Annual Report 2018-19

In 2018-19, Queensland Treasury Corporation (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 identifying initiatives that enable clients to make better business decisions has been integral to this success.

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.

2018-19 Annual Report (text version)

The Queensland Treasury Corporation Annual Report 2018-19 provides details of Queensland Treasury Corporation’s (QTC’s) achievements, outlook, performance and financial position for the 2018-19 financial year.

Letter of Compliance

30 August 2019

The Honourable Jackie Trad MP

Deputy Premier, Treasurer and Minister for Aboriginal and Torres Strait Islander Partnerships

GPO Box 611

Brisbane QLD 4001

Dear Deputy Premier

I am pleased to present the Annual Report 2018–19 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 58 of this Annual Report or accessed at www.qtc.com.au.


Gerard Bradley


Queensland Treasury Corporation

Queensland Treasury Corporation (QTC) 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 the Queensland Parliament.


Securing Queensland’s financial success


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



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


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.



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 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 and financial risk management advisory services.

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 to assist them to effectively manage their financial transactions, minimise their financial risks 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. QTC 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 project outcomes
  • collaboration with the financial markets and private sector institutions, and
  • public sector financial education programs, delivered in partnership with the University of Queensland.
Chairman's and Chief Executive's report

In 2018–19, Queensland Treasury Corporation (QTC) delivered significant whole-of-State and client benefits, funded the State’s $8 billion borrowing program, and realised an operating profit of $126 million from its capital market operations.

Funding the State

Strong investor demand for QTC’s term debt issuance supported the early completion of QTC’s 2018–19 borrowing program and enabled additional funding to be raised to offset future borrowing requirements.

QTC continued to maintain its reputation as a premium issuer with its investors through the high-quality execution of term debt issuance. Using the strength of its AA+ credit rating, QTC provided the market with diverse, liquid AUD benchmark bond lines complemented with issuance of non-benchmark term debt, including a green bond and a floating rate note.

Highlights of QTC’s funding and financial risk management outcomes during the 2018–19 financial year included:

  • early completion of the $8 billion 2018–19 borrowing program, with an additional $2 billion of pre-funding raised to reduce future borrowing programs
  • raising a further $2.4 billion towards the 2019-20 borrowing program, following its announcement on 11 June 2019
  • extending QTC’s maturity profile and reducing its refinancing risk through the issuance
    of more than $9 billion of benchmark bonds – including a new 2029 maturity, $1.25 billion into a new 2029 green bond line and $1.7 billion into a new 2023 floating rate note, and
  • achieving strong returns from QTC’s Capital Guaranteed Cash Fund, which outperformed its benchmark and remains one of the largest managed funds in Australia with $8.45 billion under management.

The State’s borrowing requirement for new money is forecast to increase over the forward estimates to support large-scale infrastructure projects.

Operating results

In 2018–19, QTC recorded an operating profit after tax from its capital markets operations of $126 million (2017–18: $94 million), mainly attributable to earnings on capital, including net unrealised market value gains associated with the financial instruments on QTC’s balance sheet.

Credit ratings

In the year under review, both Standard & Poor’s and Moody’s Investors Service reaffirmed Queensland’s and QTC’s credit ratings. QTC is rated AA+/A-1+/Stable and Aa1/P-1/Stable by Standard & Poor’s and Moody’s Investor Services respectively. These stable ratings are a key reason for continued demand from domestic and global investors for QTC debt.

Value delivered for the State

In consultation with Queensland Treasury and State Government clients, QTC continued to prioritise advisory initiatives that provide maximum outcomes for the State. These initiatives assisted clients to manage financial risk and make informed business decisions, and included:

  • assisting Metro North and Central Queensland hospital and health services to develop change programs to improve patient, staff and financial outcomes
  • reviewing Stadium Queensland’s pricing and practices to inform the Stadium Taskforce Report recommendations
  • establishing an online wholesale foreign exchange facility for clients in partnership with a major national bank, to achieve efficiencies and savings for clients executing FX transactions
  • supporting major policy initiatives, including CleanCo, to help put downward pressure on electricity prices, and FibreCo, to improve digital connectivity to regional Queenslanders, and
  • assisting local governments with asset management improvement projects, waste management strategies and financial health assessments.

QTC also helped enhance financial capability across the public sector through its education partnership with the University of Queensland. During the year, more than 2,100 participants completed financial education courses. The overall average evaluation rating was nine out of 10.

Organisational excellence

QTC continued to foster an environment of organisational excellence and create opportunities for its people to deliver value for the State. This year saw a focus on systems, risk management and talent development, which has enhanced the efficiency and performance of QTC’s operations—particularly its core funding and advisory business.

