Reserve Bank of Australia Annual Report – 2007 Financial Statements Note 8

Note 8 PROPERTY, PLANT AND EQUIPMENT

Land Buildings Plant and
Equipment		 Total
$M $M $M $M
Gross Book Value as at 30 June 2006   109   155   83     347
Accumulated depreciation   –   –   (18)     (18)
Net Book Value   109   155   65     329
Additions   –   40   25     65
Depreciation expense   –   (6)   (10)     (16)
Net revaluation increment/(decrement)   14   44   –     58
Disposals   (3)   (11)   (1)     (15)
Net additions to net book value   11   67   14     92
Gross Book Value as at 30 June 2007   120   222   107     449
Accumulated depreciation   –   –   (28)     (28)
Net Book Value   120   222   79     421

The net book value of buildings as at 30 June 2007 includes expenditure of $5.9 million on work in progress which has been capitalised in the carrying amount of these assets ($13.4 million as at 30 June 2006). Additions include expenditure of $6.1 million on work in progress that was capitalised during 2006/07 ($18.0 million in 2005/06). As at 30 June 2007, the RBA had contractual commitments of $6.2 million to acquire buildings, plant and equipment ($27.0 million at 30 June 2006).