ࡱ> 35./012 =bjbj 6Bx ++9b:p::::::8;l;:gn>?T?T?L?????*j,j,j,j,j,j,j,EwyNXj:?????XjdG::??!ndGdGdG?:?:?*jdG?*jdGdG2*fiOhBg.j7n0gn(hrEzdGEz\idG:i|???XjXjdG???gnEz?????????+ 8:   Assessing cross-subsidy in Australia Post 201213 June 2014 Glossary ԭAustralian Competition and Consumer CommissionAPCAAustralian Postal Corporation Act 1989attributable costcosts that are part of a pool of common costs identifiable to a particular service by a separable cause-and-effect relationshipAustralia PostAustralian Postal Corporationcross-subsidya cross-subsidy occurs where profits from the supply of a service are used to cover a loss incurred in the supply of another serviceCCACompetition and Consumer Act 2010 (formerly Trade Practices Act 1974)direct costcosts that are solely associated with a particular service and so are incremental to providing that servicefully distributed costthe sum of direct, attributable and unattributable costs allocated to the particular service or group of servicesincremental costthe additional cost incurred by producing a good or service (in addition to the other goods the firm produces)non-reserved servicesservices not subject to Australia Posts statutory monopoly (i.e. generally, services it provides in competition with other businesses)PreSort lettersAustralia Posts PreSort letter service is a bulk mail service that provides discounted prices for business customers that barcode and sort their letters prior to lodgement.RAFregulatory accounting frameworkrecord keeping rule (RKR)a requirement by the ԭ that Australia Post keep certain recordsregulatory accountsthe statement of financial performance, statement of capital employed, statement of movements in non-current asset values, statement of WACC and statement of service group usage required by the RKRs to be provided by Australia Post to the ԭreserved servicespostal services reserved to Australia Post under the APCA legislation (i.e.noother entity can provide these services)segmentFor the purpose of compliance with the ԭs regulatory accounting framework, Australia Post combines service groups into broader segments. Australia Posts segments in 2012"13, were mail (reserved and non-reserved), parcels and express, retail and other services.service groupthe service groups defined in Schedule 1 of the RKR information provided by Australia Post (for example, retail services is a service group)stand-alone costthe cost of producing each output or service in isolationunattributable costa cost that is part of a pool of common costs but is not readily identifiable (in whole or part) to any particular service by a separable cause-and-effect relationshipUPUUniversal Postal UnionWACCweighted average cost of capital Key findings The ԭ is satisfied that Australia Posts reserved (or statutory monopoly) services, at an aggregate level, were not a source of subsidy for its non-reserved services. Rather, they were a possible recipient of a subsidy from non-reserved services. " While Australia Post s overall revenues were greater than overall costs in 2012"13 and have generally been since the ACCC started monitoring for cross-subsidy in 2004"05, the level of cost recovery of reserved services has been declining together with letter volumes. Reserved services has been a potential recipient of a subsidy since 2009"10. " Revenue from Australia Post s non-reserved services (as a whole) in 2012"13 was greater than the estimate of the stand-alone cost of providing non-reserved services. The ACCC is therefore satisfied that non-reserved services (as a whole) did not receive a subsidy. Rather, they were a source of subsidy in2012"13. " While this outcome is not a focus in terms of this particular role, it does suggest that, on the basis of its 2012"13 accounting data and cost allocations, Australia Post has a strong market position in certain contestable services (such as parcels). These services are able to subsidise the services that are subject to Australia Post s statutory monopoly (i.e. reserved letter services).  Parcels and logistics services has been a source of subsidy in 2011"12 and 2012"13 and retail and agency services were also a source of subsidy in 2012"13 after having been a potential source of subsidy in all previous years the ACCC has been monitoring cross-subsidy. " At a service group level, revenue from small ordinary letters, small PreSort letters and large PreSort letters was not sufficient to recover those costs that are solely associated with providing the service ( direct costs) as well as those costs that are part of a pool of common costs but which are identifiable to the service ( attributable costs) in 2012"13. In the case of small ordinary letters, this has been the case in each year for which the ACCC has monitored cross-subsidy (with the exception of 2004"05). "  Other services , a non-product service group received a subsidy from other non-reserved services in 2012"13. " A number of other non-reserved service groups may also have received a subsidy from non-reserved services in 2012"13 international inward letter services, international inward parcel services and  other letter mail services . 1. Introduction The ACCC has a role under the Australian Postal Corporation Act 1989 (APCA) to assess whether Australia Post is cross-subsidising its non-reserved services (generally, services it provides in competition with others) with revenues from its reserved (statutory monopoly) services. This would be a concern because Australia Post could damage competition in competitive markets by the use of its legislated monopoly. This report presents the results of the ԭs cross-subsidy analysis based on Australia Posts regulatory accounts for the 2012"13 financial year. In undertaking this cross subsidy analysis, the ACCC has adjusted the regulatory accounts submitted by Australia Post to allow for a return on capital. The ACCC believes a return on capital is a legitimate cost to business. Accordingly the conclusions and cross-subsidy tests results in this report are presented on a capital-adjusted basis, unless otherwise noted. However, as discussed in appendix A, cost figures presented in this report do not include a return on capital. This approach allows readers to reconcile the figures presented with Australia Posts annual report, and recognises Australia Posts claim of confidentiality over its weighted average cost of capital (WACC) and its components. The remainder of this report is structured as follows: Section 2 provides an overview of Australia Post and the ԭs roles in the regulation of postal services Section 3 outlines the ԭs framework for monitoring for cross-subsidy Section 4 sets out the results of the ԭs cross-subsidy analysis for 2012"13 " Section 5 presents the ACCC s conclusions Appendix A outlines Australia Post s cost allocation methods and accounting policies. 