QTC’s growth of an inclusive, diverse, flexible and high performance culture was recognised in the results of the organisation’s 2019 culture survey, and through receiving a ‘Transformational Culture Achievement’ award from Human Synergistics, its culture survey provider. The results placed QTC close to the top 10% of organisations surveyed and confirmed that QTC employees have the opportunity and environment to deliver exceptional work for the State.

Changes to Board membership

Alison Rayner was appointed to the QTC Capital Markets Board as the Queensland Treasury representative on 19 July 2018. Neville Ide was appointed to the Board on 1 October 2018.

Positioned for ongoing success

QTC’s achievements in the 2018–19 financial year have demonstrated significant performance outcomes against each of its three strategic goals—to deliver value to the State and its clients; to ensure access to sustainable funding; and to achieve organisational excellence—and provided measurable increases in organisational capability and efficiency.

With QTC’s expert leadership team and talented employees, we are confident QTC will be able to contribute a significant, meaningful and tangible benefit to help secure the State’s financial success in the 2019–20 financial year and beyond.

Creating value for the State and clients

In 2018–19, Queensland Treasury Corporation (QTC) contributed significant, positive financial results for the State and its public sector entities through the delivery of financial advisory and project implementation services, high-quality debt and cash management products and specialist public finance education. Underpinning this success has been a continued focus on delivering whole-of-State outcomes by providing advice and identifying initiatives that enable clients to make better business decisions. 

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 informed business decisions. To enhance client outcomes, QTC partnered with experts to provide global best practice in innovation and service improvement. In consultation with Queensland Treasury and State Government clients, QTC continued to prioritise advisory initiatives that provide maximum outcomes for the State.

Highlights included:

  • assisting Metro North and Central Queensland hospital and health services (HHS) develop a change program to improve patient, staff and financial outcomes
  • reviewing Stadium Queensland’s pricing and practices to inform the Stadium Taskforce Report recommendations, and
  • establishing an online wholesale foreign exchange facility for clients in partnership with a major national bank.

QTC has increased its focus on supporting its clients to implement projects that deliver maximum value to the State in terms of risk reduction, increased revenue and cost reduction, and broader economic benefits. QTC supports its clients to implement significant change projects within their own environments and enhance their project delivery capability. To support this work, QTC has developed a repeatable and scalable project delivery methodology now used in a number of Government departments.

Advice supporting major policy initiatives 

QTC provided advice supporting major policy initiatives, including the following:

  • The establishment of CleanCo, the Government’s clean energy generator that aims to put further downward pressure on electricity prices and encourage a reliable and affordable transition to renewables.
  • The establishment of FibreCo, a new State-owned entity that will unlock spare capacity in thousands of kilometres of Government-owned cable and partner with the private sector to improve digital connectivity to regional Queenslanders and put downward pressure on wholesale prices.
  • Strategic goals for Queensland’s waste industry, including the introduction of the waste levy to grow the recycling and resource recovery sector and reduce the amount of waste in landfill.

Fostering strong relationships with local governments  

Throughout the year, QTC has worked closely with local government clients and assisted them to identify and mitigate business risks, including:

  • assisting a number of local governments to develop strategies and undertake procurement processes for alternative waste technologies as a result of the State’s waste strategy
  • asset management improvement projects, including detailed asset management roadmaps to improve local government asset management practices
  • strategic financial reviews for a number of local councils, and
  • diagnostic reviews to assist a number of councils to assess their financial and infrastructure health in a condensed timeframe.

QTC has also supported local and regional Queensland in partnership with local governments through a range of activities, including:

  • undertaking a ‘regional perspectives’ tour to engage with local governments in four key regions on emerging industries and economic opportunities
  • delivering the Local Government Finance and Strategic Leadership Summit in partnership with the Local Government Association of Queensland with a professional development program tailored for local government leaders, and
  • numerous regional site visits, in order to better understand regional economic opportunities and gain insights into the unique challenges of each region.
High quality debt and cash management products

QTC continued to provide low-cost loans and high-performing investment facilities throughout 2018-19.

Debt management 

QTC has continued to successfully deliver on its core mandate of providing clients with a lower cost of funds by capturing significant economies of scale and scope in the issuance, management and administration of the State’s debt.

The rebalancing approach for Portfolio-Linked Loan clients was improved to provide clients with a smoother cost of debt, helping to avoid being impacted by short-term spikes in market rates.

QTC’s assessment that recent changes to accounting standards do not apply to QTC’s Portfolio-Linked Loans will ensure that it can continue to offer clients a high-level of flexibility in structuring their debt through this product, without incurring regular accounting gains or losses.

A successful restructure of a local council’s debt facilities helped reduce operational risk and interest rate risk on approximately $1.2 billion of debt.

