Publicatons - Portfolio Additional Estimate Statements 1999-2000

Part C - Department of the Treasury

Australian Office of Financial Management

Section 1: Overview, Additional Estimates and Variations to Outcomes

Overview

The Australian Office of Financial Management (AOFM) was established on 1 July 1999 as a ‘prescribed agency’ under the Financial Management and Accountability Act 1997. At that time it assumed responsibility for the Commonwealth’s debt management activities previously undertaken by the Department of the Treasury.

The AOFM will significantly enhance the Commonwealth’s capacity to manage its net debt portfolio, offering the prospect of savings in debt servicing costs and an improvement in the balance sheet net worth of the Commonwealth over time. It will do so by ensuring that Government debt is managed at the lowest possible cost, consistent with an acceptable degree of risk and by providing expert advice to the Treasurer in the administration of responsibilities and the implementation of Government decisions.

Additional Estimates and Variations to Outcomes

The AOFM is seeking $6.475 million in Appropriation Bill 3 and returning a saving of $0.066 million in Appropriation Bill 4.

The additional funding requirement in relation to Appropriation Bill 3 is a result of a funding classification amendment to the International Finance Corporation appropriation (with Treasury). This classification change results in an Additional Estimate bid of $6.475 million.

The saving in relation to Appropriation Bill 4 is as a result of a reduction in anticipated principal repayments of Australian National Railways Commission debt assumed by the Commonwealth in the 1998-99 financial year.

Breakdown of Additional Estimates by Appropriations Bill

Table 1.3: Appropriation Bill (No 3) 1999-2000

	1998-99 Estimated Expenses $’000	1999-00 Budget $’000	1999-00 Revised $’000	Additional Estimates $’000	Reduced Estimates $’000
Administered Expenses
Outcome 1 To enhance the Commonwealth’s capacity to manage it’s net debt portfolio, offering the prospect of savings in debt servicing costs and an improvement in the net worth of the Commonwealth over time	—	8,078	14,553	6,475	—
Total	—	8,078	14,553	6,475	—
Agency Outputs
Outcome 1 To enhance the Commonwealth’s capacity to manage it’s net debt portfolio, offering the prospect of savings in debt servicing costs and an improvement in the net worth of the Commonwealth over time	—	5,682	5,682	—	—
Total	—	5,682	5,682	—	—
Total	—	13,760	20,235	6,475	—

Table 1.4: Appropriation Bill (No 4) 1999-2000

	1998-99 Estimated Expenses $’000	1999-00 Budget $’000	1999-00 Revised $’000	Additional Estimates $’000	Reduced Estimates $’000
Equity Injections and Loans
Equity Injections	—	2,895	2,895	—	—
Loans	—	749	749	—	—
Carryover from previous years	—	—	—	—	—
Administered Capital	—	77,300	77,234	—	(66)
Total	—	80,944	80,878	—	(66)

Table 1.5: Staff Years (Number)

	1999-00 Budget	1999-00 Revised	Variation
Outcome 1	42	42	—

Section 2: Revisions to Outcomes and Outputs

Outcomes and Output Groups

The following diagram shows the interim Outcome Framework that the AOFM is currently operating under.

The Outcome/Output structure depicted represents that which applied to the former Debt Management Office when it resided within the Department of the Treasury. A more comprehensive Outcome Framework, which recognises the relationship between Outputs produced by the AOFM and the contribution to Government Outcomes, is currently being developed as part of a larger business planning process. This will be completed as part of the 2000-2001 Budget process.

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Outcome 1

Explanation of Variations

As the AOFM was established after the 1999-2000 Budget the following interim performance information is provided.

Performance Information and Level of Achievement — 1999-2000

Table 2.1 shows the Performance Measures that apply to the Outcome Framework that the AOFM is currently operating under.

Table 2.1: Performance Information for Outputs

Performance Information for Administered Items (Including Third Party Outputs)

Debt issued by the Commonwealth (including CGS allocated to States and Territories) and debt assumed from Commonwealth agencies.	Achievement of the Commonwealth’s financing task in a cost-effective manner.

