 Microbiomes for One System Health platform, 27 Midsumma Festival, participation, 45 Minimising Antimicrobial Resistance Mission, 25 Minister for Finance, 17 Minister for Industry and Innovation, 17 Minister for Industry and Science, former, 17 Minister for Science, 17 ministerial directions and notifications, 17 Missions program, 25, 63, 77 Modern Slavery Act 2018, 82 Modern Slavery Statement, 82 MRead merger, 68 Murchison Radio-astronomy Observatory, 32, 62; see also Australia Telescope National Facility; SKA-Low telescope; Square Kilometre Array Observatory Murriyang (Parkes radio telescope), 33; see also Parkes Observatory N National Anti-Corruption Commission, 201 National Anti-Corruption Commission Act 2022, 201 National Bushfire Behaviour Research Laboratory, 38 National Computational Merit Allocation Scheme, 31, 34 National Energy Analysis Centre, 140 National Ethics Standards, 78, 79; see also Animal Ethics Committees; Human Research Ethics Committees National Reconciliation Week, 40 National Reconstruction Fund Corporation, 41 National Research Collections Australia, 31, 33 digitisation of, 62 new collections facilities, 32, 33 usage rates, 62 National Research Facilities; see Australia Telescope National Facility; Australian Centre for Disease Preparedness; Marine National Facility; National Research Collections Australia; Pawsey Supercomputing Research Centre national science agency, CSIRO role as, 4, 7, 10, 39, 64 National Science and Research Priorities, 40, 61 National Science and Technology Council, 38 national science priorities, 40, 61 National Soils Monitoring Program, 38 National Vaccine and Therapeutics Laboratory, 138 nerve repair technology, 41 Net Promoter Score, 59 net zero strategies, 38, 140, 171–178, 198–199; see also Towards Net Zero Mission NextOre merger, 68 non-binary staff, 154–157 non-compliance matters, reporting of, 201 non-English speaking backgrounds, staff, 16, 43 non-ongoing staff, 154–157 Normalised Citation Index, 13, 25, 57 Notifiable Data Breaches Scheme, 201 notifiable incidents, Comcare; see injury rates, staff; reportable injury frequency rate NovaSAR-1 Earth observation satellite, 6, 31, 33 Nuyina (research and supply vessel), 34 O Objective 1: Purpose-driven science and technology, 8 key performance indicators, 12–13, 24, 58–61 outcome, 24 performance results, 56–61 mitigation measures, 76 strategic progress and impact delivery, 24–29 Objective 2: Infrastructure stewardship, 8 key performance indicators, 12–13, 30, 62–63 outcome, 30 performance results, 62–63 mitigation measures, 76 strategic progress and impact delivery, 30–35 Objective 3: A stronger national innovation system, 8 key performance indicators, 12–13, 36, 64–68 outcome, 36 performance results, 64–68 mitigation measures, 77 strategic progress and impact delivery, 36–41 Objective 4: An enduring and empowered CSIRO, 8 key performance indicators, 12–13, 42, 69–74 outcome, 42 performance results, 69–74 mitigation measures, 77 strategic progress and impact delivery, 42–49 occupational health and safety; see health, safety and wellbeing, organisational office locations, 14–15, 154–157 Ombudsman, Commonwealth, 201 ON Accelerate program, 41, 66 ON Prime programs, 41, 66 ON Program, 37, 41, 66 ongoing staff, 154–157 Ontoserver technology, 67 operating result, 72, 77, 82; see also financial statements organisational structure, i, 4, 5, 20–21 outreach programs; see education and outreach programs Oxitec LTD, 38 P Pacific Community, partnerships with, 38 Pacific Food Security Project, 38 Parkes Observatory, 33, 63; see also Australia Telescope National Facility Parks Australia, joint venture with, 62 part-time staff, 154–157 patents, 25 Pawsey Supercomputing Research Centre, 31, 32, 62 usage rates, 34, 62, 76 People and Safety Committee (Board), 17 people management, 16; see also talent management performance framework and methods, 53–55 performance outcomes methodology, 78–79 mitigation measures, 76–77 Objective 1: Purpose-driven science and technology, 56–61 Objective 2: Infrastructure stewardship, 62–63 Objective 3: A stronger national innovation system, 64–68 Objective 4: An enduring and empowered CSIRO, 69–75 personnel security, 49 pesticides, reduction in use, 27 PhD top-up scholarships, 43, 46; see also Industry PhD program plant breeder rights, 25; see also intellectual property management plastic waste management, 25, 28, 168 Policy Framework, 48 policy orders, government, 17 Portfolio Budget Statements, 52 performance measure, 75 postdoctoral researchers, support for; see Early Research Career Fellowship program postgraduate students, 43, 46; see also Industry PhD program; scholarship programs precision fermentation technology, 41, 68 Preferred place to work (Objective 4 priority), 44–45 Pride@CSIRO network, 45 Privacy Act 1988, 201 procurement, 83–84 Professional Indemnity Insurance, 82 property portfolio, 31, 169–170 Property Strategy, 35 Protective Security Policy Framework, 49 psychological safety, employee, 44, 45, 71 public awareness of CSIRO, 6, 39, 