Part 3: Capital Measures (Continued)
Treasury
James Hardie Asbestos Compensation Fund
| 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | 2013‑14 | |
|---|---|---|---|---|---|
| Department of the Treasury | - | - | - | - | - |
| Related revenue ($m) | |||||
| Department of the Treasury | - | 9.4 | 9.9 | 10.5 | 11.1 |
The Commonwealth Government will lend up to $160 million to New South Wales to support a State Government loan facility to top up the James Hardie Asbestos Injuries Compensation Fund. This will assist in ensuring that asbestos victims receive their full compensation payments.
The New South Wales Government will be required to fully repay the loan.
The interest accruing on the loan will be offset by increased public debt interest which is accounted for separately in the Budget Papers.
Overseas development assistance — World Bank — increased capital for the International Bank for Reconstruction and Development (IBRD)
| 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | 2013‑14 | |
|---|---|---|---|---|---|
| Department of the Treasury | - | - | - | - | - |
| Related expense ($m) | |||||
| Department of the Treasury | - | - | - | - | - |
From 2011‑12, the Government will provide US$51.6 million (A$55.9 million) over five years to support capital increases for the International Bank for Reconstruction and Development (IBRD). This will help ensure that the IBRD, part of the World Bank Group, has sufficient funds to support developing countries as they recover from the effects of the global recession and will help realign Australia's shareholding with changing economic weights in the world economy.
Australia will also join with other countries in providing increased callable capital. Australia will increase its callable capital subscription by US$808.3 million (A$875.5 million). Founded in 1944, the World Bank has never drawn on its callable capital subscriptions.
This is consistent with Australia's G‑20 commitment to ensure that the Multilateral Development Banks are adequately resourced.
This measure will be fully offset from the provision for expanded aid funding held in the Contingency Reserve.
This measure is part of the Government's commitment to increase Australia's overseas development assistance over the long term.
If www.budget.gov.au responds slowly or you are having trouble downloading a document, try one of the Budget Website Mirrors
Note: Where possible, Budget documents are available in HTML and for downloading in Portable Document Format(PDF). If you require further information on any of the tables or charts on this website, please contact The Treasury.