QTC provided advice and modelling to inform Energy Queensland and the Government on the impact of low Commonwealth Government yields for its 2020 regulatory determination.

Cash management 

QTC offers cash management products that enable its clients to maximise the value of their surplus funds. In 2018–19, QTC’s Capital Guaranteed Cash Fund provided strong returns and outperformed its benchmark, the Bloomberg AusBond Bank Bill Index, by 76 basis points.

The Cash Fund continues to offer flexibility by providing clients with same-day liquidity. At the end of 2018–19, it remained one of the largest managed funds in Australia with $8.45 billion under management.

Asset management  

Following consultation with Brisbane City Council (BCC) and the State Government—and with the industrial real estate market performing strongly—QTC sold the Eagle Farm bus depot to two Charter Hall funds.

Client access website portal 

In 2018–19, QTC made a number of improvements to its online client transaction portal—QTC Link—to provide clients with more tools to manage their QTC-held facilities and to transact efficiently online.

Education program

Through its partnership with The University of Queensland (UQ), QTC’s education program continued to grow to meet increasing client demand with positive feedback. In 2018–19, the education program provided financial courses to more than 2,100 participants through a combination of workshops, masterclasses and webinars.

QTC is working collaboratively with Metro North HHS and the Department of Local Government, Racing and Multicultural Affairs to deliver targeted training for their organisations in 2019–20.

As part of a growing program new workshops including ‘QTC Foreign Exchange’, ‘Project Decision Framework’ and ‘Asset Management Advanced’ were also developed.

Loans to clients
Total Debt Outstanding (Market Value)
30 June 19
Total Debt Outstanding (Market Value)
30 June 18
General Government* 33 192 319 31 200 556
Energy 26 184 078 24 603 252
Water 14 867 575 13 891 586
Local governments 6 302 674 6 136 975
Transport 5 254 122 4 944 732
Education 829 207 731 388
Other 499 800 443 294
Total 87 129 775 81 951 783

* General Government includes Queensland Treasury and Arts Queensland.

Achieving sustainable access to funding

In 2018–19, Queensland Treasury Corporation (QTC) raised $8 billion of term debt to meet its annual funding requirement. QTC also undertook an additional $2 billion pre-funding, reducing future borrowing programs. Following the announcement of the 2019–20 borrowing program on 11 June, QTC raised a further $2.4 billion to 30 June 2019. During the year, QTC issued a new 2029 benchmark bond, a 2023 floating rate note and a 2029 green bond to further smooth and extend its maturity profile and diversify its investor base. 

Meeting the State’s funding requirements

QTC continued to maintain its reputation as a premium issuer with its investors, through the high-quality execution of term debt issuance, using the strength of its AA+ credit rating. QTC provided the market with diverse, liquid lines that resulted in approximately $10 billion being successfully raised prior to the announcement of QTC’s 2019–20 borrowing program for the Queensland Government’s current and future borrowing and refinancing requirements.

The original estimated term debt requirement for 2018–19 was $8 billion. This was unchanged following the Government’s Mid-Year Fiscal and Economic Review, released in December 2018.

On 11 June 2019, QTC announced its indicative $9.9 billion term debt borrowing requirement for the 2019–20 fiscal year.

QTC undertook a range of activities up to 30 June 2019 to complete its annual 2018–19 borrowing program, start the 2019–20 borrowing program and support its bonds in the market, including:

  • issuing more than $9 billion of benchmark bonds, including one new benchmark bond maturing in 2029
  • issuing $1.7 billion of a floating rate note maturing in 2023
  • issuing $1.25 billion of a new 2029 green bond, and
  • issuing $125 million into the 2047 bond, increasing this line to $630 million.

QTC maintained its focus on providing its Fixed Income Distribution Group and investor base with flexibility and transparency.

Funding performance

QTC’s proactive management of the borrowing program and the management of its client funding and balance sheet activities helped to smooth and extend its maturity profile and support QTC’s bond spreads. Management of QTC’s liquid assets, funding execution and balance sheet asset and liability management provided significant savings during 2018–19, while QTC’s total debt outstanding as at 30 June 2019 was approximately $90.5 billion.

QTC’s issuance strategy continues to support its commitment to a diverse range of funding sources, complementing its core AUD benchmark bonds and offering investors flexibility in their investment options. This diversity has seen it use a variety of instruments in the past year, including bond maturities out to 30 years, a new green bond and a new floating rate note. Investor demand remained solid for QTC’s primary issuance, with all public issuances oversubscribed.

The majority of QTC’s 2018–19 term debt issuance was via its benchmark bond program, including a new 2029 benchmark bond, to meet investor demand for longer-term maturities with a committed group of banks providing secondary market liquidity. During the financial year, QTC issued approximately $9.5 billion of AUD Benchmark bonds in gross terms across its 2025–2030 maturities.

