Reserve Bank of Australia Annual Report – 2007 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(f)). Also under Section 30, unrealised profits are not available for distribution and are transferred to the unrealised profits reserves where they are available to absorb future unrealised valuation losses or are realised when relevant assets are sold.
| 2007 $M | 2006 $M | ||
|---|---|---|---|
| Opening balance | 1,477 | 1,683 | |
| Distribution to Australian Government | (1,477) | (1,383) | |
| Transfer from Statement of Distribution | 1,085 | 1,177 | |
| As at 30 June | 1,085 | 1,477 |
An amount of $1,177 million from earnings in 2005/06 was paid to the Australian Government in August 2006, along with the $300 million payment which had been deferred from earnings in 2004/05. Accordingly, the total payment to the Government in 2006/07 was $1,477 million. Earnings available for distribution of $1,085 million from earnings in 2006/07 will be paid in August 2007.