Annual Report 2025

Maintaining our High Credit Ratings 
Our borrowings continue to be afforded the highest credit ratings of AAA by S&P Global Ratings and Aaa by Moody's Ratings. Western Australia remains the only Australian state or territory with a triple-A credit rating from both major international rating agencies.

_{Image courtesy of Tourism Western Australia.}

Expanding Our Sustainable Finance Program
The syndicated issue of our second green-labelled benchmark bond under our Sustainable Finance Program attracted over $5.5 billion in bids at book close before printing $2.0 billion. This is the largest syndicated benchmark bond issue we have undertaken.

_{Image courtesy of Western Power.}

Informing Investors on Behalf of the State
We continued to highlight Western Australia's environmental, social and governance credentials through a range of publications and engagements including a major new release titled Decarbonising Western Australia and Our Trading Partners.

_{Image courtesy of Tourism Western Australia.}

Collaborating to Implement Meaningful Change
We collaborated with several government trading enterprises over the course of the financial year to enhance their approach to governance and support them to successfully manage business risks associated with commodities, foreign exchange and interest rates.

_{Image courtesy of Tourism Western Australia.}

Delivering Better Financial Outcomes for Western Australia
Working closely with the Department of Treasury and the Parliamentary Counsel's Office, we proposed amendments to the State's financial management regulations to ensure they remain contemporary and reflect the risk appetite of the Western Australian Government.

_{Image courtesy of Tourism Western Australia.}

Continuing to Ensure High Levels of Client Satisfaction
We provide a range of services which are available to all Western Australian government entities, local governments and public universities. Through feedback, our clients shared how they continue to be very satisfied with our products and services and the value that we provide. 

_{Image courtesy of Fremantle Ports.}