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## (f) Fair Values 

All financial assets and liabilities recognised in the statement of financial position, due to their short term nature, carrying amount approximates fair value unless otherwise stated in the applicable notes. 

The methods for estimating fair value are outlined in the relevant notes to the financial statements. 

The Consolidated Entity uses various methods in estimating the fair value of a financial instrument. The methods comprise: 

Level 1 - the fair value is calculated using quoted prices in active markets. 

Level 2 - the fair value is estimated using inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from price). 

Level 3 - the fair value is estimated using inputs for the asset or liability that are not based on observable market data. 

The fair value of the financial instruments as well as the methods used to estimate the fair value are summarised in the table below. 

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