In relation to public infrastructure projects with private sector involvement, Loan Council confirmed its in-principle decision last year that government contingent liabilities arising under such projects will in future be disclosed as a footnote to, rather than a component of, LCAs.
Loan Council also agreed to the Commonwealth's proposal to exempt Telstra Corporation Ltd from its arrangements for monitoring and reporting borrowings on commerciality grounds.
In addition, Loan Council agreed to the implementation, from 1998-99, of a revised uniform presentation framework for government financial information. This framework has subsequently been published.
Loan Council issues - including the Commonwealth's 1997-98 Budget time LCA and the estimated 1996-97 LCA outcome - are discussed further in Chapter IV.