Part 4: Financial statements (continued)

Note 3: Operating Expenses

	2013 $'000	2012 $'000
Note 3A: Employee Benefits
Wages and salaries	92,274	94,753
Superannuation:
Defined contribution plans	5,525	5,035
Defined benefit plans	10,590	10,407
Redundancies	51	5,563
Leave and other entitlements	10,990	16,663
Other	3,294	2,965
Total employee benefits	122,724	135,386
Note 3B: Suppliers
Goods and services1
Information communication technology	6,055	5,336
Conferences and Training	2,357	2,397
Consultants and Contractors	6,046	7,222
Fees - Audit, Accounting, Bank and Other	1,433	1,174
Insurance	370	1,009
Legal	2,382	1,810
Printing	445	631
Property operating expenses	11,092	11,362
Publications and Subscriptions	1,460	1,707
Travel	4,706	5,230
Other	1,789	1,785
Total goods and services	38,135	39,663
Goods and services are made up of:
Provision of goods from:
related entities	61	64
external entities	2,712	2,511
Rendering of services from:
related entities	7,011	7,502
external entities	20,490	20,632
Operating lease rentals:2
related entities	494	482
external entities	7,199	7,683
Workers compensation premiums	168	789
Total supplier expenses	38,135	39,663
Note 3C: Grants
Grants paid
Public sector:
Clean Energy Finance Corporation	18,383	-
Australian Government entities - other	139	78
Private sector:
Non-profit organisations	4,830	4,031
Total grants	23,352	4,109

1. Certain comparative figures have been reclassified and do not match what was published in the 2011-12 financial statements.
2. Operating lease rentals comprise minimum lease payments only.

Note 3: Operating Expenses (continued)

	2013 $'000	2012 $'000
Note 3D: Depreciation and amortisation
Depreciation
Plant and equipment	2,571	2,568
Buildings – leasehold improvements	3,091	2,365
Total depreciation	5,662	4,933
Amortisation
Intangibles – computer software	8,071	8,485
Total amortisation	8,071	8,485
Total depreciation and amortisation	13,733	13,418
Note 3E: Finance costs
Leases	1	17
Total finance costs	1	17
Note 3F: Write-down and impairment of assets
Non-financial assets
Plant and equipment	213	245
Intangibles	17	-
Total write-down and impairment of assets	230	245
Note 3G: Losses from asset sales
Property, plant and equipment
Proceeds from sale	(29)	-
Carrying value of asset sold	44	-
Selling expense	9	-
Total losses from asset sales	24	-

Note 4: Income

	2013 $'000	2012 $'000
Note 4A: Sale of goods and rendering of services
Rendering of services to:
related entities	9,494	7,852
external entities	348	387
Operating lease rental - external entities	104	94
Total sale of goods and rendering of services	9,946	8,333
Note 4B: Other revenue
MCCA contributions received	341	500
Other	224	368
Total other revenues	565	868
Note 4C: Sale of assets
Plant and equipment
Proceeds from sale	-	11
Net book value of assets disposed	-	(7)
Net gain from sale of assets	-	4
Note 4D: Other gains
Resources received free of charge	2,420	526
Total other revenue	2,420	526
Note 4E: Revenue from Government
Appropriations
Departmental appropriation	174,569	158,119
Total revenue from Government	174,569	158,119

Note 5: Financial Assets

	2013 $'000	2012 $'000
Note 5A: Cash and cash equivalents
Special Accounts	100	296
Cash on hand or on deposit	1,123	812
Total cash and cash equivalents	1,223	1,108
Note 5B: Trade and other receivables
Goods and Services:
related entities	451	790
external parties	1,342	1,128
Total goods and services	1,793	1,918
Appropriations Receivable:
for existing programs	59,608	51,933
Total appropriations receivable	59,608	51,933
Other receivables:
Net GST receivable from the ATO	595	1,290
Total other receivables	595	1,290
Total trade and other receivables (net)	61,996	55,141
All receivables are current assets
Receivables (gross) are aged as follows:
Not overdue	61,854	54,844
Overdue by:
0 to 30 days	32	176
31 to 60 days	66	85
61 to 90 days	43	16
More than 90 days	1	20
Total receivables (gross)	61,996	55,141

Credit terms for goods and services were within 30 days (2012: 30 days).

