Reserve Bank of Australia Annual Report – 2013 Financial Statements Note 10 – Other Liabilities

Note 2013 $M 2012 $M
Provisions 1(g)    
Provision for accrued annual leave   17 16
Provision for long service leave   40 37
Provision for post-employment benefits   96 117
  153 170
Other
Amounts purchased under repurchase agreements (contract price) 1(b) 2,379 1,535
Purchases not yet settled   2,484 825
Interest accrued on deposits   17 12
Other   356 73
  5,236 2,445
Total Other Liabilities as at 30 June   5,389 2,615

The provision for workers compensation at 30 June 2013 was $290,000 ($340,000 at 30 June 2012).

During 2012/13, annual leave of $10.6 million was accrued by staff, while $9.6 million of accrued leave was used. Staff accrued and used long service leave of $5.0 million and $2.0 million, respectively, in 2012/13.

The RBA reduced its provision for post-employment benefits by $20.6 million in 2012/13. This is largely due to an increase in the discount rate, and the payment of $4.2 million in benefits. 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 2013, $9.3 million of the provision for accrued annual leave was due within 12 months ($7.3 million at 30 June 2012); $3.5 million of the provision for long service leave was due within 12 months ($3.6 million at 30 June 2012); and $4.4 million of the provision for post-employment benefits was due within 12 months ($3.9 million at 30 June 2012).