Australian Public Service Commission
Notes to and forming part of the financial statements

for the year ended 30 June 2005

Note 9: Interest bearing liabilities

	2005 $’000	2004 $’000
9a Leases
Finance lease commitments
Payable:
Within one year	324	169
In one to five years	354	80
Minimum lease payments	678	249
Deduct: future finance charges	(43)	(12)
Net lease liability	635	237
Lease liability is represented by:
Current	295	160
Non-current	340	77
Net lease liability	635	237
A finance lease exists in relation to the majority of information technology equipment in the Commission. The lease is non-cancellable and was for an initial fixed term of 5 years which has been extended for a further 4 years. The Commission guarantees the residual values of all assets leased. There are no contingent rentals.
9b Lease incentives
Lease incentives	143	42
Lease incentives are represented by:
Current	37	28
Non-current	106	14
Total lease incentives	143	42