Reserve Bank of Australia Annual Report 2011

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Note 2 – Net Profits Interest revenue Note 2011 $M Overseas investments 1(b), 4 391 452 Australian dollar securities 1(b), 4 1 497 1 515 Overnight settlements 4 41 26 Gold loans 1(c), 4 – – Loans, advances and other 4 1 1 2010 $M 1 930 1 994 Dividend revenue Earnings on shares in Bank for International Settlements 1(b) 4 11 Fees and commissions Banking services fees received 20 20 Other revenue Reimbursement by Australian Government for loan management and registry expenses 1 1 Rental of Bank premises 9 9 Sales of note and security products 63 35 Other 25 24 98 69 Total 2 052 2 094 Less: Interest expense Deposit liabilities 1(b), 4 643 801 Currency note holdings of banks 1(b), 4 133 104 Repurchase agreements 1(b), 4 22 13 798 918 Net losses on securities and foreign exchange Overseas investments 1(b) 94 (416) Australian dollar securities 1(b) 26 (75) Foreign currency 1(b) 5 666 4 273 5 786 3 782 General administrative expenses Staff costs 141 148 Superannuation costs 1(h), 14 45 33 Special redundancy/retirement payments 2 2 Depreciation of property 1(d), 8 8 9 Depreciation of plant and equipment 1(d), 8 18 17 Premises and equipment 1(d) 39 37 Materials used in note and security products 36 23 Travel 3 3 Consultants’ fees, legal fees and payments to contractors 5 2 Other 6 8 303 282 84 Reserve bank of Australia
Note 2 – Net Profits (Continued) Other expenses Note 2011 $M Agency business reimbursement 3 3 Subsidiary income tax 2 2 Cash distribution expenses 5 6 Other 44 29 2010 $M 54 40 Total 6 941 5 022 Net Profit (4 889) (2 928) Staff costs in 2010/11 include income of $4.6 million associated with the decrease in the balance of the provision for post-employment benefits (in 2009/10 there was an expense of $10.5 million) (refer Note 10). Post-employment health care costs of $4.5 million are included in Staff costs ($10.3 million in 2009/10). The RBA’s aggregate research and development expenditure recognised as an expense in 2010/11 was $0.6 million ($0.7 million in 2009/10); this is included in Other Expenses. Note 3 – Distribution Payable to Australian Government Section 30 of the Reserve Bank Act 1959 requires that the net profits of the Reserve Bank of Australia, less amounts set aside for contingencies or placed to the credit of the RBRF as determined by the Treasurer after consultation with the Board, shall be paid to the Australian Government (see Note 1(f)). Also under section 30, unrealised profits are not available for distribution and are transferred to the Unrealised Profits Reserve where they remain available to absorb future valuation losses or are realised when relevant assets are sold. Unrealised losses are, in the first instance, absorbed within the Unrealised Profits Reserve; if such losses exceed the balance in this reserve, the amount by which the losses exceed this balance are initially charged against other sources of income and then taken to the RBRF. In 2010/11, the Bank recorded an accounting loss of $4 889 million. As no unrealised gains from earlier years were retained in the unrealised profits reserve for Investments, the Board resolved to transfer $4 866 million from the RBRF to offset the accounting loss. No dividend will be payable from earnings in 2010/11. Similarly, no dividend was payable from earnings in 2009/10, as the accounting loss for that year was absorbed by a transfer of $2 248 million from the Unrealised Profits Reserve and a transfer of $680 million from the RBRF. A sum of $750 million, which had been deferred from the dividend payable in 2009, was distributed to the Australian Government as intended in August 2010. 2011 $M 2010 $M Opening balance 750 5 977 Distribution to Australian Government (750) (5 227) Transfer from Statement of Distribution – – As at 30 June – 750 Annual report 2011 | notes to the financial statements 85
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RESERVE BANK OF AUSTRALIA ANNUAL RE
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© Reserve Bank of Australia 2011.
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The banking and payments group cont
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4 Reserve bank of Australia
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Audit Committee The objectives of t
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Roger Corbett AO Member since 2 Dec
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Committee’s questioning of the Ba
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The Reserve Bank hosts regular conf
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Reserve Bank Balance Sheet $ billio
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Days 120 100 80 60 40 20 0 Australi
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sovereign debt crisis in Europe and
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M 250 200 150 100 50 by other users
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about 10 per cent less than in 2007
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% Value of Banknotes on Issue Per c
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ppm 20 15 10 5 0 04/05 Source: RBA
Page 38 and 39: 34 Reserve bank of Australia
Page 40 and 41: countries), the main international
Page 42 and 43: appropriate fee; the committed amou
Page 44 and 45: Economic activity in most EMEAP eco
Page 48 and 49: Staff in the State Offices also pla
Page 50 and 51: The Reserve Bank continued to provi
Page 54 and 55: No 50 40 30 20 10 counterfeit exami
Page 56 and 57: expected to reduce energy and water
Page 58 and 59: 4 3 2 1 0 and Securency Internation
Page 60 and 61: 40 20 Credit Exposure Per cent of b
Page 62 and 63: lost. The centrepiece of these arra
Page 64 and 65: The Reserve Bank follows commercial
Page 66 and 67: 62 Reserve bank of Australia Underl
Page 68 and 69: The Reserve Bank is committed to th
Page 74 and 75: Balance Sheet - As at 30 June 2011
Page 76 and 77: Statement of Distribution - For the
Page 78 and 79: Cash Flow Statement - For the year
Page 80 and 81: Notes to and Forming Part of the Fi
Page 82 and 83: Interest on fixed coupon securities
Page 84 and 85: Sell repurchase agreements Securiti
Page 86 and 87: Balances of asset revaluation reser
Page 90 and 91: Note 4 - Interest Revenue and Inter
Page 92 and 93: Note 6 - Cash and Cash Equivalents
Page 94 and 95: Note 10 - Other Liabilities Provisi
Page 96 and 97: As at 30 June 2011 and 30 June 2010
Page 98 and 99: Accounting Valuation For financial
Page 100 and 101: Note 14 - Superannuation Funds (Con
Page 102 and 103: Market Risk Market risk is the risk
Page 104 and 105: Credit Risk Credit risk is the pote
Page 106 and 107: Liquidity Risk Liquidity risk is th
Page 108 and 109: Maturity Analysis - As at 30 June 2
Page 110 and 111: As at 30 June 2011 One $M Level Two
Page 112 and 113: Auditor-General for Australia Austr
Page 116 and 117: Organisational Chart August 2011 Re
Page 118 and 119: Banking and Payments Group Assistan
Page 120: Glossary ACC Asian Consultative Cou
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Reserve Bank of Australia Annual Report 2011

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