77 All figures are in A$000's 2023 2022 Contingent liabilities at balance date, not otherwise provided for in the annual financial statements, arising from guarantees in the normal course of business from which it is anticipated that no material liabilities will arise: - bank guarantees 175,628 52,052 - letters of credit - 3,356 - insurance bonds 362,969 351,579 Total contingent liabilities 538,597 406,987 Consolidated 19. Contingent Liabilities The group has banking and bonding facilities of $721.5 million (2022: $665.6 million). The assets of the Group are pledged under a fixed and floating charge as security controlled by ANZ Fiduciary Services Pty Ltd (Security Trustee) on behalf of the secured lenders. As at 30 June 2023, the Group had $159.8 million (2022: $258.6 million) available (unused) under these facilities. The Group is, from time to time, involved in various legal disputes arising in the ordinary course of business. Depending on the merits, legal disputes can translate into future claims and legal proceedings which will be defended vigorously by the Group. Exposures may arise from the normal course of business including contractual penalties associated with ongoing projects. Where required, adequate provision is made for all liabilities which are expected to materialise, however if the outcome of claims or legal disputes are possible but not probable, they are not disclosed as a provision. Based on internal and external assessments, advice from legal advisors and counsel, the Board believes that there is significant uncertainty as to whether a future exposure or liability will arise in respect of claims or legal disputes, and as such they are remote. The Board believes that the Group has strong defences for claims and legal disputes, and any adverse decisions in relation to contingent liabilities will not have a material adverse effect on the financial position of the Group. The directors are of the opinion that all known liabilities have been recognised and that adequate provisions have been recognised. The Group is subject to routine tax audits via the ATO in Australia and in certain other overseas jurisdictions. The ultimate outcome of any tax audit cannot be determined within any acceptable degree of reliability at this time. The Group believes that it is making adequate provision for its taxation liabilities (including amounts shown as current and deferred tax liabilities). However, there may be an impact to the Group if any revenue authority investigations results in an adjustment that increases the Group's taxation liabilities.
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