Borrowing Program
2025-26 borrowing program update
*Data current as at 27 June 2025. Numbers rounded to nearest $100 million.
Following the 2025-26 Queensland State Budget released on 24 June 2025, QTC estimates it will borrow AUD33.5 billion of term debt in the 2025–26 financial year.
2025-26 indicative term-debt borrowing program
| AUD Billion1 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|
| Total new money2 Net term debt refinancing3 |
26.9 6.6 |
24.6 10.8 |
22.3 11.7 |
17.7 12.5 |
| Total term debt requirement | 33.5 | 35.4 | 34.0 | 30.2 |
Data current as at 24 June 2025.
1. Numbers rounded to the nearest AUD100 million.
2. Includes general government, government owned corporations, local government, other entities (universities, grammar schools, retail water entities and water boards) and $1.4 billion debt repayment each year from the Queensland Future Fund – Debt Retirement Fund.
3. Includes term debt maturities, net issuance undertaken in advance of borrowing requirements and scheduled client principal repayments. Note: Funding activity may vary depending upon actual client requirements, the State’s fiscal position and financial market conditions.
Note: Funding activity may vary depending upon actual client requirements, the State’s fiscal position and financial market conditions.
2025-26 funding strategy
QTC’s funding strategy for the 2025-26 financial year is likely to include the following, subject to market conditions and client funding requirements:
- AUD Benchmark Bonds: The principal source of funding, including new AUD 2038 or longer maturities.
- EUR Benchmark Bond: Issuance of a second EUR denominated benchmark bond.
- Green Bond Issuance: Issuance of green bonds, including a new green bond maturity.
- Floating Rate Notes: Issuance of floating rate notes including new maturities.
- Other Term Debt: QTC will consider the issuance of non-AUD denominated bonds (benchmark and/or non-benchmark) and maturities out to 30 years subject to market pricing.
- Short-Term Debt: Maintain approximately AUD 8.0 billion of short-term debt outstanding.
QTC will continue to adhere to a disciplined approach to issuance, including syndication, tenders, and reverse enquiry, aiming for the majority of issuance via public transactions.
QTC's annual term debt issuance (actual and forecast)*
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Data current as at 24 June 2025.
*Does not include short-term debt of approximately AUD8.0 billion each year. Actual net term debt raised is calculated from Annual Borrowing Program release to the release of the next Annual Borrowing Program.