Wage inflation and discount rates: 31 March 2019



Long Service Leave updateWage inflation and discount rates: 31 March 2019(issued 1 April 2019)The following wage inflation rate and discount rates as at 31 March 2019 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201819 Budget Update (published in December 2018), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2018194.125Discount rates**2018191.783Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2018194.125Discount rates***1 year1.5452 years1.4553 years1.3854 years1.3855 years1.4406 years1.5257 years1.6108 years1.6709 years1.75010 years1.77511 years1.79512 years1.795* Average of forward estimates of the rates as assumed in the 201819 Budget Update plus 1% for progression and promotion (3.125% + 1%).** The annual effective rate is based on the RBA’s 10-year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Long Service Leave updateWage inflation and discount rates: 31 December 2018(issued 2 January 2019)The following wage inflation and discount rates as at 31 December 2018 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201819 Budget Update (published in December 2018), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2018194.125Discount rates**2018192.333Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2018194.125Discount rates***1 year1.9152 years1.8503 years1.8254 years1.9055 years2.0206 years2.1207 years2.1958 years2.2509 years2.31510 years2.32011 years2.35012 years2.350* Average of forward estimates of the rates as assumed in the 201819 Budget Update plus 1% for progression and promotion (3.125% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Long Service Leave updateWage inflation and discount rates: 30 September 2018(issued 1 October 2018)The following wage inflation rate and discount rates as at 30 September 2018 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201819 Budget Paper (published in May 2018), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2018193.875Discount rates**2018192.688Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2018193.875Discount rates***1 year1.8352 years1.9653 years2.0504 years2.1305 years2.2356 years2.3607 years2.4658 years2.5409 years2.60010 years2.67011 years2.67512 years2.720* Average of forward estimates of the rates as assumed in the 201819 Budget Paper plus 1% for progression and promotion (2.875% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Long Service Leave updateWage inflation and discount rates: 30 June 2018(issued 2 July 2018)The following wage inflation rate and discount rates as at 30 June 2018 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201819 Budget Paper (published in July 2018), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2017183.875Discount rates**2017182.647Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2017183.875Discount rates***1 year1.9102 years1.9853 years2.0554 years2.1605 years2.2656 years2.3757 years2.4658 years2.5359 years2.58510 years2.63011 years2.63512 years2.695* Average of forward estimates of the rates as assumed in the 201819 Budget Paper plus 1% for progression and promotion (2.875% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Long Service Leave updateWage inflation and discount rates: 31 May 2018(issued 1 June 2018)The following wage inflation rate and discount rates as at 31 May 2018 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201819 Budget Paper (published in June 2018), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2017183.875Discount rates**2017182.688Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2017183.875Discount rates***1 year1.8202 years1.9803 years2.0954 years2.2155 years2.3106 years2.4257 years2.5108 years2.5759 years2.62510 years2.67011 years2.68012 years2.710* Average of forward estimates of the rates as assumed in the 201819 Budget Paper plus 1% for progression and promotion (2.875% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Long Service Leave updateWage inflation and discount rates: 30 April 2018(issued 2 May 2018)The following wage inflation rate and discount rates as at 30 April 2018 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201819 Budget Paper (published in May 2018), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2017183.875Discount rates**2017182.784Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2017183.875Discount rates***1 year1.9602 years2.0403 years2.1804 years2.3105 years2.4256 years2.5457 years2.6258 years2.6859 years2.73510 years2.76511 years2.79012 years2.825* Average of forward estimates of the rates as assumed in the 201819 Budget Paper plus 1% for progression and promotion (2.875% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 31 March 2018(issued 3 April 2018)The following wage inflation rate and discount rates as at 31 March 2018 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201718 Budget Update (published in December 2017), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2017183.625Discount rates**2017182.617Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2017183.625Discount rates***1 year1.9102 years2.0103 years2.1104 years2.2305 years2.3206 years2.4257 years2.4958 years2.5459 years2.58010 years2.60011 years2.63012 years2.665* Average of forward estimates of the rates as assumed in the 201718 Budget Update plus 1% for progression and promotion (2.625% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 31 December 2017(issued 2 January 2018)The following wage inflation rate and discount rates as at 31 December 2017 