The objective of the audit was to assess the effectiveness of the Department of the Environment and Energy’s design of the Threatened Species Prospectus as an innovative approach to attract investment from private and philanthropic sources. To form a conclusion against the audit objective, the ANAO adopted the following high level audit criteria:
- Was an appropriate design process established to support the achievement of the Government’s objectives?
- Was a sound performance and reporting framework established, including fit-for-purpose performance monitoring, reporting and evaluation arrangements?
The Department of the Environment and Energy’s design of the innovative Threatened Species Prospectus was effective, other than the lack of a fit-for-purpose performance framework.
Within the broader framework established by the Threatened Species Strategy, the design of the Prospectus was an innovative approach in supporting the Government’s intent of promoting projects likely to be attractive to private and philanthropic investors. A total of 51 projects were selected for inclusion in the Prospectus through a largely informal process following stakeholder engagement.
The department is not well placed to monitor and report on the effectiveness of the Prospectus in attracting additional funding for threatened species recovery from private and philanthropic investors. Limited performance data is collected against the targets of the Threatened Species Strategy. The department has commenced an evaluation of the Prospectus as part of a broader evaluation of the Threatened Species Commissioner model.