The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the Corporation is estimated to be less than the annual entitlement for sick leave. The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that applied at the time the leave is taken, including the Corporation’s employer superannuation contribution rates, to the extent that the leave is likely to be taken during service rather than paid out on termination. The liability for long service leave has been determined by using the Australian Government shorthand method. In applying this method, the accrued long service leave for each employee as at reporting date is probability weighted, based on the Australian Government probability profile. The amount obtained for each employee is then discounted using the ten year Treasury Bond rate. The total estimated liability for the Corporation is the sum of the liabilities for each employee. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation. Separation and redundancy Provision is made for separation and redundancy benefit payments. The Corporation recognises a provision for termination when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations. Superannuation The Corporation’s staff are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS Accumulation Plan (PSSap), AustralianSuper or an approved superannuation scheme of their choice. The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme. The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported by the Department of Finance’s administered schedules and notes. For CSS and PSS members, the Corporation makes contributions based on the rates determined by an actuary to be sufficient to meet the current costs to the Government. The Corporation accounts for the contributions as if they were contributions to defined contribution plans.
The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the Corporation is estimated to be less than the annual entitlement for sick leave. The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that applied at the time the leave is taken, including the Corporation’s employer superannuation contribution rates, to the extent that the leave is likely to be taken during service rather than paid out on termination. The liability for long service leave has been determined by using the Australian Government shorthand method. In applying this method, the accrued long service leave for each employee as at reporting date is probability weighted, based on the Australian Government probability profile. The amount obtained for each employee is then discounted using the ten year Treasury Bond rate. The total estimated liability for the Corporation is the sum of the liabilities for each employee. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation. Separation and redundancy Provision is made for separation and redundancy benefit payments. The Corporation recognises a provision for termination when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations. Superannuation The Corporation’s staff are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS Accumulation Plan (PSSap), AustralianSuper or an approved superannuation scheme of their choice. The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme. The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported by the Department of Finance’s administered schedules and notes. For CSS and PSS members, the Corporation makes contributions based on the rates determined by an actuary to be sufficient to meet the current costs to the Government. The Corporation accounts for the contributions as if they were contributions to defined contribution plans.