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201718 Budget Update (published in December 2017), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2017183.625Discount rates**2017182.683Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2017183.625Discount rates***1 year1.8502 years2.0403 years2.1754 years2.2955 years2.3706 years2.4557 years2.5208 years2.5709 years2.61010 years2.66511 years2.71012 years2.710* Average of forward estimates of the rates as assumed in the 201718 Budget Update plus 1% for progression and promotion (2.625% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 30 September 2017(issued 2 October 2017)The following wage inflation rate and discount rates as at 30 September 2017 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201718 Budget Paper (published in May 2017), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2017183.813Discount rates**2017182.804Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2017183.813Discount rates***1 year1.7702 years1.8303 years2.0354 years2.1955 years2.3556 years2.4557 years2.5808 years2.6759 years2.74510 years2.78511 years2.88012 years2.930* Average of forward estimates of the rates as assumed in the 201718 Budget Paper plus 1% for progression and promotion (2.813% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 30 June 2017(issued 3 July 2017)The following wage inflation rate and discount rates as at 30 June 2017 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201718 Budget Paper (published in May 2017), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates**2016172.612Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates***1 year1.6102 years1.7253 years1.9004 years2.0505 years2.1806 years2.2657 years2.4008 years2.4909 years2.55510 years2.59511 years2.69512 years2.740* Average of forward estimates of the rates as assumed in the 201718 Budget Paper plus 1% for progression and promotion (2.813% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 31 May 2017(issued 1 June 2017)The following wage inflation rate and discount rates as at 31 May 2017 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201718 Budget Paper (published in May 2017), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates**2016172.399Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates***1 year1.5352 years1.5453 years1.6254 years1.7705 years1.9056 years2.0157 years2.1558 years2.2509 years2.33010 years2.38511 years2.49512 years2.550* Average of forward estimates of the rates as assumed in the 201718 Budget Paper plus 1% for progression and promotion (2.813% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 30 April 2017(issued 1 May 2017)The following wage inflation rate and discount rates as at 30 April 2017 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget Update (published December 2016), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates**2016172.592Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates***1 year1.5402 years1.6503 years1.7954 years1.9555 years2.1106 years2.2157 years2.3558 years2.4509 years2.51510 years2.57511 years2.68512 years2.745* Average of forward estimates of the rates as assumed in the 201617 Budget Update plus 1% for progression and promotion (2.813% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 31 March 2017(issued 3 April 2017)The following wage inflation rate and discount rates as at 31 March 2017 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget Update (published December 2016), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates**2016172.592Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates***1 year1.5052 years1.5453 years1.7504 years1.9055 years2.0756 years2.1807 years2.2408 years2.3409 years2.48010 years2.57511 years2.64012 years2.695* Average of forward estimates of the rates as assumed in the 201617 Budget Update plus 1% for progression and promotion (2.813% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 31 December 2016 (issued 3 January 2017)The following wage inflation rate and discount rates as at 31 December 2016 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget Update (published December 2016), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates**2016172.723Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2016173.813Discount rates***1 year1.6652 years1.7353 years1.9054 years2.0205 years2.1556 years2.3157 years2.4258 years2.5659 years2.66510 years2.70511 years2.76012 years2.885* Average of forward estimates of the rates as assumed in the 201617 Budget Update plus 1% for progression and promotion (2.813% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government– F16 ()Wage inflation and discount rates: 30 September 2016 (issued 3 October 2016)The following wage inflation rate and discount rates as at 30 September 2016 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget (published April 2016), with an additional allowance for progression and promotion.Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2016174.125Discount rates**2016171.914* Average of forward estimates of the rates as assumed in the 201617 Budget plus 1% for progression and promotion (3.125% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government Securities 2013 to current – F16 ()Note: The 2004 LSL model was withdrawn from the DTF website effective 1 July 2016. As a result, wage inflation and discount rates for the 2004 LSL model is no longer provided.Wage inflation and discount rates: 30 June 2016 (issued 1 July 2016)The following wage inflation rate and discount rates as at 30 June 2016 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget (published April 2016), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates**2015161.990Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates***1 year1.5852 years1.5803 years1.5504 years1.5505 years1.6406 years1.7457 years1.8108 years1.9009 years1.95010 years1.98011 years2.03012 years2.145* Average of forward estimates of the rates as assumed in the 201617 Budget plus 1% for progression and promotion (3.125% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government Securities 2013 to current – F16 ()Wage inflation and discount rates: 31 May 2016 (issued 1 June 2016)The following wage inflation rate and discount rates as at 31 May 2016 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget (published April 2016), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates**2015162.313Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates***1 year1.7052 years1.6703 years1.6354 years1.6855 years1.8206 years1.9757 years2.0608 years2.1759 years2.25010 years2.30011 years2.36512 years2.485* Average of forward estimates of the rates as assumed in the 201617 Budget plus 1% for progression and promotion (3.125% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. *** Source: Reserve Bank of Australia – Interest Rates – Indicative MidRates of Australian Government Securities – 2013 to current – F16 ()Wage inflation and discount rates: 30 April 2016 (issued 2 May 2016)The following wage inflation rate and discount rates as at 30 April 2016 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201617 Budget (published April 2016), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates**2015162.531Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates***1 year1.8752 years1.8603 years1.8554 years1.9155 years2.0556 years2.2107 years2.3008 years2.4009 years2.47010 years2.51511 years2.57512 years2.630*Average of forward estimates of the rates as assumed in the 201617 Budget plus 1% for progression and promotion (3.125% + 1%).**The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. ***Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government Securities 2013 to current – F16 ()Wage inflation and discount rates: 31 March 2016 (issued 1 April 2016)The following wage inflation rate and discount rates as at 31 March 2016 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201516 Budget Update (published December 2015), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.313Discount rates**2015162.500Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2015164.313Discount rates***1 year1.9202 years1.8903 years1.9004 years1.9555 years2.0906 years2.2057 years2.2758 years2.3709 years2.44010 years2.48511 years2.54512 years2.615* Average of forward estimates of the rates as assumed in the 201516 Budget Update plus 1% for progression and promotion (3.313% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. *** Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government Securities 2013 to current – F16 ()Wage inflation and discount rates: 31 December 2015 (issued 4 January 2016)The following wage inflation rate and discount rates as at 31 December 2015 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201516 Budget Update (published December 2015), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.313Discount rates**2015162.901Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2015164.313Discount rates***1 year2.0202 years2.0153 years2.0404 years2.1305 years2.3006 years2.4807 years2.6108 years2.7509 years2.81510 years2.88011 years2.95512 years2.955* Average of forward estimates of the rates as assumed in the 201516 Budget Update plus 1% for progression and promotion (3.313 % + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. *** Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government Securities 2013 to current – F16 ()Wage inflation and discount rates: 30 September 2015 (issued 1 October 2015)The following wage inflation rate and discount rates as at 30 September 2015 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201516 Budget (published May 2015), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.438Discount rates**2015162.622Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2015164.438Discount rates***1 year1.9052 years1.8253 years1.7854 years1.8305 years1.9806 years2.1607 years2.3358 years2.4259 years2.54010 years2.60511 years2.68012 years2.750* Average of forward estimates of the rates as assumed in the 201516 Budget plus 1% for progression and promotion (3.438% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. *** Source: Reserve Bank of Australia – Interest Rates – Indicative Mid Rates of Australian Government Securities 2013 to current – F16 ()Wage inflation and discount rates: 30 June 2015 (issued 1 July 2015)The following wage inflation rate and discount rates as at 30 June 2015 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201516 Budget (published May 2015), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2014154.438Discount rates**2014153.028Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2014154.438Discount rates***1 year1.9302 years2.0153 years2.0204 years2.1055 years2.2856 years2.4757 years2.6708 years2.7759 years2.91510 years3.00511 years3.08012 years3.135* Average of forward estimates of the rates as assumed in the 201516 Budget plus 1% for progression and promotion (3.438% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds. *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities 2013 to current, inflation and discount rates: 31 May 2015 (issued 1 June 2015)The following wage inflation rate and discount rates as at 31 May 2015 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201516 Budget (published May 2015), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2015164.125Discount rates**2015162.313Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2014154.438Discount rates***1 year1.8902 years1.8753 years1.8754 years1.9455 years2.1006 years2.2807 years2.4408 years2.5309 years2.65010 years2.72511 years2.79512 years2.845* Average of forward estimates of the rates as assumed in the 201516 Budget plus 1% for progression and promotion (3.438% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013current, inflation and discount rates: 30 April 2015 (issued 1 May 2015)The following wage inflation rate and discount rates as at 30 April 2015 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201415 Budget Update (published December 2014), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2014154.250Discount rates**2014152.662Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2014154.250Discount rates***1 year1.9602 years1.9503 years1.9304 years1.9705 years2.1006 years2.2657 years2.4108 years2.4959 years2.58510 years2.64511 years2.70012 years2.755* Average of forward estimates of the rates as assumed in the 201415 Budget Update plus 1% for progression and promotion (3.250% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013current, inflation and discount rates: 31 March 2015 (issued 1 April 2015)The following wage inflation rate and discount rates as at 31 March 2015 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201415 Budget Update (published December 2014), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2014154.250Discount rates**2014152.328Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2014154.250Discount rates***1 year1.7852 years1.7003 years1.7254 years1.7305 years1.8456 years1.9657 years2.1108 years2.1959 years2.26510 years2.31511 years2.38012 years2.445*Average of forward estimates of the rates as assumed in the 201415 Budget Update plus 1% for progression and promotion (3.250% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, inflation and discount rates: 31 December 2014 (issued 2 January 2015)The following wage inflation rate and discount rates as at 31 December 2014 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201415 Budget Update (published December 2014), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates**2013144.275Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates***1 year2.4902 years2.7653 years3.0754 years3.3955 years3.4556 years3.6657 years3.8708 years4.0509 years4.11510 years4.23011 years4.31512 years4.315*Average of forward estimates of the rates as assumed in the 201314 Budget Update plus 1% for progression and promotion (3.3125%+ 1%). **The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds ***Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, inflation and discount rates: 30 September 2014 (issued 1 October 2014)The following wage inflation rate and discount rates as at 30 September 2014 are provided to assist in the calculation of Annual Leave (if applicable) and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201415 Budget (published May 2014), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2014154.438Discount rates**2014153.587Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2014154.438Discount rates***1 year2.5802 years2.7003 years2.7704 years2.8905 years3.0456 years3.1807 years3.3158 years3.3909 years3.48010 years3.55511 years3.60012 years3.670*Average of forward estimates of the rates as assumed in the 201415 Budget plus 1% for progression and promotion (3.438% + 1%).** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, inflation and discount rates: 30 June 2014 (issued 1 July 2014)The following wage inflation rate and discount rates as at 30 June 2014 are provided to assist in the calculation of Annual Leave and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201415 Budget (published May 2014), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.438Discount rates**2013143.571Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.438Discount rates***1 year2.4552 years2.5303 years2.6954 years2.9105 years2.9506 years3.1057 years3.2358 years3.3809 years3.45010 years3.54011 years3.62012 years3.670* Average of forward estimates of the rates as assumed in the 201415 Budget plus 1% for progression and promotion (3.438%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, inflation and discount rates: 31 May 2014 (issued 2 Jun 2014)The following wage inflation rate and discount rates as at 31 May 2014 are provided to assist in the calculation of Annual Leave and Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201415 Budget (published May 2014), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.438Discount rates**2013143.688Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.438Discount rates***1 year2.5452 years2.6253 years2.8304 years3.0505 years3.0856 years3.2257 years3.3608 years3.4959 years3.56510 years3.65511 years3.74012 years3.810* Average of forward estimates of the rates as assumed in the 201415 Budget plus 1% for progression and promotion (3.438%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, Service Leave discount rates: 30 April 2014 (issued 1 May 2014)The following wage inflation rate and discount rates as at 30 April 2014 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201314 