Annual Report 2015-16

In 2015-16, QTC contributed significant, positive financial results for the State and its public sector entities through the delivery of debt funding and management, cash management, financial advisory, and specialist public finance education services. Its continued focus on delivering whole-of-State outcomes by providing advice and initiatives that enable clients to make better business decisions and improve revenue has been integral to this success.



2015-16 Annual Report (Text version)

The Queensland Treasury Corporation Annual Report 2015-16 provides details of Queensland Treasury Corporation’s (QTC’s) achievements, outlook, performance and financial position for the 2015-16 financial year.

Letter of Compliance

22 September 2016

The Honourable Curtis Pitt MP
Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
GPO Box 611
Brisbane QLD 4001

Dear Treasurer

I am pleased to present the Annual Report 2015–16 and financial statements for Queensland Treasury Corporation.

I certify that this Annual Report complies with:

  • the prescribed requirements of the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, and
  • the detailed requirements set out in the Annual Report requirements for Queensland Government agencies.

A checklist outlining the annual reporting requirements can be found at page 52 of this annual report or accessed at www.qtc.com.au.


Gerard Bradley

What is QTC?

Queensland Treasury Corporation has a statutory responsibility to advance the financial position of the State, and a mandate to manage and minimise financial risk in the public sector and provide value-adding financial solutions to its public sector clients. Established under the Queensland Treasury Corporation Act 1988, QTC is a corporation sole, reporting through the Under Treasurer to the Treasurer and Queensland Parliament.


Securing Queensland’s financial success


To deliver optimal financial outcomes through sound funding and financial risk management


Client focus

We build strong partnerships with our clients to deliver simple and well-designed solutions that achieve quality outcomes for Queensland.

Team spirit

We work as one team, taking joint responsibility for achieving our vision and collaborating to achieve outstanding performance.


We aim for excellence using flexible and agile processes to continuously improve.


We show respect by recognising contributions, welcoming ideas, acting with honesty, being inclusive and embracing diversity.


We inspire trust and confidence in our colleagues, clients, stakeholders and investors by upholding strong professional and ethical standards.


Strategic goals

  1. State and client value
  2. Sustainable funding
  3. Organisational excellence
Role and Responsibilities

As the Queensland Government’s central financing authority, Queensland Treasury Corporation (QTC) plays a pivotal role in securing the State’s financial success.

With a focus on whole-of-State outcomes, QTC provides a range of financial services to the State and its public sector entities, including local governments. These services include debt funding and management, cash management facilities, financial risk management advisory services, and specialist public finance education.

Debt funding and management

QTC borrows funds in the domestic and global markets in the most cost-effective manner and in a way that minimises liquidity risk and refinancing risk. QTC achieves significant economies of scale and scope by issuing, managing and administering the State’s debt funding.

QTC works closely with Queensland’s public sector entities, including local governments, to assist them to effectively manage their financial transactions, minimise their financial risk and achieve the best financial solutions for their organisation and the State.

Cash management facilities

QTC assists the State’s public sector entities to make the best use of their surplus cash balances within a conservative risk management framework. It offers overnight and fixed-term facilities and a managed cash fund.

Financial risk management advisory services

QTC offers a range of financial risk management advisory services to clients, including:

  • support to ensure financial risks are identified and effectively managed
  • advice on financial and commercial considerations
  • expertise in financial transactions and structures
  • project management support to deliver key fiscal outcomes, and
  • collaboration with the financial markets and private sector institutions.

Specialist public finance education

QTC offers a range of education and training courses that complements its products and advisory services and allows it to share its specialist financial, commercial, treasury management and risk management expertise with clients. Courses are developed and delivered by QTC’s experienced professionals and industry experts.

Chairman and chief executive report

In 2015-16, Queensland Treasury Corporation successfully delivered significant whole-of-State and client benefits, successfully funded the State’s term debt borrowing program, and achieved an operating profit from its capital markets operations of $46.9 million.

Funding requirements achieved

Strong investor demand for primary issuance supported the successful early completion of the State’s $5.9 billion term debt borrowing program for 2015–16 in March, and prefunded $1 billion towards the 2016–17 funding requirement and approximately $3 billion for future years by year end.

Issuance highlights included:

  • the establishment of three benchmark bonds dated longer than 10 years — a first for QTC — that further smoothed and extended QTC’s maturity profile and helped balance client drawdowns and debt requirements
  • the issuance of $7.6 billion of benchmark bonds via public issuance, including five syndicated transactions for $5.85 billion and five tenders for $1.75 billion
  • the trade of $130.2 billion of QTC’s bonds in the secondary market over the year by QTC’s Fixed Income Distribution Group of 12 banks, demonstrating the strength of QTC’s liquid benchmark bond program, and
  • an increase in the number of significant new investors, and geographic diversity of those investors, that joined QTC and its existing investors to support the State and invest in QTC.

QTC’s Cash Fund retained its position as the strongest performing cash fund in both its own and the enhanced category in Australia. For the first time since its establishment, the fund exceeded $10 billion of funds under management during the year, with $8.2 billion under management at year end.

On 14 June 2016, the Queensland Government announced its 2016–17 State Budget, which was followed by QTC’s announcement of its 2016–17 borrowing program with a requirement for $7.3 billion in term debt — around $3.3 billion less than previously forecast in the mid-year update to QTC’s 2015-16 borrowing program, released in December 2015. The reduction in the 2016-17 borrowing requirement is primarily as a consequence of pre-funding undertaken by QTC in 2015-16.

Commitment to the markets

QTC acknowledges that its long-standing and highly-respected global reputation with investors and market intermediaries is essential to its ongoing ability to fund the State. In 2016–17, as in previous years, QTC’s interactions within the global debt capital markets will be exemplified by its commitment to open and transparent communication.

QTC’s principal source of funding will remain its AUD benchmark bonds program. Subject to client requirements and market conditions, term debt will be issued to smooth QTC’s maturity profile and, potentially, launch new term debt maturities. Issuance in QTC’s benchmark curve will be complemented by non-benchmark bond issuance as opportunities arise; a minimum of approximately $5 billion in short-term debt outstandings will be maintained.

Credit ratings affirmed

In the year under review, both Standard & Poor’s and Moody’s Investors Service reaffirmed Queensland’s and QTC’s credit ratings. On 15 October 2015, Moody’s Investors Service released its credit opinion for Queensland and QTC, with no change to the current Aa1/P1 credit rating and the negative outlook.

On 17 November 2015, Standard & Poor’s affirmed Queensland’s and QTC’s credit rating at AA+/A-1+ with the outlook remaining stable. Queensland’s diverse economy, prudent approach to debt management, development of medium- and long-term fiscal and economic strategies and prudent expenditure management were cited.

