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Net finance costs (Tables) | 12 Months Ended
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Jun. 30, 2021
Text block [abstract] |
Summary of Net Finance Costs |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$M |  |  | US$M |  |  | US$M |
Financial expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense using the effective interest rate method: |  |  |  |  |  |  |  |  |  |  |  |
Interest on bank loans, overdrafts and all other borrowings |  |  | 610 |  |  |  | 1,099 |  |  |  | 1,296 |
Interest capitalised at 2.83% (2020: 4.14%; 2019: 4.96%) (1) |  |  | (248 | ) |  |  | (308 | ) |  |  | (248 | )
Interest on lease liabilities |  |  | 109 |  |  |  | 90 |  |  |  | 47 |
Discounting on provisions and other liabilities |  |  | 467 |  |  |  | 452 |  |  |  | 470 |
Other gains and losses: |  |  |  |  |  |  |  |  |  |  |  |
Fair value change on hedged loans |  |  | (779 | ) |  |  | 721 |  |  |  | 729 |
Fair value change on hedging derivatives |  |  | 704 |  |  |  | (788 | ) |  |  | (809 | )
Loss on bond repurchase (2) |  |  | 395 |  |  |  | – |  |  |  | – |
Exchange variations on net debt |  |  | 99 |  |  |  | (18 | ) |  |  | 6 |
Other |  |  | 21 |  |  |  | 14 |  |  |  | 19 |
Total financial expenses |  |  | 1,378 |  |  |  | 1,262 |  |  |  | 1,510 |
Financial income |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (73 | ) |  |  | (351 | ) |  |  | (446 | )
Net finance costs |  |  | 1,305 |  |  |  | 911 |  |  |  | 1,064 |
(1) | Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$74 million (2020: US$92 million; 2019: US$74 million).
(2) | Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement.

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