58, 61; see also trusted advisor role Public Governance, Performance and Accountability Act 2013, 78, 83 Board’s responsibilities under, 159, 160 CSIRO as corporate Commonwealth entity under, 7, 17, 49, 159, 164 Ministerial powers under, 17 reporting requirements, i, 52, 88, 164 Public Governance, Performance and Accountability Rule 2014, i, 7, 49, 78, 83, 85 public health risk management; see Australian Centre for Disease Preparedness Public Interest Disclosure Act 2013, 201 Public Interest Disclosure Scheme, 201 Public Sector Workplace Relations Policy, 84, 85 publishing services; see CSIRO Publishing purchasing, organisational, 83–84 purpose, organisational, 4, 7, 61; see also role and functions, organisational Q quantum computing, 32, 34; see also Pawsey Supercomputing Research Centre quarantine measures; see Australian Centre for Disease Preparedness Quasar Satellite Technologies, formation of, 62 R Reconciliation Action Plan, 40; see also Indigenous engagement recruitment, 45, 58, 70, 74 recycling innovations; see circular economy initiatives Reef 2050 Long-Term Sustainability Plan, 26 registered designs, 25; see also intellectual property management related entity transactions, 84, 160 remuneration Audit Committee, 163 Board, 119 highly paid staff, 118 key management personnel, 115 policy and strategy, 84 Senior Executive Staff, 118 Remuneration Tribunal, 85 Remuneration Tribunal Act 1973, 85 ReNerve, 41 reportable injury frequency rate, 43, 53, 73 Reporting and Improving Science Excellence (RISE) system, 57 Research and innovation pipeline (Objective 1 priority), 28 Research+ grants, 43, 46 research impact assessments, external, 78 Research infrastructure (Objective 2 priority), 32–34 research infrastructure usage rates, 33, 34, 62, 76 research vessels; see Investigator (research vessel); Marine National Facility; Nuyina (research and supply vessel) Resilient and valuable environments (focus area), 9, 10 Responsible AI Research Centre, 140 responsible minister, 17 return on investment, 6, 56 revenue, 6, 41, 53, 64, 67, 82; see also financial statements RFC Ambrian, 41 Rhizoctonia, disease management, 27 risk management, organisational, 48–49 role and functions, organisational, 4, 7, 8, 10, 26, 39, 64; see also trusted advisor role Ross Metcalf STEM+ Business Fellowship, cessation of, 140 Roy Morgan, 39, 61 S safety performance; see health, safety and wellbeing, organisational satellite capabilities, 33, 62 scholarship programs, 43, 46, 47 school programs; see education and outreach programs science, technology, engineering and mathematics skills; see STEM capacity development Science and Industry Endowment Act 1926, i, 17 Science and Industry Endowment Fund (SIEF) administrative support services for, 17 financial statements, 143–151 independent audit report, 141 Trustee’s report, 138 Science and Industry Research Act 1949, 8, 18 Board’s responsibilities under, 7, 17, 159 functions and powers under, 7, 46, 61 Ministerial powers under, 17 reporting requirements under, i science communication; see CSIRO Publishing; education and outreach programs Science Digital Transformation Program (SIEF), 140 science education and outreach programs; see education and outreach programs Science Educator Reference Group, launch of, 37 science excellence ranking, 25, 53 scientific writing workshops, 37 security controls, organisational, 48, 49 Senior Executive Staff remuneration, 118 service charter, 221 Setonix supercomputing system, 76 SIEF Future National ICT Industry Platform Program, 140 SIEF Science Digital Transformation Program, 140 significant changes affecting operations or structure, i, 4, 5; see also Enterprise Services functions, reform of SKA-Low telescope, 32, 62 small-to-medium enterprises, support for, 37, 39, 41, 64–66, 77; see also Innovate to Grow program; Kick-Start initiative social license to operate, 39; see also community and business sentiment surveys; community engagement social media engagement, 58, 61 soil microbes, as natural crop protection, 27 solar thermal technology, 41, 68 Sparked – Australia’s Fast Healthcare Interoperability Resources Accelerator Program, 38 spinout companies, 37, 41, 67, 68; see also start-up companies, support for Square Kilometre Array Observatory, 32, 62; see also Australia Telescope National Facility; Australian Square Kilometre Array Pathfinder; SKA-Low telescope staff statistics, 16, 154–158 stakeholder engagement; see collaborative activities, fostering of start-up companies, support for, 39, 41; see also spinout companies Statement of Expectations, 7, 8, 17 Statement of Expectations index, 206 statement of preparation, 52 statutory reporting requirements, 202–204 STEM+ Business Fellowship program (SIEF), cessation, 140 STEM capacity development, 6, 43, 46, 47, 61; see also Generation STEM Links; Indigenous STEM education; STEM Links placements; STEM Professionals in Schools program; Young Indigenous Women’s STEM Academy STEM Insights, 47 STEM Links placements, 37 STEM Professionals in Schools program, 43, 46 Strategic