QTC established a new 2023 floating rate note maturity to provide floating rate exposure for investors that have a specific need for this type of asset. QTC also issued a new 2029 green bond to meet ongoing investor demand for green assets and longer-term QTC bonds. Both of these issues provided QTC with competitively priced funding and contributed to diversifying QTC’s investor base.

In June 2019, QTC received verification of its green bond eligible project pool of more than $5.8 billion, with the addition of water infrastructure providing added diversity to the pool. These developments increase the scope and ability for future green bond issuance to support the State Government’s focus on transitioning to a low-carbon economy.

QTC continued to focus on activities to expand its investor base, delivering an effective domestic and global investor relationship program during the year. QTC hosted a successful global investor conference in Brisbane in collaboration with a major bank partner. Open and transparent communication with current and future investors on Queensland’s economy and funding program has kept the market fully-informed and will continue to be a focus. QTC also continued to regularly engage with both its Fixed Income Distribution Group and investors through its Funding and Markets Division.

Funding facilities

As at 30 June 2019

QTC has a diverse range of funding facilities in a variety of markets and currencies. The majority of QTC’s funding is sourced through long-term debt facilities, with QTC’s AUD benchmark bonds being the principal source of funding. As at 30 June 2019, QTC’s total debt outstanding was approximately $90.5 billion.

Short-term Domestic T-Note Unlimited 7–365 days AUD
Euro CP USD10,000 1–364 days Multi-currency
US CP USD10,000 1–270 days USD
Long-term AUD Bond Unlimited 12 benchmark lines and a range of non-benchmark lines with various maturities* AUD
Euro MTN USD10,000 Any maturity subject to market regulations Multi-currency
US MTN USD10,000 9 months – 30 years Multi-currency

*See QTC’s website for further detail of bond lines.


2018–19 Public issuance

Achieving organisational excellence

Queensland Treasury Corporation (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.

Operational excellence

A sustained focus on the continual improvement of QTC’s organisational capability has delivered improvements to systems, risk management and talent development. These improvements have optimised the foundation from which QTC’s core funding and advisory business is delivered and are providing staff with the opportunity and the environment to maximise the delivery of real value to the State.

The introduction of a new governance, risk and compliance system has led to measurable and ongoing improvements in management across these areas; a new contract management system has improved the management of a diverse network of partners; and core system upgrades, together with a more sophisticated use of reporting tools, have improved efficiency, security, analysis and decision-making.

QTC’s data-driven future is being enabled by a new comprehensive and scalable data strategy that supports its core business of managing financial risk for the State.

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 objectives by providing assurance that its risks are identified, assessed and adequately and appropriately managed.

QTC produces a risk appetite statement that sets the tone ‘from the top’ for risk management and establishes clear boundaries within which QTC’s material risks are to be managed.

The framework incorporates key internal controls and, through periodic attestation by control owners, assurance is given to management and the Board that these controls are operating effectively.

The outcome of the 2018–19 internal audit program was positive with 16 internal audits conducted and completed successfully.

Throughout 2018–19, QTC managed its portfolio market risk exposures, including interest rate, foreign exchange and counterparty risk, within its Board-approved risk management framework. 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.

High performance workforce

QTC competes with the global financial industry to attract and retain its high calibre employees. Under the Queensland 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. The reviews are benchmarked against remuneration data from the Financial Institutions Remuneration Group Inc, which 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, designed to ensure market competitiveness and reward outstanding organisational, divisional, 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.

With an articulated commitment to our employees to enable ‘the best work of their careers’, key focus areas in 2018–19 have been on delivering against our leadership and professional development strategies in order to strengthen organisational capability and promote mobility. Key initiatives included:

  • strategic workforce planning aligned to our organisational vision and strategy, and incorporating consideration of the future of work and impact of automation
  • targeted leadership programs across all levels to develop the capabilities of leaders
  • professional development opportunities, including in the areas of presentation and facilitation, project delivery, Power BI, meeting management and business writing
  • project opportunities embedded within client organisations
  • talent management and succession planning programs
  • CEO Awards recognising individual employees and teams who exemplify QTC’s values, and
  • culture and diversity programs.

Enterprise and team-based development programs have been delivered with a focus on culture, team development and planning.

Organisational Culture

QTC continues to grow an inclusive, diverse, flexible and high performance culture, which is reflected in the results of the 2019 culture survey. The 2019 culture survey returned very positive results that were recognised as ‘transformational’ by the Human Synergistics culture survey provider. When benchmarked against other organisations who have completed the Human Synergistics survey, QTC is close to the top 10 per cent of organisations.

