Cash Housing Choices Australia manages its cashflows to ensure that it holds adequate cash on hand and on deposit to meet the obligations of management arrangements with state governments, operational and financing obligations, investment in future projects, and additional demands that may arise from time to time. As at 30 June 2025, the group held balances totalling $54 million. Debt At 30 June 2025, Housing Choices Western Australia Limited has a facility with Commonwealth Bank Australia of $32.8 million with a maturity date of 30 November 2025. The total drawn amount of this facility is $27 million. Subsequent to the end of financial year, terms have been agreed to refinance and extend the facility to 30 November 2026, with the limit increased to $40 million. At 30 June 2025, Housing Choices Australia Limited, Housing Choices Tasmania Limited and Housing Choices South Australia Limited were in breach of certain obligations under their financing agreements. These breaches constituted events of default. Subsequent to end of financial year, formal waivers and consents have been received from relevant financiers. These waivers and consents were obtained prior to the authorisation of the financial statements, and therefore no unresolved event of default exists as at the date of this report. However, given the existence of events of default at year end, relevant debt has been classified as current liabilities. This classification reflects the requirements of AASB 101, which does not permit non-current presentation where a borrower is in default at the reporting date, even if waivers are obtained after year end. Housing Choices Australia Limited has an existing facility agreement with Housing Australia of $55 million that matures in November 2029. Housing Choices Australia Limited has also secured a number of additional facility agreements with the Treasury Corporation Victoria (TCV). As of 30 June 2025 the total facility was $173.9 million. The total drawn under the TCV facilities as of 30 June 2025 was $63.8 million, of which $5.9 million relates to the principal repayment amount due in the next 12 months. Housing Choices Tasmania Limited has fully drawn down its $56.1 million facility with Housing Australia and Housing Choices South Australia has fully drawn down its $16.5 million with Housing Australia.
Independent valuers assess each site on a standalone basis and attribute appropriate valuations to the asset components of land and buildings. An adjustment of $19 million was made at 30 June 2025 to increase the carrying amount of land and buildings to fair value. The adjustment is reflected in property, plant and equipment in the Statement of Financial Position and Other Comprehensive Income in the Statement of Profit or Loss and Other Comprehensive Income. Capital grants Capital grants received (inclusive of GST) in the year largely relate to state and federal government grants for new developments in Tasmania ($24 million) with a further $43 million in Victoria and $2 million in Western Australia. These grants form part of the funding mix for new projects together with debt and cash invested by Housing Choices Australia. Projects Housing Choices continues to deliver new homes across four states and territories, with key projects including: Tasmania – 48 new homes completed at Breheny Place in Ulverstone during this financial year. The Queens Walk development in Hobart progressed expeditiously during the year and was completed in July 2025, more than two months ahead of schedule. South Australia – works are underway on two significant developments: HCSA Wirra Mikangka in Eastwood, which will deliver a mixed-tenure development of 151 apartments with secure car and bike parking, community rooms and courtyards; and New Generation Catherine House, which will include a Women’s Centre, service hub and 52 units of housing in the Adelaide CBD. In addition, 14 new homes were completed at Reid Avenue, Felixstow. Western Australia – construction is underway on 14 dwellings funded by the Department of Communities under the Social Housing Economic Recovery Package, with preparatory work underway on a further 35 dwellings from this program. During the year, 29 homes were acquired in greater Perth and south-west WA to provide housing to vulnerable people with support from the Sisters of Saint John of God. Victoria – completion of 70 dwellings at Northumberland Road, Pascoe Vale under Homes Victoria’s Rapid Grants Round (RGR). Two other RGR projects are underway: an 83-apartment development in Hampton East and a 106-apartment development in Carnegie. A Regional Round project (51 apartments in Mason Street, Warragul) is also well advanced. In addition, 29 dwellings were delivered at McKenzie Street, Belmont, and 20 apartments at Albion Street, Brunswick (Nightingale partnership).
FINANCIAL REPORT Nicole goding CHIEF FINANCIAL AND RISK OFFICER
During the year ended 30 June 2025 Housing Choices Australia generated earnings before finance costs and depreciation of $30 million on total income of $132 million. Housing Choices remains a leading national provider for social, a ordable and specialist disability housing. The group remains in a strong position to be able to maintain sustainable growth in the years to come.
The 30 June 2025 Financial Report for the Housing Choices Australia Group is compiled from the Financial Statements
for each of the following entities: • Housing Choices Australia Ltd • Housing Choices Tasmania Ltd
• Housing Choices South Australia Ltd • Housing Choices Western Australia Ltd • Housing Choices NSW Ltd • Disability Housing Ltd • Singleton Equity Housing Ltd • Disability Housing Trust • Inner City Social Housing Trust • Ecumenical Housing Trust • Catherine House Inc • Urban Choices Property Ltd
Revaluation of properties Housing Choices Australia holds a substantial asset base of $1.6 billion (2024: $1.5 billion). Freehold properties represent the majority of Housing Choices Australia assets. Independent valuations of land and buildings are undertaken at all sites at least once every three years.
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ANNUAL REPORT 2024-25
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