Details of fiscal risks and contingent liabilities
New or revised fiscal risks and contingent liabilities with a possible impact on the forward estimates greater than $20 million in any one year, or $50 million over the forward estimates period, that have arisen or changed since the 2011‑12 Budget are described below and summarised in Table C1.
Information on both contingent assets and contingent liabilities is also provided in the annual financial statements of departments, agencies and non‑budget entities.
Table C1: Summary of material changes to the Statement of risks since the 2011‑12 Budget(a)
| Fiscal risks | |
|---|---|
| Prime Minister and Cabinet | |
| Whole‑of‑Government — 2018 Commonwealth Games to be hosted by the Gold Coast — government guarantees | Modified |
| Treasury | |
| Energy Security Council | New |
| Contingent liabilities — quantifiable | |
| Defence and Defence Materiel Organisation | |
| Indemnities and remote contingencies | Modified |
| Finance and Deregulation | |
| Litigation — Davis Samuel case | Modified |
| Sale of Sydney Airports Corporation Limited | Modified |
| Foreign Affairs and Trade | |
| Export Finance and Insurance Corporation | Modified |
| Immigration and Citizenship | |
| Education Services to Minors in Alternative Places of Detention — liability limit | New |
| Treasury | |
| Australian Taxation Office — tax disputes | Modified |
| Guarantees under the Commonwealth Bank Sale Act 1995 | Modified |
| International Financial Institutions — uncalled capital subscriptions | Modified |
| International Monetary Fund | Modified |
| Reserve Bank of Australia — guarantee | Modified |
| Contingent liabilities — unquantifiable | |
| Attorney‑General's | |
| Indemnities relating to the Air Security Officer program | Removed |
| Broadband, Communications and the Digital Economy | |
| NBN Co — Equity Agreement | New |
| NBN Co Limited — Board Members' Insolvency Indemnity | Modified |
| Optus Financial Guarantee | New |
| Telstra Financial Guarantee | New |
| Defence and Defence Materiel Organisation | |
| Indemnities and remote contingencies | Modified |
| Finance and Deregulation | |
| Australian Reward Investment Alliance — immunity and indemnityb | Removed |
| Commonwealth Superannuation Corporation — immunity and indemnityb | New |
| Future Fund Management Agency — indemnity | Modified |
| Infrastructure and Transport | |
| Airservices Australia | Removed |
| Sustainability, Environment, Water, Population and Communities | |
| Murray‑Darling Basin Reform — risk assignment | Modified |
| Treasury | |
| Financial Claims Scheme | Modified |
| Guarantee of State and Territory Borrowing | Modified |
| Guarantee Scheme for Large Deposits and Wholesale Funding | Modified |
a Risks appearing in Budget Paper No. 1, Budget Strategy and Outlook 2011‑12, Statement 8, but not listed in the table above are substantially unchanged.
b The Governance of Australian Government Superannuation Schemes Act 2011 merged the Australian Reward Investment Alliance (ARIA), the Military Superannuation and Benefits Board and the Defence Force Retirement and Death Benefits Authority, to form a single trustee body with effect from 1 July 2011. See 'Commonwealth Superannuation Corporation — immunity and indemnity' in Contingent Liabilities — Unquantifiable.
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