2. Background This report presents the results of the ACCC s analysis of Australia Post s regulatory accounts for the 2012"13 financial year in order to determine whether Australia Post cross-subsidised its contestable services with revenue from its monopoly letter services. The ACCC was given this role in 2004 in response to complaints by competitors that Australia Post was damaging competition by cross-subsidising its contestable services with revenues from its reserved services. In June2004 the APCA was amended to provide for the ԭ to issue a Record Keeping Rule (RKR) that would enable the ԭ to scrutinise whether or not Australia Post is cross-subsidising from reserved services to the services it provides in competition with others. The ԭ issues reports on its assessment of cross-subsidy in Australia Post on an annual basis. This is the ninth of these reports. This section provides an overview of Australia Posts obligations in providing postal services and the ԭs role in the regulation of postal services. 2.1 Australia Posts functions and obligations Australia Post is the government-owned provider of postal services in Australia. At the end of 2012"13, Australia Post employed approximately 32700 people and operated around 4430 retail outlets. In 2012"13 Australia Post delivered approximately 4.6billion items of mail to 11.2million Australian addresses, and had over 194million customer visits to its retail outlets. Inthat financial year, it reported a post-tax net profit of $311.9million (an operating profit before tax of $402.8million), representing a return of 11.4percent on average operating assets and a return on equity of 18.5percent. The APCA requires that Australia Post: as far as is practicable, perform its functions in a manner consistent with sound commercial practice meet certain community service obligations (outlined below) perform its functions in a way consistent with general government policy and any directions given by the Minister. Australia Post has a community service obligation to supply a letter service. The purpose of the letter service is to carry, by physical means, letters within Australia and between Australia and places outside Australia. For letters that are standard postal articles, Australia Post must make the letter service available at a single uniform rate of postage for carriage within Australia. In recognition of the social importance of the letter service, Australia Post must ensure that: the letter service is reasonably accessible to all people on an equitable basis, wherever they reside or carry on business the performance standards of the letter service reasonably meet the social, industrial and commercial needs of the Australian community. 2.2 Services reserved to Australia Post In recognition of its community service obligations, Australia Post has a general monopoly in the carriage and delivery of letters within Australia, subject to some specific exemptions. The services covered by this monopoly are generally referred to as reserved services. They extend to: the collection within Australia of letters for delivery within Australia the delivery of letters within Australia. The term letters has a meaning that is wider than its general usagethe APCA defines letter as meaning any form of written communication that is directed to a particular person or a particular address. Australia Post also has the exclusive right to issue postage stamps within Australia. As noted above, the monopoly in relation to reserved services is subject to a number of exceptions, which are detailed in section30 of the APCA. Some of these include: the carriage of a letter weighing more than 250grams the carriage of a letter relating to goods that is sent and delivered with the goods the carriage of a newspaper, magazine, book, catalogue or leaflet, whether or not directed to a particular person or address and whether or not enclosed in any sort of cover the carriage of a letter otherwise than for reward the carriage of a letter on behalf of a foreign country under a convention the carriage of a letter within Australia for a charge or fee that is at least four times the then rate of postage for the carriage within Australia of a standard postal article by ordinary post. 2.3 ԭ role in the regulation of postal services The ԭ has three key roles in the regulation of postal services under the Competition and Consumer Act 2010 (CCA) and the APCA. This report deals only with one of these roles, pursuant to which the ԭ has the power to require Australia Post to keep certain records, by issuing record keeping rules (RKRs). The ԭ also has two other roles under the CCA and the APCA: assessing proposed price increases of Australia Posts notified services under Part VIIA of the CCA inquiring into certain disputes regarding the terms and conditions on which Australia Post supplies its bulk mail services. 2.4 Record keeping rule powers In March 2005 the ACCC issued an RKR that established a regulatory accounting framework (RAF) for Australia Post. In accordance with this RKR, Australia Post has submitted regulatory accounts to the ACCC for each financial year from 2004"05. The primary purpose of the RAF is to allow the ԭ to assess whether Australia Post is cross-subsidising from its reserved services to the services it provides in competition with others. The rationale for this is that a situation where a monopolist is able to cross-subsidise its contestable services by revenues from its monopoly services may damage competition in the markets in which it competes, because the monopolist is able to sustainably maintain prices in those markets below cost using profits from its monopoly services. In such a situation, customers that use the monopoly services are charged higher prices that contain a subsidy for the customers that use the monopolists competitive services. This may result in economically inefficient over-consumption of non-reserved services, and may also negatively affect the competitiveness of the non-reserved service market. Additionally, in such a situation an economic inefficiency arises because prices for the monopoly services are, on the whole, at higher than competitive levels. The ԭ may prepare and publish reportsor may be directed by the Minister to prepare and publish reportsanalysing information provided to it under the RKRs. Such reports may include information that Australia Post claims is commercial-in-confidence if: the ԭ is not satisfied that the claim is justified, or the ԭ considers it in the public interest to publish the information. 3. Framework for monitoring for cross-subsidy The term cross-subsidy is often used to refer to any case where the profit from providing one service is used to cover a loss incurred in providing another service. In monitoring for the presence of cross-subsidies from the monopoly reserved services to the contestable non-reserved services, the ԭ seeks to identify whether the revenue from any non-reserved service group is less than the incremental cost of providing that service group and whether the revenue generated by reserved services is greater than the stand-alone cost of providing them. As discussed in section 3.1 below, in assessing Australia Post s regulatory accounts for the presence of cross subsidy, the ACCC relies on accounting proxies for economic stand-alone and incremental costs. The assessment of whether a cross-subsidy occurs is independent of the question of the efficiency of Australia Posts costs, which the ԭ has historically considered as part of its price notification assessments. 