Note 16F. Liquidity Risk
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The Department’s financial liabilities are trade creditors, grant payables and finance leases. The exposure to liquidity risk is based on the notion that the Department will encounter difficulty in meeting its obligations associated with financial liabilities.
This is highly unlikely as the Department is appropriated funding from the Australian Government and the Department manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, the Department has policies in place to ensure timely payments are made when due and has no past experience of default.
The following tables illustrate the maturities for financial liabilities.
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Maturities for non-derivative financial liabilities 2012
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On
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Within 1
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1 to 2
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2 to 5
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> 5
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demand
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year
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years
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years
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years
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Total
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$'000
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$'000
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$'000
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$'000
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$'000
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$'000
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Other liabilities
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Suppliers payable
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-
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21,581
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-
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-
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-
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21,581
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Grants payable
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-
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923
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-
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-
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-
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923
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Other payables including lease incentives
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-
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280
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-
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-
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-
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280
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Finance lease
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-
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2,429
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2,366
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257
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-
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5,052
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Total
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-
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25,213
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2,366
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257
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-
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27,836
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Maturities for non-derivative financial liabilities 2011
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On
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Within 1
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1 to 2
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2 to 5
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> 5
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demand
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year
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years
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years
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years
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Total
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$'000
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$'000
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$'000
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$'000
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$'000
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$'000
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Other liabilities
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Suppliers payable
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-
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19,026
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-
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-
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-
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19,026
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Grants payable
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-
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454
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-
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-
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-
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454
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Other payables including lease incentives
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-
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467
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-
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-
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-
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467
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Finance lease
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-
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2,133
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2,323
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2,321
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-
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6,777
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Total
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-
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22,080
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2,323
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2,321
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-
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26,724
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The Department had no derivative financial liabilities in either 2012 or 2011.
Note 16G. Market Risk
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The Department held basic financial instruments that did not expose the Department to certain market risks, such as 'Currency risk' and 'Other price risk'.
The only interest-bearing item on the balance sheet was 'Finance leases'. Finance leases bear interest at a fixed interest rate and their values did not fluctuate due to changes in the market interest rate.
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Financial Assets Reconciliation
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2012
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2011
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$'000
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$'000
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Financial assets
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Notes
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Total financial assets as per balance sheet
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87,406
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91,310
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Less: non-financial instrument components
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Appropriation receivables
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67,771
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69,627
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GST receivable from the ATO
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4,668
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3,461
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Total non-financial instrument components
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72,439
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73,088
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Total financial assets as per financial instruments note
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16A
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14,967
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18,222
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Administered – Expenses
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2012
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2011
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$'000
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$'000
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Note 18A. Suppliers
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Goods and services
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Contractors
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14,358
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34,355
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General goods and services
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55,273
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49,300
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Information and communication technology
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-
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20
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Inventory consumed
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155
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79
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Travel
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82
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63
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Property related expenses
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8,122
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3,948
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Consultants
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5,110
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8,996
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Legal services
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1,484
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1,274
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Total goods and services
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84,584
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98,035
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Goods and services are made up of:
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Provision of goods – related entities
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150
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62
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Provision of goods – external parties
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224
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83
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Rendering of services – related entities
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59,358
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57,616
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Rendering of services – external parties
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24,852
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40,274
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Total goods and services
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84,584
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98,035
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Total supplier expenses
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84,584
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98,035
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