Western Australian Treasury Corporation
Western Australia (WA)’s economy is continuing an upward trajectory, with increased mining revenues and a favourable reallocation of goods and services tax (GST) among the main drivers of fiscal improvement. The state is now forecasting a fiscal surplus in 2019/20, one year earlier than expected.
Western Australian Treasury Corporation (WATC) revealed a A$4.3 billion (US$3.1 billion) borrowing programme for the 2020/21 financial year on 9 October, following the release of the Western Australian state budget the previous day. It is at the upper end of the A$2.6-4.5 billion estimate provided at the state’s last budget update on 29 May.
Western Australia (WA) has had among Australia’s best outcomes when it comes to the health aspect of the COVID-19 crisis, allowing it to project a target date for the lifting of all remaining social restrictions state-wide. Ben Wyatt, WA’s Perth-based treasurer, discusses the state’s economic response and outlook.
In June, Westpac Institutional Bank and KangaNews brought together the biggest issuers in the Australian government sector to discuss a rollercoaster ride in markets since the end of March. The issuers describe a relatively straight-line improvement since the thrills and spills of the March-April period, with returning investors supporting increasing issuance volume and liquidity at extended tenor.
On 29 May, Western Australian Treasury Corporation (WATC) revealed an estimated term funding requirement for the 2020/21 financial year of A$2.6-4.5 billion (US$1.7-3 billion). The announcement followed the state treasurer’s economic update to the Western Australian parliament on 28 May.