3.1 Economic vs accounting costs The ԭ considers that Australia Post would be likely to incur significant compliance costs if it were required to keep financial records on the economic cost concepts of stand-alone and incremental costs. Such a requirement would entail devising new estimates of costs, revenues and assets on a different basis to the one Australia Post currently uses to keep its accounting records. Accordingly, the incremental and stand-alone costs referred to in this report are based on accounting data and provide a proxy for what the true economic incremental or stand-alone costs may be. The cost proxies used by Australia Post are direct, attributable and unattributable costs: direct account items are solely associated with a particular service and will be incremental to providing that service attributable account items are part of a pool of common account items that are identifiable to a particular service by a separable cause-and-effect relationship unattributable account items are part of a pool of common account items but are not readily identifiable (in whole or part) to any particular service by a separable cause-and-effect relationship. These cost proxies are described in more detail in appendix A.1. 3.2 Testing for cross-subsidy The formal definition of cross-subsidy that has developed in the economic literature comprises two tests that compare a service s revenues to different cost concepts. " the stand-alone cost test for whether a service is a source of cross-subsidy: " In testing Australia Post s regulatory accounts for cross-subsidy, the lower bound of the stand-alone cost test is the service s fully distributed cost. Where the service s revenue exceeds fully distributed cost (i.e. the sum of the service s direct, attributable and unattributable costs), it may be a source of subsidy. " The upper bound of the stand-alone cost test is the sum of the services direct and attributable costs, and the total of all of Australia Posts unattributable costs. Where the services revenue is above this upper bound, it is a definite source of subsidy. The incremental cost test for whether a service is a recipient of cross-subsidy: " In testing Australia Post s regulatory accounts for cross-subsidy, where revenue is less than direct costs, the service is a recipient of a subsidy. This is the lower bound of the incremental cost test. " Where revenue is sufficient to cover the direct costs, but less than the sum of direct and attributable costs, the service group may be the recipient of a subsidy. This is the upper bound of the incremental cost test. The range of possible cross-subsidy results is presented graphically at Chart3.1 below. Chart 3.1 Range of possible cross-subsidy results  Further details about how the ԭ applies these cross-subsidy tests is outlined in the document titled ԭ tests for assessing cross-subsidy in Australia Post which is available on the ԭ website at HYPERLINK "http://www.accc.gov.au/publications/assessing-cross-subsidy-in-australia-post"http://www.accc.gov.au/publications/assessing-cross-subsidy-in-australia-post. 4. Analysis of Australia Posts 201213 accounts This section sets out the results of the ԭs analysis of Australia Posts regulatory accounts for 2012"13. Australia Post s current business structure has four business groups: " Mail: The collection, processing and distribution of mail items, digital communications and associated services. This is comprised of: " reserved letters the collection, processing and distribution of domestic letters defined as reserved by the APCA " non-reserved mail the processing and distribution of non-reserved domestic letter services " Parcel and Express: The processing and distribution of parcel and express products, international mail services along with freight forwarding operations. Retail: Provision of postal products and services, agency services, mail boxes and bags, financial services and other retail merchandise, principally philatelic, stationery, telephony, greeting cards, gifts and souvenirs. Other services. As discussed in appendix A.2, the test results outlined below were performed using capital-adjusted coststhat is, Australia Posts accounting costs were adjusted to include a rate of return on the capital employed for each service group. The ԭ does not endorse Australia Posts proposed WACC either for the purposes of cross-subsidy analysis or for other purposessuch as a price notification. Nor does the ԭ endorse the various input parameters used by Australia Post in its statement of WACC. However, a lower WACC, such as that used in the ԭs decision on the 2014 price notification, does not affect the ԭs key finding in this report which is that Australia Posts reserved services were not a source of subsidy for its non-reserved services. Accordingly, it is not necessary for the ԭ to determine a precise WACC for current purposes. Furthermore, the test results are generally robust whether or not the capital adjustment occurs (i.e. the capital adjustment only affects the size of the subsidy). Despite use of the capital-adjusted costs in testing, all dollar cost figures in this report are reported on a non-capital adjusted basis. This approach allows readers to reconcile the figures presented with Australia Posts annual report, and recognises Australia Posts claim of confidentiality over the information contained in the statement of capital employed. The ԭ has applied the incremental cost test and the stand-alone cost test to each of the service groups, and the broader segments. The overall conclusion based on Australia Posts regulatory accounts is that the non-reserved services did not receive a subsidy from reserved services. On the contrary, non-reserved services were a source of subsidy in 2012"13. This result, which is broadly consistent with past cross-subsidy reports suggests that, on the basis of its 2012"13 accounting data and cost allocations, Australia Post has a strong market position in certain contestable services (such as parcels). These services are potentially able to subsidise the services that are subject to Australia Post s statutory monopoly (i.e. reserved letter services). The following table presents the cross-subsidy test results for 2012"13 based on the products and service types specified in Australia Post s 2012"13 regulatory accounts. Table 1: Results of 2012"13 cross-subsidy tests on a capital adjusted basis Is the service group a recipient of a subsidy? (Revenues less than incremental costs)Is the service group a source of a subsidy? (Revenues greater than stand-alone costs)DefinitelyPotentiallyDefinitelyPotentially(revenues less than the lower bound of incremental cost: i.e.direct costs)(revenues less than the upper bound of incremental cost: i.e.direct and attributable costs)(revenues greater than the upper bound of stand-alone cost: i.e.fully distributed costs plus all other unattributable costs)(revenues greater than the lower bound of stand-alone cost: i.e.fully distributed costs)Total reserved lettersNO YESNONOSmall letters ordinaryNO YESNONOLarge letters ordinaryNONONO YESSmall letters pre sortNOYESNONOLarge letters pre sortNOYESNONOTotal non-reserved mailNO YESNONOLarge letters ordinaryNONONO YESLarge letters pre sortNONONONOOther letter mail servicesNO YESNONOOther letter associated servicesNONONONOTotal