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Note 10: Gains and Losses on Non-Financial Instruments

2017 Forecast Note Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m
1,276 Actuarial gains/(losses) on ACC outstanding claims 11 387 (5,099)
1,486 Actuarial gains/(losses) on GSF liability 20 964 (2,028)
63 Gains/(losses) on the Emissions Trading Scheme 21 73 (1,503)
(54) (101) Gains/(losses) on disposal or revaluation of property, plant and equipment (193) (18)
(30) Other gains/(losses) on non-financial instruments 90 12
(54) 2,694 Net gains/(losses) on non-financial instruments 1,321 (8,636)

The ACC and GSF liabilities are valued by an independent actuary (refer notes 11 and 20).  Actuarial gains/(losses) represent differences between actual results and what the actuary had assumed when previously calculating the liability and the effect of changes in actuarial assumptions (experience adjustments).

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