NOTE 23: Administered Financial Instruments

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Note 23A: Categories of Financial Instruments

	2011 $’000	2010 $’000
Financial Assets
Loans and receivables:
Cash and cash equivalents	163,361	201,340
Goods and services receivable	151,005	87,908
Loans receivable	52,029	39,162
Other receivables	140	0
Total	366,535	328,410
Available for sale:
Shares in – Aged Care Standards and Accreditation Agency Ltd	14,422	13,874
Shares in – Australian Institute of Health and Welfare	6,276	6,067
Shares in – Australian Sports Commission	0	260,452
Shares in – Food Standards Australia and New Zealand	6,046	5,564
Shares in – General Practice Education and Training Ltd	39,267	33,885
Shares in – National Breast and Ovarian Cancer Centre	0	250
Shares in – Private Health Insurance Administration Council	4,763	4,777
Shares in – Australian Sports Foundation Ltd	0	6,113
Shares in – Health Workforce Australia	218,270	38,346
Total	289,044	369,328
Carrying amount of financial assets	655,579	697,738

Financial Liabilities
At amortised cost:
Trade Creditors	11,430	145
Subsidies Payable	52,649	41,328
Grants Payable	490,629	443,001
Other Payables	0	2,946
Total	554,708	487,420
Carrying amount of financial liabilities	554,708	487,420

Note 23B: Net Income and Expense from Financial Assets

Loans and receivables
Interest revenue	4,777	2,509
Impairment	(15,729)	(12,900)
Net gain/(loss) loans and receivables	(10,952)	(10,391)
Net gain/(loss) from financial assets	(10,952)	(10,391)

Administered Financial Instruments
Note 23C: Net Income and Expense from Financial Liabilities

	2011 $’000	2010 $’000
Financial liabilities – at amortised cost
Exchange gains/(loss)	(13)	0
Net gain/(loss) financial liabilities – at amortised cost	(13)	0
Net gain/(loss) from financial liabilities	(13)	0

Note 23D: Credit Risk

The maximum exposure to credit risk is outlined in the table below.

	2011 $’000	2010 $’000
Financial assets
Goods and services receivable	151,005	109,526
Advances and loans	52,029	39,162
Other receivables	140	0
Shares in – Aged Care Standards and Accreditation Agency Ltd	14,422	13,874
Shares in – Australian Institute of Health and Welfare	6,276	6,067
Shares in – Australian Sports Commission	0	260,452
Shares in – Food Standards Australia and New Zealand	6,046	5,564
Shares in – General Practice Education and Training Ltd	39,267	33,885
Shares in – National Breast and Ovarian Cancer Centre	0	250
Shares in – Private Health Insurance Administration Council	4,763	4,777
Shares in – Australian Sports Foundation Ltd	0	6,113
Shares in – Health Workforce Australia	218,270	38,346
Total	492,218	518,016

The Department has assessed the risk of the default on payment and has allocated the following amounts to an allowance for impairment account: Goods and services receivables $37,326,697 in 2011 (2010: $21,617,831).

Credit quality of financial instruments not past due or individually determined as impaired

	Not Past Due Nor Impaired 2011 $’000	Not Past Due Nor Impaired 2010 $’000	Past Due Or Impaired 2011 $’000	Past Due Or Impaired 2010 $’000
Goods and services receivable	46,999	87,871	104,006	21,655
Advances and loans	52,029	39,162	0	0
Other receivables	140	0	0	0
Shares in – Aged Care Standards and Accreditation Agency Ltd	14,422	13,874	0	0
Shares in – Australian Institute of Health and Welfare	6,276	6,067	0	0
Shares in – Australian Sports Commission	0	260,452	0	0
Shares in – Food Standards Australia and New Zealand	6,046	5,564	0	0
Shares in – General Practice Education and Training Ltd	39,267	33,885	0	0
Shares in – National Breast and Ovarian Cancer Centre	0	250	0	0
Shares in – Private Health Insurance Administration Council	4,763	4,777	0	0
Shares in – Australian Sports Foundation Ltd	0	6,113	0	0
Shares in – Health Workforce Australia	218,270	38,346	0	0
Total	388,212	496,361	104,006	21,655

Ageing of financial assets that are past due but not impaired for 2011

	0 to 30 days $’000	31 to 60 days $’000	61 to 90 days $’000	90+ days $’000	Total $’000
Receivables	62,893	242	3,037	507	66,679
Total	62,893	242	3,037	507	66,679

Ageing of financial assets that are past due but not impaired for 2010

	0 to 30 days $’000	31 to 60 days $’000	61 to 90 days $’000	90+ days $’000	Total $’000
Receivables	2,877	303	172	2	3,354
Total	2,877	303	172	2	3,354

Note 23E: Liquidity Risk

Maturities for financial liabilities 2011

	On demand $’000	Within 1 year $’000	1 to 2 years $’000	2 to 5 years $’000	> 5 years $’000	Total $’000
Suppliers	0	11,430	0	0	0	11,430
Subsidies	0	52,649	0	0	0	52,649
Grants	0	490,629	0	0	0	490,629
Other	0	0	0	0	0	0
Total	0	554,708	0	0	0	554,708

Maturities for financial liabilities 2010

	On demand $’000	Within 1 year $’000	1 to 2 years $’000	2 to 5 years $’000	5 years $’000	Total $’000
Suppliers	0	145	0	0	0	145
Subsidies	0	41,328	0	0	0	41,328
Grants	0	443,001	0	0	0	443,001
Other	0	2,946	0	0	0	2,946
Total	0	487,420	0	0	0	487,420

Note 23F: Market Risk

Interest rate risk

Other price risk

Administered Financial Instruments
Note 23G: Concessional Loans

	2011 $’000	2010 $’000
Aged Care Facilities
Nominal Value	70,732	49,506
Less: Unexpired discount	(18,703)	(14,344)
Carrying value	52,029	35,162
Total	52,029	35,162

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