Note 6: Non-Financ
ial Assets

	2013 $'000	2012 $'000
Note 6A: Land and buildings
Buildings – Leasehold improvements
Under construction	576	747
At fair value	11,643	8,644
Accumulated depreciation	(5,404)	(2,363)
Total Buildings – Leasehold improvements	6,815	7,028
No indicators of impairment were found for land and buildings. All revaluations are independent and are conducted in accordance with the revaluation policy stated at Note 1.18.
Note 6B: Plant and equipment
Plant and equipment
Under construction	4,400	6,297
At fair value	11,638	9,157
Accumulated depreciation	(4,132)	(2,527)
Total plant and equipment	11,906	12,927
No indicators of impairment were found for plant and equipment. All revaluations are independent and are conducted in accordance with the revaluation policy stated at Note 1.18.
Note 6C: Intangibles
Computer software
Under construction	909	538
Internally developed – in use1	7,114	40,237
Purchased	4,513	3,176
Accumulated amortisation	(6,276)	(18,240)
Total computer software	6,260	25,711

1. The decrease in internally developed intangible non-financial assets is the result of the transfer of the SBR software to the ATO due to restructuring of administrative arrangements on 11 April 2013. Further details are described in Note 9: Restructuring.
No indicators of impairment were found for intangibles.
No intangibles are expected to be sold or disposed of within the next 12 months.

Note 6: Non-Financial Assets (continued)

	Buildings — leasehold improvements $’000	Plant and equipment $’000	Computer software $’000	Total $’000
As at 1 July 2012
Gross book value	9,391	15,454	43,951	68,796
Accumulated depreciation and impairment	(2,363)	(2,527)	(18,240)	(23,130)
Net book value 1 July 2012	7,028	12,927	25,711	45,666
Additions	2,879	1,806	3,287	7,972
Impairments recognised in the operating result	-	(213)	(17)	(230)
Depreciation / amortisation expense	(3,091)	(2,571)	(8,071)	(13,733)
Disposals:
From disposal of operations (restructuring)1	-	-	(14,650)	(14,650)
Other disposals	(1)	(43)	-	(44)
Net book value 30 June 2013	6,815	11,906	6,260	24,981
Net book value as of 30 June 2013 represented by:
Gross book value	12,219	16,038	12,536	40,793
Accumulated depreciation and impairment	(5,404)	(4,132)	(6,276)	(15,812)
Net book value 30 June 2013	6,815	11,906	6,260	24,981

1. The SBR function was relinquished to the ATO during 2013 due to restructuring of administrative arrangements on 11 April 2013. Further details are described in Note 9: Restructuring.

Note 6: Non-Financial Assets (continued)

	Buildings — leasehold improvements $’000	Plant and equipment $’000	Computer software $’000	Total $’000
As at 1 July 2011
Gross book value	19,653	13,655	41,408	74,716
Accumulated depreciation and impairment	(11,775)	(5,260)	(10,291)	(27,326)
Net book value 1 July 2011	7,878	8,395	31,117	47,390
Additions	1,687	7,232	3,087	12,006
Revaluations and impairments recognised in other comprehensive income	(172)	112	-	(60)
Depreciation / amortisation expense	(2,365)	(2,568)	(8,485)	(13,418)
Disposals:
Other disposals	-	(244)	(8)	(252)
Net book value 30 June 2012	7,028	12,927	25,711	45,666
Net book value as of 30 June 2012 represented by:
Gross book value	9,391	15,454	43,951	68,796
Accumulated depreciation and impairment	(2,363)	(2,527)	(18,240)	(23,130)
Net book value 30 June 2012	7,028	12,927	25,711	45,666

A revaluation of Treasury's buildings – leasehold improvement and plant and equipment was conducted on 1 July 2011.

Note 6: Non-Financial Assets (continued)

	2013 $'000	2012 $'000
Note 6D: Other non-financial assets
Prepayments	2,665	2,502
Total other non-financial assets	2,665	2,502
Other non-financial assets are expected to be recovered in:
No more than 12 months	2,359	2,055
More than 12 months	306	447
Total other non-financial assets	2,665	2,502

No indicators of impairment were found for other non-financial assets.