Budget Update (published Dec 2013), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates**2013143.984%Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates***1 year2.5752 years2.7503 years3.0054 years3.2655 years3.3106 years3.4807 years3.6258 years3.7759 years3.84510 years3.94511 years4.03012 years4.105*Average of forward estimates of the rates as assumed in the 201314 Budget Update plus 1% for progression and promotion (3.3125%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, Service Leave discount rates: 31 March 2014 (issued 1 Apr 2014)The following wage inflation rate and discount rates as at 31 March 2014 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201314 Budget Update (published Dec 2013), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates**2013144.122%Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates***1 year2.5952 years2.8303 years3.1204 years3.3905 years3.4356 years3.6007 years3.7558 years3.9109 years3.98010 years4.08011 years4.16512 years4.255* Average of forward estimates of the rates as assumed in the 201314 Budget Update plus 1% for progression and promotion (3.3125%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, Service Leave discount rates: 31 December 2013 (issued 2 Jan 2014)The following wage inflation rate and discount rates as at 31 December 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201314 Budget Update (published Dec 2013), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates**2013144.275Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.3125Discount rates***1 year2.4902 years2.7653 years3.0754 years3.3955 years3.4556 years3.6657 years3.8708 years4.0509 years4.11510 years4.23011 years4.31512 years4.315* Average of forward estimates of the rates as assumed in the 201314 Budget Update plus 1% for progression and promotion (3.3125%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, Service Leave discount rates: 30 September 2013 (issued 1 Oct 2013)The following wage inflation rate and discount rates as at 30 September 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201314 Budget (published May 2013), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2013144.500Discount rates**2013143.938Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2013144.500Discount rates***1 year2.4502 years2.7053 years2.9354 years3.0405 years3.2506 years3.4707 years3.6208 years3.7459 years3.81010 years3.90011 years4.00512 years4.005* Average of forward estimates of the rates as assumed in the 201314 Budget plus 1% for progression and promotion (3.50%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2013 to Current, Service Leave discount rates: 30 June 2013 (issued 1 July 2013)The following wage inflation rate and discount rates as at 30 June 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201314 Budget (published May 2013), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.500Discount rates**2012133.790Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.500Discount rates***1 year2.4702 years2.5253 years2.7504 years2.9405 years3.0406 years3.2157 years3.4158 years3.5759 years3.70510 years3.75511 years3.85012 years3.940* Average of forward estimates of the rates as assumed in the 201314 Budget plus 1% for progression and promotion (3.50%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 May 2013 (issued 4 June 2013)The following wage inflation rate and discount rates as at 31 May 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201314 Budget (published May 2013), with an additional allowance for progression and promotion.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.500Discount rates**2012133.383Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.500Discount rates***1 year2.5102 years2.5353 years2.5954 years2.7155 years2.7906 years2.9407 years3.1008 years3.2209 years3.31010 years3.35511 years3.45012 years3.545* Average of forward estimates of the rates as assumed in the 201314 Budget plus 1% for progression and promotion (3.50%+ 1%). ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 April 2013 (issued 1 May 2013)The following wage inflation rate and discount rates as at 30 April 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Update (published December 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.114Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.5902 years2.5753 years2.5854 years2.6555 years2.7256 years2.8207 years2.9208 years3.0009 years3.05510 years3.09011 years3.18012 years3.180* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 March 2013 (issued 2 April 2013)The following wage inflation rate and discount rates as at 31 March 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Update (published December 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.449Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.8052 years2.8253 years2.8704 years2.9555 years3.0206 years3.1157 years3.2208 years3.3109 years3.37510 years3.42011 years3.51512 years3.515* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 December 2012 (issued 2 January 2013)The following wage inflation rate and discount rates as at 31 December 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Update (published December 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.297Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.6152 years2.6603 years2.6904 years2.7505 years2.8256 years2.9257 years3.0358 years3.1259 years3.21510 years3.27011 years3.38012 years3.380* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 September 2012 (issued 2 October 2012)The following wage inflation rate and discount rates as at 30 September 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.007Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.5602 years2.4303 years2.4304 years2.5155 years2.5806 years2.6607 years2.7358 years2.8209 years2.90510 years2.98511 years3.10012 years3.100* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 June 2012 (issued 2 July 2012)The following wage inflation rate and discount rates as at 30 June 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011123.058Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year2.8652 years2.4603 years2.3954 years2.4755 years2.5906 years2.6507 years2.7358 years2.8359 years2.93510 years3.03511 years3.13012 years3.250* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 May 2012 (issued 1 June 2012)The following wage inflation rate and discount rates as at 30 April 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011122.941Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year2.5052 years2.2153 years2.1204 years2.2055 years2.3906 years2.4807 years2.5808 years2.7109 years2.82010 years2.92011 years3.01512 years3.015* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 April 2012 (issued 1 May 2012)The following wage inflation rate and discount rates as at 30 April 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.114Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.5902 years2.5753 years2.5854 years2.6555 years2.7256 years2.8207 years2.9208 years3.0009 years3.05510 years3.09011 years3.18012 years3.180* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 March 2013 (issued 2 April 2013)The following wage inflation rate and discount rates as at 31 March 2013 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Update (published December 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.449Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.8052 years2.8253 years2.8704 years2.9555 years3.0206 years3.1157 years3.2208 years3.3109 years3.37510 years3.42011 years3.51512 years3.515* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 December 2012 (issued 2 January 2013)The following wage inflation rate and discount rates as at 31 December 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Update (published December 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.297Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.6152 years2.6603 years2.6904 years2.7505 years2.8256 years2.9257 years3.0358 years3.1259 years3.21510 years3.27011 years3.38012 years3.380* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 September 2012 (issued 2 October 2012)The following wage inflation rate and discount rates as at 30 September 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates**2012133.007Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2012134.3125Discount rates***1 year2.5602 years2.4303 years2.4304 years2.5155 years2.5806 years2.6607 years2.7358 years2.8209 years2.90510 years2.98511 years3.10012 years3.100* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 June 2012 (issued 2 July 2012)The following wage inflation rate and discount rates as at 30 June 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011123.058Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year2.8652 years2.4603 years2.3954 years2.4755 years2.5906 years2.6507 years2.7358 years2.8359 years2.93510 years3.03511 years3.13012 years3.250* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 May 2012 (issued 1 June 2012)The following wage inflation rate and discount rates as at 30 April 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011122.941Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year2.5052 years2.2153 years2.1204 years2.2055 years2.3906 years2.4807 years2.5808 years2.7109 years2.82010 years2.92011 years3.01512 years3.015* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 April 2012 (issued 1 May 2012)The following wage inflation rate and discount rates as at 30 April 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011123.704Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year3.2052 years3.0053 years3.0054 years3.0755 years3.2106 years3.2657 years3.3608 years3.4709 years3.57010 years3.67011 years3.76012 years3.760* Average of forward estimates of the rates as assumed in the 201213 Budget Update plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 May 2012 (issued 1 June 2012)The following wage inflation rate and discount rates as at 30 April 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011122.941Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year2.5052 years2.2153 years2.1204 years2.2055 years2.3906 years2.4807 years2.5808 years2.7109 years2.82010 years2.92011 years3.01512 years3.015* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 April 2012 (issued 1 May 2012)The following wage inflation rate and discount rates as at 30 April 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the201213 Budget Paper No.?2 Strategy and Outlook (published May 2012), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates**2011123.704Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.3125Discount rates***1 year3.2052 years3.0053 years3.0054 years3.0755 years3.2106 years3.2657 years3.3608 years3.4709 years3.57010 years3.67011 years3.76012 years3.760* Average of forward estimates of the rates as assumed in the 201213 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.3125% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 March 2012 (issued 3 April 2012)The