parcels and expressNONO YES YESInternational outward lettersNONONO YESInternational inward lettersNOYESNONODomestic parcelsNONO YES YESInternational outward parcelsNONONO YESCourier servicesNONONO YESInternational inward parcelsNO YESNONOLogisticsNONONOYESTotal retail servicesNONO YESYESRetailNONONOYESFinancial servicesNONONOYESTotal other services YES YESNO NOTotal reserved services NO YESNO NOTotal non-reserved services NO NO YES YESTotal letter services NO YES NONOTotal non-letter services NONO YES YESTotal mail services NONONO NOTotal non-mail services NONO NO YES A time-series of the results of the ԭs cross-subsidy tests on Australia Posts regulatory account data is presented in Table2. As outlined in Chart 3.1 there are five possible cross-subsidy results. An Australia Post service can be either a: Recipient of a subsidyPotential recipient of a subsidyNeither recipient nor source of a subsidyPotential source of a subsidySource of a subsidy Table 2: Results of cross-subsidy tests from 2004"05 to 2012"13 on a capital adjusted basis Service group2004 052005 062006 072007 082008 092009 102010 11 2011"122012"13Total reserved lettersSmall letters ordinaryLarge letters ordinarySmall letters PreSortLarge letters PreSortTotal non-reserved lettersLarge letters ordinaryLarge letters PreSortInternational inward lettersInternational outward lettersOther letter mail servicesOther letters associated servicesTotal parcels and logisticsDomestic parcelsInternational inward parcelsNAInternational outward parcelsNACourier servicesNALogisticsTotal retail and agencyRetailFinancial servicesTotal other servicesNATotal reserved servicesTotal non-reserved servicesTotal letter servicesTotal non-letter servicesTotal mail servicesTotal non-mail servicesTOTAL LEGENDRecipient of a subsidyPotential source of a subsidyPotential recipient of a subsidySource of a subsidyNeither recipient nor source of a subsidyService group did not exist19NA 4.1 Key trends and changes over time The following section outlines the general trends over the nine years that the ԭ has been conducting its cross-subsidy analysis. Total business In 2012"13, Australia Post s overall revenues were greater than overall costs. This was the case in all of the prior years except 2009"10, in which Australia Post s regulatory accounts were affected by $150million of restructuring costs. Broad business area Australia Post s business operation can be categorised into a number of broad areas where there is a similarity of products sold and/or the services provided. " Reserved services have been a potential source of subsidy in 2004"05, neither the recipient nor source of a subsidy from 2005"06 to 2008"09, and a potential recipient of a subsidy from 2009"10 to 2012"13. In general, the cost recovery of reserved services has been declining together with letter volumes. " Non-reserved services have been a source of subsidy for each of the years (except in 2009"10 in which they were a potential source of subsidy). " Letter services (reserved and non-reserved) as a whole have been a source of subsidy in 2004"05, potentially a source of subsidy from 2005"06 to 2007"08, neither the recipient nor source of a subsidy in 2008"09 and a potential recipient of a subsidy from 2009"10 to 2012"13. Like reserved letters, letter services cost recovery has followed the trend of overall letter volumes. " Non-letter services as a whole have been a potential source of subsidy in 2004"05 and from 2007"08 to 2009"10, and a source of subsidy in 2005"06 and 2006"07 and from 2010"11 to 2012"13. " Mail services (includes letters and parcels) have been a source of subsidy in 2004"05 to 2008"09, neither the recipient nor source of a subsidy in 2009"10 to 2012"13. " Non-mail services (all services except letters and parcels) have been potentially a source of subsidy in all years the ACCC has been monitoring cross-subsidy. Service group Australia Posts has a number of service groups which it reports on in its regulatory accounts. These services groups are either reserved or non-reserved services. Reserved letter services: see reserved services above. Non-reserved letter services segment have been a potential source of subsidy from 2004"05 to 2010"11 but were a potential recipient of subsidy in 2011"12 and 2012"13. " Parcels and logistics services have been potentially a source of subsidy from 2004"05 to 2010"11 and were a definite source of subsidy from 2011"12 to 2012"13. The  logistics services service group was a potential source of subsidy in 2011"12 and 2012"13 whereas in previous years the segment had been the recipient of subsidy. This mainly reflects the sale of a major part of Australia Post s  logistics services service group in 2011"12. " Retail and agency services segment was a source of subsidy in 2012"13 but has been a potential source of subsidy in all other years the ACCC has been monitoring cross-subsidy. " Other services segment has been a potential source of subsidy in 2005"06 and 2006"07, a potential recipient of a subsidy in 2007"08 and 2008"09, neither the recipient nor source of a subsidy in 2009"10, and a recipient of a subsidy from 2010"11 to 2012"13. 4.2 Did any service group receive a subsidy in 2012"13? Revenue for the following services in Australia Post s submitted 2012"13 regulatory accounts did not recover the direct and attributable costs of providing them, and the services were therefore recipients of a subsidy or potential recipients of a subsidy in 2012"13: " international inward letters (non-reserved) (section 4.2.1) " international inward parcels (non-reserved) (section 4.2.2) " other letter mail services (non-reserved) (section 4.2.3) " other services (non-reserved) (section 4.2.4) " small ordinary letters (reserved) (section 4.2.5) small PreSort letters (reserved) (section 4.2.5) large PreSort letters (reserved) (section 4.2.5) 4.2.1 International inward letters (non-reserved) Payment for the delivery of most international mail is overseen by the Universal Postal Union (UPU) under a system known as terminal dues. The terminal dues payable to the destination postal operator are not based on the actual costs incurred in delivering this mail. Rather, terminal dues remuneration is linked to a formula that uses a percentage of the basic postage rate. Revenues from the international inward letters were below the direct and attributable costs of providing these services in 2012"13. As shown in Table2, revenue from international inward letters has been below direct and attributable costs in each year for which the ACCC has monitored cross-subsidy (except2004"05). Table2 also shows that while there was an under-recovery of fully distributed costs in international inward letters, international outward letters over-recovered its fully distributable costs for each of the years. International letters as a group international inward and outward letters has not recovered its fully distributed costs in any year except 2004"05. Australia Post has advised that it expects international inward letters to continue to under-recover its direct and attributable costs. However, new terminal dues which took effect from 1January 2014 will increase the terminal dues paid to Australia Post. 4.2.2 International inward parcels (non-reserved) The inward international parcels service group relates to the receipt, handling, delivery and on-forwarding of inbound international parcels and related mail articles within Australia. For small parcels (i.e. less than 2kg) the remuneration Australia Post receives for these services is determined by the terminal dues system. As identified in Table 1, revenue from the international inward parcels was below the direct and attributable costs of providing the services in 2012"13. According to Australia Post, the performance of the service group is dependent on: parcel volumes the $A/SDR exchange rate domestic delivery costs. Australia Post has advised that the decline in the performance in this service group has been due to a shift in volume-mix towards the parcels less than 2kg category, which forms part of the terminal dues stream, where Australia Posts remuneration is currently linked by a formula to the basic postage rate. With the high Australian dollar and increase in online purchasing/shopping there has been rapid growth in volumes in this category. 