Notes to the Financial Statements (continued)  34. Commitments  CONSOLIDATED  PARENT  2003  2002  2003  2002  $000  $000  $000  $000  Not later than one year  34,521  35,935  -  -  Not later than one year  6,897  8,816  -  -  Later than one year but not later than five  years  4,787  11,204  -  -  Minimum finance lease payments  11,684  20,020  -  -  Deduct future finance charges  (845)  (1,888)  -  -  Deduct future GST recoverable  (775)  (1,749)  -  -  Total finance lease liabilities  10,064  16,383  -  -  Disclosed as follows:  Current liabilities (refer Note 18)  5,991  7,053  -  -  Non-current liabilities (refer Note 23)  4,073  9,330  -  -  10,064  16,383  -  -  Not later than one year  95,473  79,225  -  -  Later than one year but not later than five  years  285,900  215,311  -  -  Later than five years  163,171  127,226  -  -  544,544  421,762  -  -  Deduct future GST recoverable (8,009)  -  -  -  Total operating lease liabilities  536,535  421,762  -  -  Not later than one year  5,850  5,000  -  -  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003 63  Operating leases are entered into as a means of acquiring access to retail property and warehouse facilities. Rental  payments are renewed annually in line with rental agreements.  The directors do not consider turnover rents or CPI contingent rentals to be significant, hence, turnover rents are excluded  from contingent rentals. The average lease term is 5 - 7 years with the majority of leases having options for further terms.  There are no restrictions imposed by lease arrangements on dividends, additional debt or further leasing.  Rebel leases certain store fit-out assets, computers, motor vehicles and ski hire equipment under finance leases expiring  from one to five years. At the end of the lease term, Rebel has the right to purchase the assets at an agreed residual value.  All lease payments are determined at the commencement of the lease and remain fixed for the lease term. The finance  lease liabilities are secured by charges over the underlying assets financed (refer to Note 14 for net book value of  capitalised lease assets) but rank behind the security held by the bankers of Rebel.  (a) Capital expenditure contracted for but  not provided is payable as follows:  (b) Lease expenditure commitments (ii)  Operating lease expenditure contracted for is  payable as follows:  (c) Capital expenditure commitments on  behalf of joint ventures are payable as  follows:  (i)  Finance lease rentals are payable as follows: