Regulator posts $28 million deficit in latest financial report
The National Heavy Vehicle Regulator (NHVR) has detailed a year of major financial movement across its operations, posting $261.4 million in total income for 2024–25, while recording a $28.3 million deficit.
According to its latest annual report released this week, the NHVR’s operating loss over the last financial year was driven largely by rising employee expenses due the full-year of transition of operations into Queensland and continued project investment in property and vehicles.
Despite the deficit, the regulator said that it remains in a strong financial position with net assets of $105.6 million.
The NHVR also reports a “strong” cash balance of $99.5 million, down from $127 million the previous year, to support future operational needs and fund projects in line with the Corporate Plan.
The NHVR’s revenue is primarily derived from the regulatory component of heavy vehicle registrations and increased in 2024-25 by $9.8 million to $193.4 million.
Inspections delivered on behalf of NSW and Queensland as well as access and accreditation fees made up the bulk of the balance of revenue sources, notes the report.
Fees from work diaries were up slightly from $4.1 million to $4.3 million, as were access permit fees, up to $6.9 million from $6.2 million in 2024.
“Our expenses are predominately driven by employee costs, which saw an increase of $37.7 million as TMR employees transitioned to NHVR operations from April 20, 2024 and new Enterprise Agreements came into effect for Administration and Professionals (Feb 2025) and On Roads (May 2025),” the NHVR stated in the report.
“Third party services (project and IT related costs), other costs (travel, office, marketing, asset repairs and maintenance) and depreciation and amortisation make up the bulk of the remaining expenses.”
According to the report, remuneration of key executive management personnel also increased overall by 7 per cent in 2024-25, largely due to the $637,913 in termination costs during the year.