Performance Information — Departmental Outputs
Output 1.1 — Debt Management	Achievement of the Commonwealth’s financing task in a cost-effective manner. Timely production of reports on debt management activities. Efficient execution of the Commonwealth’s borrowing activities. Partial indicators include the range of accepted bids and the basis point spread between tender and secondary market yields. Efficient management of the Commonwealth’s cash balances. Indicators include achievement of the Ministerially endorsed cumulative average cash balance target as at end-year.

More detailed key indicators of performance, along with the identification of critical success factors, will be identified as an integral part of the business planning process being undertaken. Wherever possible, performance indicators will be established that can readily be measured in terms of efficiency of operation, effectiveness in contributing to Government Outcomes and analysis of comparative benchmarks.

Evaluations

Performance with regard to producing the Debt Management Output is currently evaluated using benchmark analysis and regular review of the broader risk management framework to ensure that it remains appropriate in the light of Commonwealth operations and market conditions.

Section 3: Budget Financial Statements

The budget financial statements will form the basis of the financial statements that will appear in the AOFM’s 1999-2000 Annual Report, as well as the input into the Whole of Government Accounts.

Budget Statement of Revenue and Expenses (Budget Operating Statement)

This statement provides a picture of the expected financial results for the AOFM by identifying full accrual expenses and revenues, which highlights whether the agency is operating at a sustainable level.

Budget Statement of Assets and Liabilities (Budget Balance Sheet)

This statement shows the financial position of the AOFM. It enables decision-makers to track the management of the agency’s assets and liabilities.

Budget Cash Flow Statement

This statement identifies expected cash flows from operating activities, investing activities and financing activities.

Capital Budget

This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal resources.

Agency Non-financial Assets — Summary of Movement

This statement shows the movement in the AOFM’s non-financial assets over the Budget year 1999-2000.

Table 3.1: Budget Statement of Revenue and Expenses

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Agency Revenue and Expenses
Revenues
Revenue from government
Ordinary annual appropriations (net appropriations)	—	5,682	5,455	5,595	5,708
Revenue from other sources
Other revenue from other sources	—	25	25	25	25
Total Revenue	—	5,707	5,480	5,620	5,733
Expenses
Employees	—	3,535	3,179	3,282	3,359
Depreciation and amortisation	—	140	79	79	79
Other costs of providing goods and services	—	2,032	2,222	2,259	2,295
Total Expenses	—	5,707	5,480	5,620	5,733
Operating Result Before Capital User Charge	—	—	—	—	—
Capital User Charge	—	—	—	—	—
Accumulated Results at Year End	—	(202)	(202)	(202)	(202)
Administered Revenue and Expenses
Revenues
Interest and dividends	—	2,431,872	2,884,255	3,431,666	4,864,106
Other sources of non-taxation revenue	—	37	24	21	18
Appropriations	—	8,191,866	8,058,452	7,871,371	8,014,636
Total revenue	—	10,623,775	10,942,731	11,303,058	12,878,760
Expenses
Other costs of providing goods and services	—	370,827	4,073	2,747	2,329
Grants	—	59,626	53,400	43,638	28,416
Interest and financing costs	—	8,150,401	8,287,979	7,824,986	7,983,891

Table 3.1: Budget Statement of Revenue and Expenses (continued)

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Total Expenses	—	8,580,854	8,345,452	7,871,371	8,014,636
Net contribution to Government	—	2,042,921	2,597,279	3,431,687	4,864,124
Cash transfers to/from DoFA	—	(27,369,607)	(47,392,349)	(49,863,788)	(70,389,800)
Accumulated Results After Transfers	—	(109,424,038)	(154,219,108)	(200,651,209)	(266,176,885)

