History - 2017-present

Transforming for the future

In 2016, QTC implemented a two-year strategic change program that transformed the organisation. The program represented the most significant organisational change that QTC has seen, across all aspects of the business including systems, processes, information, people, organisational design, compliance, leadership, governance and culture. To realise the intent and benefits of QTC’s organisational transformation, focus areas were on recruitment and induction of new employees aligned to a new business operating model and organisational structure; and on delivering the ‘ideal’ organisational culture – agile, energised, outperforming and engaged. Mercer Independent Audit rated QTC in the uppermost maturity scores across all of its transformation domains and EY Independent Audit recognised it as “one of the most rapid deployments of its type”.

With an articulated commitment to employees to enable the ‘best work of their careers’, QTC’s key focus areas have been on delivering against leadership and professional development strategies in order to strengthen organisational capability.

Employee engagement surveys conducted in the years following the strategic change program highlighted the effectiveness of the holistic transformational change, with results from 2018 showing overall employee engagement placed QTC at around the 90th percentile of benchmark data, results from the 2019 cultural survey were recognised as ‘transformational’ by the Human Synergistics survey provider and placed QTC close to the top 10 per cent of organisations.

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Organisational transformation delivers multiple awards

As a result of harnessing organisational transformation through the strategic change program, QTC was recognised in 2019 by the world’s foremost culture and leadership experts for The Human Synergistics’s Culture Transformation Achievement Award. Receiving a Transformational Culture Achievement Award is a rare accomplishment and QTC qualified by showing a significant positive shift in the behaviour and attitude of its employees when measuring its culture using Human Synergistics’s diagnostic measurement tool in 2016 and again in 2019.

The organisational transformation was led from the top with the Chief Executive, Philip Noble and his executive leadership team defining the desired culture for QTC and then regularly articulated and reinforced to all employees and leaders what this meant in terms of behaviours.

QTC has built a culture of dynamic achievers and has received independent recognition to highlight this, across its four organisational divisions.

QTC is committed to maintaining high organisational standards to provide an environment where corporate goals can be achieved, and organisational ricks are actively monitored and addressed

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Enhancing Queensland’s financial services

QTC continued to provide high quality debt, cash and risk management products for its clients. In 2016–17, QTC made significant progress with the implementation of QTC Link – a new client portal as part of the organisation’s online offering to clients. QTC Link, through its industry-standard transaction platform, enabled 100 per cent of eligible clients to transact online.

To enhance financial decision-making and support effective engagement with its clients, QTC partnered with the University of Queensland (UQ) in 2017 to provide education services via workshops, masterclasses and webinars to deliver specialist content across the State. The education program saw an uptake of thousands of participants, with more than 2,600 recorded during 2019–20.

In 2018, QTC established an online wholesale foreign exchange facility for clients in partnership with a major national bank. These services, including its online platform, enabled its public sector clients to access wholesale market rates. QTC has worked with a number of clients to support dual pricing, which has been reflected in the increase in QTC FX transaction volumes.

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ESG initiatives for the State

On 15 March 2017, QTC issued an inaugural AUD750 million seven-year green bond. This was the largest and longest tenor AUD green bond from an Australian issuer at the time. Proceeds from QTC Green Bonds are allocated against qualifying green projects and assets for the State of Queensland that support Queensland’s transition to a low-carbon, climate resilient and environmentally sustainable economy. As at 30 June 2020, QTC was the largest semi-government Australian dollar, Climate Bonds Initiative (CBI) certified, green bond issuer by volume with $2.48 billion on issue.

In 2017–18, QTC assisted the Department of Environment and Queensland Treasury in establishing the Land Restoration Fund, including structural and funding advice, green bond funding and creation and monetisation of carbon credits. QTC will act as a trustee for the fund, ensuring that it is appropriately funded and that the operational arrangements and risks are managed. The Land Restoration Fund is aimed to expand carbon farming in the state by supporting land-sector projects that deliver additional environmental, social and economic co-benefits.

QTC is committed to environmental, social and governance (ESG) outcomes. In 2018–19, QTC supported the establishment of a new, publicly-owned, clean energy generation company, CleanCo, which has a strategic portfolio of low and zero emission power generation assets. CleanCo will provide long-term benefits to the energy market and increase investment in renewable energy.

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Significant advice supporting government priorities

In prioritising client advisory initiatives that would provide the greatest opportunity for service improvements and the creation of value for the client and the State, QTC advised the Department of Environment and Science on the development of the State’s new waste levy in 2017–18. In 2019–20, QTC worked closely with a number of local governments and regional organisations to promote regional collaboration for local waste and resource recovery strategies.

QTC partnered with Queensland Health in 2017 to develop ‘future state’ design for their supply chain and optimise procurement services. The work program continued into 2019–20 and QTC worked with Queensland Health on a sustainability program to meet efficiency and productivity targets, while improving patient outcomes. The first program of work was delivered at the Gold Coast, Sunshine Coast, Children’s Health Queensland, Cairns and Hinterland and West Moreton Hospital and Health Services by establishing project management offices and sustainability optimisation streams.

QTC continues to focus on supporting its clients to implement projects that deliver maximum value to the State. It established the State’s new government owned business, QCN Fibre, and the contractual agreements, systems and processes necessary for the business to go live in January 2020. QCN Fibre will deliver economic and social benefits for regional Queenslanders by contributing to faster and more reliable digital connectivity.

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