Western Australian Treasury Corporation (WATC) was established on 1 July 1986 under the Western Australian Treasury Corporation Act 1986 (the Act) as the State’s central borrowing authority. Amendments to the Act during 1998 expanded WATC’s role to include the provision of financial management services to the Western Australian public sector.
Government Guarantee
Under Section 13(1) of the Western Australian Treasury Corporation Act 1986 (the Act), the financial liabilities incurred or assumed by WATC are guaranteed by the Treasurer on behalf of the State. Any financial liability of the Treasurer under the guarantee shall be charged to, and paid out of, the Consolidated Account of the State which is appropriated to the necessary extent under Section 13(2) of the Act.Credit Ratings
The debt of WATC is rated as follows:| Rating Agency | Long Term | Outlook | Short Term |
| Moody's Investor Service | Aaa | Stable | Prime-1 |
| Standard & Poor's | AAA | Stable | A-1+ |
Board Delegations
The Board of Directors (the Board) of WATC is responsible for the performance of the functions of WATC under the Western Australian Treasury Corporation Act 1986.
In order to ensure that WATC carries out its functions in the best interests of the State, its clients and other stakeholders, the Board sets the strategic direction of WATC (with the agreement of the Minister) and establishes the policies and principles under which WATC operates.
The corporate governance processes established by the Board ensure that it is able to fulfil its statutory obligations, guide the affairs of WATC and oversee its performance.
The Board relies on, and holds to account, the Chief Executive Officer for the operational management of WATC and implementing the strategic direction.
- Delegations to the CE0 11 August 2022
Responsibilities the Board has delegated to the Chief Executive Officer
Legislation
WATC was established on 1 July 1986 under the Western Australian Treasury Corporation Act 1986 (the Act) as the State’s central borrowing authority. Amendments to the Act during 1998 expanded WATC’s role to include the provision of financial management services to the Western Australian public sector.
Links to the Act and subsidiary legislation are provided below:
- Western Australian Treasury Corporation Act 1986
- Western Australian Treasury Corporation (Debt Paper) Regulations 1986
Banner image top - Matagarup Bridge. Image courtesy of Tourism Western Australia.
Commonwealth Connection
The financial interrelationship between the Australian Government and the states.