Note 7: Payables

	2013 $'000	2012 $'000
Note 7A: Suppliers
Trade creditors
related entities	358	112
external entities	2,158	199
Total trade creditors	2,516	311
Total supplier payables	2,516	311
All supplier payables are expected to be settled within 12 months.
Note 7B: Other payables
Salaries and wages	2,522	2,313
Superannuation	441	411
Other creditors	2,806	1,393
Prepayments received	2,730	3,161
Total other payables	8,499	7,278
Other payables are expected to be settled in:
No more than 12 months	8,499	7,278
More than 12 months	-	-
Total other payables	8,499	7,278

Note: Settlement is usually made within 30 days.

Note 8: Provisions

	2013 $'000	2012 $'000
Note 8A: Employee provisions
Leave	42,693	41,771
Other employee entitlements	132	105
Total employee provisions	42,825	41,876
Employee provisions are expected to be settled in:
No more than 12 months	13,649	12,860
More than 12 months	29,176	29,016
Total employee provisions	42,825	41,876

Note 9: Restructuring

	2013 $'000	2012 $'000
	SBR ATO $'000	Housing policy DSEWPaC $'000
FUNCTIONS ASSUMED
Assets recognised
Appropriation receivable	-	161
Total assets recognised	-	161
Liabilities recognised
Employer payables	-	312
Supplier payables	-	5
Total liabilities recognised	-	317
Net assets/(liabilities) assumed	-	(156)
Income
Recognised by the receiving entity	-	1,115
Recognised by the losing entity	&nbsp ;-	1,445
Total Income	-	2,560
Expenses
Recognised by the receiving entity	-	1,007
Recognised by the losing entity	-	1,445
Total Expenses	-	2,452
FUNCTIONS RELINQUISHED
Assets relinquished
Intangibles	14,650	-
Other non-financial assets	159	-
Total assets relinquished	14,809	-
Liabilities relinquished
Employee provisions	524	-
Total liabilities relinquished	524	-
Net assets/(liabilities) relinquished	14,285	-

1. The Treasury assumed responsibility for the housing policy function from the Department of Sustainability, Environment, Water, Population and Communities (DSEWPaC) during 2012 due to restructuring of administrative arrangements on 27 January 2012.
2. The Standard Business Reporting (SBR) function was relinquished to the Australian Taxation Office (ATO) during 2013 due to restructuring of administrative arrangements on 11 April 2013.

Note 10: Cash Flow Reconciliation

	2013 $'000	2012 $'000
Reconciliation of cash and cash equivalents as per
Balance Sheet to Cash Flow Statement
Cash and cash equivalents as per:
Cash flow statement	1,223	1,108
Balance sheet	1,223	1,108
Reconciliation of net cost of services to net cash from operating activities:
Net cost of services	(10,699)	(24,988)
Adjustments for non-cash items
Depreciation / amortisation	13,733	13,418
Net write down of non-financial assets	230	245
Gain on disposal of assets	-	(4)
Loss on disposal of non-current assets	24	-
Changes in assets / liabilities
(Increase) / decrease in net receivables	(6,855)	17,102
(Increase) / decrease in other non-financial assets	(322)	(166)
Increase / (decrease) in provisions	949	3,162
Increase / (decrease) in other payables	1,221	(915)
Increase / (decrease) in supplier payables	2,205	(2,112)
Net cash from / (used by) operating activities	486	5,742

Note 11: Contingent Assets and Liabilities

	Studies Assistance		Total
	2013 $'000	2012 $'000	2013 $'000	2012 $'000
Contingent liabilities
Balance from previous period	297	300	297	300
New	-	297	-	297
Liabilities recognised	-	-	-	-
Obligations expired / crystallised	(297)	(300)	(297)	(300)
Total contingent liabilities	-	297	-	297
CONTINGENT LIABILITIES	-	297	-	297

Quantifiable contingencies

The schedule of contingencies reports liabilities of $0 (2012: $297,389). The amount in 2012 represented an estimate of the Treasury's liability in respect of studies assistance. During 2012-13, the Treasury recognised a liability in respect of studies assistance.

Remote Contingencies

The Treasury's lease on its current premises contains a make good clause which has been estimated by an independent valuer at $2.7 million. The Treasury has assessed the likelihood of the make good provision being required and has deemed it as remote.

