Reserve Bank of Australia Annual Report – 1998 Financial Statements Profit and Loss Appropriation Statement
for year ended 30
June 1998
Reserve Bank of Australia
| 1997 $'000 | 1998 $'000 | |
|---|---|---|
| Net Profit* (Note 2) | 2,729,677 | 4,402,977 |
| Net transfers to Unrealised Profits Reserve (Note 3) | (662,430) | (1,686,606) |
| Transfer from Asset Revaluation Reserves (Note 3) | 1,637,490 | 557,509 |
| Earnings available for distribution | 3,704,737 | 3,273,880 |
| Reserve Bank Reserve Fund (Note 3) | 1,637,490 | 547,897 |
| Reserve for Contingencies and General Purposes (Note 3) | 367,247 | – |
| Commonwealth of Australia | 1,700,000 | 2,725,983 |
| Total | 3,704,737 | 3,273,880 |
| * The published Profit and Loss Appropriation Account for year ended 30 June 1997 showed Net Profit (after deducting amounts provided for contingencies and general purposes) as $3,337.5 million. The 1997 Net Profit has been restated to show the effect of the change in accounting policy on investments; this has resulted in a decrease in the 1997 profit of $607.8 million but has not changed Earnings available for distribution. Refer to Note 16 for full details. | ||
IJ Macfarlane
Chairman, Reserve Bank Board
6
August 1998