Reserve Bank of Australia Annual Report – 2008 Financial Statements Note 8

Note 8 PROPERTY, PLANT AND EQUIPMENT

Land Buildings Plant and
Equipment
Total
$M $M $M $M
Gross Book Value as at 30 June 2007   120   222   107     449
Accumulated depreciation       (28)     (28)
Net Book Value   120   222   79     421
Additions     7   13     20
Depreciation expense     (9)   (13)     (22)
Net revaluation increment/(decrement)   12   26       38
Disposals       (1)     (1)
Net additions to net book value   12   24   (1)     35
Gross Book Value as at 30 June 2008   132   246   85     463
Accumulated depreciation       (7)     (7)
Net Book Value   132   246   78     456

The net book value of buildings as at 30 June 2008 includes expenditure of $1.2 million on work in progress which has been capitalised in the carrying amount of these assets ($5.9 million as at 30 June 2007). Additions include expenditure of $8.2 million on work in progress that was capitalised during 2007/08 ($6.1 million in 2006/07). As at 30 June 2008, the RBA had contractual commitments of $4.0 million to acquire buildings, plant and equipment ($6.2 million at 30 June 2007).