4.2.3 Other letter mail services (non-reserved) The other letter mail services category contains a range of non-reserved letter services, such as Unaddressed Mail, Periodicals and Express Letters. This service group was a potential recipient of a subsidy in 2012"13. Australia Post has advised that this is due to the fact that, compared to volume, revenue for the service group is proportionally lower as it contains some low unit revenue products such as Unaddressed Mail. 4.2.4 Other services (non-reserved)  Other services is a category used by Australia Post that relates to non-product-specific operations of Australia Posts business, so there is no direct relationship between revenues, costs, profit and asset allocations. Revenue from other services includes miscellaneous revenue that cannot be attributed to other products, such as property rents, fee income and other revenue such as unclaimed money orders. Costs under other services consist of an allocation of corporate overheads and include property management for external leases. Assets purchased for future use are included under  other services . While revenue from  other services was greater than the sum of direct and attributable costs on a non capital-adjusted basis, it was less than just direct costs on a capital-adjusted basis, meaning that  other services received a subsidy in 2012"13 on a capital-adjusted basis. This reflects the fact that this segment carries many assets (including many non-income-generating properties), and thus adjusting for capital had a significant impact on the measure of cost recovery. 4.2.5 Domestic reserved services In 2012"13, revenue from small ordinary letters, small PreSort letters and large PreSort letters was below the direct and attributable costs of providing the respective services. The individual letter service trends are summarised below. " Small ordinary letter services have failed to recover their fully distributable costs since the ACCC began monitoring cross-subsidy in 2004"05. Revenue from small ordinary letters was below direct and attributable costs in each of the years from 2005"06 to 2012"13. Therecovery of direct and attributable costs has generally been decreasing since the ACCC began monitoring cross-subsidy, which may reflect the decline in letter volumes experienced in recent years. " Small PreSort letter services failed to recover their fully distributable costs in each of the years from 2007"08 to 2012"13. Revenue from small PreSort letters had been above the direct and attributable costs of providing these services from 2004"05 to 2008"09, but from 2009"10 to 2012"13 the service did not recover its direct and attributable costs. " Large PreSort letter revenues have failed to recover fully distributed costs in each of the years from 2008"09 until 2012"13. In 2009"10, 2010"11 and 2012"13 the service also under-recovered its direct and attributable costs. In summary, the ACCC s cross-subsidy analysis shows that small ordinary letter services, small PreSort letter and large PreSort letters services potentially received a subsidy in 2012"13. Howeverthe ACCC s cross-subsidy assessment is focused on detecting the situation where Australia Post is able to cross-subsidise its contestable services by revenues from its monopoly services. Such a situation may damage competition in the markets in which Australia Post competes, because it is able to maintain prices in those markets below cost. This situation does not arise when the reverse form of cross-subsidy occurs (i.e. where contestable services on the whole appear to be subsidising the monopoly services). 4.3 Are reserved services a source of subsidy? Large ordinary letters was the only reserved service group for which revenue was sufficient to recover fully distributed costs. Thus, the service group is a potential source of subsidy. Table 3 shows the 2012"13 revenue and cost recovery for total reserved services in comparison to total non-reserved services prior to a capital adjustment (2011"12 revenues and costs are provided for context). In total, revenue from reserved services did not recover the fully distributed costs of providing them. In fact, revenue from reserved services did not even recover their direct and attributable costs, which suggests that the reserved services at an aggregate level were a potential recipient of a subsidy. The fully distributed cost of reserved services is likely to underestimate the actual stand-alone cost of providing these services. In that case it is necessary to add back some of the unattributable costs that were allocated to non-reserved services (i.e. the unattributable costs that may be incurred by Australia Post whether non-reserved services were provided or not). However, identifying the appropriate amount to be added back is problematic. As discussed in Section3, one approach is to establish an upper bound on the stand-alone cost. This could be done by adding back all the unattributable costs that were allocated to all other services. Since reserved services revenue was substantially lower than the fully distributed costs of providing reserved services, adding back other unattributable costs will only increase the under-recovery. Accordingly, the ԭ is satisfied that, on the basis of Australia Posts regulatory accounts, the reserved services were not a source of subsidy. Table 3: Reserved and non-reserved services revenues and costs ($million) on a non-capital-adjusted basis 201112 reserved services201112 non-reserved services201213 reserved services201213 non-reserved servicesRevenue1806.43275.81716.54096.5Direct cost0.8700.70.71312.5Attributable cost1849.71991.41822.42131.7Unattributable cost70.3118.140.8106.2Fully distributed cost1920.82810.11863.93550.4Revenue less direct cost1805.52575.11715.72784.1Revenue less direct and attributable costs(44.2)583.8(106.6)652.3Revenue less fully distributed cost(114.4)465.7(147.4)546.1Revenue less fully distributed cost and all other unattributable costs(232.5)395.4(253.7)505.3 The ԭ has also applied the stand-alone cost test to other groups of services in order to identify possible sources of subsidy. Table 4 shows the cost