32 Commitments

The Group’s commitments for capital expenditure were US$3,308 million as at 30 June 2019 (2018: US$2,110 million). The Group’s other commitments are as follows:

Commitments under
finance leases

Commitments under
operating leases

2019

2018

2019

2018

US$M

US$M

US$M

US$M

Due not later than one year

110

127

440

388

Due later than one year and not later than five years

417

448

876

785

Due later than five years

501

590

589

839

Total

1,028

1,165

1,905

2,012

Future financing liability

(313

)

(363

)

Finance lease liability

715

802

Finance leases include leases of power generation and transmission assets. Certain lease payments may be subject to inflation escalation clauses on which contingent rentals are determined. The leases contain extension and renewal options.

Operating leases include leases of property, plant and equipment. Rental payments are generally fixed, but with inflation escalation clauses on which contingent rentals are determined. Certain leases contain extension and renewal options. From 1 July 2019, IFRS 16/AASB 16 ‘Leases’ became effective for the Group. Refer to note 38 ‘New and amended accounting standards and interpretations’.