As at 30 June 2020, $19.46 billion had been drawn down from the aforementioned $19.5 billion loan facility with the Commonwealth Government.

The loan agreement with the Commonwealth Government has a fixed interest rate of 3.96 per cent per annum, with interest payable monthly over the life of the facility. The full principal amount of the loan is to be repaid by 30 June 2024.

Recognition and measurement

All loans are initially recorded at fair value, which typically reflects the proceeds received, net of directly attributable transaction costs. Establishment fees paid upon entering into loan facilities are recognised as transaction costs related to the loan to the extent that it is probable that some or all of the loan facility will be drawn down. In this case, establishment fees are deferred until the drawdown occurs. If it is not deemed probable that some or all of the loan facility will be drawn down then the fee is capitalised as a prepayment and amortised over the period of the related loan facility.

After initial recognition, all interest bearing loans are measured at amortised cost, using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.