Contribution to the government’s major priorities

In its role as the Government’s independent financial advisor, QTC has a strong understanding of the financial opportunities and risks facing the State’s public sector entities. In 2015-16, QTC facilitated the design and delivery of the Government’s key fiscal initiatives, including the merger of Energex and Ergon Energy, and developed further opportunities and strategies within the Government policy framework. QTC’s strong partnership with Government in the delivery of these initiatives reflects QTC’s unique capability to implement commercial outcomes in public sector organisations across the State.

New client products

In April, QTC introduced a new suite of simplified and standardised debt and investment products for clients to reduce account complexity and administration. Directly impacting around $5 billion of client loans, the transition to the new products was timely and seamless. In combination with these changes, QTC also implemented a revised approach to the funding and management of the debt supporting QTC’s $90 billion of loans to clients with an expectation of delivering greater flexibility and a lower cost of debt to the State. These changes represent a significant improvement in QTC’s capability to deliver ongoing relevant and lower cost funding solutions in the future and, with the implementation involving almost all of the organisation at some point, is a credit to all involved.

Significant client assignments increased

QTC’s advisory team delivered more than 150 major assignments for its Queensland public sector clients, helping them to optimise their financial outcomes and manage their financial risks. Highlights for the year included the provision of high-level business planning for major Government entities, the design and development of innovative new funding initiatives, provision of business sustainability and credit-related advice across the full spectrum of QTC’s clients, and the implementation of industry-specific financial modelling tools to improve clients’ business practices.

Operating results

In 2015-16, QTC recorded an operating profit after tax from its capital markets operations of $46.9 million (2014–15: $41.3 million), mainly attributable to earnings on capital, plus fair value accounting gains associated with the management of QTC’s funding task and balance sheet.

QTC borrows in advance of requirements to ensure public sector entities have ready access to funding when required, to reduce the risk associated with refinancing maturing loans, and for liquidity management purposes. As a consequence of market changes, realised and unrealised accounting gains or losses may be recorded during the year which, depending on whether these transactions are held to maturity, may be reversed in subsequent accounting periods.

Separate from QTC’s capital markets operations, QTC’s long-term assets, which comprises the investments set aside primarily to support the State’s defined benefit superannuation, recorded a loss of $908.6 million (2014–15: $151.3 million profit). Managed by QIC, these assets were transferred to QTC by the Queensland Government under an administrative arrangement in 2008; in return, QTC issued fixed-rate notes to the State that provide a fixed rate of return. While QTC bears the fluctuations in the value and returns on the asset portfolio, there is no cash flow effect for QTC. Any losses incurred by this segment have no impact on QTC’s capital markets activities or its ability to meet its obligations.

Revitalised operating model, structure and systems

To maximise the benefits of the program of work and to ensure its capacity to meet the Government’s emerging financial needs, QTC has implemented a new organisational structure, business operating model and a range of new technologies to enhance its financial and risk management systems and processes. Nearing completion, the program is already delivering organisational efficiencies and streamlined processes that have facilitated the redirection of resources to the frontline delivery of services.

New board members appointed

QTC’s Board has been further enhanced over the past year with the appointment of Karen Smith-Pomeroy (effective 9 July 2015) and, following the resignation of Stephen Bizzell, Anne Parkin (effective 1 July 2016).

Positioned for ongoing success

With its new organisational structure, supported by its revitalised business model and operating systems, QTC’s management has positioned the organisation to successfully achieve its three strategic goals — to deliver value to the State and its clients; to ensure access to sustainable funding; and to achieve organisational excellence. The achievements of the past year have provided a stronger, more sustainable foundation from which QTC and its talented employees will be able to contribute a significant, meaningful and tangible benefit to help secure the State’s financial success.

Creating value for the state and clients

In 2015-16, QTC contributed significant, positive financial results for the State and its public sector entities through the delivery of debt funding and management, cash management, financial advisory, and specialist public finance education services. Its continued focus on delivering whole-of-State outcomes by providing advice and initiatives that enable clients to make better business decisions and improve revenue has been integral to this success.

Financial advice for the State’s public sector

In the year under review, QTC completed a broad range of financial advisory assignments to assist its clients and the State to address financial risk management issues and make fully informed business decisions.

Through the delivery of more than 150 major client advisory assignments, QTC assisted clients to deliver budget savings, improve revenue and mitigate financial risks. These assignments have included:

  • high-level, business forward planning for major government entities
  • business sustainability and credit related advice across the full spectrum of QTC’s clients
  • developing industry-specific financial modelling tools to improve clients’ business practices
  • business case and project evaluation for infrastructure and assets of all sizes, and
  • procurement and tender evaluation, including contract reviews and market sounding proposals.

With a mandate for creating whole-of-state value, our advisory assignments range in scope, complexity and monetary value but all contribute to creating the best outcomes for Queensland.

Delivering on the debt action plan

Working closely with Queensland Treasury, QTC facilitated the design and delivery of a number of initiatives from the review of the State’s balance sheet and implementation of the Government’s Debt Action Plan, including the:

  • adoption of a whole-of-State analysis of the State’s financial assets and liabilities
  • merger of the Energex and Ergon Energy into Energy Queensland, effective 1 July 2016
  • delivery of a number of reform initiatives for the Government-owned Corporation sector, and
  • review and capital restructure of the Government’s energy network and other Government-owned businesses to more commercial gearing levels.

Tailoring tools for clients’ industries

QTC has continued to invest resources to develop financial modelling tools that deliver forecasts tailored to our clients’ industry needs. In the year under review we developed more than 40 client-specific financial modelling tools to improve clients’ business practices. Of significance, these included:

  • WISDOM, an integrated strategic water demands option model that was specifically developed for local governments who manage their own water assets or are planning for significant future network upgrades. The model is designed to help councils optimise existing assets and new water infrastructure investment, and
  • a forecasting model for QTC’s university clients, engaging with seven universities to enable them with new capabilities in analysing their long-term financial performance.

Expanding financial management expertise

In 2015-16, QTC added significant value to enhancing the management and financial sustainability of the State’s health services. With Health representing a significant part of the State’s Budget, QTC committed to providing tools and resources to its Health clients to improve financial management, increase the quality and availability of information required for decision making, and integrate medium- to long-term planning elements.

Working closely with the Department of Health and the State’s Hospital and Health Services (HHSs), QTC built and implemented a financial forecasting model and a cash-flow monitoring tool, and is facilitating a staged implementation process of the model to the State’s HHSs.

Fostering strong relationships with local governments

QTC continued to foster strong relationships with its local government clients with 256 individual client visits for the year as part of 130 trips to local government regions. In 2015–2016, significant work was undertaken to complete nine credit reviews and 30 Annual Borrowing Assessments for local governments. Throughout the year we have worked closely with our local government clients and provided a broad range of advice ranging from structural options for major council owned assets and project evaluation and business case assessment for new council infrastructure.

Facilitating innovative funding

QTC assisted Queensland Treasury to develop the structure underpinning the pilot stages of the Social Benefits Bond Program. This innovative funding initiative is designed to tackle complex social challenges with new funding that complements but does not compete with grants for existing social services.

