Reserve Bank of Australia Annual Report – 2008 Financial Statements Note 10

Note 10 OTHER LIABILITIES

2008 $M 2007 $M
Provisions (Note 1(g))    
Provision for accrued annual leave 12 11
Provision for long service leave 24 24
Provision for post-employment benefits 69 56
Provision for workers' compensation – 1
105 92
Other      
Amounts outstanding under repurchase agreements
(contract price) ( Note 1(b))		 9,125 14,494
Interest accrued on deposits 69 55
Other 487 1,431
9,681 15,980
Total Other Liabilities as at 30 June 9,786 16,072

The provision for workers' compensation at 30 June 2008 was $329,000 ($408,000 at 30 June 2007). During 2007/08, annual leave of $7.3 million was accrued by staff, while $6.8 million of accrued leave was used. Staff accrued and used long service leave of $3.1 million and $2.5 million respectively in 2007/08; the provision for long service leave also decreased by $0.2 million due to the increase in the interest rate used to discount future cash flows. The RBA provided an additional $14.5 million for post-retirement benefits in 2007/08, while benefits of $1.2 million were paid out of the provision; an increase in the discount rate further reduced the provision by $0.8 million. The balance of the provision for post-employment benefits will change if assumptions regarding the length of staff service, the longevity of retired staff, increases in medical costs or the discount rate vary.