STATEMENT BY SENATOR, THE HONOURABLE PETER WALSH, MINISTER   FOR FINANCE

SUPERANNUATION LIABILITIES OF COMMONWEALTH STATUTORY   AUTHORITIES

I SEEK LEAVE TO MAKE A STATEMENT ABOUT THE SUPERANNUATION

LIABILITIES OF COMMONWEALTH STATUTORY AUTHORITIES.

(Le a v e g r a n t e d )

I WILL NOT ATTEMPT TO COVER ALL RELEVANT MATTERS HERE AS

ASPECTS OF THIS MATTER HAVE BEEN TAKEN UP BY THE SENATE

St a n d i n g  Co m m i t t e e  o n Fi n a n c e  a n d Go v e r n m e n t  Op e r a t i o n s ,

t h e Jo i n t Pa r l i a m e n t a r y  Co m m i t t e e  o f Pu b l i c  Ac c o u n t s  a n d

IN RECENT REPORTS OF THE AUDITOR-GENERAL.

Se n a t o r s  w i l l b e a w a r e  t h a t a p p r o x i m a t e l y  h a l f o f t h e

307,000 CONTRIBUTORS TO THE COMMONWEALTH SUPERANNUATION

Sc h e m e  a r e e m p l o y e d  b y Co m m o n w e a l t h  s t a t u t o r y  a u t h o r i t i e s

AND OTHER INDEPENDENT EMPLOYERS. BENEFITS DUE TO MEMBERS

o f t h e Co m m o n w e a l t h  Su p e r a n n u a t i o n  Sc h e m e  a r e, in t h e

MAIN, PAID FROM THE CONSOLIDATED REVENUE FUND AND THE

Co m m o n w e a l t h  r e c o v e r s  f r o m t h o s e  a u t h o r i t i e s  a n d e m p l o y e r s

THE APPROPRIATE SHARE OF THE COST OF PROVIDING

SUPERANNUATION BENEFITS FOR THEIR STAFF. MOST AUTHORITIES

AND EMPLOYERS PAY A PERCENTAGE OF THEIR EMPLOYEES'

SALARIES TO THE COMMONWEALTH EACH FORTNIGHT.

2

Th e Au s t r a l i a n  Go v e r n m e n t  Ac t u a r y  w a s a s k e d  t o r e v i e w  t h e

PERCENTAGE OF SALARY CONTRIBUTION RATES PAID BY 16 OF THE

l a r g e s t  Co m m o n w e a l t h  a u t h o r i t i e s  a n d r e p o r t  o n t h e

ADEQUACY OF THE SUPERANNUATION CONTRIBUTIONS BEING PAID.

To g e t h e r  t h e s e  16 a u t h o r i t i e s  e m p l o y  a p p r o x i m a t e l y  88% o f

ALL THE EMPLOYEES OF COMMONWEALTH AUTHORITIES CONTRIBUTING

t o t h e Co m m o n w e a l t h  Su p e r a n n u a t i o n  Sc h e m e . T h e r e s u l t s  o f

t h e Ac t u a r y 's r e v i e w s  h a v e b e e n s u m m a r i s e d  i n a t a b l e .

I SEEK LEAVE TO HAVE THE TABLE INCORPORATED IN HANSARD.

(Le a v e g r a n t e d )

Th e r e v i e w s  s h o w e d  t h a t:Â­

.  ONLY MINOR ADJUSTMENTS WERE REQUIRED IN THE ONGOING

CONTRIBUTIONS BEING PAID AT THE TIME OF THE REVIEW BY

11 OF THE 16 AUTHORITIES EXAMINED;

. A SUBSTANTIAL INCREASE IN ONGOING CONTRIBUTIONS (FROM

15% OF SALARIES TO AROUND 22% OF SALARIES) WAS

NECESSARY IN THE CASE OF 5 AUTHORITIES; AND

. IN RESPECT OF THE PAST EMPLOYER CONTRIBUTIONS, IE.

THOSE PAID PRIOR TO 1 JULY 1983, AUSTRALIA POST,

Te l e c o m  a n d t h e ACT He a l t h  Au t h o r i t y  h a d s u r p l u s e s  o f

$101 m, $358 m a n d $5 m r e s p e c t i v e l y , e i g h t  a u t h o r i t i e s

HAD DEFICITS RANGING FROM $2.2M TO $54.7M AND FIVE

AUTHORITIES HAD NEITHER A SURPLUS NOR A DEFICIT.