QTC was engaged to provide expertise primarily in relation to market sounding, financial analysis and bond design.

High quality debt and cash management products

QTC achieved a key milestone this year, with the successful transition of 83 clients and their 391 loans—with combined total borrowings of approximately $5.1 billion—to its new product suite of low-cost loans and high-performing investment facilities. In addition to industry-standard benefits, the new product suite has reduced the loan administration burden for both clients and QTC.

Debt management

QTC has continued to successfully deliver its core mandate of providing clients with a lower cost of funds—by capturing the significant economies of scale and scope in the issuance, management and administration of the State’s debt. This was managed in a period where financial markets were challenged as interest rates moved to historically low levels.

Cash management

QTC offers cash management products that enable its clients to maximise the value of their surplus funds. In 2015-16, QTC’s Capital Guaranteed Cash Fund provided strong returns and outperformed its benchmark, the Bloomberg AusBond Bank Bill Index, by 69 basis points. During the year, the Cash Fund attracted new clients and, on 30 September 2015, it reached a milestone with more than $10 billion of funds under management—the highest amount in its history. With $8.2 billion on issue it remains one of the largest managed funds in Australia.

Client access website portal

In 2015-16, QTC made significant progress in the development of a new client portal as part of the organisations’ new website to be launched in the second half of 2016. The portal has been built using an industry-standard transaction platform and will provide QTC’s clients with new functionality to improve efficiency in their dealings with QTC.

QTC Client Survey

QTC’s annual client survey showed consistently strong results for 2015–16; clients rated their sentiment towards QTC as 8.2 out of ten (2014-15: 8.4) and the value QTC delivered to their organisation as 7.8 (2014-15: 7.9).

Education program

QTC’s role in equipping clients with specialist financial knowledge and capabilities has continued with more than 860 employees from 68 organisations completing courses in QTC’s public sector finance education program.

Loans to clients
Total Debt Outstanding
(Market Value)
30 June 16
Total Debt Outstanding
(Market Value)
30 June 15
Government General* 38 394 707 44 790 588
Energy 25 970 955 19 115 918
Water 14 597 305 13 393 671
Local Governments 6 507 397 6 900 944
Transport 4 276 921 4 189 757
Education 706 016 630 353
Other 369 726 397 758
Total 90 823 027 89 418 988
* Government General includes Departments (Education and Training, Housing and Public Works, State Development, Transport and Main Roads), Health and Treasury

Achieving sustainable access to funding

In the year under review, QTC raised $5.9 billion of term debt to meet its clients annual funding requirements and to refinance debt maturities. QTC also undertook pre-funding and consolidated switches of shorter term debt into longer term debt. Investor demand for QTC debt was strong over the year, with primary issuance well supported, enabling QTC to smooth and extend its maturity profile.

Meeting the State’s funding requirements

Through the high-quality execution of term debt issuance in 2015-16, QTC affirmed its reputation as a premium issuer with investors and its Fixed Income Distribution Group. QTC demonstrated its capability to successfully launch and close large deals throughout the year at attractive pricing levels with high oversubscription rates for all public issuances.

QTC’s activities to complete the annual borrowing program and support its bonds in the market included:

  • completing the term debt requirement of $5.9 billion
  • prefunding $1 billion towards the 2016-17 funding requirement and approximately $3 billion for future years
  • issuing $7.6 billion of benchmark bonds via public issuance, including five syndicated transactions for $5.85 billion and five tenders for $1.75 billion
  • issuing two new benchmark bonds maturing in 2026 and 2028 via syndication, and
  • designating QTC’s 2033 bond (previously classified as a preferred line) as a benchmark bond once outstandings exceeded $1 billion.

QTC continued to provide the market with diverse, liquid lines that have been issued using the strength of its AA+ credit rating.

On 15 June 2016, QTC announced its $7.3 billion term debt borrowing requirement for the 2016-17 fiscal year.

Funding performance

QTC’s proactive management of the borrowing program over the year and the management of its client funding and balance sheet activities helped to generate an improvement in QTC’s bond spreads. Market confidence in QTC’s ability to manage its future funding programs was evident through strong investor demand for each of its public issuances.

Demand for QTC’s bonds remained strong in the domestic market. A key contribution to this demand was a consequence of Australian banks being required to hold a certain amount of high quality liquid assets on their balance sheet due to regulatory requirements.

With the US Rule 144A capability embedded into QTC’s AUD bond program, QTC also saw an increase in primary issuance support from United States based investors. Investors from North America accounted for 29 per cent of issuance in QTC’s syndicated transactions for the year.

Management of transactional activity for funding, client transactions and debt rebalancing provided estimated savings of $24.9 million during 2015–16, while QTC’s total debt outstanding at year end was $89.3 billion.

QTC’s Fixed Income Distribution Group of 12 banks traded $130.2 billion of QTC’s bonds in the secondary market over the year, demonstrating the strength of QTC’s liquid benchmark bond program.

QTC’s consistent and professional approach to executing its funding program was recognised through winning the 2015 Australian Sovereign/Agency Issuer of the Year Award at the annual KangaNews Gala Awards Dinner in February.

Funding facilities
Facility Size
Maturities Currencies On issue
Short-term Domestic T-Note Unlimited 7–365 days AUD 5 056
Euro CP USD10,000 1–364 days Multi-currency 754
US CP USD10,000 1–270 days USD 46
Long-term AUD Bond Unlimited 12 benchmark lines:
2017-2026, 2028, 2033
AUD 68 740
3 AGG4 lines: 2017-2021 AUD 5 524
Capital Indexed Bond: 2030 AUD 860
3 floating rate notes: 2016, 2017 & 2018 AUD 6 655
Global AUD Bond AUD20,000 AGG4 line: 2017 (transferable to domestic bonds) AUD 185
Multi-currency Euro MTN USD10,000 Any maturity subject to market regulations Multi-currency 1 183
Multi-currency US MTN USD10,000 9 months – 30 years Multi-currency  –


Striving for organisational excellence

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

Corporate risk management and efficiency

QTC manages its risks within an enterprise-wide risk management framework. The framework supports the achievement of QTC’s corporate strategies and objectives by providing assurance that QTC’s risks are being appropriately and effectively identified and managed, using a consistent and well-understood approach for evaluating and reporting risks. QTC’s Chief Risk Officer is responsible for embedding QTC’s risk management policy and program.

Internal audit results for the year were very positive; out of 13 audits completed, six audits were rated 5 out of 5, five were rated 4 out of 5, and two rated 3 out of 5.

QTC has a framework that identifies key internal controls; control owners provide periodic assurance that the control is effective. In the year under review, all control assurances were positive. In addition, QTC’s enterprise wide risk management team assessed that each control is operating effectively.

Throughout 2015–16, QTC managed its portfolio market risk exposures, including interest rate, foreign exchange and counterparty risk, within its Board-approved risk management framework. It also managed its financial markets risks in line with industry best practice and Basel Committee recommendations. QTC continues to hold a portfolio of diverse, liquid financial securities to meet the State’s liquidity requirements, consistent with its internal and external policies.