Table 3.2: Budget Statement of Assets and Liabilities

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Agency Assets and Liabilities
Debt
Loans	—	725	574	425	274
Total Debt	—	725	574	425	274
Provisions and Payables
Employees	—	885	980	1,121	1,270
Suppliers	—	27	28	29	30
Total Provisions and Payables	—	912	1,008	1,150	1,300
Total Liabilities	—	1,637	1,582	1,575	1,574
Equity
Accumulated results	—	(202)	(202)	(202)	(202)
Total Equity	—	(202)	(202)	(202)	(202)
Total Liabilities and Equity	—	1,435	1,380	1,373	1,372
Financial Assets
Cash	—	685	709	781	859
Total Financial Assets	—	685	709	781	859
Non-financial Assets
Infrastructure, plant and equipment	—	750	671	592	513
Total Non-financial Assets	—	750	671	592	513
Total Assets	—	1,435	1,380	1,373	1,372
Administered Assets and Liabilities
Debt
Government Securities	—	73,485,157	68,625,913	54,084,862	27,719,101
Other	—	1,418,645	1,291,304	882,278	684,915
Total Debt	—	74,903,802	69,917,217	54,967,140	28,404,016
Provisions and Payables
Other	—	2,495,113	2,152,279	2,123,200	2,126,781
Total Provisions and Payables	—	2,495,113	2,152,279	2,123,200	2,126,781
Total Liabilities	—	77,398,915	72,069,496	57,090,340	30,530,797
Equity
Accumulated results	—	(109,424,038)	(154,219,108)	(200,651,209)	(266,176,885)
Capital	—	40,269,541	89,590,141	150,828,609	242,929,028

Table 3.2: Budget Statement of Assets and Liabilities (continued)

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Total Equity	—	(69,154,497)	(64,628,967)	(49,822,600)	(23,247,857)
Total Liabilities and Equity	—	8,244,418	7,440,529	7,267,740	7,282,940
Financial Assets
Receivables	—	8,091,522	7,278,961	7,052,251	6,977,870
Accrued revenues	—	150,001	158,169	212,090	301,671
Total Financial Assets	—	8,241,523	7,437,130	7,264,341	7,279,541
Non-financial Assets
Infrastructure, plant and equipment	—	2,895	3,399	3,399	3,399
Total Non-financial Assets	—	2,895	3,399	3,399	3,399
Total Assets	—	8,244,418	7,440,529	7,267,740	7,282,940

Table 3.3: Budget Cash Flow Statement

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Agency Cash Flows
Operating Activities
Cash Received
Appropriations	—	5,682	5,455	5,595	5,708
Other	—	25	25	25	25
Total Cash Received	—	5,707	5,480	5,620	5,733
Cash Used
Employees	—	2,991	3,085	3,141	3,210
Suppliers	—	2,006	2,221	2,258	2,294
Total Cash Used	—	4,997	5,306	5,399	5,504
Net Cash from Operating Activities	—	710	174	221	229
Investing Activities
Cash Received
Proceeds from sale of property, plant and equipment	—	—	—	—	—
Other	—	—	—	—	—
Total Cash Received	—	—	—	—	—
Cash Used
Purchase of property, plant and equipment	—	749	—	—	—
Total Cash Used	—	749	—	—	—
Net Cash from Investing Activities	—	(749)	—	—	—
Financing Activities
Cash Received
Proceeds from borrowings	—	749	—	—	—
Total Cash Received	—	749	—	—	—
Cash Used
Capital user charge paid	—	—	—	—	—
Repayment of borrowings	—	25	150	150	150
Total Cash Used	—	25	150	150	150
Net Cash from Financing Activities	—	724	(150)	(150)	(150)
Net increase/decrease in cash held	—	685	24	71	79
Add cash as at 1 July	—	—	685	709	781
Cash as at 30 June	—	685	709	781	859

Table 3.3: Budget Cash Flow Statement (continued)

