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BTCE lnformation Paper 35TABLE 2.4 ANFUNDING SOURCES($ million)SourceFundin#Capital on establishment 1975 320.5Additional capital 2.7Total 323.2Accumulated losses as30 at June 1989 147.9Total Commonwealth equity at as 30 June 1989 175.3Cumulative revenue, CSOs and interestsupplement, 1977-78 to 1988-89 842.0Commonwealthloans as30 at June 1989 210.7a. Refers to book values.Source Australian National Railways (1989).Under the Act of 1917, AN had been required to pursue policies designed toensure a profit. The new Act of 1983 appears to have resulted in improvedefficiency and a substantially reduced revenue supplement for AN. In 1988-89the supplement was $51 million ($9 million for commercial operations and $42million for CSOs). This compares with a high of $102 million ($106 millionincluding interest subsidy) in 1982-83. The 1989-90 supplement was $60.3million.Some details of AN’s funding are in table 2.4. Recently the Commonwealthagreed to provide 8.7 $1 million in interest-free loans for investmentAN’s SouthAustralian workshops. AN remains subject to Loan Council controls, but theAustralian National Railways Commission Act 7983 has been amended to allowAN to undertake borrowings, within approved global limits, without reference tothe Government. AN has been liable for State payroll taxes from 1 July 1988. Atimetable has not yet been agreed for the removal of AN’S remaining exemptionsfrom taxes and charges.AN’s financial obligations prior to the reform package required it ‘to make profitseach year sufficient to pay a reasonable return to the Commonwealth each yearas determined by the Minister (Section 57 of the Australian National RailwaysCommission Act) with an interim target to break even on commercial services by1988-89’.The reform package has imposed on AN similar financial obligations to those forthe other GBEs, requiring submission of a regular corporate plan, commitmentto a preset target, and regular asset revaluation. There does not appear to beany specific obligation to report performance against targets in the annual report.14
Chapter 2AN’S financial objectives, revised in line with the reform package, are stated inthe 1988-89 Anqua/ Reporf as follows:to earn sufficient surplus from operations to sustain the commercial business,to provide for; investment needs and to ensure continued long term growth ;. to generate an appropriate return on assets employed; and. to obtain continuing financial support from government for community serviceobligations adequate to sustain their long term viability as efficient operationsor, where this support is not forthcoming, to phase them out (AustralianNational Railways 1989, 12-1 3).AN commenced ,operations in 1978 with 13 041 staff (approximately 11 650excluding staff ‘made available’ to Adelaide metropolitan operations). AN nowemploys 6648 staff (excluding ‘made availables’) and has assets with a bookvalue totalling $7b5 million.TELECOMSet up under ” the Telecommunications Act 1975 as the AustralianTelecommunications Commission, Telecom has been converted to acorporation(from 1 January 1’989), the Australian Telecommunications Corporation.Telecom was established as a self-financing statutory authority to take over thetelecommunications functions of the Postmaster-General’s Department. Itoperated as sole supplier of telecommunications transmission services inAustralia with responsibility for regulation and management of the network, andwas established largely as an engineering organisation, directed to the task ofexpanding and modernising the national telephone system (Department ofTransport and Communications 1988). The principal policy objective pursuedunder the Act oi 1975 was ‘the provision of telephone services throughoutAustralia on a non-discriminatory, uniform basis at affordable prices’.Telecom’s initial monopoly over all aspects of national telecommunications hasrecently been subject to considerable challenge. This has resulted from bothdemand and supply effects of changing technology, from increased demands onthe system, particularly from the business community, and from the influence ofprecedents established overseas where telecommunications networks havebeen opened to increased competition, Such competition is seen as a means ofimproving service quality and reducing costs, rather than as a cause of increasedcosts due to duplication, as was the conventional wisdom.!,Telecom’s monopoly has already been eroded to a limited extent by outsideprovision of equ~ipment for attachment to the network, and by alternativededicated facilitids for larger users supplied by AUSSAT post-1984.Following a governmental inquiry into these issues in 1987-88, new policyobjectives for Telecom, and a number of reforms to facilitate these objectives,were announced on 25 May 1988.15
Page 1 and 2: BTE Publication SummaryFinancial Pe
Page 3 and 4: 0- Commonwealth of Australia 1990IS
Page 5 and 6: CONTENTSFOREWORDABSTRACTSUMMARYCHAP
Page 7 and 8: TABLES2.12.22.32.42.52.62.72.83.13.