Operational excellence

In 2015-16, initiatives to improve the efficiency and effectiveness of operations remained a major priority, with the implementation of the organisation’s longer-term strategy to ensure sustainability in its products, processes and systems. During the year, QTC has implemented a new organisational structure, business operating model and a range of new technologies to enhance its financial and risk management systems and processes.

Through the provision of funding for clients, QTC efficiently and accurately completed more than  70,000 transactions, with a combined turnover of $1.6 trillion, and an error rate of only 0.033 per cent.

High performance workforce

QTC competes with the global financial industry to attract and retain its high calibre of employees. Pursuant to theQueensland Treasury Corporation Act 1988, QTC employees are hired on individual contracts, with employment practices aligned to the financial markets in which it operates.

QTC’s Board regularly reviews QTC’s remuneration framework, which comprises fixed and variable remuneration and is benchmarked against the remuneration data within the Financial Institutions Remuneration Group (FIRG provides salary survey data for the Australian finance industry). QTC’s variable remuneration framework provides an opportunity for an annual short-term incentive for eligible employees, aligned to financial-year performance, and designed to ensure market competitiveness and reward outstanding organisational, group and individual performance. The QTC Board approves the entitlement to, and the quantum of, the annual review of fixed remuneration and variable short-term incentives.

During the 2015-16 financial year, a whole-of-organisation strategic workforce planning and organisational design exercise was undertaken as a key component of a broader organisational transformation process, focused on new operating systems, new business processes, and a new business operating model. The best-practice organisational design resulted in efficiencies in simplification of workflows, organisational layers and CEO direct reports.

Key initiatives to support the organisational transformation included targeted leadership development, focused talent management and succession planning, targeted professional development initiatives, and culture and diversity programs.

Leadership development continues to be an area of organisational priority; in the year under review, focus has included leadership programs with QTC’s senior leaders, and ‘leader as coach’ refreshers.

QTC’s Diversity and Inclusion Strategy recognises that diversity of perspective and experience improves performance, manages risk, and improves decision-making. Under the strategy’s three priority streams of culture, disability and gender, a number of initiatives were implemented, including:

  • activities to celebrate the 26 nationalities represented in QTC’s workforce
  • two partnerships with external organisations to provide employment opportunities for people with a disability, and
  • targeted mentoring for women in non-traditional roles.

QTC’s policies support flexible working, where flexibility will contribute to QTC achieving its corporate objectives. Flexible working arrangements in place at QTC during the reporting period included part-time work, job share, purchased annual leave, phased retirement and flexible hours of work.

QTC has a corporate health and wellbeing program – Fit 4 Work – which provides activities to promote physical and mental wellbeing. Activities for the 2015-16 financial year have included flu vaccinations, health assessments, skin checks, fun runs, corporate games, and mental resilience sessions.

QTC continued its practice of regularly reviewing and updating its policies and procedures to comply with changes in the legislative and regulatory environment and to ensure employees have access to avenues through which to raise concerns, including an internal grievance process.

Workforce profile 2015–16

Full-time equivalent staff                  170, including fixed term employees.

Permanent separation rate             21.8%

Ensuring Corporate governance

QTC is committed to maintaining high standards of corporate governance to support its strong market reputation and ensure that organisational goals are met and risks are monitored and appropriately addressed. QTC’s corporate governance practices are continually reviewed and updated in line with industry guidelines and standards.

QTC and its Boards

QTC was established by the Queensland Treasury Corporation Act 1988 (the QTC Act) as a corporation sole (ie, a corporation that consists solely of a nominated office holder). The Under Treasurer of Queensland is QTC’s nominated office holder. QTC has delegated its powers to its two boards:

  • the Queensland Treasury Corporation Capital Markets Board (the Board), which was established in 1991 and manages all of QTC’s operations except those relating to certain superannuation and other long-term assets, and
  • the Long Term Asset Advisory Board, which was established in July 2008 and advises in relation to certain superannuation and other long-term assets that were transferred to QTC from Queensland Treasury on 1 July 2008.
QTC Capital Markets Board

QTC and the Capital Markets Board have agreed the terms and administrative arrangements for the exercise of the powers that have been delegated to the Board by QTC (as the corporation sole).

The Board operates in accordance with its charter, which sets out its commitment to various corporate governance principles and standards, the roles and responsibilities of the Board and its members (based on its delegated powers), and the conduct of meetings. The charter provides that the role and functions of the Board include:

  • overseeing QTC’s operations, including its control and accountability systems
  • developing and monitoring QTC’s strategic and corporate plans, operational policy and yearly budget
  • monitoring and measuring financial and operational performance
  • monitoring and measuring organisational and staff performance
  • monitoring key risks and risk management processes, and
  • ensuring that QTC’s compliance is appropriate for an organisation of its type.

The Board typically holds monthly meetings (except in January) and may, whenever necessary, hold additional meetings.

Board appointments

The Board comprises directors who are appointed by the Governor-in-Council, pursuant to section 10(2) of the QTC Act, with consideration given to each Board member’s qualifications, experience, skills, strategic ability and commitment to contribute to QTC’s performance and achievement of its corporate objectives. QTC’s Board is entirely constituted of non-executive directors.

Conflict of interest

Board members are required to monitor and disclose any actual or potential conflicts of interest. Unless the Board determines otherwise, a conflicted Board member may not receive any Board papers, attend any meetings or take part in any decisions relating to declared interests.

Performance and remuneration

To ensure continuous improvement and to enhance overall effectiveness, the Board conducts an annual assessment of its performance as a whole. Board members’ remuneration is determined by the Governor in Council (details are disclosed in QTC’s financial statements).

Board committees

The Board has established three committees, each with its own terms of reference, to assist it in overseeing and governing various QTC activities.

Accounts and Audit Committee

The Accounts and Audit Committee has responsibility for the:

  • adequacy and effectiveness of internal controls, including for the prevention of fraud
  • integrity of financial statements
  • adequacy and effectiveness of compliance monitoring, and
  • audit effectiveness.

The Accounts and Audit Committee must have at least three members and meet at least four times a year.

During the year the Accounts and Audit Committee recommended the adoption of the half year and annual financial statements, reviewed external and internal audit reports and the progress in implementing the recommendations from those reports, and reviewed the Queensland Audit Office’s Client Service Plan and QTC’s Internal Audit Plan.

As required by the Audit Committee Guidelines: Improving Accountability and Performance issued by Queensland Treasury, QTC’s Accounts and Audit Committee has observed its terms of reference and has had due regard to the Audit Committee Guidelines.

Human Resources Committee

The Human Resources Committee has responsibility for:

  • the appropriateness of any new or amended human resources policy
  • the framework for, and review of, employee remuneration and performance, and
  • employment terms and conditions.

The Human Resources Committee must have at least three members and meet at least four times a year. The Human Resources Committee has observed its terms of reference.