3

In t h e l i g h t  o f t h e Ac t u a r y 's r e p o r t s , a c t i o n  is b e i n g

TAKEN, WHERE NECESSARY, TO ADJUST THE ONGOING CONTRIBUTION

RATES BEING PAID BY THE AUTHORITIES CONCERNED. IN ALL BUT

THREE CASES, THE REQUIRED ADJUSTMENT HAS BEEN MADE.

Au s t r a l i a  Po s t a n d t h e ACT He a l t h  Au t h o r i t y  w i l l b e g i v e n

THE BENEFIT OF THE SURPLUSES IN THEIR PAST SUPERANNUATION

CONTRIBUTIONS IN SETTING THE LEVEL OF THEIR FUTURE

SUPERANNUATION PAYMENTS TO THE COMMONWEALTH.

In Te l e c o m 's c a s e, s p e c i a l  a r r a n g e m e n t s  h a v e b e e n m a d e a s

THE FINAL STEP IN THE GOVERNMENT'S INITIATIVES TO PUT THE

FINANCIAL ARRANGEMENTS BETWEEN TELECOM AND THE

Co m m o n w e a l t h  o n a m o r e c o n v e n t i o n a l  f o o t i n g .  T h e

INITIATIVES HAVE BEEN TAKEN TO CORRECT FOR THE SO-CALLED

"LOAN-BACK" SCHEME ACCEPTED BY MR HOWARD AS TREASURER IN

THE PREVIOUS GOVERNMENT.

Be g i n n i n g  in 1978-79 M r Ho w a r d  a u t h o r i s e d  l o a n s  f r o m t h e

Co m m o n w e a l t h  f o r Te l e c o m 's c a p i t a l  w o r k s  p r o g r a m .  T h e

CONVENTIONAL AND HONEST WAY OF PROVIDING THOSE

Co m m o n w e a l t h  f u n d s  w o u l d  h a v e b e e n a n i n t e r e s t -b e a r i n g

ADVANCE FROM THE BUDGET, AS WAS DONE IN EACH OF THE THREE

FINANCIAL YEARS IMMEDIATELY FOLLOWING TELECOM'S

ESTABLISHMENT IN 1975. IT WOULD THEN APPEAR AS A BUDGET

OUTLAY AND WOULD INCREASE THE BUDGET DEFICIT.

Bu t e v e r c o n s c i o u s  o f p r o j e c t i n g  h i s i m a g e  o f a

PRACTITIONER OF SMALL GOVERNMENT, MR HOWARD DECIDED TO USE

MIRRORS TO CONCEAL THE EXTRA OUTLAYS ON TELECOM. HE

a l l o w e d  Te l e c o m  t o r e t a i n  p a r t s  o f i t s e m p l o y e r

SUPERANNUATION CONTRIBUTIONS - WHICH ORDINARILY WOULD BE

PAID DIRECTLY TO THE COMMONWEALTH - TO FINANCE ITS CAPITAL

WORKS PROGRAM. THE CONSEQUENT REDUCTIONS IN TELECOM'S

SUPERANNUATION CONTRIBUTIONS TO THE COMMONWEALTH DID NOT

AFFECT THE RECEIPTS SIDE OF THE BUDGET (AND SO DID NOT

INCREASE THE OFFICIALLY RECORDED DEFICIT) BECAUSE THESE

CONTRIBUTIONS ARE FORMALLY TREATED AS FINANCING

Tr a n s a c t i o n s , n o t a s Re c e i p t s .

Th e CONVENIENT EFFECT OF THIS CREATIVE ACCOUNTING WAS TO

CONCEAL THE TRUE SIZE OF THE BUDGET DEFICIT FROM 1978-79

t o 1982-83. If Mr Ho w a r d  h a d i n s t e a d  f o l l o w e d  t h e

CONVENTIONAL PROCEDURE OF MAKING INTEREST-BEARING ADVANCES

f r o m t h e Bu d g e t , t h e Bu d g e t  d e f i c i t  o v e r t h a t p e r i o d  w o u l d

HAVE BEEN $490M BIGGER.

