Appendix C: Statement of risks (Continued)
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 2012‑13 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 2012‑13 Budget(a)
| Fiscal risks | |
|---|---|
| Defence and Defence Materiel Organisation | |
| Major overseas operations of the Australian Defence Force in Afghanistan and the Middle East and the Solomon Islands | Modified |
| Treasury | |
| Standby loan facility for the Government of Indonesia | New |
| Unclaimed Superannuation Monies | New |
| Contingent liabilities — quantifiable | |
| Broadband, Communications and the Digital Economy | |
| NBN Co Limited — Equity Agreement | Modified |
| Telstra Financial Guarantee | Modified |
| Defence and Defence Materiel Organisation | |
| Indemnities and remote contingencies | Modified |
| Education, Employment and Workplace Relations | |
| Comcare liability for additional workers' compensation payments | Removed |
| Indemnity provided to the Administrator of the Health Services Union | New |
| Finance and Deregulation | |
| Sale of Sydney Airports Corporation Limited | Removed |
| Foreign Affairs and Trade | |
| Export Finance and Insurance Corporation | Modified |
| Health and Ageing | |
| Guarantee Scheme for aged care accommodation bonds | Modified |
| 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 | |
| Agriculture, Fisheries and Forestry | |
| Compensation claims arising from equine influenza outbreak | Modified |
| Compensation claims arising from suspension of livestock exports to Indonesia | Modified |
| Emergency pest and disease response arrangements | Modified |
| Broadband, Communications and the Digital Economy | |
| Optus Financial Guarantee | Modified |
| Termination of the funding agreement with OPEL | Modified |
| Defence and Defence Materiel Organisation | |
| Cockatoo Island Dockyard | New |
| Decontamination of Defence sites | Modified |
| Indemnities and remote contingencies | Modified |
| Finance and Deregulation | |
| ASC Pty Ltd — Directors' indemnities | Modified |
| Legal proceedings against the Professional Services Review impacting on the validity of past Committees (b) | Removed |
| Infrastructure and Transport | |
| Tripartite deeds relating to the sale of federal leased airports | Modified |
| Resources, Energy and Tourism | |
| Gorgon liquefied natural gas and carbon dioxide storage project — long‑term liability | Modified |
| Treasury | |
| Australian Taxation Office — Constitutional Challenge to the Minerals Resource Rent Tax | New |
| Financial Claims Scheme | Modified |
| Guarantee of State and Territory Borrowing | Modified |
| Guarantee Scheme for Large Deposits and Wholesale Funding | Modified |
| Contingent asset — unquantifiable | |
| Health and Ageing | |
| Legal action seeking compensation from Sanofi‑Aventis | Modified |
| Industry, Innovation, Science, Research and Tertiary Education | |
| Wireless Local Area Network | Modified |
(a) Risks appearing in Budget Paper No. 1, Budget Strategy and Outlook 2012‑13, Statement 8, but not listed in the table above are substantially unchanged.
(b) The High Court challenge was won by the Government and retrospective legislation was put in place.
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