Funding and Markets Committee

The core responsibilities of the Funding and Markets Committee is to assist the Board by making recommendations about the policy to enhance the performance and management of risk in the areas of funding accessibility (including liquidity) and balance sheet management, and to support QTC’s risk appetite with a focus on effectiveness and performance.

The Committee must have at least three members and meet at least four times a year. The Funding and Markets Committee has observed its terms of reference.

Board Accounts &
Audit Committee
Funding & Markets Committee Human Resources
Meetings held 11 5 4 6
Gerard Bradley 10 4†§ 3 6
Warwick Agnew 10 5 5
Stephen Bizzell* 8 3 1
Tonianne Dwyer 11 5
Bill Shields 10 3§
Jim Stening 11 4
Karen Smith-Pomeroy^ 10 5 3§


*    Mr Stephen Bizzell resigned from the Board on 12 March 2016

^    Ms Karen Smith-Pomeroy joined the Board on 9 July 2015

   Mr Gerard Bradley attended two meetings as the Chairman of the Board and two meetings as a Committee member

  • Committee member from August 2015

‡        Ceased to be a Committee member from August 2015

QTC's Capital Markets Board as at July 2016

Board members are appointed by the Governor-in-Council, pursuant to section 10(2) of the

Queensland Treasury Corporation Act 1988 on the recommendation of the Treasurer and in consultation with the Under Treasurer. Members are chosen on their ability and commitment to contribute to QTC’s performance and achievement of its stated objectives.

Gerard Bradley

BComm, Dip Adv Acc , FCA, FCPA, FAICD, FAIM


Appointed 10 May 2012 with tenure to 30 June 2019

Board committees

  • Member, Human Resources Committee
  • Member, Funding and Markets Committee

Prior to his appointment as QTC’s Chairman, Mr Bradley was the Under Treasurer and Under Secretary of the Queensland Treasury Department, a position he held from 1998 to 2012. He was also a QTC Board member from 2000-2007.

Mr Bradley has extensive experience in public sector finance gained in both the Queensland and South Australian treasury departments. He was Under Treasurer of the South Australian Department of Treasury and Finance from 1996 to 1998, and of Queensland’s Treasury Department from 1995 to 1996. Mr Bradley held various positions in Queensland Treasury from 1976 to 1995, with responsibility for the preparation and management of the State Budget and the fiscal and economic development of Queensland. He is currently a Director and Chairman of Queensland Treasury Holdings Pty Ltd and related companies, and a Director of Star Entertainment Group Ltd.

Warwick Agnew

BEcon, MSocSc (Econ), MAppFin

Appointed 13 November 2014 with tenure to 30 June 2017

Board committees

  • Member, Accounts and Audit Committee

Throughout his 20 year career, Warwick has gained significant experience in both the public and private sectors. In particular he has gained invaluable experience in social and economic infrastructure projects, economic analysis and policy, financial and commercial procurement, and corporate finance advisory services.

Prior to his appointment as an executive in Queensland Treasury in June 2014, Warwick was a senior leader for nine years in the private sector in ASX listed entities Transfield Services and Macquarie Capital.

Warwick commenced his career at Queensland Treasury in 1995 as part of the graduate program, working in the business branch area of the department.

Tonianne Dwyer

B Juris (Hons), B Laws (Hons), GAICD

Appointed 14 February 2013 with tenure to 30 June 2017

Board committees

  • Chair, Human Resources Committee

Tonianne Dwyer is a lawyer by profession with a career of more than 25 years in international investment and finance in both executive management and board positions.

She has held senior roles with Harnbros Bank Limited and Societe Generale and was an Executive Director of Quintain Estates & Development PLC, a listed United Kingdom property company involved in investment and urban regeneration.

Ms Dwyer’s executive experience covers a broad range of sectors, including real estate investment and development, financial services, health and aged care, education, research and development, and media, including a role with the finance division of the UK Department of Health. She has extensive experience of financing social infrastructure and of leading teams on public private partnership bids. Her operational experience includes UK, Europe and Wall Street.

Ms Dwyer currently holds directorships on Metcash, DEXUS Property Group, DEXUS Wholesale Property Fund and Cardno Limited. She is also a Senator at the University of Queensland.

Anne Parkin

B Science (Hons), Dip. Ed, MBA, MAICD

Appointed 1 July 2016 with tenure to 30 June 2019

Board committees

  • Member, Accounts and Audit Committee
  • Member, Human Resources Committee

Anne Parkin has more than 25 years of international management and board level experience across Asia-Pacific banking and financial services.

Ms Parkin has held diverse leadership roles in domestic and global broking and banking, superannuation administration, retail management and education in both the public and private sectors. At an executive level, Anne has experience operating in highly regulated businesses including banking with Credit Suisse, UBS, and in Australian superannuation.

Recently, Ms Parkin was a Non-Executive Director of both Credit Suisse Securities in Malaysia and the Philippines. As an Executive Director, she was a member of the Hong Kong Control Committee responsible for oversight of operational risk for Credit Suisse Hong Kong and its affiliates, while as Operations Executive, she was accountable for operational matters with local regulators including the Hong Kong Monetary Authority and Hong Kong Securities & Futures Commission.

In recognition of her expertise in the Asia-Pacific, Ms Parkin was invited to participate in the Asia Securities Industry & Financial Markets Association (ASIFMA).

Bill Shields


Appointed 1 July 2004 with tenure to 8 July 2017

Board committees

  • Member, Funding and Markets Committee

Bill Shields has extensive experience in the banking and finance industry, as well as government policy advice, specialising in economics. His career responsibilities have included economic and financial market research, and the provision of analytical and strategic advice on the Australian financial system and monetary policy, exchange rate arrangements and international financial developments, as well as oversight of energy markets in Australia, New Zealand and Singapore.

Mr Shields was previously Chief Economist and Executive Director of Macquarie Bank Limited, and has also held positions with the Reserve Bank of Australia, the International Monetary Fund, and the Australian Treasury. He was a Visiting Professor at the Macquarie Graduate School of Management and taught at the Australian Catholic University in Brisbane. He is a director of the Sydney Anglican Schools Corporation and is Chair of its Education and Strategic Development Committee.

Karen Smith-Pomeroy

Assoc. Dip (Accounting), MAICD, FIPA, FFIN

Appointed 9 July 2015 with tenure to 9 July 2019

Board committees

  • Chair, Accounts and Audit Committee
  • Member, Funding and Markets Committee

Karen Smith-Pomeroy is an experienced financial services senior executive with a specialty in risk and governance.

She has held senior executive roles with Suncorp Group Limited (1997-2014), including Executive Director, Suncorp Group subsidiary entities (2009-2014). She has also held positions on a number of Boards and committees including Qld Department of Local Government, Community Recovery and Resilience, CS Energy Limited and Tarong Energy Corporation Limited.