Examination of Research and Development, contribution to, 38 strategy, organisational, 8–9 Strengthening Medicare Agenda, 38 Stretch Reconciliation Action Plan 2024–27, 40 structure, organisational, i, 20–21 restructure of Enterprise Services, i, 4, 5 Student Pathways Program, 46 supercomputer; see Pawsey Supercomputing Research Centre surveys community and business sentiment survey, 39, 58, 61, 76 customer satisfaction, 59 employee, 43, 44, 71 as measure to assess performance, 78 Sustainability Compliance Report, 164–199 Sustainability Steering Committee, 164 Sustainability Strategy 2020–30, organisational, 164 Sustainable agriculture and food systems (focus area), 9, 10 Sustainable energy and resources (focus area), 9, 10 sustainable fisheries, Indo-Pacific region, 38 symposia, cutting-edge, 43, 46 System-level coalitions (Objective 3 priority), 38–40 T talent management, 46–47; see also Objective 4: An enduring and empowered CSIRO; World-class talent (Objective 4 priority) Terria, ‘digital twin’ platform, 41, 67, 68 tertiary student programs, 46 Torres Strait Islander employees, 16, 43, 47 Torres Strait Islanders engagement; see Indigenous engagement Total Reportable Injury Frequency Rate, 43, 53, 73 Towards Net Zero Mission, 25 trademarks, 25; see also intellectual property management Traditional Owners, collaboration with, 26, 62 traineeships, 46 transmittal letter, i trusted advisor role, 12, 49, 58, 59, 76 Trusted Agrifood Exports Mission, 25 Trustee (SIEF) certification of financial statements, 142 report, 138 see also Science and Industry Endowment Fund (SIEF) U undergraduate traineeships, 46 universities collaboration with, 37, 39, 46 University of Queensland, 39 US-Australia Landsat Next Partnership, 33 V vacation students, 46 vaccine development, 138 ‘valley of death’ funding, 139 Value of CSIRO Report, 56; see also impact case studies values, organisational, 8–9 venture capital fund; see Main Sequence Verticillium, disease management, 27 Vesi™, water monitoring project, 139 Virtual Irrigation Academy, 29 vision, organisational, 9 W Wajarri Yamagi People, land use agreement with, 62 waste management, organisational, 179–181 waste management innovations; see circular economy initiatives; plastic waste management water generation pilot plant, 139 water purification membrane, development of, 139 water use efficiency, organisational, 181 wellbeing, staff; see health, safety and wellbeing, organisational Winangali Pty Ltd, 61 Wireless Ad hoc System for Positioning technology, 67 women in leadership positions, 74 women in STEM, support for, 47; see also Young Indigenous Women’s STEM Academy Women in STEM Leadership Summit, 47 work health and safety; see health, safety and wellbeing, organisational WORK180 Australian Equitable Workplace Awards, 6 workers’ compensation, 82 workforce planning; see talent management workplace diversity and inclusion, 43, 44, 45 Workplace Gender Equality Agency program, 45 World-class talent (Objective 4 priority), 46–47 writing workshops, CSIRO Publishing, 37 Y Young Indigenous Women’s STEM Academy, 47 Corrections to previous Annual Reports Annual Report 2023–24 Part 1 – Delivering on our strategy Page 30 (paragraph 2, Science excellence contained an error. Last year’s Annual Report suggested that CSIRO ranks consistently in the top quartile of peers, which was incorrect. In the relevant period, 61% of CSIRO publications appeared in units of assessment ranked in the top quartile. Our KPI is focused on the top 2 quartiles of performance, in which 79% of our output appeared. The Science Health and Excellence Report relevant to this period is available at https://publications.csiro.au/publications/publication/PIcsiro:EP2024-0280. Part 2 – Annual Performance Statements Page 70, Analysis of our performance infographic, contained an error. The TRIFR is incorrectly cited as 1.2 in the infographic. This should have been 2.2, as per page 97 of the annual performance statements. The message of the infographic remains accurate as the result was still under target – but not significantly so. Page 90, Impossible Without You campaign metric, contained an error. In the trend data section, the 2022–23 result was incorrectly reported. Result reported: 51%/48%/0% Men/Women/Neutral, should have been: 51% Men/48% Women/ 1% unspecified. The term Neutral was also incorrectly used. The outcome on performance was not affected by this error. Annual Report 2022–23 Part 2 – Annual Performance Statements Page 51, Successful diversity in recruitment and retention of staff employed through the Impossible Without You campaign metric, contained an error. The 2022–23 target and result were incorrectly reported. Target reported: 40/40/20% Men/Women/Neutral, should have been: 40/40/20% Men/Women/unspecified. Result reported: 51%/48%/0% Men/Women/Neutral, should have been: 51% Men/48% Women/ 1% unspecified. The term Neutral was also incorrectly used. The outcome on performance was not affected by this error. 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