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Net finance costs | 12 Months Ended
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Jun. 30, 2021
Text block [abstract] |
Net finance costs | 22 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.
Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets.

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- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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