REA Group Ltd Annual Report 2021

Notes to the Consolidated Financial Statements for the year ended 30 June 2021 REA Group Ltd | Annual Report 2021 OUR PEOPLE This section provides information about employee benefit obligations, including annual leave, long service leave and post- employment benefits. It also includes details about employee share plans. 17. Employee benefits Accounting policies Wage and salary liabilities are recognised in respect of employeesʼ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. Long service leave liabilities are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognised in the Consolidated Income Statement. Termination benefits are payable when employment is terminated before the normal retirement date or an employee accepts voluntary redundancy in exchange for these benefits. It is recognised when the Group is demonstrably committed to either terminating employment according to a detailed formal plan without possibility of withdrawal or to providing termination benefits as a result of an offer made to encourage voluntary redundancy. Share-based payments are further described in Note 18. Provisions are measured at the present value of the Groupʼs best estimate of the expenditure required to settle the present obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. 2021 $ʼ000 2020 $ʼ000 Employee benefits Salary costs 208,084 168,763 Defined contribution superannuation expense 17,049 16,505 Share-based payments expense 9,097 4,931 Total employee benefits expenses 234,230 190,199 Provisions Current employee benefit provisions 1 13,794 7,625 Non-current employee benefit provisions 2 4,852 2,814 Total employee benefit provisions 18,646 10,439 1 Included within current provisions. 2 Included within non-current provisions. 100 Financial Statements