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Administered Cash Flows
Operating Activities
Cash Received
Interest and dividends	—	2,307,080	2,780,888	3,351,375	4,735,468
Cash from CRF	—	8,358,074	8,306,087	7,874,080	7,971,998
Other	—	38	25	20	20
Total Cash Received	—	10,665,192	11,087,000	11,225,475	12,707,486
Cash Used
Grants	—	59,626	53,400	43,638	28,416
Interest and other financing costs	—	8,292,609	8,248,614	7,827,695	7,941,253
Cash to CRF	—	2,307,118	2,780,913	3,351,395	4,735,488
Other	—	5,839	4,073	2,747	2,329
Total Cash Used	—	10,665,192	11,087,000	11,225,475	12,707,486
Net Cash from Operating Activities	—	—	—	—	—
Investing Activities
Cash Received
Consolidated Revenue Fund	—	1,623,330	752,845	2,151,744	1,599,953
Other	—	1,487,538	696,771	1,817,393	1,487,312
Total Cash Received	—	3,110,868	1,449,616	3,969,137	3,087,265
Cash Used
Consolidated Revenue Fund	—	1,487,538	696,771	1,817,393	1,487,312
Other	—	1,623,330	752,845	2,151,744	1,599,953
Total Cash Used	—	3,110,868	1,449,616	3,969,137	3,087,265
Net Cash from Investing Activities	—	—	—	—	—
Financing Activities
Cash Received
Proceeds from borrowings	—	23,561,000	43,902,000	44,695,000	64,167,000
Other	—	640,087	486,395	151,329	35,300
Consolidated Revenue Fund	—	38,646,209	48,574,514	59,084,722	90,497,461
Total Cash Received	—	62,847,296	92,962,909	103,931,051	154,699,761
Cash Used
Consolidated Revenue Fund	—	23,574,951	43,914,665	44,695,000	64,167,000
Repayment of borrowings	—	39,272,345	49,048,244	59,236,051	90,532,761
Total Cash Used	—	62,847,296	92,962,909	103,931,051	154,699,761
Net Cash from Financing Activities	—	—	—	—	—
Net increase/decrease in cash held	—	—	—	—	—
Add cash as at 1 July	—	—	—	—	—
Cash as at 30 June	—	—	—	—	—

Capital Budget

Table 3.4: Capital Budget

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Agency
Total Loans	—	749	—	—	—
Total Capital Appropriations	—	749	—	—	—
Represented by
Purchase of non-current assets	—	749	—	—	—
Total Departmental	—	749	—	—	—
Administered
Total Equity Injections	—	80,129	119,516	101,900	—
Total Capital Appropriations	—	80,129	119,516	101,900	—
Represented by
Purchase of non-current assets	—	2,895	504	—	—
Other	—	77,234	119,012	101,900	—
Total Items	—	80,129	119,516	101,900	—
Administered Financial Assets Funded by Special Appropriations
Administered Capital	—	40,189,412	49,201,084	61,136,568	92,100,419
Represented by
Purchase of non-current assets
Other (primarily debt redemption)	—	40,189,412	49,201,084	61,136,568	92,100,419
Total Items	—	40,189,412	49,201,084	61,136,568	92,100,419

Table 3.5: Agency Non-financial Assets — Summary of Movement

Budget Year 1999-2000

Click to enlarge table 3.5

Notes to the Financial Statements

Budget Statement of Revenues and Expenses

Agency

Appropriations

The AOFM has prepared its estimates for the 1999-2000 and forward budget years to achieve a break-even operating result. Consequently the appropriation revenue from government represents the funding required to meet all expenses after deduction of revenue from other sources.

Revenues from Other Sources — Other Revenue from Other Sources

With the introduction of devolved banking arrangements on 1 July 1999, the AOFM has estimated that it will earn interest revenue of $25,000 in each of the budget years.

Expenses

The total expenses of the AOFM have been estimated by aggregating the direct divisional funding of the former Debt Management Office (within the Department of the Treasury) with the budget measure for the establishment of the Australian Office of Financial Management in the 1999-2000 Treasury Portfolio Budget Statement.

Administered

Interest and Dividends

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Interest on housing agreements	—	175,153	172,262	169,249	166,110
Interest on state and territory debt	—	153,045	74,943	38,225	31,799
Interest and dividends from other sources	—	2,103,674	2,637,050	3,224,192	4,666,197
Total Interest and Dividends	—	2,431,872	2,884,255	3,431,666	4,864,106

Interest and dividends from other sources include interest from swaps and investments.

Other Costs of Providing Goods and Services

In the 1999-2000 budget year other costs of providing goods and services includes a foreign exchange loss (both realised and unrealised) of $245.988 million in relation to cross-currency swaps.

