AFR Articles, page-55

I am thinking you have grossly misinterpreted what PC was saying about leases...

I believe he was referring to a change in accounting standards where operator's will have to recognise lease liabilities (such as the SNE FPSO lease) on their balance sheet. That is simply a book journal with an asset and a liability. All it does it gross up assets and liabilities and it only really impacts gearing and a few other balance sheet ratios.

There is no change as to who has to physically pay what and when, there is also no change to legal rights, debts etc as Whiskey correctly pointed out in an earlier post.
It is purely a book journal that CEO's will want to avoid as it messes with some ratios, it doesnt change the underlying finacial performance or position of WPL or FAR.