Financial performance

Destination NSW maintains a strong focus on financial performance, ensuring robust management and effective oversight of its resources.

The organisation is committed to transparent budgeting, efficient resource allocation, and rigorous financial controls to enable the agency to invest in key initiatives that drive growth and enhance the NSW visitor economy.

Financial Overview 2023-2024

Budget structure

Destination NSW is a NSW statutory body, established pursuant to the Destination NSW Act 2011 (the Act). The Destination NSW Group comprised Destination NSW and the entity under its control, Destination NSW Staff Agency.

Destination NSW Staff Agency ceased operation as of 1 April 2024 due to the Administration Order dated 31 January 2024. For further information, refer to Note 1(a) Reporting Entity section of the audited financial statements.

The Group is consolidated as part of the NSW Total Sector Accounts and falls within the NSW Department of Enterprise, Investment and Trade (DEIT). This summary represents the consolidated financial performance for the year ended 30 June 2024.

Sources of funds

Total revenue for Destination NSW for the year ending 30 June 2024 was $204.7 million.

The main sources of revenue were:

• Recurrent government grants from the Department of Enterprise, Investment and Trade totalling $196.6 million
• Contributions received from Industry and other parties of $7.3 million to participate in promotional activities
• Other income of $0.8 million.