Mary Valley Rattler’s financial books revealed for 2021-22

An iconic tourist attraction’s financial health has been laid bare as the heritage train prepares for big changes, including the cancellation of the almost $1m debt to ratepayers.

Rattler Railway Company chairman Ian McNicol (inset) said the trio of floods which inundated the region severly impacted the Mary Valley Rattler’s operations, forcing them to cancel a quarter of services and ultimatly recording an operatonal loss in 2021-22.

A trio of floods and an ever-creeping wage bill have been revealed as major pieces behind the Mary Valley Rattler falling $241,000 short of breaking even this past year.

The latest financial documents for the Rattler Railway Company, lodged with the Australian Charities and Not-for-profit Commission, reveal the heritage train ran in the red for 2021-22.

It was the train’s first loss in three years, and follows on the heels of a $529,000 surplus in 2020-21.

Revenue for the Rattler Railway Company was down from $3.32m to $2.81m, including the loss of more than $406,000 in Jobkeeper payments.

It was not the only employee-related expense to bite the books, too.

The $241,000 shortfall recorded by the Mary Valley Rattler in 2021-2022 was its first operating loss in three years.

The past year’s wage bill crept to $1.43m, up from $1.35m in 2020-21.

This was despite plans touted in 2020 to slash wages to below $1m.

Another $136,000 in superannuation payments and $239,000 in other expenses took the total staff bill to $1.8m for the year.

Company chairman Ian McNicol said the train was still feeling the effects of the disasters which impacted the region.

“For the last half of 2021, Queensland’s borders were effectively closed to our key interstate markets, and even when they opened in 2022, and restrictions were mostly dropped, we then had the most damaging floods in history,” Mr McNicol said.

“Over a quarter of services had to be cancelled in the first half of 2022, as a result of the flood and ongoing weather issues.

The Rattler Railway Company and Mayor Glen Hartwig’s council are negotiating a deal which would waive repayment of a controversial $1.1m loan given to the Rattler in 2018.

“In many regards, we probably did better than could be expected given the totally damaging trading conditions.”

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Cafe and retail sales dropped by $40,000, the report shows, and train ticket sales were about $100,000 less in 2021-22, this time generating $1.16m in revenue.

“Trading conditions are only just beginning to return to pre-Covid times, and even now, Queensland is attracting less than half of its usual international visitation,” Mr McNicol said.

The report includes the $850,000 balance of a $1.1m loan given by Gympie Regional Council.

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This loan is expected to be waived as part of a deal with the council revealed in October 2022.

The deal would include removing the council as a foundational member, transferring rail assets including leases, and a four-year funding deal in which the council would pay the heritage train $400,000 each year.

The report says this deal is not yet finalised.

Mr McNicol said the train had experienced a strong holiday season to start 2023 and the board was confident about the years ahead.

“In the coming months, we are really excited to launch a number of new products including the return of the Silver Bullet,” Mr McNicol said.