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.
Speaking to dealers and investors in the wake of the 2021/22 Western Australia budget, the state’s premier and treasurer, Mark McGowan, reiterated his government’s commitment to a cautious path to reopening to the rest of Australia and internationally. Meanwhile, a cautious price forecast means Western Australia is confident the risks to budget outcomes are on the upside despite the recent precipitous fall in the value of iron ore.
KangaNews and Westpac Institutional Bank hosted their annual roundtable for Australia’s sovereign and semi-government issuers in June – via audioconference, as the discussion happened as many Australian states were re-entering lockdown following the latest outbreak of COVID-19. Despite the sting in the pandemic’s tail, issuers are confident about the resilience and functionality of their market as they enter new financial years.
Key data and information on 15 high-grade lenders active in Australia and New Zealand, including programme information, funding strategy, debt data and issuer insights.
At one stage in 2020 it seemed Australia’s government-sector borrowers might end up with funding requirements larger than the market’s ability to support them. By the time the sector’s biggest issuers came together at a KangaNews roundtable in early February 2021, however, tasks had mainly come under control and issuance was well ahead of the required run rate.