As at 30 June 2013, the Treasury has a number of contracts which may give rise to contingent liabilities based on certain events occurring. The Treasury has assessed the likelihood of such events occurring as being remote and unquantifiable

Note 12: Senior Executive Remuneration
Note 12A: Senior executive remuneration expense for the reporting period

	2013 $	2012 $
Short-term employee benefits
Salary	18,789,223	18,825,103
Annual leave accrued	242,514	287,365
Allowances	1,431,890	1,204,316
Total short-term employee benefits	20,463,627	20,316,784
Post-employment benefits
Superannuation	2,816,556	2,694,551
Total post-employment benefits	2,816,556	2,694,551
Other long-term benefits
Long-service leave	999,935	2,078,060
Total other long-term benefits	999,935	2,078,060
Termination benefits	-	481,476
Total employment benefits	24,280,118	25,570,871

1. Note 12A is prepared on an accrual basis. No performance bonuses were paid in 2013 (2012: Nil).
2. Note 12A excludes acting arrangements and part-year service where total remuneration expensed for a senior executive was less than $180,000.
3. Note 12A includes employees posted overseas.
4. The comparative figures have been revised and do not match what was published in the 2011-12 financial statements due to new disclosure requirements. The reporting requirements can be found in the Finance Ministers Orders, which are available on www.finance.gov.au.

Note 12: Senior Executive Remuneration (continued)
Note 12B: Average annual reportable remuneration paid to substantive senior executives during the reporting period

		2013
Average annual reportable remuneration1		Reportable salary2			Contributed superannuation3	Bonus paid4	Total
	Senior Executives No.	Salary payments $	Domestic allowances $	Overseas allowances $	$	$	$
Total remuneration (including part-time arrangements):
less than $180,000	17	77,089	364	-	14,849	-	92,302
$180,000 to $209,999	16	161,779	2,378	2,762	30,895	965	198,779
$210,000 to $239,999	27	189,113	264	2,309	34,370	-	226,056
$240,000 to $269,999	18	195,335	6,596	11,352	37,172	-	250,455
$270,000 to $299,999	11	204,094	5,434	33,467	40,580	-	283,575
$300,000 to $329,999	4	250,591	80	21,258	42,743	-	314,672
$330,000 to $359,999	4	282,238	133	26,888	45,377	-	354,636
$360,000 to $389,999	4	253,104	13	83,678	44,140	-	380,935
$390,000 to $419,999	2	347,929	530	-	50,313	-	398,772
$660,000 to $699,999	1	570,134	-	-	93,163	-	663,297
Total	104

1. This table reports substantive senior executives who received remuneration during the reporting period. Each row is an averaged figure based on headcount for individuals in the band.
2. 'Reportable salary' includes the following:
a) gross payments;
b) reportable fringe benefits (at the net amount prior to 'grossing up' for tax purposes);
c) exempt foreign employment income; and
d) salary sacrificed amounts.
3. The 'contributed superannuation' amount is the average cost to the Treasury for the provision of superannuation benefits to substantive senior executives in that reportable band during the reporting period.
4. 'Bonus paid' represents average actual bonuses paid during the reporting period in that reportable remuneration band. The Treasury does not pay bonuses. The bonuses included in the table above relate to secondees. No secondees received a bonus in 2011-12.
5. There were no reportable allowances paid in 2012-13.
6. Various salary sacrifice arrangements were available to senior executives including superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the 'reportable salary' column, excluding salary sacrificed superannuation, which is reported in the 'contributed superannuation' column.
7. Employees posted overseas are included in this table.

Note 12: Senior Executive Remuneration (continued)

		2012
Average annual reportable remuneration1		Reportable salary2			Contributed superannuation3	Bonus paid4	Total
	Senior Executives No.	Salary payments $	Domestic allowances $	Overseas allowances $	$	$	$
Total remuneration (including part-time arrangements):
less than $180,000	21	82,139	300	1,555	18,142	-	102,136
$180,000 to $209,999	17	170,270	2,173	583	28,279	-	201,305
$210,000 to $239,999	32	180,252	4,397	-	39,302	-	223,951
$240,000 to $269,999	10	200,775	2,968	3,327	45,484	-	252,554
$270,000 to $299,999	6	234,061	53	11,069	42,876	-	288,059
$300,000 to $329,999	3	237,499	194	23,981	47,624	-	309,298
$330,000 to $359,999	3	278,280	212	23,208	37,340	-	339,040
$360,000 to $389,999	5	292,985	265	39,365	47,591	-	380,206
$390,000 to $419,999	1	329,282	-	-	74,086	-	403,368
$540,000 to $579,999	1	439,927	-	-	114,300	-	554,227
Total	99

