Reserve Bank of Australia Annual Report – 1977 Financial Statements Note 1 Aggregate operating earnings

Aggregate operating earnings in 1976/77 were $181.2 million, some $30.4 million higher than in 1975/76. The main income items were net earnings on overseas investments of $128.9 million ($158.2 million in 1975/76), interest received and accrued on Australian government securities of $218.8 million ($94.4 million) and on loans, advances and bills discounted of $48.5 million ($45.0 million). The main outgo items were interest on deposit liabilities of $166.1 million ($104.5 million) and other expenses $57.7 million ($51.9 million). Staff costs $43.6 million ($39.7 million) were the main component of these other expenses, which amounted to $18.8 million ($17.2 million) in the Note Issue Department, $1.8 million ($1.6 million) in the Rural Credits Department and $37.1 million ($33.1 million) for Central Banking Business. Net valuation gains arising from fluctuations in exchange rates (see Note 8) were excluded from the above figures and passed directly in reduction of past exchange losses.