Reserve Bank of Australia Annual Report – 1994 Financial Statements Bank Premises and Other Durable Assets
Note 6 Bank Premises and Other Durable Assets (Note 1(d))
| 1992/93 $'000 |
1993/94 $'000 |
|
|---|---|---|
| Premises | ||
| 311,081 | Opening balance | 264,748 |
| 838 | Net expenditure in year | 29,546 |
| 311,919 | 294,294 | |
| (5,896) | Accumulated depreciation prior to revaluation | (6,083) |
| 306,023 | Book valuation prior to revaluation | 288,211 |
| (41,275) | Net revaluation adjustments (Note 3) | (27,166) |
| 264,748 | As at 30 June | 261,045 |
As recorded in Note 1(d), the last triennial revaluation of Bank premises occurred in 1991/92; those valuations were updated as at 30 June 1994. Amounts written off Bank premises in terms of section 78 of the Reserve Bank Act (ie depreciation) totalled $6.083 million ($5.896 million in 1992/93).
At 30 June 1994, outstanding contracts relating to major refurbishment of the Bank's buildings totalled $22 million.
| Other durable assets | ||
|---|---|---|
| 103,144 | Opening balance | 106,851 |
| 3,707 | Net expenditure in year | (3,178) |
| – | Fully depreciated and disposed of | (18,079) |
| 106,851 | 85,594 | |
| (70,396) | Accumulated depreciation | (55,643) |
| 36,455 | As at 30 June | 29,951 |
Items amounting to $18 million, which were fully depreciated and disposed of in 1993/94 (and in earlier years), were deleted from the closing balance as at 30 June 1994 and from accumulated depreciation.