Statement 8: Statement of Risks (Continued)
Contingent liabilities and assets
Contingent liabilities and contingent assets of the Australian Government are listed below by portfolio. These contingent liabilities and assets are a specific category of fiscal risks. Broadly, they represent possible costs or gains to the Australian Government arising from past events or decisions which will be confirmed or otherwise by the outcome of future events that are not within the Government's control.
Contingencies reported in this statement include loan guarantees, non‑loan guarantees, warranties, indemnities, uncalled capital and letters of comfort, together with those contingencies considered remote. These contingencies are in addition to the liabilities and assets already recognised in the consolidated financial statements of the Australian Government general government sector in Statement 9.
In general, information on contingent liabilities and assets is based on information provided by Australian Government departments and entities and is current to 31 March 2013. In some cases, other dates are used and those are noted in the relevant section.
| Contingent liabilities — quantifiable | |
|---|---|
| Attorney‑General's | |
| Northern Maritime Patrol and Response — Ashmore Guardian | Modified |
| Broadband, Communications and the Digital Economy | |
| NBN Co Limited — Equity Agreement | Modified |
| Telstra Financial Guarantee | Modified |
| Defence and Defence Materiel Organisations | |
| Indemnities and remote contingencies | Modified |
| Education, Employment and Workplace Relations | |
| Comcare liability for additional workers' compensation payments | Removed |
| Indemnity provided to the Administrator and the Assistant Administrators of the Health Services Union | Modified |
| 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 |
| Contingent liability for the payment of unclaimed monies under the Banking Act, the Life Insurance Act and the Corporations Act | New |
| 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 |
| Attorney‑General's | |
| Australian Victims of Terrorism Overseas Payments | Modified |
| Northern Maritime Patrol and Response — Triton | Modified |
| Broadband, Communications and the Digital Economy | |
| Termination of the funding agreement with OPEL | Modified |
| Defence and Defence Materiel Organisations | |
| Decontamination of Defence sites | Modified |
| Indemnities and remote contingencies | Modified |
| Education, Employment and Workplace Relations | |
| Job Services Australia — Employment Pathway Fund | New |
| Finance and Deregulation | |
| Australian Government domestic property | Removed |
| Comcover — insurance claims and reinsurance recoveries | Modified |
| Commonwealth Superannuation Corporation — immunity and indemnity | Modified |
| Contractual Leasing Agreement | New |
| Health and Ageing | |
| Legal proceedings against the Professional Services Review impacting on the validity of past Committees(b) | Removed |
| Immigration and Citizenship | |
| Education Services to Minors in Alternative Places of Detention — liability limit South Australia | Modified |
| Immigration detention services — liability limits | Modified |
| Regional Processing Centres — liability limit | New |
| Infrastructure and Transport | |
| Australian Maritime Safety Authority incident costs | Modified |
| Resources, Energy and Tourism | |
| Gorgon liquefied natural gas and carbon dioxide storage project — long‑term liability | Modified |
| Sustainability, Environment, Water, Population and Communities | |
| End of lease at the former National Halon Bank site, Braybrook, Victoria | New |
| Murray‑Darling Basin Reform — additional net costs | Modified |
| Murray‑Darling Basin Reform — risk assignment | Removed |
| Treasury | |
| Australian Taxation Office — Constitutional Challenge to the Minerals Resource Rent Tax | Modified |
| Financial Claims Scheme | Modified |
| Guarantee of State and Territory Borrowing | Modified |
| Guarantee Scheme for Large Deposits and Wholesale Funding | Modified |
| Contingent assets — unquantifiable | |
| Health and Ageing | |
| Legal action seeking compensation from Wyeth | New |
| Industry, Innovation, Climate Change, Science, Research and Tertiary Education | |
| Wireless Local Area Network | Modified |
(a) Risks appearing in this Statement but not listed in the table above are substantially unchanged since disclosed in Budget Paper No. 1, Budget Strategy and Outlook 2012‑13, Statement 8 or in the Mid‑Year Economic and Fiscal Outlook 2012‑13, Appendix C.
(b) The High Court challenge was won by the Government and retrospective legislation was put in place.
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