QTC continues to cultivate a risk culture that ensures issues and risks in the business environment are anticipated and impacts for QTC and stakeholders are managed effectively. The Risk Culture Strategy for 2018–19 focussed on articulating expected behaviours and developing risk-based key performance indicators for all employees.

Diversity and wellbeing

QTC’s Inclusion and Diversity Strategy recognises that diversity of perspective and experience improves performance, manages risk and improves decision-making. In 2018–19, under the strategy’s priority streams of culture, family and community, and gender, QTC:

  • amended policies to provide equal access to paid parental leave for working parents and extended leave provisions for employees affected by domestic violence or mental health issues
  • continued the Stepping Stone partnership and the intern program with the Australian Network on Disability
  • implemented a range of mental and physical health programs to support employee well-being, and
  • raised awareness for inclusivity and diversity by supporting International Women’s Day, NAIDOC week, RUOK day, International Day for People with Disability, Queensland Mental Health Week and Chinese Lunar New Year.

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

QTC has a corporate health and wellbeing program that provides activities to promote physical and mental wellbeing.

Workforce profile 2018-19
Full-time equivalent staff (including fixed-term employees) 192.9
Permanent separation rate 12.1%
Permanent average tenure 6 years

Corporate governance

Queensland Treasury Corporation (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 and has delegated their 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 advised on certain superannuation and other long-term assets that were transferred to QTC from Queensland Treasury on 1 July 2008. From 2019–20 onwards, LTAAB has been reconstituted as the State Investment Advisory Board.
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 the Under Treasurer.

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 are:

  • overseeing QTC, including its control and accountability systems
  • approving the strategic direction of QTC and significant corporate strategic initiatives
  • approving key policies and corporate performance objectives
  • developing, reviewing and monitoring the desired culture in which the organisation
    is expected to operate
  • overseeing risk, including setting the risk appetite within which management is expected to operate
  • assessing risks within the business, including reviewing, monitoring and evaluating the appropriateness and effectiveness of QTC’s risk management system and internal control framework
  • monitoring compliance with all relevant legal, tax and regulatory obligations
  • providing input into and final approval of the annual budget as proposed by management
  • approving financial and other reporting to the market and stakeholders
  • monitoring of financial, operational and corporate performance against agreed outcomes
  • monitoring and evaluating the performance of QTC’s management and implementation of strategy and policies
  • approving the remuneration framework
  • appointing the Chief Executive, and
  • overseeing executive management development and succession planning.

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

Board appointments

The Board comprises members 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 constituted entirely 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 charter, to assist it in overseeing and governing various QTC activities. The complete roles and responsibilities of each committee are outlined in the charters available on the QTC website.

Risk and Audit Committee

The Risk and Audit Committee, formerly the Accounts and Audit Committee until 11 February 2019, is responsible for:

  • the effectiveness of internal controls surrounding key financial and operational processes
  • overseeing risk and risk management (limited to those matters not undertaken by the Funding and Markets Committee, the Human Resources Committee or the Board)
  • oversight of the integrity of the financial statements, and
  • the adequacy and effectiveness of audit activities.

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

During the year, the Risk and Audit Committee recommended the adoption of 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.

QTC’s Risk and Audit Committee has observed the terms of its charter and had due regard to the Queensland Treasury’s Audit Committee Guidelines.

Human Resources Committee

The Human Resources Committee is responsible for:

  • human resources-related key policies and compliance with relevant legislation
  • the framework for remuneration and performance reviews
  • the integrity and consistency of QTC’s corporate culture
  • succession planning for the executive management team, executive development and talent pipeline risks
  • strategic workforce planning and operational resource planning, and
  • overseeing people material risks.

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

Funding and Markets Committee

The core responsibilities of the Funding and Markets Committee are to assist the Board to fulfil its responsibilities relating to the performance and risk management of QTC’s funding and markets activities. The Funding and Markets Committee is responsible for:

  • funding and markets-related key policies and compliance with relevant legislation
  • overseeing alignment of funding and markets activities with QTC’s policies and risk appetite
  • advising the Board on risk appetite, risk tolerance and risk mitigation strategies for funding and markets activities
  • assessing QTC’s ability to access suitable funding markets to meet the State’s borrowing requirements and maintain appropriate levels of liquidity
  • liquidity pool performance, and
  • Cash Fund and Asset Liability Management Portfolio performance.

