Reserve Bank of Australia Annual Report – 2005 Financial Statements Note 3
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 in the RBRF as determined by the Treasurer after consultation with the Board, shall be paid to the Australian Government (see Note 1(i)).
| 2005 $M | 2004 $M | ||
|---|---|---|---|
| Opening balance | 1,658 | 2,264 | |
| Distribution to Australian Government | (1,338) | (1,300) | |
| Transfer from Statement of Distribution | 1,363 | 694 | |
| As at 30 June | 1,683 | 1,658 |
Of the $694 million payable to the Australian Government out of profits for 2003/04, $374 million was paid in August 2004, and $320 million will be paid in August 2005. Earnings available for distribution of $1,363 million from 2004/05 will also be distributed in two tranches – $1,063 million in August 2005 and $300 million in the 2006/07 financial year. Accordingly, $1,383 million of the balance of the distribution payable account as at 30 June 2005 will be distributed to the Australian Government in August 2005, and $300 million will be deferred until 2006/07.