Grants

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Grants to State and Territory Governments	—	59,626	53,400	43,638	28,416
Total Grants	—	59,626	53,400	43,638	28,416

Interest and Other Financing Costs

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Interest on government securities	—	6,333,767	5,839,219	5,496,643	5,517,723
Interest on Swaps	—	1,775,607	2,151,929	2,305,449	2,461,474
Interest on other debt	—	12,300	4,900	18,100	—
Net repurchase premia	—	24,000	287,000	—	—
Other financing costs	—	4,727	4,931	4,794	4,694
Total Interest and other costs	—	8,150,401	8,287,979	7,824,986	7,983,891

Budget Statement of Assets and Liabilities

Agency

The employee liabilities of the AOFM are expected to increase from the levels at 1 July 1999. The increased liability recognises that staff numbers are expected to grow significantly during the 1999-2000 budget year and that a proportion of staff will be transferring liabilities from other Commonwealth agencies.

The increase in estimated cash holdings recognises that the AOFM will need to hold certain revenue in reserve in order to:

settle employee liabilities as they fall due;

make asset replacements; and

repay loans.

A loan of $749,000 is expected to be drawn on during the 1999-2000 budget year to fund the acquisition of fit-out. The loan is expected to be repaid over a 5-year period.

Administered

Government Securities

The government securities liability represents the book value of debt net of investments.

Other Debt

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Swaps principal	—	1,418,645	1,291,304	882,278	684,915
Total Other Debt	—	1,418,645	1,291,304	882,278	684,915

Other Provisions and Payables

	Actual	Revised Budget	Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Interest payable	—	2,495,113	2,152,279	2,123,200	2,126,781
Total Other Provisions and Payables	—	2,495,113	2,152,279	2,123,200	2,126,781

Receivables

	Estimated Actual		Estimated
	1998-99 $’000	1999-00 $’000	2000-01 $’000	2001-02 $’000	2002-03 $’000
Loans to State and Territory Governments	—	5,074,484	4,516,317	4,290,314	4,177,700
Appropriations receivable	—	2,984,126	2,729,732	2,729,025	2,774,668
Swap principal	—	32,912	32,912	32,912	25,502
Total Receivables	—	8,091,522	7,278,961	7,052,251	6,977,870

Other

Estimates of Administered Expenses from Appropriation Bill No.1 and No.2

	Budget 1999-00 $’000 (a)	Revised 1999-00 $’000
Appropriation Bill No.1
Loan management expenses	4,043	4,043
Overseas bond issues — lapsed coupons	10	10
Australian National Railways Commission — debt assumption	12,200	10,500
Total Appropriation Bill No.1	16,253	14,553
Appropriation Bill No.2
Australian National Railways Commission — debt assumption principal (b)	—	119,000
Establishment of the Australian Office of Financial Management — capital	—	—
Total Appropriation Bill No.2	—	119,000
Total Appropriation Bill No.1 and No.2	16,253	133,553

(a) This column represents the appropriations to the Department of the Treasury during 1999-2000 budget.
(b) This represents a book entry to recognise the assumption of debt of the Australian National Railways Commission.

Estimates of Administered Capital from Appropriation Bill No.2

	Budget 1999-00 $’000 (a)	Revised 1999-00 $’000
Australian National Railways Commission — debt assumption principal	77,300	77,234
Establishment of the Australian Office of Financial Management — capital	2,895	2,895
Total Administered Capital Appropriation Bill No.2	80,195	80,129

(a) This column represents the appropriations to the Department of the Treasury during 1999-2000 budget.

Assumption of Assets and Liabilities on 1 July 1999

On establishment of the Australian Office of Financial Management on 1 July 1999 the following assets and liabilities were assumed from the Department of the Treasury.

Assumption of assets and liabilities on 1 July 1999

Assets and Liabilities as at 1 July 1999	Agency	Administered
	1 July 1999 $’000	1 July 1999 $’000
Debt
Government securities	—	89,053,502
Other debt	—	1,396,333
Total Debt	—	90,449,835
Provisions and Payables
Employees	342	—
Other	—	2,798,893
Total Provisions and Payables	342	2,798,893
Total Liabilities	342	93,248,728
Equity
Accumulated results	(202)	(84,097,352)
Total Equity	(202)	(84,097,352)
Total Liabilities and Equity	140	9,151,376
Financial Assets
Receivables	—	8,988,595
Accrued revenue	—	162,781
Total Financial Assets	—	9,151,376
Non-financial Assets
Infrastructure, plant and equipment	140	—
Total Non-financial Assets	140	—
Total Assets	140	9,151,376