recovery in 2012"13 for all of Australia Post s business segments (prior to a capital adjustment). The parcels and express and retail services segments, in addition to both recovering their fully distributed costs, also had revenue sufficient to recover all the unattributable costs allocated to all other services. Although reserved letter services as a whole did not provide a subsidy, it cannot be said with certainty that any other (non-reserved) service group provided a subsidy to other individual non-reserved services, such as other services. For greater certainty, further detailed information on Australia Posts shared costs would be required. However, this information is not readily available or necessary for the purposes of the current cross-subsidy report. Table 4: Australia Posts revenues and costs by segment totals ($million) on a non-capital-adjusted basis Reserved letter servicesNon-reserved mail servicesParcels and express servicesRetail servicesOther servicesRevenue1716.5491.32658.4904.342.5Direct cost0.7132.2778.7389.711.8Attributable cost1822.4377.41476.9277.4Unattributable cost40.89.150.546.6Fully distributed cost1863.9518.82306.2713.611.8Revenue less direct cost1715.7359.11879.7514.630.7Revenue less direct and attributable costs (106.6)(18.3)402.7237.330.7Revenue less fully distributed cost(147.4)(27.4)352.2190.730.7Revenue less fully distributed cost and all other unattributable costs(253.7)(165.4)255.790.2(116.4) 4.4 Total letter services and total mail services Australia Post has a strong market position in non-reserved letter services due to its wide-ranging collection and distribution networks, despite the fact that it does not have a legislated monopoly in the provision of non-reserved letter services. Accordingly, to identify possible sources of subsidy, the ԭ has applied the stand-alone cost test to: total letter services total mail services (total letter and total parcel services) Table 5 shows that revenue from total (reserved and non-reserved) letter services was less than the direct and attributable costs of providing these services even prior to a capital adjustment. Furthermore letter services appear to be a recipient of a subsidy from Australia Posts total non-letter services, the revenues from which were greater than total non-letter services fully distributed costs and all other unattributable costs. Table 5: Letter and non-letter revenues and costs ($million) on a non-capital-adjusted basis Total letter servicesTotal non-letter ServicesRevenue2390.23422.8Direct cost133.11180.1Attributable cost2373.81580.3Unattributable cost55.291.8Fully distributed cost2562.12852.2Revenue less direct cost2257.12242.7Revenue less direct and attributable costs(116.7)662.4Revenue less fully distributed cost(171.9)570.6Revenue less fully distributed cost and all other unattributable costs(263.7)515.3 Table 6 shows that, prior to a capital adjustment, revenue from aggregate letter and parcel services was greater than the fully distributed costs of providing these services and all of Australia Posts other unattributable costs. This was also the case for aggregate non-letter and non-parcel services. However, when adjusted for the cost of capital, aggregate letter and parcel services were neither a source or a recipient of a subsidy whereas aggregate non-letter and non-parcel services were a potential source of subsidy. Table 6: Letter and parcel and non-letter and non-parcel revenues and costs ($million) on a non-capital-adjusted basis Total letter and total parcel servicesTotal non-letter and non-parcel servicesRevenue4016.61796.4Direct cost161.31151.9Attributable cost3654.5299.6Unattributable cost98.748.4Fully distributed cost3914.51499.8Revenue less direct cost3855.3644.5Revenue less direct and attributable costs200.8344.9Revenue less fully distributed cost102.1296.6Revenue less fully distributed cost and all other unattributable costs53.7197.9 5. Conclusion The ԭ is satisfied that, on the basis of Australia Posts regulatory accounts, its monopoly letter services (as a whole) were not a source of subsidy in 2012"13. Rather they were a potential recipient of a subsidy from non-reserved services. This outcome suggests that, on the basis of its 2012"13 accounting data and cost allocations, Australia Post has a strong market position in certain contestable services (such as parcels). These services are able to subsidise the services that are subject to Australia Posts statutory monopoly (i.e. reserved letter services). The analysis in this report also indicates that, while certain non-reserved services received a subsidy, the source of their subsidy is the other non-reserved services, not reserved services. 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Australia Post s regulatory accounts for 2012"13 do not provide evidence of cross-subsidy from reserved services to non-reserved services. Revenue from reserved services was not sufficient to cover the lower or upper bound of the stand-alone costs test, which needs to be met for a service to be a potential source of subsidy. Indeed, in 2012"13 Australia Post s reserved services were a potential recipient of a subsidy, because, as a whole, reserved services did not recover their direct and attributable costs (the upper bound of the incremental cost test). Revenue from Australia Posts non-reserved services was greater than the upper bound of the stand-alone cost of providing non-reserved services. This means that non-reserved services as a whole are a source of subsidy. Furthermore, where certain non-reserved services (e.g. other services) received a subsidy, these must have been subsidised by other non-reserved services (e.g. the parcels and express segment was a non-reserved source of subsidy). 5.2 Did any service group receive a subsidy?  Other services , a category used by Australia Post that relates to non-product-specific operations of Australia Post s business, received a subsidy in 2012"13, when considered on a capital-adjusted basis. When considered on a non-capital-adjusted basis, other services was not a recipient of a subsidyit was a potential source of subsidy. However, any subsidy to other services is not a significant area of concern for the ԭ because other services is a non-product service segment so there is no specific product or service being subsidised. Additionally any subsidy to other services is being provided from other non-reserved services rather than the reserved services covered by Australia Post s statutory monopoly. Six other services may also have received a subsidy in 2012"13. Revenue from each of international inward letters, international inward parcels and  other letter mail services (all non-reserved services) was less than the respective direct and attributable costs of providing these services. Revenue from three reserved servicessmall ordinary letters, small PreSort letters and large PreSort letterswas less than their respective direct and attributable costs. Revenue from these six services did recover their respective direct costs. Therefore, to determine whether these services actually received a subsidy requires further analysis of the extent to which the costs attributed to these services represent their incremental costs. The information