Reserve Bank of Australia Annual Report – 2008 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 2007   120   222   107     449
Accumulated depreciation   –   –   (28)     (28)
Net Book Value   120   222   79     421
Additions   –   7   13     20
Depreciation expense   –   (9)   (13)     (22)
Net revaluation increment/(decrement)   12   26   –     38
Disposals   –   –   (1)     (1)
Net additions to net book value   12   24   (1)     35
Gross Book Value as at 30 June 2008   132   246   85     463
Accumulated depreciation   –   –   (7)     (7)
Net Book Value   132   246   78     456

The net book value of buildings as at 30 June 2008 includes expenditure of $1.2 million on work in progress which has been capitalised in the carrying amount of these assets ($5.9 million as at 30 June 2007). Additions include expenditure of $8.2 million on work in progress that was capitalised during 2007/08 ($6.1 million in 2006/07). As at 30 June 2008, the RBA had contractual commitments of $4.0 million to acquire buildings, plant and equipment ($6.2 million at 30 June 2007).