Borrowing Program

2021–2022 borrowing program update

*Data current as at 2 December 2021.

Following the Queensland 2021–22 State Budget release, Queensland Treasury Corporation (QTC) estimates it will borrow AUD17.4 billion of term debt in the 2021–22 financial year.

2021–22 indicative term-debt borrowing program

Requirements 2021-22 AUDm1 2022-23 AUDm1 2023-24 AUDm1 2024-25 AUDm1
State2 11,000 10,400 6,700 5,300
Local government and other entities3 1,200 1,000 1,100 200
Total new money 12,200 11,400 7,800 5,500
Net term debt refinancing4 5,200 8,400 9,400 9,600
Total term debt requirement 17,400 19,800 17,200 15,100
Data current as at 15 June 2021.
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.

2021–22 funding strategy

QTC’s 2021–22 funding strategy is likely to include the following, subject to market conditions and client funding requirements:

  • A programmatic approach to issuance,  including syndication, tenders and reverse enquiry. 
  • AUD benchmark bonds as the principal source of funding, including new AUD 2033 or longer maturities. 
  • Green bond issuance, including a new green bond maturity. 
  • Other term debt, which may include floating rate notes, bond maturities out to 30 years and non-AUD denominated bonds.  
  • Maintaining a minimum of approximately AUD5 billion of short-term debt outstandings.

Watch QTC’s 2021–22 borrowing program update (5 mins)

Jose Fajardo, Head of Funding and Liquidity provides a video update on QTC’s indicative borrowing program and funding strategy.

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

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Data current as at 15 June 2021.
* Does not include short-term debt of approximately AUD5 billion each year. Actual debt raised is calculated from Annual Borrowing Program release to the release of the next Annual Borrowing Program, except for 2019-20 due to out of cycle Annual Borrowing Program release.