The Australian Office of Financial Management — 1999-2000 Appropriations

1999-2000 Appropriations ($’000)

Click to enlarge 1999-2000 Appropriations

(a) Estimated expenses from individual Special Appropriations are shown in Appendix 2. Appropriation has not been included above for estimated foreign exchange losses of $245.988 million and net repurchase premia expense of $24 million.
(b) Appropriation has not been included above in relation to expense of $119 million for assumption of debt of the Australian National Railways Commission.
(c) Refer to Budget Statement of Revenue and Expenses for Application of Agency Revenue (see Table 3.1).
(d) Other Revenue includes other revenue from Government (eg resources free of charge) and revenue from other sources (eg sales of goods and services).
(e) Links from Appropriations to Budget Financial Statements include Budget Statement of Revenue and Expenses (see Table 3.1); and Capital Budget (see Tables 3.4).
(f) Total estimated expenses ($8,586.561 million) differs to total appropriations ($8,197.548 million) primarily for reasons stated at (a) and (b) above.

Appendix 1

Non-Appropriation Agency and Administered Revenue

	Budget 1999-00 $’000 (a)	Revised 1999-00 $’000
Agency Revenue
Agency Section 31 receipts	25	25
Total Non-appropriation Agency Revenue	25	25
Appropriations	5,682	5,682
Total Agency Revenue	5,707	5,707
Administered Revenue
Advances to the Australian Capital Territory — Interest	2,484	2,484
Advances to the States under the Housing Agreements — Interest	101,814	101,814
Advances to the Northern Territory for Housing — Interest	1,574	1,574
Advances to the States under the Housing Assistance Act 1973 — Interest	151	151
Advances to the States under the States (Works and Housing Assistance) Acts — Interest	71,185	71,185
Advances to the States under the War Service Lands Settlements Acts — Interest	429	429
Interest paid by States and the Northern Territory on other loans	150,561	150,561
Interest on financial assets	416,000	133,000
Loan management expenses — Recoveries from the States and the Northern Territory	38	38
Loans Securities Amendment Act 1998 (swaps) — Interest	1,690,151	1,970,673
Other	298	—
Total Non-appropriation Administered Revenue	2,434,685	2,431,909
Appropriation revenue	9,005,043	8,191,866
Total Administered Revenue	11,439,728	10,623,775

(a) This column represents the estimates of the Department of Treasury as detailed in the 1999-2000 budget.

Appendix 2

Estimates of Administered Expenses from Special Appropriations

	Budget 1999-00 $’000 (a)	Revised 1999-00 $’000
Airports (Transitional) Act 1996 — Former debts of the Federal Airports Corporation — Interest	45,000	44,550
Commonwealth Inscribed Stock Act 1911, Loans Securities Act 1919, Loans Redemption and Conversion Act 1921	7,344,219	6,317,747
Loans Securities Amendment Act 1988 (Swaps) — Interest	1,435,162	1,775,607
Financial Agreement Act 1994 — Assistance for debt redemption	59,610	59,626
Loans Redemption and Conversion Act 1921	5	5
Loans Securities Amendment Act 1988 (Swaps) — Principal	—	245,988
Moomba — Sydney Pipeline System Sale Act 1994	—	1
Financial Agreement Act 1994 — Commonwealth Contribution to Debt Retirement Reserve Trust Account on State and Northern Territory Debt	4,998	5,010
Financial Agreement Act 1994 — Interest on Debt Retirement Reserve Trust Account Balances	829	829
Commonwealth Inscribed Stock Act 1911, Treasury Bills Act 1914 — Payment of Special Bond premiums on redemption	5	5
Qantas Sale Act 1992 — Qantas debt servicing	1,820	1,920
Other
Loans Redemption and Conversion Act 1921	(128,600)	(28,550)
Loan Flotation Expenses	563	563
Loan Consolidation and Investment	(605,550)	—
Loans Redemption and Conversion Act 1921 — Net repurchase premia	387,000	24,000
Total Estimated Expenses	8,545,061	8,447,301

(a) This column represents the appropriations to the Department of the Treasury during 1999-2000 budget.

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