required to undertake this further analysis is only likely to be obtained by conducting a broader cost review. The ԭs role in assessing Australia Posts regulatory accounts for evidence of cross-subsidy is aimed at preventing Australia Post from using profits from its statutory monopoly services to harm its competitors in non-reserved services. As such, any cross-subsidy received by reserved services is not a focus for the ԭ in relation to this role, because the sources of the subsidy are not services covered by Australia Posts statutory monopoly. International inward letters and international inward parcels weighing less than 250 grams are also not subject to competition because these services are subject to UPU regulation. Other letter mail services are not reserved to Australia Post and are subject to competition. However, given that reserved services as a whole are a potential recipient of a subsidy, the cross-subsidy comes from other non-reserved services. Appendix A: Accounting policies and cost allocation The results of the cross-subsidy assessment will be affected by: the method of allocating costs to service groups (section A.1) Australia Posts accounting policies (section A.2) A.1 Cost allocation Australia Post allocates revenues, costs, and assets between service groups using its activity-based allocation model. Australia Post is required by the RAF to provide revenue and cost information (regulatory accounts) disaggregated by defined service groups and reported as direct, attributable or unattributable account items. Direct account items are account items that are solely associated with a particular service and will be incremental to providing that service (for example, cost of goods sold can be directly attributed to products sold in Australia Posts retail stores). Due to the shared and labour-intensive nature of Australia Posts operations, it has very few direct account items relating to its mail services (for example, most of the delivery costs would be shared by a number of mail and small parcel services, and are attributed to the product by the cost allocation methodology). Attributable account items are part of a pool of common account items that are identifiable to a particular service by a separable cause-and-effect relationship. For example, the labour costs associated with processing and delivering letters can be described as attributable, as these costs are attributed to particular mail and parcel services based on their revenues, volumes, and the relative effort of delivery/processing the product. Unattributable account items are part of a pool of common account items but are not readily identifiable (in whole or part) to any particular service by a separable cause-and-effect relationship. For example, costs associated with senior management and central support functions such as finance and corporate affairs are classified as unattributable items. Unattributable account items are allocated to particular service groups using some factor (such as, for example, relative use). 2014 Review of Australia Posts cost allocation methodology The ԭ completed a limited review of Australia Posts cost allocation methodology (CAM) in the context of its assessment of Australia Posts 2014 price notification. This review focused on the allocation of non-operational (indirect) costs to reserved services. This review did not identify any systematic bias in Australia Posts CAM that would likely lead to a higher allocation of non-operational costs to reserved services. A.2 Australia Post s accounting policies Australia Post s 2012"13 regulatory accounts have been prepared to be consistent with, and are reconcilable with, the company s annual report. The financial accounts in Australia Post s annual report comply with Australian Accounting Standards . A.2.1 Accounting for a return on capital In conducting the tests discussed in Chapter 4 of the report, the ԭ used a capital-adjusted statement of financial performance. The ԭ believes a return on capital is a legitimate cost to business. As part of the ԭs cross-subsidy assessment the cost of capital is included in the cross-subsidy tests. Accordingly, in seeking to identify the existence of cross-subsidy, it is appropriate to identify and quantify this cost. The ԭ has applied the tests for cross-subsidy on both a capital-adjusted and a non-capital-adjusted basis and found that the results are generally robust whether capital adjustment is made or not. That is, adding a return on capital as a cost does not generally affect whether there is a subsidy, but only the magnitude of the subsidy. The ԭ does not endorse Australia Posts rate of return on capital (WACC) proposed in its statement of WACC either for the purposes of cross-subsidy analysis or for other purposessuch as a price notification. Nor does the ԭ endorse the various input parameters used by Australia Post in its statement of WACC. The ԭ notes that a lower WACC, such as that used in the ԭs decision on the 2014 price notification, does not affect the ԭs key finding in this report which is that Australia Posts reserved services were not a source of subsidy for its non-reserved services. While the conclusions presented in this report are generally presented on a capital-adjusted basis, cost figures presented in this report have not been adjusted to reflect a return on capital. This approach allows readers to reconcile the figures presented with Australia Posts annual report, and recognises Australia Posts claim of confidentiality over the capital employed figures. A.2.2 Changes to accounting policy As required under the RKRs, Australia Post has provided the ԭ with details of material changes to the accounting policies it implemented between the submission of the 2011"12 regulatory accounts and the 2012"13 regulatory accounts. Although there were no material changes to Australia Post s accounting policies, the structure of the 2012"13 regulatory accounts has been updated to align to Australia Post s current business structure. Overall the four operating segments in Australia Post s 2012"13 regulatory accounts are similar to the segments contained in the 2011"12 regulatory accounts. The reportable segments are based on aggregated operating segments determined by the similarity of the products sold and/or the services provided. The four primary operating segments include: " Mail: The collection, processing and distribution of mail items, digital communications and associated services. This is comprised of: " reserved letters the collection, processing and distribution of domestic letters defined as reserved by the APCA " non-reserved mail the processing and distribution of non-reserved domestic letter services " Parcel and Express: The processing and distribution of parcel and express products, international mail services along with freight forwarding operations. Retail: Provision of postal products and services, agency services, mail boxes and bags, financial services and other retail merchandise, principally philatelic, stationery, telephony, greeting cards, gifts and souvenirs. Other services: If items of revenue and expense are not allocated to the core operating segments then any associated assets are also not allocated to segments. The following are not allocated to operating segments as they are not considered part of the core operations of any segments: " activities incidental to the core product and service offerings, principally those which generate rental income, licence fees and other miscellaneous amounts " expenses representing costs that are attributable to unallocated revenues " assets include assets under construction, cash and held to maturity investments.  