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 2019/20. See Key Performance Indicator section for a more detailed explanation.
Assessment of Client Satisfaction
Target: 90% client satisfaction
Outcome: 100% client satisfaction
Target achieved. WATC continues to deliver valued financial solutions to clients. Feedback received from clients following the provision of financial advice by WATC was very positive, with 100 per cent of clients surveyed being satisfied to extremely satisfied with the quality of advice provided, value added 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 = 0.038%
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 = $28.6 million
Outcome: Profit = $40.7 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: Staff Engagement Rating > 65%
Outcome: n/a
In light of the disruptions caused by COVID-19, the deployment of the staff engagement survey was delayed until July 2020. While the timing of the survey is later than planned, the results will still feed into initiatives WATC can build on into 2020/21.
Five-Year KPI Summary
| 2019/20 | 2018/19 | 2017/18 | 2016/17 | 2015/16 | |
| Estimated Interest Rate Savings > 0.00% | Yes | Yes | Yes | Yes | Yes |
| Assessment of Client Satisfaction | 100% | 100% | 99% | 100% | 100% |
| Administration Cost Ratio | 0.038% | 0.034% | 0.034% | 0.037% | 0.039% |
| Pre-Tax Profit | $40.7m | $41.7m | $34.8m | $17.6m | $16.0m |
| Staff Engagement Rating* | n/a | 56% | 56% | 46% | 51% |
* Methodology was changed in 2017/18.
n/a: not applicable.
Five-Year Financial Summary
| 2019/20 $m |
2018/19 $m |
2017/18 $m |
2016/17 $m |
2015/16 $m |
|
| Financial Performance | |||||
| Profit Before Income Tax Equivalent Expense | 40.7 | 41.7 | 34.8 | 17.6 | 16.0 |
| Financial Position | |||||
| Total Assets | 64,658.5 | 59,483.4 | 55,985.8 | 54,987.8 | 50,976.1 |
| Percentage Change in Assets (%) | 8.7 | 6.2 | 1.8 | 7.9 | 19.0 |
| Total Liabilities | 64,506.4 | 59,337.9 | 55,851.3 | 54,868.3 | 50,861.7 |
| Equity | 152.1 | 145.5 | 134.5 | 119.5 | 114.4 |
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