TO ACHIEVE THIS COSMETIC REDUCTION IN COMMONWEALTH OUTLAYS

AND THE DEFICIT, MR HOWARD SET UP AN INTEREST-FREE LOAN OF

NEARLY $500M WHICH HAD NO CONTRACTUAL BASIS, WAS NOT

AUTHORISED BY PARLIAMENT AND PLACED NO FORMAL REPAYMENT

o b l i g a t i o n  o n Te l e c o m .

Th e Ha w k e Go v e r n m e n t  m o v e d  t o c h a n g e  t h i s p r a c t i c e  a s s o o n

AS IT TOOK OFFICE. IN 1983-84 IT REQUIRED TELECOM TO

START PAYING INTEREST OF 13.54 PERCENT ON THE AMOUNT

RETAINED IN THAT YEAR.

Th e n e x t y e a r it d i s c o n t i n u e d  t h e "l o a n-b a c k" a r r a n g e m e n t s

ALTOGETHER AND REQUIRED TELECOM TO PAY INTEREST ON THE SUM

OF THE TOTAL LOANS PLUS ACCRUED INTEREST - A TOTAL OF

$870.2 m.

5

Af t e r o f f s e t t i n g  Te l e c o m 's e m p l o y e r  s u p e r a n n u a t i o n

CONTRIBUTION SURPLUS OF $357.2M IDENTIFIED BY THE ACTUARY,

Te l e c o m 's o u t s t a n d i n g  "l o a n" l i a b i l i t y  a t 30 J u n e 1984 w a s

$512.5 m.  T e l e c o m  is t o r e p a y  t h i s b a l a n c e  t o t h e

Co m m o n w e a l t h  in 8 e q u a l  a n n u a l  i n s t a l m e n t s . T h e f i r s t

PAYMENT WAS MADE ON 15 AUGUST 1985. TELECOM WILL BE

REQUIRED TO PAY INTEREST AT 13.47 PERCENT A YEAR ON THE

DIMINISHING BALANCE.

Wh e r e d e f i c i t s  e x i s t  in p a s t e m p l o y e r  c o n t r i b u t i o n s  o f t h e

OTHER AUTHORITIES, THEY HAVE ARISEN LARGELY BECAUSE THE

CONTRIBUTION RATES PAID BY THE AUTHORITIES AT VARIOUS

TIMES IN THE PAST DID NOT:Â­

.  ALLOW FOR THE COST OF INDEXING THE PENSIONS PAYABLE TO

THE AUTHORITY'S FORMER EMPLOYEES OR THEIR SPOUSES; OR

.  MAKE ADVANCE PROVISION FOR EXPECTED FUTURE SALARY

INCREASES.

6

Mo r e o v e r , t h e i n t e r e s t  r a t e c h o s e n  f o r c r e d i t i n g  t o t h e

NOTIONAL FUNDS OF THE VARIOUS AUTHORITIES IS THE

ALLOCATION RATE OF THE COMMONWEALTH SUPERANNUATION FUND,

WHICH IS REGARDED AS A REALISTIC GUIDE TO THE EARNINGS

THAT CAN BE ACHIEVED ON A LARGE SUPERANNUATION FUND

INVESTED WITH EXPERTISE AND EXTENSIVE INVESTMENT POWERS.

It w a s n o t, h o w e v e r , a r e a l i s t i c  g u i d e  in t h i s r e s p e c t

BEFORE 1976, BECAUSE THE INVESTMENT POWERS RELATING TO THE

Co m m o n w e a l t h  Su p e r a n n u a t i o n  Fu n d u n d e r  t h e Su p e r a n n u a t i o n

Ac t 1922 w e r e v e r y l i m i t e d  (f o r e x a m p l e , i n v e s t m e n t  in

SHARES AND REAL PROPERTY WAS PERMITTED ONLY AFTER 1976).

Th e Go v e r n m e n t  h a s d e c i d e d  n o t t o w a i v e  t h e d e f i c i t s

BECAUSE, FOR THE NON-BUDGET-DEPENDENT AUTHORITIES, IT

WOULD INVOLVE TRANSFERRING TO THE COMMONWEALTH COSTS THAT

ARE ATTRIBUTABLE TO THE PAST ACTIVITIES OF THE

AUTHORITIES. A PRECEDENT WOULD ALSO BE CREATED IN THE

EVENT OF DEFICITS BEING DISCLOSED BY SUBSEQUENT

INVESTIGATIONS.

