Appendix C: Statement of risks (Continued)
Fiscal risks
Fiscal risks comprise general developments or specific events that may affect the fiscal outlook. Some developments or events raise the possibility of a fiscal impact. In other cases, the likelihood of a fiscal impact may be reasonably certain, but will not be included in the forward estimates because the timing or magnitude is not known.
Defence and Defence Materiel Organisation
Major overseas operations of the Australian Defence Force in Afghanistan and the Middle East and the Solomon Islands
The estimates for the Department of Defence include the cost of major overseas operations of the Australian Defence Force in Afghanistan and the Middle East, the Solomon Islands and Timor Leste for 2012‑13. The forward estimates of expenses do not provide for extensions of currently approved operations beyond 2012‑13. Such funding is considered on a year‑by‑year basis and is subject to future decisions of the Government. This is consistent with past practice.
Treasury
Standby loan facility for the Government of Indonesia
Australia will make up to A$1 billion available to the Government of Indonesia in the form of a standby loan facility, to be drawn down should Indonesia be unable to raise sufficient funds at reasonable interest rates on global capital markets due to the impact of global financial market volatility. Contributions to the standby loan facility will also be provided by the World Bank, the Asian Development Bank and the Government of Japan. This facility will be available to Indonesia when the loan agreement between the two countries is signed (expected to occur within the next two months) up to 30 June 2014. A drawdown from the facility will be dependent on a request from the Indonesian Government and subject to certain criteria being met. Any funds provided will be repaid in full with interest.
Unclaimed Superannuation Monies
Under the Superannuation (Unclaimed Money and Lost Members) Act 1999, the Australian Government requires superannuation funds to transfer certain lost member accounts to the ATO. The Government announced changes to the lost member account provisions in the 2012‑13 Mid‑Year Economic and Fiscal Outlook which will significantly increase the number and value of lost member accounts being transferred to the ATO. At any point an individual can claim back unclaimed money from the ATO. A significant proportion of this unclaimed superannuation money will be transferred to another superannuation account held by the member. Estimates of these transfers are included in the forward estimates. The ATO has a number of initiatives to reunite members with their lost super accounts, but it is difficult to estimate reliably the amount of lost superannuation monies that will be reclaimed or the timing of when that will occur.
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