Reserve Bank of Australia Annual Report – 2003 Financial Statements Note 3 – Distribution to Australian Government

Section 30 of the Reserve Bank Act requires that the net profits of the Reserve Bank of Australia, less amounts set aside for contingencies or placed in the RBRF as determined by the Treasurer, shall be paid to the Australian Government (see Note 1(i) for details). Of the sum payable to the Australian Government of $2,264 million out of profits for 2002/03, $1,300 million will be paid in August 2003 and the balance of $964 million will be paid in 2004/05.