Ms Smith-Pomeroy is a Non-Executive Director and Risk Committee Chair of National Affordable Housing Consortium, Audit and Risk Management Committee member of Department of Infrastructure, Local Government and Planning, and Qld Advisory Board member of Australian Super.

Jim Stening

Dip Fin Serv, FAICD

Appointed 13 November 2014 with tenure to 30 June 2017

Board committees

  • Chair, Funding and Markets Committee

Jim Stening has more than 30 years’ experience in financial markets in the fixed income asset class, including hands-on trading and investing in Australian and global capital markets.

Mr Stening has extensive experience in debt markets, business development, executive management and corporate governance across a diverse range of economic cycles. He has held senior roles at NAB, Merrill Lynch and Banco Santander in addition to his role as founder and Managing Director of FIIG Securities Limited, Australia’s largest specialist fixed income firm.

Mr Stening is a Non-Executive Director of FIIG Securities Limited (and related Companies) and OZFish Unlimited Limited.

Long Term Asset Advisory Board

The Long Term Asset Advisory Board (LTAAB) was established in July 2008, following the transfer of certain superannuation and other long-term assets from Treasury to QTC (primarily for reasons relating to market volatility).

The LTAAB has power delegated from QTC to:

  • manage the sufficiency of the funding of the long-term assets
  • set investment objectives and strategies for the long-term assets
  • set the appropriate investment structure for the long-term assets, and
  • monitor investment performance of the long-term assets.

The LTAAB holds meetings at least four times per year and held four in the year under review.

The LTAAB members are appointed by the Governor in Council, pursuant to section 10(2) of the QTC Act.

The members of LTAAB are:

Name Position
Under Treasurer Chairperson
Chief Executive, QTC Member
State Actuary Member
Deputy Under Treasurer (Fiscal) Member
Alex Beavers Member


The LTAAB has observed its terms of reference.


In accordance with the provisions of the Auditor-General Act 2009, the Queensland Audit Office is the external auditor for QTC. The Queensland Audit Office has the responsibility for providing Queensland’s Parliament with assurances as to the adequacy of QTC’s discharge of its financial and administrative obligations.

QTC has an independent internal audit function that was outsourced to Ernst and Young (EY) for the 2015-16 financial year. Internal audit reports to the Accounts and Audit Committee. Internal audit is conducted under an Internal Audit Charter that is consistent with the relevant audit and ethical standards.  The role of internal audit is to support QTC’s corporate governance framework by providing the Board (through the Accounts and Audit Committee) with:

  • assurance that QTC has effective, efficient and economical internal controls in place to support the achievement of its objectives, including the management of risk, and
  • advice with respect to QTC’s internal controls and business processes.

Internal audit is responsible for:

  • developing an annual audit plan, based on the assessment of financial and business risks (based on QTC’s approved significant risks and internal workshops) aligned with QTC’s strategic goals and objectives, and approved by the Accounts and Audit Committee
  • providing regular audit reports and periodic program management reports to the management team and the Accounts and Audit Committee, and
  • working constructively with QTC’s management team to challenge and improve established and proposed practices and to put forward ideas for process improvement.

In the year under review, EY completed its internal audits in accordance with the approved annual audit plan.

QTC has had due regard to Treasury’s Audit Committee guidelines, in establishing and supervising its outsourced internal audit function and, together with the Accounts and Audit Committee, in overseeing and monitoring the internal audit function.

Management team

The responsibility for the day-to-day operation and administration of QTC is delegated by the Board to the Chief Executive and the Executive Management Team. The Chief Executive is appointed by the Board. Executives are appointed by the Chief Executive. As with the Board, all Executive Management Team appointments are made on the basis of qualifications, experience, skills, strategic ability, and commitment to contribute to QTC’s performance and achievement of its corporate objectives.

QTC’s Executive Management Team as at July 2016

Philip Noble Chief Executive
Grant Bush Deputy Chief Executive &Managing Director, Funding and Markets
Mark Girard Managing Director, Client Advisory
Rupert Haywood Managing Director, Risk and Financial Operations
Jane Keating Managing Director, Corporate Services

Financial Statements

Certificate of the Queensland Treasury Corporation

The foregoing general purpose financial statements have been prepared in accordance with the Financial Accountability Act 2009 and other prescribed requirements.

The Directors draw attention to note 2(a) to the financial statements, which includes a statement of compliance with International Financial Reporting Standards.

We certify that in our opinion:

  • the prescribed requirements for establishing and keeping the accounts have been complied with in all material respects
  • the foregoing annual financial statements have been drawn up so as to present a true and fair view of Queensland Treasury Corporation’s assets and liabilities, financial position and financial performance for the year ended 30 June 2016, and
  • the management report includes a fair review of the information required under article 3(2)(c) of the Law of January 11, 2008 on transparency requirements for issuers of securities on the Luxembourg Stock Exchange.

Signed in accordance with a resolution of the directors.

 G P Bradley


 P C Noble

Chief Executive

Brisbane 12 August 2016

Independent auditor's report

To the Capital Markets Board of Queensland Treasury Corporation

Report on the Financial Report

I have audited the accompanying financial report of Queensland Treasury Corporation, which comprises the balance sheet as at 30 June 2016, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements including significant accounting policies and other explanatory information, and certificates given by the Chairman and Chief Executive.

The Board’s Responsibility for the Financial Report

The Capital Markets Board (the Board), as delegated by the Corporation Sole, is responsible for the preparation of the financial report that gives a true and fair view in accordance with prescribed accounting requirements identified in the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, including compliance with Australian Accounting Standards.  The Board’s responsibility also includes such internal control as the Board determines is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.  In Note 2(a), the Board also states, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards.

Auditor’s Responsibility

My responsibility is to express an opinion on the financial report based on the audit. The audit was conducted in accordance with the Auditor-General of Queensland Auditing Standards, which incorporate the Australian Auditing Standards. Those standards require compliance with relevant ethical requirements relating to audit engagements and that the audit is planned and performed to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.  The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.  In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control, other than in expressing an opinion on compliance with prescribed requirements.  An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board, as well as evaluating the overall presentation of the financial report including any mandatory financial reporting requirements approved by the Treasurer for application in Queensland.

I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my audit opinion.


The Auditor-General Act 2009 promotes the independence of the Auditor-General and all authorised auditors. The Auditor-General is the auditor of all Queensland public sector entities and can be removed only by Parliament.

The Auditor-General may conduct an audit in any way considered appropriate and is not subject to direction by any person about the way in which audit powers are to be exercised. The Auditor-General has for the purposes of conducting an audit, access to all documents and property and can report to Parliament matters which in the Auditor-General’s opinion are significant.


In accordance with s.40 of the Auditor-General Act 2009

  1. I have received all the information and explanations which I have required; and
  2. in my opinion –
    • the prescribed requirements in relation to the establishment and keeping of accounts have been complied with in all material respects; and
    • the financial report presents a true and fair view, in accordance with the prescribed accounting standards, of the transactions of the Queensland Treasury Corporation for the financial year 1 July 2015 to 30 June 2016 and of the financial position as at the end of that year; and
    • the financial report also complies with International Financial Reporting Standards as disclosed in Note 2(a).