Page 9 and 10: FIGURES3.1Gearing ratio -totaltrans
Page 11 and 12: ABSTRACTThis paper examines the fin
Page 13 and 14: CHAPTER 1 INTRODUCTIONIn October 19
Page 15 and 16: CHAPTER 2 GOVERNMENT BUSINESS ENTER
Page 17 and 18: Chapter 2a service seen as crucial
Page 19 and 20: Chapter 2shipping companies, Austra
Page 21 and 22: Chapter 2CIVIL AVIATION AUTHORITYTh
Page 23 and 24: Chapter 2It has been argued that th
Page 25: Chapter 2‘flhile ANL’s profit p
Page 29 and 30: Chapter 2Telecom ranked 1il th amon
Page 31 and 32: Chapter 2As in the case of Telecom,
Page 33 and 34: Chapter 2autonomy considerations du
Page 35 and 36: Chapter 2TABLE 2.8 COMMONWEALTH EQU
Page 37 and 38: BTCE Information Paper 35gauge, fro
Page 39 and 40: BTCE Information Paper 35Brambles,
Page 41 and 42: ~~BTCE Information Paper 35TABLE 3.
Page 43 and 44: BTCE Information Paper 35i20 7100 -
Page 45 and 46: BTCE Information Paper 35- Qantas"_
Page 47 and 48: BTCE Information Paper 35which they
Page 49 and 50: BTCE Information Paper 35Profitabil
Page 51 and 52: BTCE Information Paper 35per cent (
Page 53 and 54: BTCE Information Paper 3525 -/-x,,
Page 55 and 56: BTCE Information Paper 3560I4020& 6
Page 57 and 58: BTCE Information Paper 35TABLE 3.5
Page 59 and 60: BTCE Information Paper 352o 120 - ,
Page 61 and 62: + QantasBTCE Information Paper 3540
Page 63 and 64: BTCE Information Paper 35performanc
Page 65 and 66: BTCE Information Paper 35the user h
Page 67 and 68: BTCE Information Paper 35TABLE 4.1
Page 69 and 70: ~~~ ~~~BTCE Information Paper 35TAB
Page 71 and 72: BTCE hformation Paper 35estimates t
Page 73 and 74: BTCE Information Paper 351 7LmL0//+
Page 75 and 76: BTCE Information Paper 35between -8
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BTCE Information Paper 35those of t
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BTCE Information Paper 35Estimates
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APPENDIX II FINANCIAL DATAThis appe
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Appendix l173
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~TABLE 11.1 (Cont.) QANTAS (CONSOLI
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TABLE 1.2 (Cont.) AUSTRALIAN AIRLIN
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Appendix IITABLE 11.4 FEDERAL AIRPO
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TABLE 11.5 (Cont.) AUSTRALIAN NATIO
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TABLE 11.6 (Cont.) AUSTRALIAN NATIO
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~.I .TABLE 11.7 (Cont.) TELECOM (CO
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TABLE 11.8 (Cont.) AUSTRALIA POST (
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TABLE 11.9 (Cont.) OTC LIMITED (FOR
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~~~~~TABLE 11.10 (Cont.) AUSSAT FIN
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Appendix I1TABLE 11.12Year ending30
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BTCE Information Paper 35In calcula
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BTCE Information Paper 35However, t
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APPENDIX IV LIABILITY FOR TAXATIONT
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Appendix /VTABLE IV.5 LIABILITY FOR
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REFERENCESAbbreviationsAASAGSMANCAA
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ReferencesHicks, J (1 939), Value a
Page 117:
ABBREVIATIONSAAACLSAGSMAMSAANAANACA
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