Reserve Bank of Australia Annual Report – 2004 Financial Statements Note 2 – Net Profits
Note | 2004 $M | 2003 $M | |
---|---|---|---|
Interest revenue | |||
Overseas investments | 1(c) | 1,024 | 1,056 |
Australian dollar securities | 1(d) | 811 | 1,062 |
Overnight settlements | 37 | 37 | |
Gold loans | 1(b) | 16 | 19 |
Loans, advances and other | 1 | 1 | |
1,889 | 2,175 | ||
Net gains/(losses) on securities and foreign exchange | |||
Overseas investments | 1(c) | (587) | 1,036 |
Australian dollar securities | 1(d) | (169) | 49 |
Foreign currency | 1(c) | 1,829 | (150) |
1,073 | 935 | ||
Dividend revenue | |||
Earnings on shares in Bank for International Settlements | 4 | 3 | |
Fees and commissions | |||
Banking services fees received | 18 | 20 | |
Other revenue | |||
Reimbursement by Australian Government for loan management and registry expenses | 1 | 1 | |
Rental of Bank premises | 5 | 4 | |
Sales of note products | 22 | 19 | |
Australian notes on issue written down | 1(k) | 45 | – |
Other | 19 | 13 | |
92 | 37 | ||
Total | 3,076 | 3,170 | |
Less: | |||
Interest expense | |||
Deposit liabilities | 1(g) | 670 | 513 |
Currency note holdings of banks | 1(k) | 136 | 136 |
Repurchase agreements | 1(e) | 123 | 155 |
929 | 804 | ||
General administrative expenses | |||
Staff costs | 102 | 101 | |
Special redundancy/retirement payments | 12 | 3 | 3 |
Depreciation of property | 1(f), 8 | 7 | 7 |
Depreciation of plant and equipment | 1(f), 8 | 9 | 9 |
Premises and equipment | 1(f) | 24 | 25 |
Materials used in note production | 9 | 8 | |
Travel | 3 | 3 | |
Consultants' fees, legal fees and payments to contractors | 14 | 4 | 8 |
Other | 4 | 6 | |
165 | 170 | ||
Other expenses | |||
Agency business reimbursement | 2 | 3 | |
Subsidiary income tax | – | – | |
Cash distribution expenses | 6 | 4 | |
Write down of plant and equipment | 1(f), 8 | 2 | – |
Other | 17 | 16 | |
27 | 23 | ||
Total | 1,121 | 997 | |
Net Profit | 1,955 | 2,173 |
Staff costs in 2003/04 include a gain of $2 million associated with the decline in the balance of the Provision for post-employment benefits (refer Note 10); in 2002/03 Staff Costs included an expense of $8 million due to an increase in the balance of the provision.