Western Australian Treasury Corporation
The end of Australia’s resources-sector investment boom was not kind to its most commodities-exposed state, Western Australia (WA). But with a new government in place since 2017, WA’s Perth-based treasurer, Ben Wyatt, is happy to agree with the analyst consensus that the state’s financial situation is now on a positive trajectory.
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.
Kaylene Gulich has been appointed chief executive at Western Australian Treasury Corporation (WATC), commencing in February. Gulich was previously deputy chairperson of the WATC board, and has also held “a number of senior executive roles” in the state’s treasury department and been a board member of the Gold Corporation.
The Australian Office of Financial Management hosted its fourth Australian Government Fixed-Income Forum in Tokyo in June. The event has grown significantly since its debut in 2013, with close to a hundred local investors attending in 2018. KangaNews was the only media organisation present, and is pleased to share a flavour of this important investor-relations project.
Western Australia (WA)’s second state budget in eight months, delivered on 8 May, revealed promising signs of improvement for the state’s finances. In an address hosted by Western Australian Treasury Corporation in Sydney on 31 May, state treasurer Ben Wyatt cited public expense reform, improving commodity prices and the emergence of lithium as a major export, as key factors in what he describes as the best WA budget position across forward estimates since the 2012/13 budget.
On 11 May, following the release of the Western Australian state budget, Western Australian Treasury Corporation (WATC) revealed a borrowing requirement of A$8 billion (US$6 billion) for the 2018/19 financial year. The requirement is comprised of A$5.3 billion of refinancing and A$2.7 billion of new money. According to WATC, its “benchmark bond programme will be the primary source of funding, supplemented by floating-rate notes”.