Borrowing Program

QTC announces its indicative annual borrowing program following the release of the Queensland State Budget, which is typically in June each year. An update is provided to the market following the release of the Government’s Mid-Year Fiscal and Economic Review, generally in December.

2018-19 indicative term-debt borrowing program

As of 28 February 2019

Following the Queensland 2018-19 Mid-Year Fiscal and Economic Review, QTC’s borrowing estimate remains unchanged at AUD8 billion of term debt in the 2018-19 financial year.

2018-19 indicative term-debt borrowing program requirements

Requirements 2018-19 Mid-Year AUDm1 2018-19 Budget AUDm1
State 500 500
Local Government and other entities2 700 700
Total new money 1,200 1,200
Term debt maturities 9,800 9,800
Net funding in advance3 (3,000) (3,000)
Net term debt refinancing 6,800 6,800
Total term debt requirements 8,000 8,000
As at 13 December 2018
1. Numbers are rounded to the nearest AUD100 million.
2. Other entities include: universities, grammar schools, retail water entities and water boards.
3. Includes net issuance undertaken in advance of borrowing requirements during 2017–18 and also in previous financial years as well as scheduled client principal repayments.
Note: Funding activity may vary depending upon actual client requirements, the State's fiscal position and financial market conditions.

Term debt

The total indicative term debt requirement for 2018-19 fiscal year is AUD8 billion, based on the 2018-19 Queensland Government MYFER.

Short-term debt

In addition to the total term debt requirement, QTC expects to maintain a minimum of approximately AUD5 billion of short-term debt throughout the fiscal year.

QTC's annual term debt issuance (actual and forecast*)

2018-19 indicative term-debt borrowing program

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* Does not include short-term debt of approximately AUD5 billion each year.
** Other clients include: local governments, retail water entities, universities, grammar schools and water boards.
Data as at 31 December 2018