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

Meetings held

Board Risk and
Audit Committee
and Markets Committee
Human Resources Committee
Ordinary meetings held 9 5 4 4
Gerard Bradley 9 1 3 4
Tonianne Dwyer1 9 2 4
Neville Ide2 6 2 1
Anne Parkin 9 5 4
Alison Rayner3 6 3
Karen Smith-Pomeroy4 9 5 1
Jim Stening 9 4

1   Ms Dwyer was appointed to the Funding and Markets Committee effective 1 February 2019

2   Mr Ide was appointed to the Board effective 1 October 2018, the Risk and Audit Committee effective 1 February 2019 and the Funding and Markets Committee effective 1 February 2019

3   Ms Rayner was appointed to the Board and the Risk and Audit Committee effective 19 July 2018

4   Ms Smith-Pomeroy was appointed to the Human Resources Committee effective 1 February 2019

QTC's Capital Markets Board as at 30 June 2019

Board members are appointed by the Governor-in-Council, pursuant to section 10(2) of the QTC Act on the recommendation of the Treasurer and in consultation with the Under Treasurer. Members are chosen on their ability and commitment to contribute to Queensland Treasury Corporation’s (QTC’s) performance and achievement of its stated objectives.

Gerard Bradley


Appointed 10 May 2012
with tenure to 30 June 2020

Board Committees

  • Member, Human
    Resources Committee
  • Member, Funding and
    Markets Committee
Prior to his appointment as the Chairman of QTC’s Board, 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 Non-Executive Director and Chairman of Queensland Treasury Holdings Pty Ltd and related companies, and a Non-Executive Director of Star Entertainment Group Ltd, Pinnacle Investment Management Group Limited and the Winston Churchill Memorial Trust.

Tonianne Dwyer

BJuris (Hons), LLB (Hons), GAICD

Appointed 14 February 2013
with tenure to 30 June 2020

Board Committees

  • Chair, Human Resources Committee
  • Member, Funding and
    Markets Committee
Tonianne Dwyer is a lawyer by profession, with a career of more than 25 years in international investment banking and finance in both executive management and board positions.

Ms Dwyer’s executive experience covered a broad range of sectors, including real estate investment and development, financial services, health and aged care, education, research and development, and media. She held senior roles with Hambros Bank Limited, Societe Generale and Quintain Estates & Development PLC including a role with the finance division of the UK Department of Health. Over her executive career she had experience in the UK, Europe and Wall Street.

Ms Dwyer currently holds directorships with Metcash Limited, DEXUS Property Group, DEXUS Wholesale Property Fund, ALS Limited and Oz Minerals Limited. She is also a Senator and Deputy Chancellor of the University of Queensland and a Director of Chief Executive Women Limited.


Neville Ide

BBus (Acctg), MComm
(Acctg and Fin), FCPA, FAICD

Appointed 1 October 2018
with tenure to
30 September 2021

Board Committees

  • Member, Risk and Audit Committee
  • Member, Funding and
    Markets Committee


Neville Ide has more than 40 years’ experience in finance and treasury management having held executive roles in the government, finance and banking sectors, including Queensland Treasury Corporation for 12 years and as Group Treasurer at Suncorp Metway Limited.

His industry knowledge and experience covers banking, insurance, infrastructure and corporate treasury management, including debt and equity capital markets, balance sheet structuring and financial risk management.

Mr Ide has served as a non-executive director on a number of public and private company boards since 2006, including appointments to Queensland Motorways Limited, RACQ Insurance, RACQ Bank, Retech Technology Limited, SunWater Limited, and as a previous QTC Board member. He is currently a director of Qbank Limited.



Anne Parkin

B Science (Hons), Dip. Ed,
Grad Dip Sec, MBA, MAICD, F FIN

Appointed 1 July 2016 with tenure to 30 September 2022

Board Committees

  •  Member, Risk 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, she has experience operating in highly regulated businesses including banking with Credit Suisse and UBS, and in Australian superannuation.

Ms Parkin is the former chair of a start-up company and a former non-executive director of both Credit Suisse Securities in Malaysia and the Philippines. She was also the executive director of the Hong Kong Control Committee responsible for oversight of operational risk for Credit Suisse Hong Kong and its affiliates, and the executive in charge of operational matters with local regulators, including the Hong Kong Monetary Authority and Hong Kong Securities & Futures Commission.


Alison Rayner

BBus(Acc & Fin), GDip Adv Acc

Appointed 19 July 2018 with tenure to 30 June 2020

Board Committees

  • Member, Risk and Audit Committee
Alison Rayner is Queensland Treasury’s Deputy Under Treasurer, Economics and Fiscal Coordination. In this role, she is responsible for providing economic and fiscal advice, analysis and guidance to the government on matters of significance to the economic and fiscal performance of Queensland, particularly in relation to the State Budget, fiscal efficiency, economic policy, forecasting and reporting initiatives.

During her 20 years in government, Ms Rayner has held senior leadership roles working with Treasury’s partner agencies to develop, fund and implement public policy, as well as key roles with responsibility for providing advice to Government and agencies on financial management matters and complex commercial transactions.