Other Matters – Electronic Presentation of the Audited Financial Report

Those viewing an electronic presentation of these financial statements should note that audit does not provide assurance on the integrity of the information presented electronically and does not provide an opinion on any information which may be hyperlinked to or from the financial statements. If users of the financial statements are concerned with the inherent risks arising from electronic presentation of information, they are advised to refer to the printed copy of the audited financial statements to confirm the accuracy of this electronically presented information.


Auditor-General of Queensland

Queensland Audit Office Brisbane

Management report

For the year ended 30 June 2016

Review of Operations

QTC made an operating loss for the year ended 30 June 2016 of AUD 861.746 million consisting of the following operating segment results:

Capital Markets Operations

During the period from 1 July 2015 to 30 June 2016, QTC continued in its ordinary course of business as the State of Queensland’s central financing authority and corporate treasury services provider. The operating profit after tax for the year ended 30 June 2016 for the Capital Markets Operations segment was AUD 46.884 million.

Long Term Assets

QTC holds a portfolio of assets which were transferred to QTC by the State Government under an administrative arrangement. These assets are the investments of QTC’s Long Term Assets segment and were accumulated to fund superannuation and other long-term obligations of the State such as insurance and long service leave. In return for the portfolio of assets, QTC issued to the State fixed rate notes which has resulted in the State receiving a fixed rate of return on the notes, while QTC bears the impact of fluctuations in the value and returns on the asset portfolio.

During the year, funds previously set aside to meet the State’s long service leave obligations were withdrawn as part of the Queensland Government’s debt reduction plan. This reduced both the assets and the associated fixed rate note liability to the State.

The operating loss after tax for the Long Term Assets segment was AUD 908.630 million due to the interest rate on the liability exceeding earnings from the portfolio which returned positive outcomes for all major asset classes apart from global equities over the year.

The losses incurred in the Long Term Asset segment have no impact on QTC’s capacity to meet its obligations as there is no cash flow effect for QTC. In addition, under the Queensland Treasury Corporations Act 1988, any losses of the Corporation shall be the responsibility of the Consolidated Fund of the Queensland Government.

Principal risks and uncertainties

Financial markets were volatile for much of the first half of 2015-16 given uncertainty around the timing of the first rate hike by the US Federal Reserve, a focus on economic growth in China and volatility in commodity and energy prices. During the second half, central bank easing helped stabilise risk assets and commodity prices although the heightened uncertainty leading up to the UK referendum and the final outcome resulted in a volatile finish to the financial year. Market conditions in 2016-17 will be influenced by the Federal Reserve’s hiking cycle, the extent of further policy easing by other major central banks and growth prospects of the Chinese and other emerging market economies. Despite these uncertainties, this is not expected to impact materially on QTC’s Capital Markets performance or its ability to fund the State’s borrowing requirement in 2016-17.



Appendix A: Statutory and mandatory disclosures

QTC is required to make various disclosures in its Annual Report. QTC is also required to make various disclosures on the Queensland Government’s Open Data website (qld.gov.au/data) in lieu of inclusion in its Annual Report. This Appendix sets out those mandatory disclosure statements that are not included elsewhere in the report or made available on the Open Data website.

Information systems and record keeping

During the year, QTC continued its compliance with the provisions of the Public Records Act 2002, and its implementation of the Information Standard 40: Recordkeeping and Information Standard 31:  Retention and Disposal of Public Records.

QTC has continued its work with State Archives on the development of a QTC-specific Local Retention and Disposal Schedule, and provides training to staff in the appropriate management of public records in all formats, including email.

During the year, QTC continued to enhance its electronic document management system for improved information management and storage cost reduction.

Public Sector Ethics Act

QTC provides the following information pursuant to obligations under section 23 of the Public Sector Ethics Act 1994 (Qld) to report on action taken to comply with certain sections of the Act.

QTC employees are required to comply with QTC’s Code of Conduct for employees, which aligns with the ethics principles and values in the Public Sector Ethics Act 1994, as well as the Code of Ethics and Code of Conduct established by the Australian Financial Markets Association of which QTC is a member. Both codes are available to employees via QTC’s intranet. Copies of these codes can be inspected by contacting QTC’s Human Resources Group (see Appendix E for contact details). Appropriate education and training about the code of conduct has been provided to QTC staff.

QTC’s human resource management and corporate governance policies and practices ensure that QTC:

  • acts ethically with regard to its Code of Conduct and within appropriate law, policy and convention, and
  • addresses the systems and processes necessary for the proper direction and management of its business and affairs.

QTC is committed to:

  • observing high standards of integrity and fair-dealing in the conduct of its business, and
  • acting with due care, diligence and skill.

QTC’s Compliance Policy requires that QTC and all employees comply with the letter and the spirit of all relevant laws and regulations, industry standards, and relevant government policies, as well as QTC’s own policies and procedures.

Remuneration: Board and Committee

For the year ending 30 June 2016, the remuneration and committee fees of the QTC Capital Market Board members (excluding superannuation contributions and non-monetary benefits) were as follows:

Board Committee
Chairperson $100,527 Chairperson $6,658
Member $33,551 Member $5,152


The total remuneration payments made to the members of the QTC Capital Market Board was $329,442 and the total on-costs (including travel, accommodation, and hiring of motor vehicles for the members) was $34,117.

No payments in relation to remuneration or on-costs (including travel, accommodation, and hiring of motor vehicles for the members) were made to members of the Long Term Asset Advisory Board in the year ending 30 June 2016.

Related entities

The related entities in Note 22 are not equity accounted in the financial report of the Queensland Treasury Corporation. These entities (except City North Infrastructure Pty Ltd) are consolidated into Queensland Treasury’s financial report.

Appendix B – Glossary

Australian Government Guarantee (AGG): Also known as the Commonwealth Government Guarantee. In response to the global financial crisis, on 25 March 2009, the Australian Government provided a time-limited, voluntary guarantee over existing and new Australian state and territory government borrowing. On 16 June 2009, the Queensland Government took up the guarantee on all existing QTC AUD denominated benchmark bond lines (global and domestic) with a maturity date of between 12 months and 180 months (1-15 years). The RBA approved QTC’s application on 11 December 2009. The AGG was withdrawn for new borrowings after 31 December 2010.

Basis point: One hundredth of one per cent (0.01%).

Bond: A financial instrument where the borrower agrees to pay the investor a rate of interest for a fixed period of time. A typical bond will involve regular interest payments and a return of principal at maturity.

Commonwealth Government Guarantee (CGG): See Australian Government Guarantee above.

CP (commercial paper): A short-term money market instrument issued at a discount with the full face value repaid at maturity. CP can be issued in various currencies with a term to maturity of less than one year.

