WATC’s principal activities involve funding and debt management, asset and investment management, financial advisory services, financial risk management, and treasury management services and systems.
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 in 1998 expanded WATC’s role to include the provision of financial management services to the Western Australian public sector.
The Honourable Mark McGowan BA LLB MLA: Premier; Treasurer; Minister for Public Sector Management; Federal–State Relations.
WATC delivers services through the following functional areas:
- Client Services: In partnership with WATC’s clients, Client Services provides a comprehensive suite of high-quality, cost-effective financial products and services in debt finance, investments, foreign exchange, treasury management, financial risk management and financial advisory services. These products and services are designed to promote and enhance improved financial outcomes for WATC’s clients. Working collaboratively with clients, WATC ensures that the most appropriate application of these products and/or services achieve each client’s individual business requirements.
- Financial Markets: Undertakes debt-funding activities in global capital markets, asset and liability management, management of WATC’s liquidity portfolio, investment management on behalf of clients, foreign exchange management transactions, and economic and financial markets analysis.
- Strategy: Formed in 2020–21 to develop and progress strategic initiatives that seek to improve financial outcomes from a whole of State perspective, in relation to WATC’s Financial Markets and Client Services activities.
Risk and Compliance: Risk Management measures and monitors market, credit, operational and liquidity risk to prevent adverse outcomes for WATC, provides guidance to the Executive and Board on all risk matters, and is responsible for developing a good risk culture within the organisation.
Legal and Compliance is responsible for administering compliance with legislation, policies and WATC’s corporate governance practices, providing oversight of, and guidance in relation to, the origination and documentation of WATC’s borrowings and other agreements, including financial market and client agreements.
- Corporate Support: Key functions supporting WATC’s operations include areas of business administrative services, finance, administration and treasury operations, human resources, information and communications technology, marketing and communications, and program management office.
Under Section 13(1) of the Act, the financial liabilities incurred or assumed by WATC are guaranteed by the Treasurer on behalf of the State. This guarantee is secured upon the Consolidated Account of the State.
In line with the State’s credit ratings at 30 June 2021, the debt of WATC is rated as follows:
|Rating Agency||Long-term||Outlook||Short-term||Moody’s Investors Service||Aa1||Stable||Prime-1|
|Standard & Poor’s||AA+||Stable||A-1+|
Changes in Written Law
There were no changes to the Act during the 2020–21 financial year.
No ministerial directives were received during the 2020–21 financial year.