Ms Rayner is a Chartered Accountant who started her career in the private sector, initially working in the business and tax advisory services industry followed by several years in commercial banking, before joining government in 1998. She represents Queensland Treasury on the State Investment Advisory Board (formerly the Long Term Asset Advisory Board), and holds a Director position on the Queensland Rural and Industry Development Authority Board.

Karen Smith-Pomeroy

ADip (Accounting),

Appointed 9 July 2015 with tenure to 30 September 2022

Board Committees

  • Chair, Risk and Audit Committee
  • Member, Human
    Resources Committee
Karen Smith-Pomeroy is an experienced financial services senior executive with a specialty in risk and governance.

She held senior executive roles with Suncorp Group Limited from 1997 to 2014, including Chief Risk Officer Suncorp Bank from 2009 to 2013, and Executive Director, Suncorp Group subsidiary entities from 2009 to 2014. She has also held positions on a number of Boards and committees including CS Energy Limited and Tarong Energy Corporation Limited.

Ms Smith-Pomeroy is a Non-Executive Director of National Affordable Housing Consortium Limited, Stanwell Corporation Limited, InFocus Wealth Management Limited, Infigen Energy Limited and Kina Securities Limited. She is also an Independent Audit Committee Chair of the Queensland Department of Local Government, Racing and Multicultural Affairs, and Audit Committee member of South Bank Corporation.

Jim Stening

DipFinServ, FAICD

Appointed 13 November 2014 with tenure to 30 June 2020

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.

Mr Stening is the founder and Managing Director of FIIG Securities Limited, Australia’s largest specialist fixed-income firm and a Non-Executive Director of related companies, Non-Executive Director of OZFish Unlimited Limited, and a Fellow of the Australian Institute of Company Directors.


Long Term Asset Advisory Board

The Long Term Asset Advisory Board (LTAAB) was responsible for managing the long-term assets set aside to fund the superannuation and other long-term obligations of the State.

The LTAAB had power delegated from QTC to manage the sufficiency of funding for superannuation and insurance liabilities; set investment objectives and strategies for the assets held to meet those liabilities; determine the most appropriate investment structure, and monitor investment performance.

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

The members of LTAAB were:

Name Position
Frankie Carroll*, Under Treasurer Chairperson
Philip Noble, Chief Executive, QTC Member
Wayne Cannon, State Actuary Member
Alison Rayner, Deputy Under Treasurer, Economic and Fiscal Coordination Member

* The Chair of LTAAB is an ex-officio role. Jim Murphy was Chair from 1 July 2018 to 14 September 2018. Following Mr Murphy’s departure, Mary-Anne Curtis was Chair until Frankie Carroll was appointed as the Under Treasurer from 11 February 2019.

The LTAAB held three meetings in the year under review. The LTAAB fulfilled its role as identified in its charter during 2018–19.

Long Term Assets

Separate from QTC’s capital markets operations, QTC holds a portfolio of assets that were transferred from the State Government in 2008 and were overseen by QTC’s Long Term Asset Advisory Board during 2018–19. In return for the transfer of assets, QTC issued the State with fixed rate notes that provide a fixed rate of return. These assets fund the superannuation and other long-term obligations of the State and are held in trusts managed by Queensland Investment Corporation. Recent changes to Australian Accounting Standards have allowed both the financial assets and liabilities of the long term assets to be measured at fair value for the first time. This equal treatment recognises the direct relationship between the fixed rate notes and the long-term assets, and has resulted in a neutral accounting result for the long-term assets in the financial year. There is no cashflow generated from the long-term assets and no impact on QTC’s capital markets activities or its ability to meet its obligations.


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.

All significant audit recommendations raised by the Queensland Audit Office during the reporting period were addressed.

The Financial and Performance Management Standard 2009 (Qld) governed the operation of QTC’s internal audit function for the 2018–19 financial year. QTC outsourced its independent internal audit function to Ernst and Young (EY) for the 2018–19 financial year. Internal audit reports to the Risk and Audit Committee and is conducted under an Internal Audit Policy, 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 Risk 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 aligned with QTC’s strategic goals and objectives, as well as material risks, and approved by the Risk and Audit Committee
  • providing regular audit reports and periodic program management reports to the management team and the Risk 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 Queensland Treasury’s Audit Committee Guidelines, in establishing and supervising its outsourced internal audit function and, together with the Risk 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 30 June 2019

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

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, and
  • 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 2019.

The financial statements are authorised for issue on the date of signing this certificate which is signed in accordance with a resolution of the Capital Markets Board.