Credit rating: Measures a borrower’s creditworthiness and provides an international framework for comparing the credit quality of issuers and rated debt securities. Rating agencies allocate three kinds of ratings: issuer credit ratings, long-term debt and short-term debt. Issuer credit ratings are among the most widely watched. They measure the creditworthiness of the borrower including its capacity and willingness to meet financial obligations. QTC has a strong rating from two rating agencies—Standard & Poor’s, and Moody’s.

Fixed Income Distribution Group: A group of financial intermediaries who market and make prices in QTC’s debt instruments.

Floating rate notes (FRNs): A debt instrument which pays a variable rate of interest (coupon) at specified dates over the term of the debt, as well as repaying the principal of the maturity date. The floating rate is usually a money market reference rate, such as BBSW, plus a fixed margin. Typically the interest is paid quarterly or monthly.

GOC: Government-owned corporation.

Issue price: The price at which a new security is issued in the primary market.

Liquid: Markets or instruments are described as being liquid, and having depth, if there are enough buyers and sellers to absorb sudden shifts in supply and demand without price distortions.

Market value: The price at which an instrument can be purchased or sold in the current market.

MTN (Medium-Term Note): A financial debt instrument that can be structured to meet an investor’s requirements in regards to interest rate basis, currency and maturity. MTNs usually have maturities between 9 months and 30 years.

QTC: Queensland Treasury Corporation.

RBA: Reserve Bank of Australia.

T-Note (Treasury Note): A short-term money market instrument issued at a discount with the full face value repaid at maturity. T-Notes are issued in Australian dollars with a term to maturity of less than 1 year.

Appendix C – Compliance checklist
Summary of requirement Basis for requirement Annual report reference
LETTER OF COMPLIANCE A letter of compliance from the accountable officer or statutory body to the relevant Minister/s ARRs – section 8 Page 1
ACCESSIBILITY Table of contents


ARRs – section 10.1


Inside front cover

Appendix B

Public availability ARRs – section 10.2 Appendix D
Interpreter service statement Queensland Government Language Services Policy

ARRs – section 10.3

Appendix D
Copyright notice Copyright Act 1968

ARRs – section 10.4

Back cover
GENERAL INFORMATION Introductory Information ARRs – section 11.1 Page 2
Agency role and main functions ARRs – section 11.2 Page 2-3, back cover
Operating environment ARRs – section 11.3 Pages 3-11, 13
NON-FINANCIAL PERFORMANCE Government’s objectives for the community ARRs – section 12.1 Pages 6-11
Agency objectives and performance indicators ARRs – section 12.3 Pages 4-11
FINANCIAL PERFORMANCE Summary of financial performance ARRs – section 13.1 Pages 4-5, Notes to Financial Statements: Pages 22-45
GOVERNANCE – MANAGEMENT AND STRUCTURE Organisational structure ARRs – section 14.1 Pages 12-16
Executive management ARRs – section 14.2 Page 5, 16
Public Sector Ethics Act 1994 Public Sector Ethics Act 1994

ARRs – section 14.4

Appendix A
Audit committee ARRs – section 15.2 Pages 12-13
Internal audit ARRs – section 15.3 Page 16
Information systems and recordkeeping ARRs – section 15.5 Appendix A
GOVERNANCE – HUMAN RESOURCES Workforce planning and performance ARRs – section 16.1 Pages 10-11
OPEN DATA Consultancies ARRs – section 17

ARRs – section 34.1

Appendix A
Overseas travel ARRs – section 17

ARRs – section 34.2

Appendix A
Queensland Language Services Policy ARRs – section 17

ARRs – section 34.3

Appendix A
FINANCIAL STATEMENTS Certification of financial statements FAA – section 62

FPMS – sections 42, 43 and 50

ARRs – section 18.1

Page 45
Independent Auditor’s Report FAA – section 62

FPMS – section 50

ARRs – section 18.2

Pages 46-47


Note: This checklist excludes reference to any requirements that do not apply to QTC for the current reporting period.

FAA: Financial Accountability Act 2009; FPMS: Financial and Performance Management Standard 2009; ARRs: Annual report requirements for Queensland Government agencies

Appendix D – Contacts

Queensland Treasury Corporation

Level 6, 123 Albert Street
Brisbane Queensland Australia

GPO Box 1096
Queensland Australia 4001

Telephone:    +61 7 3842 4600
Facsimile:       +61 7 3221 4122
Email:              enquiry@qtc.com.au
Internet:         www.qtc.com.au

Queensland Treasury Corporation’s annual and half-yearly reports  (ISSN 1837-1256 print; ISSN 1837-1264 online) are available on QTC’s website at www.qtc.com.au/about-qtc/annual-reports. If you would like a copy of a report posted to you, please call QTC’s reception on +61 7 3842 4600.

If you would like to comment on a report, please complete the online enquiry form located on our website.

Queensland Treasury Corporation Reception +61 7 3842 4600
Stock Registry (Link Market Services Ltd) 1800 777 166


National Interpreter Symbol with Text

QTC is committed to providing accessible services to Queensland residents from culturally and linguistically diverse backgrounds. If you have difficulty understanding this report, please contact QTC’s reception on +61 7 3842 4600 and we will arrange for an interpreter to assist you.

Download QTC’s dealer panels (As at 30 June 2016)

Download QTC’s issuing and paying agents

Information for institutional investors

Core to its key funding principles, QTC is committed to being open and transparent with investors and its partners in the financial markets.

Through its website, QTC provides a range of information for investors on its various funding facilities and annual borrowing program. The website also hosts an analysts’ centre with information and links about Australia and Queensland to help investors gain a better understanding of:

  • the different levels of government in Australia
  • the forms of fiscal support the Australian Government provides to the states and territories
  • relevant governance practices, legislation and polices
  • financial data and budget information, and
  • economic and trade data.

QTC also offers investors the ability to subscribe to quarterly funding updates in English, Japanese, as well as Modern Chinese and Traditional Chinese.

Website: qtc.qld.gov.au/institutional-investors

Quarterly investor updates: Subscribe from the institutional investor section of the website

Invest in QTC app: QTC’s ‘Invest in QTC’ app has a library of publications about QTC and Queensland for institutional investors and is available from the App Store and Google Play.
Note: App is not available in the United States.

Bloomberg ticker: qtc

Availability of annual reports

QTC’s annual and half-yearly reports (ISSN 1837-1256) are available on QTC’s website for the past five financial years, earlier years are available by request. Printed copies can also be provided; please contact us for further information.


We are committed to continually improving our Annual Report. Your feedback on QTC’s Annual Report, including presentation, ease of navigation, value of information, style of language, level of detail and suggestions for improvement, can be provided via our online enquiry form.


The materials presented on this site are provided by the Queensland Treasury Corporation for information purposes only. Users should note that the electronic versions of the Annual Report on this site are not recognised as the official or authorised version. The official copy of the Annual Report, as tabled in the Legislative Assembly of Queensland, can be accessed from the Queensland Parliament tabled papers website database.