Reserve Bank of Australia Annual Report – 1973 Financial Statements Profit and Loss Appropriation Statement

For Year Ended 30 June 1973

  1973 1972
Net profits appropriated as follows:
Central Banking Business:
Reserve Bank Reserve Fund — — 4,904,562
Commonwealth of Australia — — —
Note Issue Department:
Commonwealth of Australia   — 25,177,870
Rural Credits Department:
Rural Credits Department Reserve Fund 649,152   749,593
Rural Credits Development Fund 649,152 1,298,304 749,594
Total   $1,298,304 $31,581,619
Assets 1973 1972
Gold, and balances held abroad (including money at short call and treasury bills) (see note 1) 3,152,048,480 2,781,638,291
International Monetary Fund Special Drawing Rights 199,877,225 209,469,932
Other overseas securities (see note 1) 752,448,558 622,063,834
Australian notes and coin 9,697,135 12,298,176
Australian Government securities (including treasury bills) 608,411,695 498,754,050
Cheques and bills of other banks 9,360,766 4,700,382
Loans, advances and bills discounted (after deducting provisions for debts considered bad or doubtful) (see note 2) 252,525,990 311,957,370
Bank premises (at cost less amounts written off) 51,560,406 43,466,121
Bills receivable and remittances in transit 127,619,438 96,325,113
All other assets (including unfunded adjustments arising from fluctuations in exchange rates) 583,290,048 18,399,497
Total $5,746,839,741 $4,599,072,766
  1973 1972
Net profits (after deducting amounts written off bank premises and amounts provided for contingencies):    
Central Banking Business (see note 3) NIL 4,904,562
Note Issue Department (see note 3) NIL 25,177,870
Rural Credits Department 1,298,304 1,499,187
Total $1,298,304 $31,581,619

J. G. Phillips, Chairman, Reserve Bank Board — 3 August 1973

Notes:

  1. Includes accrued interest. Marketable securities included at current market values after 1972.
  2. Inter-departmental accounts totalling $981,676,383 have been offset — ($1,032,153,595 — 30/6/72).
  3. After deducting amounts written off Bank premises the whole of the net earnings from Central Banking Business and Note Issue Department were transferred to reserves for contingencies.

Auditor General's Report

The above Balance-sheet and Profit and Loss Appropriation Statement have been examined and are in agreement and Agencies. In my opinion the statements show fairly the financial operations of the Bank during the year ended with the accounts and records as shown in the books of the Head Office and the certified returns from Branches 30 June 1973 and the state of affairs as at that date.

D. R. Steele Craik, Auditor General — 7 August 1973.