1. This table reports substantive senior executives who received remuneration during the reporting period. Each row is an averaged figure based on headcount for individuals in the band.
2. 'Reportable salary' includes the following:
a) gross payments;
b) reportable fringe benefits (at the net amount prior to 'grossing up' for tax purposes);
c) exempt foreign employment income; and
d) salary sacrificed amounts.
3. The 'contributed superannuation' amount is the average cost to the Treasury for the provision of superannuation benefits to substantive senior executives in that reportable band during the reporting period.
4. 'Bonus paid' represents average actual bonuses paid during the reporting period in that reportable remuneration band. No bonuses were paid in 2012.
5. There were no reportable allowances paid in 2011-12.
6. Various salary sacrifice arrangements were available to senior executives including superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the 'salary payments' column, excluding salary sacrificed superannuation, which is reported in the 'contributed superannuation' column.
7. Employees posted overseas are included in this table.
8. The comparative figures have been revised and do not match what was published in the 2011-12 financial statements due to new disclosure requirements. The reporting requirements can be found in the Finance Ministers Orders, which are available on www.finance.gov.au.

Note 12: Senior Executive Remuneration (continued)
Note 12C: Other highly paid staff

		2013
Average annual reportable remuneration1		Reportable salary2			Contributed superannuation3	Total
	Staff No.	Salary payments $	Domestic allowances $	Overseas allowances $	$	$
Total remuneration (including part time arrangements):
$180,000 to $209,999	-	-	-	-	-	-
Total	-

1. This table reports staff:
a) who were employed by the entity during the reporting period;
b) whose reportable remuneration was $180,000 or more for the financial period; and
c) were not required to be disclosed in Table B.
Each row is an averaged figure based on headcount for individuals in the band.
2. 'Reportable salary' includes the following:
a) gross payments;
b) reportable fringe benefits (at the net amount prior to 'grossing up' for tax purposes); and
c) exempt foreign employment income.
3. The 'contributed superannuation' amount is the average cost to the Treasury for the provision of superannuation benefits to other highly paid staff in that reportable remuneration band during the reporting period.
4. Various salary sacrifice arrangements were available to other highly paid staff including superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the 'salary payments' column, excluding salary sacrificed superannuation, which is reported in the 'contributed superannuation' column.
5. Employees posted overseas are included in this table.

Note 12: Senior Executive Remuneration (continued)

		2012
Average annual reportable remuneration1		Reportable salary2			Contributed superannuation3	Total
	Staff No.	Salary payments $	Domestic allowances $	Overseas allowances $	$	$
Total remuneration (including part time arrangements):
$180,000 to $209,999	2	172,781	40	-	26,712	199,533
$300,000 to $329,999	1	165,749	-	124,565	21,034	311,348
Total	3

1. This table reports staff:
a) who were employed by the entity during the reporting period;
b) whose reportable remuneration was $180,000 or more for the financial period; and
c) were not required to be disclosed in Table B.
Each row is an averaged figure based on headcount for individuals in the band.
2. 'Reportable salary' includes the following:
a) gross payments;
b) reportable fringe benefits (at the net amount prior to 'grossing up' for tax purposes); and
c) exempt foreign employment income.
3. The 'contributed superannuation' amount is the average cost to the Treasury for the provision of superannuation benefits to other highly paid staff in that reportable remuneration band during the reporting period.
4. Various salary sacrifice arrangements were available to oth
er highly paid staff including superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the 'reportable salary' column, excluding salary sacrificed superannuation, which is reported in the 'contributed superannuation' column.
5. Employees posted overseas are included in this table.
6. The comparative figures have been revised and do not match what was published in the 2011-12 financial statements due to new disclosure requirements. The reporting requirements can be found in the Finance Ministers Orders, which are available on www.finance.gov.au.

Note 13: Remuneration of Auditors

	2013 $'000	2012 $'000
Financial statement audit services were provided free of charge to the Treasury by the Australian National Audit Office.
The fair value of the services provided was:
Financial statement audit services	400	398
Total	400	398

No other services were provided by the auditors of the financial statements.