ACCC, Issues raised during consultation: Record keeping rules establishing a regulatory accounting framework for Australia Post, March2005 (published on the HYPERLINK "http://www.accc.gov.au/content/index.phtml?itemId=672018"ԭ website), p.3.  A situation where a monopolist is able to cross-subsidise its competitive services by revenues from its monopoly services may damage competition in the markets in which it competes, because the monopolist is able to sustainably maintain prices in those markets below cost, using profits from its monopoly services. This situation also means that prices for the monopoly services are, on the whole, at higher than competitive levels.  Explanatory memorandum for the Postal Services Legislation Amendment Bill2003, p.40. Section 50H(2) of the APCA provides the ԭ with authority to require Australia Post to keep certain records about its reserved services.  Australia Post annual report 201213.  Section 26 of the APCA.  Section 27 of the APCA.  Section 28 of the APCA.  Section 27 of the APCA.  Section3 of the APCA.  Section 50H of the APCA.  In 2011, the Australian Government limited prices surveillance of Australia Post letter services from all reserved services to certain letter services reserved to Australia Post. For example, the 70 cent basic postage rate (BPR) and other Ordinary letter services remain notified and thus subject to price notification requirements. The other services currently reserved to Australia Post are no longer notified. Refer Price Notification Declaration (Australia Post Letter Services) (No. 2) 2011.  Regulations made under section 32B of the APCA allow the ԭ to inquire into disputes about the terms and conditions, including price of access to Australia Posts bulk mail services.  Sections 50I and 50J of the APCA.  Sections 50K of the APCA.  ԭ, Regulation impact statement, record keeping rules for establishing a regulatory accounting framework for Australia Post, March2005, p.6.  GR Faulhaber, Cross-subsidization: pricing in public enterprises, American Economic Review, 65(5), December, 1975, pp.966 77.  In November 2012, Australia Post acquired Qantas 50percent interest in StarTrack making Australia Post StarTrack s sole shareholder. Australia Post s 2012"13 regulatory accounts included for the first time the business operation of StarTrack/pqC9Zd)RY& I  tLHK8Agd(n\<68:MN23[\vw38fgd'7NO34\]wxq  ",I,J,..00b0c00000044446677Y8Z888%9&9:: < <<<<<<< =ľľ hHuX0J&jhHuX0J&U hHuX0JXjhHuX0JXUUhHuX0J]^JjhHuXH*UhHuXjhHuXUK  I,..00444466$9%9::3gd t3gdHuX3. Theseoperations are classified by Australia Post as courier services.  Note that changes to Australia Posts accounting policies over time, in particular the classification of service groups, will impact on comparison of results over time. See ԭ cross-subsidy reports for 2004"05 to 2011"12 (available on the ACCC website) for details of changes to accounting policies over time.  In 2004"05 these service groups were combined with other service groups. See previous ACCC cross-subsidy reports which are available on the ACCC website at HYPERLINK "http://www.accc.gov.au/publications/assessing-cross-subsidy-in-australia-post"http://www.accc.gov.au/publications/assessing-cross-subsidy-in-australia-post for details of changes to service group classifications over time.  Australia Posts domestic logistics business was divested during the 2011"12 year as part of the company s  Future Ready program. From 1 October 2011, DHL took ownership of a number of Post Logistics Australasia (PLA) assets, customers and sites. PLA was historically the major component of the  logistics services service group.  Australia Post has advised that the major factor contributing to the increase in non-reserved services revenue in 201213 relates to the inclusion for the first time of StarTracks business operations in its reglatory accounts.  Australia Post has advised that the major factor contributing to the increase in non-reserved services direct cost in 2012"13 relates to the inclusion for the first time of StarTrack s business operations in its regulatory accounts.  Refer pages 10"13 of the ACCC s decision on Australia Post s 2014 price notification (which can be accessed at HYPERLINK "http://www.accc.gov.au/system/files/2014 Australia Post price notification decision - web site version.pdf"http://www.accc.gov.au/system/files/2014%20Australia%20Post%20price%20notification%20decision%20-%20web%20site%20version.pdf ) for further details about the ԭs 2014 review of Australia Posts CAM.  Australia Post annual report 2012"13, p.52.  The WACC is applied to the value of capital employed for each service group, and this cost of capital is added to the statement of financial performance to derive a  capital-adjusted statement of financial performance for each of the service groups.  ԭ, Issues raised during consultation: Record-keeping rules establishing a regulatory accounting framework for Australia Post, March2005 (published on the HYPERLINK "http://www.accc.gov.au/content/index.phtml?itemId=672018"ԭ website), p.3.     : < <= = = = ========= dgd'73 = = = ========hxjh!yUh!y 4 00:pHuX|. 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Introduction2. Background5 2.1 Australia Post’s functions and obligations2 2.2 Services ‘reserved’ to Australia Post7 2.3 ԭ role in the regulation of postal services# 2.4 Record keeping rule powers.3. Framework for monitoring for cross-subsidy% 3.1 Economic vs accounting costs" 3.2 Testing for cross-subsidy54. Analysis of Australia Post’s 2012–13 accounts) 4.1 Key trends and changes over time Total business Broad business area Service group> 4.2 Did any service group receive a subsidy in 2012−13?: 4.2.1 International inward letters (non-reserved): 4.2.2 International inward parcels (non-reserved)8 4.2.3 Other letter mail services (non-reserved), 4.2.4 Other services (non-reserved)) 4.2.5 Domestic reserved services3 4.3 Are reserved services a source of subsidy?6 4.4 Total letter services and total mail services5. Conclusion? 5.1 Did reserved services subsidise non-reserved services?1 5.2 Did any service group receive a subsidy?F 2014 Review of Australia Post’s cost allocation methodology Title HeadingsH 8@ _PID_HLINKSAwDNhttp://www.accc.gov.au/publications/assessing-cross-subsidy-in-australia-postU 9http://www.accc.gov.au/content/index.phtml?itemId=672018xokhttp://www.accc.gov.au/system/files/2014 Australia Post price notification decision - web site version.pdfwDNhttp://www.accc.gov.au/publications/assessing-cross-subsidy-in-australia-postU9http://www.accc.gov.au/content/index.phtml?itemId=672018  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%'()*+,-4Root Entry F؇M6Data "z1TablezWordDocument6BSummaryInformation(DocumentSummaryInformation8&CompObj` F Microsoft Word 97-2004 DocumentNB6WWord.Document.8