Financial Position (continued) 2.4 Interest Bearing Liabilities 2024 $’000 2023 $’000 Lease liabilities 19,942 2,605 Total leases 19,942 2,605 Within 1 year 1,866 2,607 Between 1 to 5 years 8,457 - More than 5 years 13,225 - Total leases 23,548 2,607 2.4A: Leases Maturity analysis - contractual undiscounted cash flows Total cash outflow for leases for the year ended 30 June 2024 was $2.607m (2023: $2.499m). Accounting Policy Lease Right of Use (ROU) Assets Leased ROU assets are capitalised at the commencement date of the lease and comprise the initial lease liability amount, initial direct costs incurred when entering into the lease less any lease incentives received. These assets are accounted for by Commonwealth lessees as separate asset classes to corresponding assets owned outright, but included in the same column as where the corresponding underlying assets would be presented if they were owned. 2.5 Other Provisions Provision for restoration1 $’000 Total $’000 511 511 2.5A: Other provisions As at 1 July 2023 Additional provisions made 732 732 Amounts revalued (174) (174) Total as at 30 June 2024 1,069 1,069 1. Make good provisions for leasehold improvements for property leases which expires 30 June 2024 and 30 June 2034 respectively. Annual Report 2023–2024 • 75