Reserve Bank of Australia Annual Report – 2012 Financial Statements Note 10 – Other Liabilities

Note 2012
$M
2011
$M
Provisions 1(g)    
Provision for accrued annual leave   16 15
Provision for long service leave   37 31
Provision for post-employment benefits   117 83
Provision for workers' compensation  
  170 129
Other      
Amounts outstanding under repurchase agreements
(contract price)
1(b) 1,535 1,666
Interest accrued on deposits   12 37
Other   898 579
  2,445 2,282
Total Other Liabilities as at 30 June   2,615 2,411

The provision for workers' compensation at 30 June 2012 was $340,000 ($323,000 at 30 June 2011).

During 2011/12, annual leave of $9.6 million was accrued by staff, while $8.9 million of accrued leave was used. Staff accrued and used long service leave of $4.9 million and $3.1 million, respectively, in 2011/12.

The RBA provided an additional $34.0 million for post-employment benefits in 2011/12; a decrease in the discount rate increased the provision by $41.3 million, while benefits of $4.5 million were paid out of the provision. The balance of the provision for post-employment benefits will change if assumptions regarding the length of staff service, the longevity of retired staff, future movements in medical costs or the discount rate vary.

At 30 June 2012, $7.3 million of the provision for accrued annual leave was due within 12 months ($6.8 million at 30 June 2011); $3.6 million of the provision for long service leave was due within 12 months ($3.0 million at 30 June 2011); and $3.9 million of the provision for post-employment benefits was due within 12 months ($2.7 million at 30 June 2011).