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Net finance costs
 12 Months Ended
Jun. 30, 2024
Text block 1 [Abstract]  
Net finance costs
23 Net finance costs
 
    
2024
     2023     2022  
    
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
   
 
1,467
 
     997       491  
Interest capitalised at 6.82% (2023: 5.71%; 2022: 2.90%)
1
   
 
(530
) 
     (271 )      (113 ) 
Interest on lease liabilities
   
 
181
 
     130       119  
Discounting on provisions and other liabilities
   
 
1,064
 
     1,293       645  
Other gains and losses:
       
Fair value change on hedged loans
   
 
(214
) 
     (803 )      (1,286 ) 
Fair value change on hedging derivatives
   
 
188
 
     691       1,277  
Exchange variations on net debt
   
 
27
 
     9       (99 ) 
Other
   
 
15
 
     14       16  
  
 
 
    
 
 
    
 
 
  
Total financial expenses
   
 
2,198
 
     2,060       1,050  
  
 
 
    
 
 
    
 
 
  
Financial income
       
Interest income
   
 
(709
) 
     (529 )      (81 ) 
  
 
 
    
 
 
    
 
 
  
Net finance costs
   
 
1,489
 
     1,531       969  
  
 
 
    
 
 
    
 
 
  
 
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$159 million (2023: US$81 million; 2022: US$34 million).
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.