THE MAIN OBJECTIVES TO BE SERVED IN ADJUSTING FOR PAST

SURPLUSES AND DEFICITS ARE TO ENSURE THAT:Â­

. AUTHORITIES HAVE THE SAME INCENTIVE TO CONTROL THEIR

SUPERANNUATION COSTS AS THEY HAVE TO CONTROL THEIR

OTHER COSTS;

. THE COSTS OF SUPERANNUATION PROVISION ARE FULLY

DISCLOSED; AND

7

.  THE AUTHORITIES, RATHER THAN TAXPAYERS GENERALLY, REAP

THE BENEFIT OR BEAR THE BURDEN OF ANY REVEALED

OVERPROVISION OR UNDERPROVISION FOR SUPERANNUATION IN

RESPECT OF THE PAST SERVICE OF THEIR EMPLOYEES.

Ne v e r t h e l e s s , t h e Go v e r n m e n t  b e l i e v e s  t h a t t h e r e  is a

NUMBER OF REASONS WHY IT SHOULD NOT NOW SEEK TO RECOVER

DEFICITS THAT THE ACTUARY HAS IDENTIFIED AS ARISING FROM

SERVICE BEFORE THE REVISED COMMONWEALTH SUPERANNUATION

Sc h e m e  w a s i n t r o d u c e d  o n 1 Ju l y 1976. Th e s e i n c l u d e

. THE EFFECT OF THE PRE 1976 LIMITATIONS ON THE

INVESTMENT POWERS RELATING TO THE COMMONWEALTH

Su p e r a n n u a t i o n  Fu n d r e f e r r e d  t o p r e v i o u s l y ;

. THE NATURE OF THE AMENDMENTS TO THE SUPERANNUATION ACT

I N 1973 PROVIDING FOR AUTOMATIC INDEXATION OF

Co m m o n w e a l t h  s c h e m e  p e n s i o n s ; t h e a m e n d m e n t s  i n c l u d e d

THE INDEXATION OF PENSIONS ACCRUED FROM PRIOR SERVICE

THAT, UNTIL THE AMENDMENTS WERE MADE, HAD BEEN COVERED

BY CONTRIBUTIONS FROM THE AUTHORITIES CONCERNED; AND

. THE FACT THAT ON THE ESTABLISHMENT OF TELECOM AND

Au s t r a l i a  Po s t in 1975, d e f i c i e n c i e s  in r e s p e c t  o f

PAST SERVICE WHICH WERE MANY TIMES GREATER THAN THOSE

OF ALL OTHER COMMONWEALTH AUTHORITIES COMBINED, WERE

EFFECTIVELY WAIVED AT THAT TIME.

8

Th e Go v e r n m e n t  h a s d e c i d e d  t h a t t h o s e  a u t h o r i t i e s  f o r

WHICH A DEFICIT EXISTS IN PAST CONTRIBUTIONS WILL BE

REQUIRED TO MAKE GOOD ONLY THAT PART OF THE DEFICIT THAT

HAS ARISEN IN RESPECT OF BENEFITS ACCRUED FROM SERVICE BY

STAFF SINCE 1 JULY 1976. THIS WILL BE DONE BY THE

AUTHORITY MAKING ADDITIONAL CONTRIBUTIONS TO THE

Co m m o n w e a l t h  o v e r a n d a b o v e  i t s n o r m a l  o n g o i n g

CONTRIBUTION RATE. WHERE NECESSARY THE ADDITIONAL

PAYMENTS WILL BE SPREAD OVER A NUMBER OF YEARS. TWO OF

THE AUTHORITIES ARE ALREADY PAYING ADDITIONAL

CONTRIBUTIONS.

Wh e r e a s  t h e Ac t u a r y 's i n v e s t i g a t i o n s  d i s c l o s e d  d e f i c i t s

TOTALLING $139.6M, THE GOVERNMENT'S DECISION MEANS THAT

AUTHORITIES WILL BE REQUIRED TO PAY OFF DEFICITS OF

APPROXIMATELY $26.2M. THE EFFECT OF THE GOVERNMENT'S

DECISION WILL BE MOST SIGNIFICANT IN THE CASE OF THOSE

AUTHORITIES WHOSE SUPERANNUATION OBLIGATIONS EXTEND BACK

OVER A LONG PERIOD. FOR EXAMPLE, THE AUSTRALIAN SHIPPING

Co m m i s s i o n 's p o s t 1976 d e f i c i t  is $4.8 m c o m p a r e d  t o a

DEFICIT OF $54.7 m FOR THE WHOLE PERIOD FROM 1956 TO 1983;

OTC HAS A POST 1976 SURPLUS OF $2.6M COMPARED TO A DEFICIT

OF $33.9 m f o r t h e p e r i o d  1950 TO 1983.

