Note 23. Cash and Cash Equivalents

The Directorate holds a number of bank accounts. In 2013, as part of the Whole-of-Government banking arrangements, the Directorate transitioned banking services from the Commonwealth Bank to Westpac Banking Corporation. As part of these arrangements, the Directorate received interest at the rate of 3.44% (4.87% in 2012). These funds are able to be withdrawn upon request.

 

  2013
$’000
2012
$’000
Cash on Hand 46 47
Cash at Banka 9,516 69,332
Total Cash and Cash Equivalents 9,562 69,379

 

a) The decrease in cash at bank is mainly due to the 2012 balance being unusually high due to the levels of payables associated with cash drawn down from Treasury and the timing of the payment of capital works invoices.