following wage inflation rate and discount rates as at 31 March 2012 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201112 Budget Update (published December 2011), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.583Discount rates**2011124.122Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.583Discount rates***1 year3.6102 years3.4703 years3.4754 years3.5255 years3.6456 years3.6907 years3.7808 years3.9009 years3.98010 years4.08011 years4.16012 years4.160* Average of forward estimates of the rates as assumed in the 201112 Budget Update plus 1% for promotion and growth (3.583% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 December 2011 (issued 3 January 2012)The following wage inflation rate and discount rates as at 30 December 2011 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201112 Budget Update (published December 2011), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.583Discount rates**2011123.826Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.583Discount rates***1 year3.2852 years3.1303 years3.1454 years3.2605 years3.3756 years3.3907 years3.4858 years3.5759 years3.67010 years3.79011 years3.87512 years3.875* Average of forward estimates of the rates as assumed in the 201112 Budget Update plus 1% for promotion and growth (3.583% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 September 2011 (issued 4 October 2011)The following wage inflation rate and discount rates as at 30 September 2011 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201112 Budget Paper No.?2 Strategy and Outlook (published May 2011), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2011124.600Discount rates**2011124.259Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2011124.600Discount rates***1 year4.0952 years3.6653 years3.6154 years3.6905 years3.7856 years3.9057 years3.9558 years4.0659 years4.15510 years4.21511 years4.29512 years4.350* Average of forward estimates of the rates as assumed in the 201112 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.6% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 30 June 2011 (issued 1 July 2011)The following wage inflation rate and discount rates as at 30 June 2011 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201112 Budget Paper No.?2 Strategy and Outlook (published May 2011), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2010114.600Discount rates**2010115.278Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2010114.600Discount rates***1 year4.7002 years4.7353 years4.7604 years4.7955 years4.8656 years4.9257 years5.0308 years5.1259 years5.17510 years5.21011 years5.24512 years5.305* Average of forward estimates of the rates as assumed in the 201112 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.6% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave discount rates: 31 May 2011 (issued 1 June 2011)The following wage inflation rate and discount rates as at 31 May 2011 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201112 Budget Paper No.?2 Strategy and Outlook (published May 2011), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation*2010114.600Discount rates**2010115.278Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation*2010114.600Discount rates***1 year4.7752 years4.7953 years4.8504 years4.9105 years4.9956 years5.0607 years5.1258 years5.1609 years5.18010 years5.21011 years5.24012 years5.295* Average of forward estimates of the rates as assumed in the 201112 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.6% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave Discount Rates: 30 April 2011 (issued 11 May 2011)The following wage inflation rate and discount rates as at 30 April 2011 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201112 Budget Paper No.?2 Strategy and Outlook (published May 2011), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave Model\Year%Wage inflation rate*2010114.600Discount rates**2010115.504Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation rate*2010114.600Discount rates***1 Year4.8652 Years4.9603 Years5.0754 Years5.1555 Years5.2456 Years5.2807 Years5.3308 Years5.3659 Years5.39510 Years5.43011 Years5.47012 Years5.470* Average of forward estimates of the rates as assumed in the 201112 Budget Paper No.?2 Strategy and Outlook plus 1% for promotion and growth (3.6% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, Service Leave Discount Rates: 31 March 2011 (issued 1 Apr 2011)The following wage inflation rate and discount rates as at 31 March 2011 are provided to assist in the calculation of Long Service Leave liabilities. The wage inflation rate is consistent with the forecast rates in the 201011 Budget Update (published Dec 2010), with an additional allowance for promotion and growth.Table 1: Rates to be used with the 2008 Long Service Leave ModelYear%Wage inflation rate*2010114.500Discount rates**2010115.560Table 2: Rates to be used with the 2004 Long Service Leave ModelYear%Wage inflation rate*2010114.500Discount rates***1 Year4.7902 Years4.9103 Years5.0404 Years5.1105 Years5.2406 Years5.3007 Years5.3808 Years5.4209 Years5.45010 Years5.48511 Years5.53012 Years5.530* Average of forward estimates of the rates as assumed in the 201011 Budget Update plus 1% for promotion and growth (3.5% + 1%) ** The annual effective rate is based on the RBA’s 10 year rate for semiannual coupon bonds *** Source: Reserve Bank of Australia – Indicative Mid Rates of Commonwealth Government Securities – 2009current, . ................
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