Reserve Bank of Australia Annual Report – 2009 Financial Statements Note 10
Note 10 OTHER LIABILITIES
| 2009 $M | 2008 $M | ||
|---|---|---|---|
| Provisions (Note 1(g)) | |||
| Provision for accrued annual leave | 13 | 12 | |
| Provision for long service leave | 27 | 24 | |
| Provision for post-employment benefits | 78 | 69 | |
| Provision for workers' compensation | – | – | |
| 118 | 105 | ||
| Other | |||
| Amounts outstanding under repurchase agreements (contract price) ( Note 1(b)) |
1,501 | 9,125 | |
| Interest accrued on deposits | 30 | 69 | |
| Other | 444 | 487 | |
| 1,975 | 9,681 | ||
| Total Other Liabilities as at 30 June | 2,093 | 9,786 |
The provision for workers' compensation at 30 June 2009 was $441,000 ($329,000 at 30 June 2008). During 2008/09, annual leave of $8.1 million was accrued by staff, while $7.3 million of accrued leave was used. Staff accrued and used long service leave of $3.8 million and $2.4 million respectively in 2008/09; the provision for long service leave also increased by $2.7 million due to the decrease in the interest rate used to discount future cash flows. The RBA provided an additional $6.6 million for post-retirement benefits in 2008/09; a decrease in the discount rate increased the provision by $3.6 million, while benefits of $1.5 million were paid out of the provision. The balance of the provision for post-employment benefits will change if assumptions regarding the length of staff service, the longevity of retired staff, future movements in medical costs or the discount rate vary. At 30 June 2009, $6.1 million of the provision for accrued annual leave was due within 12 months ($5.6 million at 30 June 2008); $2.7 million of the provision for long service was due within 12 months ($2.2 million at 30 June 2008); and $2.6 million of the provision for post-employment benefits was due within 12 months ($2.3 million at 30 June 2008).