Performance Against Targets
The WATC Board sets our annual performance targets. These targets form part of the Statement of Corporate Intent, which is submitted to the Treasurer at the start of each financial year in accordance with Section 16I(1) of the Western Australian Treasury Corporation Act 1986.
WATC’s Key Performance Indicators are developed in line with the State Government’s goal of “Strong and sustainable finances – responsible, achievable, affordable service delivery”.
Key Performance Indicators
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Estimated Interest Rate Saving | |
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Target | Savings > 0.00% Estimate of the benefits derived from centralising the State’s debt portfolio management and borrowing program within WATC. |
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Result | Estimated interest rate savings to clients by reference to bond credit rating and term to maturity were greater than 0.00%. |
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Comment | Target achieved. WATC continued to deliver significant interest rate savings to clients in 2020–21. See Key Performance Indicator section on page 87 for a more detailed explanation. |
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Five Year Trend | ![]() |
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Assessment of Client Satisfaction | |
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Target | 90% client satisfaction WATC continues to target an aspirational client satisfaction level of 100%. |
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Result | 99% client satisfaction (alignment of products and services to client needs). | |
Comment | Target achieved. WATC uses a range of mechanisms to actively monitor and assess client satisfaction. This year we commissioned an independent survey of WATC’s State Government clients. The survey results also indicated that WATC continued to outperform financial industry benchmarks in terms of quality of service and understanding clients’ financial needs. | |
Five Year Trend | ![]() |
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Administration Cost Ratio | |
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Target | Administration Cost Ratio < 0.050% Measures administrative efficiency and the cost effectiveness in funding client borrowing requirements. |
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Result | Administration Cost Ratio = 0.040% | |
Comment | Target achieved. WATC continued to deliver scale benefits to the State by keeping net administration expenses in check. See Key Performance Indicator section on page 89 for a more detailed explanation.. | |
Five Year Trend | ![]() |
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Pre-Tax Profit | |
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Target | Profit = $34.1 million | |
Result | Profit = $31.7 million | |
Comment | Target not achieved. Lower than anticipated new borrowings reduced admin margin collected, and the lower interest rate environment reduced interest earned on investments. While reducing WATC’s profit, these reflect good outcomes for the State and Western Australian public sector agencies. | |
Five Year Trend | ![]() |
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Staff Engagement Rating | |
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Target | Staff Engagement Rating > 65% | |
Result | Staff Engagement Rating = 60% | |
Comment | Target not achieved. Staff engagement has been steadily improving from previous years’ results as work continues on the strategic approach to improve employee engagement by encouraging and developing self-leadership, leading others and leading the organisation through values based competencies and continuous improvement aligned to delivering WATC’s vision and objectives. | |
Five Year Trend | ![]() |
Five-Year KPI Summary
2020–21 | 2019–20 | 2018–19 | 2017–18 | 2016–17 | Estimated Interest Rate Savings > 0.00% | Yes | Yes | Yes | Yes | Yes |
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Assessment of Client Satisfaction | 99% | 100% | 100% | 99% | 100% |
Administration Cost Ratio | 0.040% | 0.038% | 0.034% | 0.034% | 0.037% |
Pre-Tax Profit | $31.7m | $40.7m | $41.7m | $34.8m | $17.6m |
Staff Engagement Rating* | 60% | n/a | 56% | 56% | 46% |
* Methodology used changed in 2017–18.
n/a: not applicable
Five-Year Financial Summary
2020–21 $m |
2019–20 $m |
2018–19 $m |
2017–18 $m |
2016–17 $m |
Financial Performance |
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Profit Before Income Tax Equivalent Expense | 31.7 | 40.7 | 41.7 | 34.8 | 17.6 |
Financial Position | |||||
Total Assets | 61,892.2 | 64,658.5 | 59,483.4 | 55,985.8 | 54,987.8 |
Percentage Change in Assets (%) | -4.3 | 8.7 | 6.2 | 1.8 | 7.9 |
Total Liabilities | 61,739.3 | 64,506.4 | 59,337.9 | 55,851.3 | 54,868.3 |
Equity | 152.9 | 152.1 | 145.5 | 134.5 | 119.5 |