I SEEK LEAVE TO HAVE A TABLE INCORPORATED IN HANSARD

SETTING OUT, FOR EACH OF THE AUTHORITIES CONCERNED, THE

IMPACT OF THE GOVERNMENT'S DECISION TO REQUIRE AUTHORITIES

TO PAY OFF ONLY THE POST 1 JULY 1976 DEFICITS.

(Le a v e g r a n t e d )

I STRESS THAT A DEFICIT IN AN AUTHORITY'S PAST EMPLOYER

SUPERANNUATION CONTRIBUTIONS WILL NOT AFFECT THE RIGHTS OF

EMPLOYEES OF THE AUTHORITY TO RECEIVE THE BENEFITS DUE

UNDER THE COMMONWEALTH SUPERANNUATION SCHEME. AS

MENTIONED PREVIOUSLY, THE SUPERANNUATION BENEFITS FOR

INDIVIDUAL MEMBERS ARE MET FROM THE CONSOLIDATED REVENUE

Fu n d a n d a r e g u a r a n t e e d  b y t h e Co m m o n w e a l t h . T h e

Ac t u a r y 's r e v i e w s  r e l a t e  o n l y t o t h e f i n a n c i a l

ARRANGEMENTS BETWEEN THE COMMONWEALTH AND THE AUTHORITIES.

Ac t u a r i a l  r e v i e w s  o f t h e p e r c e n t a g e  o f s a l a r y  c o n t r i b u t i o n

RATE PAID BY OTHER AUTHORITIES WILL BE UNDERTAKEN

PROGRESSIVELY. ONCE THE INITIAL REVIEWS HAVE BEEN

COMPLETED IT IS PROPOSED TO UNDERTAKE REGULAR THREE-YEARLY

REVIEWS OF THE CONTRIBUTION RATES PAID BY AUTHORITIES.

9

COMMONWEALTH SUPERANNUATION SCHEME

SUMMARY OF ACTUARY'S REPORTS ON EMPLOYER SUPERANNUATION CONTRIBUTIONS

ONGOING EMPLOYER AT 30 JUNE 1983

r

CONTRIBUTION RATE

AUTHORITY RATE BEING ACTUARY'S EffLOYER VALUE OF BALANCE IN SURPLUS ADJUSTMENT TO EMPLOYER

PAID BEFORE RECOMMENDED SUPERANNUATION PAST NOTIONAL (DEFICIENCY) CONTRIBUTION RATE IN REVIEW (% OF RATE (% OF OBLIGATION SERVICE ACCOUNT COL (3) NEEDED TO

SALARIES) SALARIES) DATES FROM BENEFITS LIQUIDATE SURPLUS/

($M) ($M) ($M) DEFICIENCY OVER 20 YEARS

(% OF SALARIES)

(1) (2) (3) (4) (5) (6) (7) (8)

Australian Atomic Energy Commission 20 20.7 1981 (a) 8.3 (a)

Australian Broadcasting Corporation 20 20.7 1981 (a) 35.1 (a)

ACT Electricity Authority 25(b) 19.9 1963 12.8 9.3 (3.5) +2.7

Australian National Railways Commission 15 21.4 1975 44.3 33.1 (11.2) +2.0

Australian Postal Commission 20 19.7 1975 650.7 752.2 101.5 -1.2

Australian Shipping Commission 15 22.7 1956 92.8 38.1 (54.7) (c)

Australian Telecommunications Commission 20 19.2 1975 1839.6 2197.3(d) 357.7 -1.4

Canberra College of Advanced Education 15 22.4 1967 12.2 8.0 (4.2) +2.6

2

ONGOING EMPLOYER  CONTRIBUTION RATE

AUTHORITY

(I)

Capital Territory Health  Commission

Commonwealth Accommodation  and Catering Services Ltd

Commonwealth Scientific and  Industrial Research Organization 20 20.5 1981

Commonwealth Serum  Laboratories  Commission

21.5 20.5 1961

Health Insurance Commission (g) 18 19.2 1974

National Capital Development  Commission 20 21.4 1981

Overseas Telecommunications  Commission (Australia) 16 ,7Â·3 1950

Snowy Mountains Engineering  Corporation 15 21.9 1970

RATE BEING  PAID BEFORE  REVIEW it OF  SALARIES)

