Reserve Bank of Australia Annual Report – 1985 Financial Statements Reserves

Note 3 Reserves

Movements in the various reserves are detailed below. Where changes in accounting practice were introduced from 1 July 1984 (see Note 1) opening balances have been restated.

  Central
Banking
Business		 Note
Issue
Department		 Rural
Credits
Department		 Total
 
$'000 $'000 $'000 $'000
Reserve Bank Reserve Fund
As at 30 June 1984 30,568     30,568
Appropriation from profits in terms of S30 of the Reserve Bank Act 70,000     70,000
As at 30 June 1985 100,568     100,568
Rural Credits Department Reserve Fund
As at 30 June 1984     29,051 29,051
Appropriation from profits in terms of S63 of the Reserve Bank Act     2,850 2,850
As at 30 June 1985     31,901 31,901
Reserve for Contingencies and General Purposes
(see also Note 1(d), 2
As at 30 June 1984 57,572 81,992 70,630 210,194
Transfer from operating earnings with Treasurer's approval in terms of Section 78 of the Reserve Bank Act     9,319 9,319
Transfers at 30 June 1985:
To Provision for Effects of Movements in Market Yields (51,008) (78,992) — (130,000)
To Provision for Building Repairs and Maintenance (6,564) (3,000) — (9,564)
As at 30 June 1985 Nil Nil 79,949 79,949
Asset Revaluation Reserves Gold
Gold
As at 30 June 1984
(Previously included within Reserve for Contingencies and General Purposes)		 1,308,357
 		 1,802,243
 		   3,110,600
 
Net Inter-section transfers 291,362 (291,362)   Nil
Net Revaluation Adjustments 106,723 187,354   294,077
As at 30 June 1985 1,706,442 1,698,235   3,404,677
Foreign Currency
As at 30 June 1984
(Previously included within Reserve for Contingencies and General Purposes)		 323,991
 		 511,716
 		   835,707
 
*Transfer to Investment
Revaluation Reserve 1 July 1984		 5,083 9,956   15,039
Net Inter-section transfers 521,672 (521,672)   Nil
Net Revaluation Adjustments 1,440,416     1,440,416
As at 30 June 1985 2,291,162 Nil   2,291,162
Investments
Effect of revaluation of
Investments as at 1 July 1984		 34,043 34,037   68,080
*Transfer from Foreign Currency
Revaluation Reserve 1 July 1984		 (5,083) (9,956)   (15,039)
Net Inter-section transfers (2,499) 2,499   Nil
Net Revaluation Adjustments (19,627) (21,533)   (41,160)
As at 30 June 1985 6,834 5,047   11,881
*Following establishment of separate revaluation reserves as from 1 July 1984, this amount which related to foreign investments was transferred from the Foreign Currency Revaluation Reserve to the Investment Revaluation Reserve.
Shares in International Financial Institutions (See Note 8)
Effect of revaluation as at 1 July 1984 27,783     27,783
Net Revaluation Adjustments 6,592     6,592
As at 30 June 1985 34,375     34,375
Bank Premises
Adjustment for revaluation as at May 1985 142,046 30,528   172,574
As at 30 June 1985 142,046 30,528   172,574
Total Asset Revaluation Reserves
As at 30 June 1984 1,632,348 2,313,959   3,946,307
Effect of revaluations as at 1 July 1984 61,826 34,037   95,863
Net Inter-section transfers 810,535 (810,535)   Nil
Net Revaluation Adjustments 1,676,150 196,349   1,872,499
As at 30 June 1985 4,180,859 1,733,810   5,914,669