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Borrowing Program

2024-25 borrowing program update

*Data current as at 19 July 2024. Numbers rounded to nearest $100 million. 


Following the Queensland 2024–25 State Budget released on 11 June 2024, Queensland Treasury Corporation (QTC) estimates it will borrow AUD24.9 billion of term debt in the 2024–25 financial year.

2024–25 indicative term-debt borrowing program

Requirements1 2024-25
State2 17,800 20,500 16,400 12,900
Local government and other entities3 1,000 1,000 900 1,100
Total new money 18,800 21,500 17,300 14,000
Net term debt refinancing4 6,100 10,800 11,400 10,600
Total term debt requirement 24,900 32,300 28,700 24,600
Data current as at 11 June 2024.
1. Numbers are rounded to the nearest AUD100 million.
2. Includes general government and government-owned corporations.
3. Other entities include: universities, grammar schools, retail water entities and water boards.
4. 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.

2024–25 funding strategy 

QTC’s 2024-25 funding strategy is likely to include the following, subject to market conditions and client funding requirements:  

  • AUD benchmark bonds as the principal source of funding, including new AUD 2037 or longer maturities. 
  • Green bond issuance, including a new green bond maturity 10 years or longer.
  • Other term debt, which may include floating rate notes, non-AUD denominated bonds and bond maturities out to 30 years.
  • Maintaining approximately AUD6.0 billion of short-term debt outstandings.

QTC will continue to apply a disciplined approach to issuance, including syndication, tenders and reverse enquiry. 

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

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Data current as at 11 June 2024.
*Does not include short-term debt of approximately AUD6.0 billion each year. Actual net term debt raised is calculated from Annual Borrowing Program release to the release of the next Annual Borrowing Program.

Watch QTC’s 2024-25 borrowing program update

Susan Buckley, Managing Director Funding & Markets shares funding highlights from FY23-24 and an overview of QTC’s FY24-25 indicative borrowing program and funding strategy.