Performance Against Targets
The WATC Board sets annual performance targets for WATC. These targets form part of the Statement of Corporate Intent, which is submitted to the Minister at the start of each financial year in accordance with Section 16I(1) of the Western Australian Treasury Corporation Act 1986.
Estimated Interest Rate Savings
Target: Savings > 0.00%
Outcome: Estimated interest rate savings to clients by reference to bond credit rating and term to maturity were greater than 0.00%.
Target achieved. WATC continued to deliver significant interest rate savings to clients in 2018/19. See Key Performance Indicator section for a more detailed explanation.
Assessment of Client Satisfaction
Target: 90% client satisfaction
Outcome: 100% client satisfaction
Target achieved. In feedback received at the completion of each advisory services engagement, 100 per cent of clients rated satisfied or better on the quality of advice provided, adding value to the client’s project, and WATC’s overall capability and service provided.
Administration Cost Ratio
Target: Administration Cost Ratio < 0.050%
Outcome: Administration Cost Ratio = 0.034%
Target achieved. WATC continued to deliver scale benefits to the State by keeping net administration expenses in check. See Key Performance Indicator section for a more detailed explanation.
Pre-Tax Profit
Target: Profit = $34.1 million
Outcome: Profit = $41.7 million
Target achieved. Unlike private sector financial institutions, it is not the primary objective of WATC to maximise pre-tax profit, but rather to maintain an adequate profit while providing cost-effective financial products and services to the State and Western Australian public sector agencies.
Staff Engagement Rating
Target: Employee Engagement Rating > 65%
Outcome: Employee Engagement Rating = 56%
Target not achieved. A range of initiatives were introduced during 2018/19 with a view to the continual improvement of employee engagement.
Five-Year KPI Summary
| 2018/19 | 2017/18 | 2016/17 | 2015/16 | 2014/15 | |
| Estimated Interest Rate Savings > 0.00% | Yes | Yes | Yes | Yes | Yes |
| Assessment of Client Satisfaction | 100% | 99% | 100% | 100% | 100% |
| Administration Cost Ratio | 0.034% | 0.034% | 0.037% | 0.039% | 0.044% |
| Pre-Tax Profit | $41.7m | $34.8m | $17.6m | $16.0m | $23.1m |
| Staff Engagement Rating* | 56% | 56% | 46% | 51% | 40% |
* Methodology was changed in 2017/18.
Five-Year Financial Summary
| 2018/19 $m |
2017/18 $m |
2016/17 $m |
2015/16 $m |
2014/15 $m |
|
| Financial Performance | |||||
| Profit Before Income Tax Equivalent Expense | 41.7 | 34.8 | 17.6 | 16.0 | 23.1 |
| Financial Position | |||||
| Total Assets | 59,483.4 | 55,985.8 | 54,987.8 | 50,976.1 | 42,823.5 |
| Percentage Change in Assets (%) | 6.2 | 1.8 | 7.9 | 19.0 | 7.0 |
| Total Liabilities | 59,337.9 | 55,851.3 | 54,868.3 | 50,861.7 | 42,709.8 |
| Equity | 145.5 | 134.5 | 119.5 | 114.4 | 113.7 |
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