G P Bradley


P C Noble

Chief Executive

21 August 2019

Independent Auditor's report


Appendix A – Statutory and mandatory disclosures

Queensland Treasury Corporation (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.

QTC is committed to providing accessible services to Queensland residents from culturally and linguistically diverse backgrounds. QTC did not receive any requests for interpreters in 2018–19.

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 Records Governance Policy. QTC also provided training to staff with respect to information and records management.

QTC continued to adhere to the requirements determined in the General Retention and Disposal Schedule and improve accuracy of record classification through exploring automated pattern detection technologies.

QTC is enhancing its electronic document and information management systems for improved management of both digital and physical records particularly in relation to expanding cloud technologies. QTC has introduced a range of information security features to protect internally and externally accessible records.

QTC has not experienced any serious breaches and continues to place focus on education, communication and evolving our technical environment to ensure the importance of information and records management remains front-of-mind.

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 (Qld), as well as the 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. A copy of QTC’s Code of Conduct can be inspected by contacting QTC (see Appendix D 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 2019, 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 provided to the members of the QTC Capital Markets Board was $352,849, this included superannuation and the provision of a car park. Total on-costs (including travel and professional memberships for members) was $4,233.

No payments in relation to remuneration or on-costs were made to members of the Long Term Asset Advisory Board in the year ending 30 June 2019.

Related entities

The related entities in Note 23 are not equity accounted in the financial report of the Queensland Treasury Corporation. These entities 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 per cent).

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.

Green Bonds: QTC green bonds on issue are guaranteed by the Queensland State Government, issued under the AUD Bond Program with 144A capability and certified by the Climate Bonds Initiative (CBI). Proceeds from QTC green bonds are used to fund 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. QTC’s Green Bond Framework facilitates the issuance of both CBI certified green bonds and green bonds that accord with the International Capital Market Association (ICMA) Green Bond Principles. QTC’s Green Bond Framework has been developed in line with the Green Bond Principles and is consistent with the Climate Bonds Standard. It has been verified by DNV GL, an approved third-party assurance provider that also provides annual verification of QTC’s pool of eligible projects and assets.

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
A letter of compliance from the accountable officer
or statutory body to the relevant Minister/s
ARRs – section 7 Page 1
Accessibility Table of contents


ARRs – section 9.1 Inside front cover

Appendix B

Public availability ARRs – section 9.2 Appendix D
Interpreter service statement Queensland Government
Language Services PolicyARRs – section 9.3
Appendix D
Copyright notice Copyright Act 1968

ARRs – section 9.4

Back cover
Introductory information ARRs – section 10.1 Page 2-5
Agency role and main functions ARRs – section 10.2 Page 2-3, Appendix D
Operating environment ARRs – section 10.3 Pages 3-13, 16
Non-financial performance Government’s objectives for the community ARRs – section 11.1 Pages 6-9
Agency objectives and performance indicators ARRs – section 11.3 Pages 4-11
Summary of financial performance ARRs – section 12.1 Pages 4-5, Notes to Financial Statements: Pages 22-49
Governance – management
and structure
Organisational structure ARRs – section 13.1 Pages 12-16
Executive management ARRs – section 13.2 Page 4 -5, 12-16
Public Sector Ethics Act 1994 Public Sector Ethics Act 1994

ARRs – section 13.4

Appendix A
Governance –
risk management
Risk management ARRs – section 14.1 Page 10
Audit committee ARRs – section 14.2 Pages 12-13
Internal audit ARRs – section 14.3 Page 16
Information systems and recordkeeping ARRs – section 14.5 Appendix A
Governance –
human resources
Strategic workforce planning and performance ARRs – section 15.1 Pages 10-11
Open Data Statement advising publication of information ARRs – section 16 Appendix A
Consultancies ARRs – section 33.1 Appendix A
Overseas travel ARRs – section 33.2 Appendix A
Queensland Language Services Policy ARRs – section 33.3 Appendix A
Certification of financial statements FAA – section 62

FPMS – sections 42, 43 and 50

ARRs – section 17.1

Page 50
Independent Auditor’s Report FAA – section 62

FPMS – section 50

ARRs – section 17.2

Pages 51-54

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 31, 111 Eagle Street

Brisbane Queensland Australia

GPO Box 1096

Brisbane Queensland

Australia 4001

Telephone: +61 7 3842 4600

Email: enquiry@qtc.com.au

Internet: www.qtc.com.au

Queensland Treasury Corporation’s annual 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.

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, its annual borrowing program and its Fixed Income Distribution Group. The website also provides 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 policies
  • financial data and budget information, and
  • economic and trade data.

QTC also offers investors the ability to subscribe to quarterly funding updates.

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

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

Bloomberg ticker: qtc

Availability of annual reports

QTC’s annual 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.