ACTUARY'S  RECOMMENDED  RATE (* OF  SALARIES)

EMPLOYER  SUPERANNUATION  OBLIGATION  DATES FROM

(2) (3) (4)

15 14.9 (e)

15 22.0 1977 (f)

FOR NOTES SEE ATTACHED SHEET

r

AT 30 JUNE 1983

VALUE OF BALANCE IN SURPLUS ADJUSTMENT TO EMPLOYER PAST NOTIONAL (DEFICIENCY) CONTRIBUTION RATE IN SERVICE BENEFITS

ACCOUNT COL (3) NEEDED TO

LIQUIDATE SURPLUS/

($M) ($M) ($M) DEFICIENCY OVER 20 YEARS

(i OF SALARIES)

(5) (6) (7) (8)

28.2 33.6 5.3 (e)

8.0 5.8 (2.2) +2.6

(a) 61.1 (a)

45.9 23.6 (22.3) +10.8

14.0

(a) 3.0 (a)

90.9 57.0 (33.9) +4.7

24.3 16.7 (7.6) +3.4

NOTES TO SUMMARY OF ACTUARY'S REPORTS ON EMPLOYER  SUPERANNUATION CONTRIBUTIONS

(a) Since the liability of these authorities commenced in  1981, the Actuary considered it unnecessary to split  the costs of past and future service. The ongoing  contribution rate was calculated to meet the  difference between the balance in the notional account

and the value of all benefits in respect of service  after 1 July 1981.

(b) The ACT Electricity Authority voluntarily increased  its contribution rate from 15% of salaries to 25% of  salaries with effect from 26 July 1984.

(c) The Australian Shipping Commission established a  separate superannuation scheme for its employees and  closed entry to the Commonwealth Superannuation Scheme  (CSS) for new employees as from 1 October 1982. In  view of this factor and the size of the deficiency,  the Actuary considered it inappropriate to propose  dealing with the deficiency by a contribution  expressed as a percentage of salaries of members

remaining in the CSS.

(d) The Australian Telecommunications Commission maintains  an internal provision (arising from the loan-backs of  its superannuation payments) amounting to $664.5 million at 30 June 1983. This amount has been  included in the balance of $2197.3 million shown for

the notional account.

(e) The Capital Territory Health Commission was  established on 1 July 1975 but the actuarial  investigation was confined to the payments and  benefits accrued in respect of service after 1 July 1976.

(f) Commonwealth Accommodation and Catering Services Ltd  (then Commonwealth Hostels Ltd) made superannuation  payments prior to 5 April 1977 in respect of some  officers transferred to it from the Commonwealth. The  Actuary's investigation did not extend to assessing

the adequacy of the pre-1977 payments.

(g) The Actuary was asked to assess the amount required to  be paid to the Commonwealth from the Health Insurance  Commission's internal provision to meet the  outstanding liability for the period 1 July 1978 to

30 June 1983. This was $14.0 million at 30 June 1983  and the Commission has made special payments to  discharge this liability. There have been significant  changes to the staff profile of the Commission since

the date at which the calculation of an ongoing rate  of 19.2% of salaries was made. The Actuary,  therefore, has suggested that the contribution rate of

18% of salaries be maintained until a further review,  using the data at 30 June 1985, is undertaken.

IMPACT OF DECISION THAT AUTHORITIES BE REQUIRED  TO PAY OFF ONLY THE POST 1 JULY 1976 DEFICITS

Authority

ACT Electricity Authority

Australian National Railways  Commission

Australian Shipping Commission

Canberra College of Advanced  Education

Commonwealth Accommodation and  Catering Services Ltd

Commonwealth Serum Laboratories

Overseas Telecommunications  Commission (Australia)

Snowy Mountains Engineering  Corporation

Total Deficit  Less: Surplus

Deficit  reported  by Actuary

$m

Post 1.7.1976 Deficit  (Surplus)

$m

3.5 0.3

11.2 9.2

54.7 4.8

4.2 2.2

2.2 2.2

22.3 3.4

33.9 (2.6)

7.6 4.1

139.6 26.2

(2.6)

139.6 23.6

Difference

$m

3.2

2.0

49.9

2.0

18.9

36.5

3.5

Net 116.0

