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Fair value measurement | 12 Months Ended
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Jun. 30, 2021
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Fair value measurement | Note 22. Fair value measurement Fair value hierarchy The following tables detail the consolidated entity’s assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability
Consolidated - 2021 |  | Level 1 A$’000 |  |  | Level 2 A$’000 |  |  | Level 3 A$’000 |  |  | Total A$’000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | 1,015 |  |  |  | 1,015 |
Total liabilities |  |  | — |  |  |  | — |  |  |  | 1,015 |  |  |  | 1,015 |
Consolidated - 2020 |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | 1,845 |  |  |  | 1,845 |
Total liabilities |  |  | — |  |  |  | — |  |  |  | 1,845 |  |  |  | 1,845 |
There were no transfers between levels during the financial year. The fair value of contingent consideration related to the acquisition of Glioblast Pty Ltd and the licence agreement is estimated by probability-weighting the expected future cash outflows, adjusting for risk and discounting. The effects on the fair value of risk and uncertainty in the future cash flows are dealt with by adjusting the estimated cash flows rather than adjusting the discount rate. The estimated cashflows were adjusted based on the directors’ assessment of achieving contracted milestones as disclosed in Note 15. The probabilities used fell in the range of 35% to 55% and were informed by generally accepted industry probabilities of drugs achieving certain milestones in their progression towards registration. Level 3 assets and liabilities Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
|  | Level 3 A$’000 |  |  | Available for sale A$’000 |  |  | Total A$’000 |
Consolidate d |  |  |  |  |  |  |  |  |  |  |  |
Balance at 1 July 2019 |  |  | 1,370 |  |  |  |  |  |  |  | 1,370 |
Losses recognised in profit or loss |  |  | 475 |  |  |  | — |  |  |  | 475 |
Balance at 30 June 2020 |  |  | 1,845 |  |  |  |  |  |  |  | 1,845 |
Losses recognised in profit or loss |  |  | 2,570 |  |  |  |  |  |  |  | 2,570 |
Payout of milestone |  |  | (3,400 | ) |  |  |  |  |  |  | (3,400 | )
Balance at 30 June 2021 |  |  | 1,015 |  |  |  | — |  |  |  | 1,015 |

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- Definition The entire disclosure for fair value measurement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IFRS13_g91-99_TI -URIDate 2020-01-01 + Details
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