Note 14: Financial Instruments

	2013 $'000	2012 $'000
Note 14A: Categories of Financial Instruments
Financial Assets
Loans and receivables
Cash and cash equivalents	1,223	1,108
Trade receivables	1,793	1,918
Carrying amount of financial assets	3,016	3,026
Financial Liabilities
Liabilities at amortised cost
Supplier payables	2,516	311
Other payables - other creditors	2,806	1,393
Carrying amount of financial liabilities	5,322	1,704
Note 14B: Net income and expense from financial liabilities
Financial liabilities - at amortised cost
Interest expense	(1)	(17)
Net gain/(loss) from financial liabilities - at amortised cost	(1)	(17)
Net gain/(loss) from financial liabilities	(1)	(17)

Note 14C: Fair value of financial instruments

The net fair values of the Treasury's financial assets and financial liabilities are approximated by their carrying amounts.

The financial assets and financial liabilities as disclosed in Note 14A are measured under Level 2 of the fair value hierarchy as they are based on observable inputs. There have been no reclassifications between levels of the fair value hierarchy.

Note 14D: Credit risk

The Treasury is exposed to minimal credit risk as financial assets only include cash and trade receivables. The maximum exposure to credit risk is the risk that arises from potential default of a debtor. This amount is equal to the total amount of trade receivables (2013: $1,792,029 and 2012: $1,918,669). The Treasury has assessed the risk of default on payment as being minimal.

Other government agencies and staff members make up the majority of the Treasury's debtors. To aid the Treasury to manage its credit risk there are internal policies and procedures that guide employees on debt recovery techniques that are to be applied.

The Treasury holds no collateral to mitigate against credit risk.

Credit quality of financial instruments not past due or individually determined as impaired
		Not past due nor impaired 2013 $'000	Not past due nor impaired 2012 $'000	Past due or impaired 2013 $'000	Past due or impaired 2012 $'000
Loans and receivables
Cash and cash equivalents		1,223	1,108	-	-
Trade receivables		1,651	1,620	142	298
Total		2,874	2,728	142	298
Ageing of financial assets that were past due but not impaired for 2013
	0 to 30 days $'000	31 to 60 days $'000	61 to 90 days $'000	90 days $'000	Total $'000
Loans and receivables
Trade receivables	32	66	43	1	142
Total	32	66	43	1	142
Ageing of financial assets that were past due but not impaired for 2012
	0 to 30 days $'000	31 to 60 days $'000	61 to 90 days $'000	90 days $'000	Total $'000
Loans and receivables
Trade receivables	176	86	16	20	298
Total	176	86	16	20	298

Note 14E: Liquidity risk

The Treasury's financial liabilities are payables. The exposure to liquidity risk is based on the notion that the Treasury will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely due to the appropriation funding mechanisms available to the Treasury and internal policies and procedures put in place to ensure there are appropriate resources to meet its financial obligations.

The Treasury is appropriated funding from the Australian Government. The Treasury manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, the Treasury has policies in place to ensure timely payments are made when due and has no past experience of default.

Maturities for non-derivative financial liabilities 2013
	On demand $'000	Within 1 year $'000	1 to 2 years $'000	2 to 5 years $'000	> 5 years $'000	Total $'000
Liabilities at amortised cost
Payables - suppliers	-	2,516	-	-	-	2,516
Other payables	-	2,806	-	-	-	2,806
Total	-	5,322	-	-	-	5,322
Maturities for non-derivative financial liabilities 2012
	On demand $'000	Within 1 year $'000	1 to 2 years $'000	2 to 5 years $'000	> 5 years $'000	Total $'000
Liabilities at amortised cost
Payables - suppliers	-	311	-	-	-	311
Other payables	-	1,393	-	-	-	1,393
Total	-	1,704	-	-	-	1,704

Note 14F: Market risk

The Treasury holds only basic financial instruments that do not expose the department to certain market risks.

Note 15: Financial assets reconciliation

Financial assets	Notes	2013 $'000	2011 $'000
Total financial assets as per balance sheet		63,219	56,249
Less: non-financial instrument components
Appropriation receivables	5B	59,608	51,933
GST receivable from the ATO	5B	595	1,290
Total non-financial instrument components		60,203	53,223
Total financial assets as per financial instruments note	14A	3,016	3,026