Reserve Bank of Australia Annual Report – 2007 Financial Statements Note 10

Note 10 OTHER LIABILITIES

2007 $M 2006 $M
Provisions(Note 1(g))
Provision for accrued annual leave 11 11
Provision for long service leave 24 24
Provision for post-employment benefits 56 58
Provision for workers’ compensation 1 1
  92 94
Other
Amounts outstanding under repurchase agreements
(contract price) ( Note 1(b))		 14,494 9,923
Interest accrued on deposits 55 130
Other 1,431 1,346
  15,980 11,399
Total Other Liabilities as at 30 June 16,072 11,493

During 2006/07, annual leave of $7.0 million was accrued by staff, while $6.7 million of accrued leave was used. Staff accrued and used long service leave of $3.2 million and $2.5 million respectively in 2006/07; the provision for long service leave also decreased by $0.5 million due to the increase in the interest rate used to discount future cash flows. The RBA provided an additional $2.9 million for post-retirement benefits in 2006/07, while benefits of $1.6 million were paid out of the provision; an increase in the discount rate further reduced the provision by $2.8 million. The balance of the provision for post-employment benefits will change if assumptions regarding the length of staff service, the longevity of retired staff, increases in medical costs and the discount rate vary.