The 2025–26 State Budget was handed down by the Hon. Rita Saffioti MLA, Treasurer of Western Australia, on 19 June 2025. Following the budget release, Western Australian Treasury Corporation announces its estimated term funding requirement for the 2025–26 financial year at $8.8 billion. The WATC forecast borrowing program across the forward estimates period is detailed in the following table:
| Term Funding Requirement | 2025–26 $b | 2026–27 $b | 2027–28 $b | 2028–29 $b |
| New Money Program (Est.) | 4.6 | 3.7 | 2.6 | 2.1 |
| Projected Maturities | 6.2 | 6.6 | 5.3 | 5.6 |
| Less Prefunding | -2.0 | |||
| Total Term Funding (Est.)* | 8.8 | 10.2 | 7.9 | 7.7 |
*May not balance due to rounding.
WATC 2025–26 Funding Strategy
It is expected that WATC's Benchmark Bond program (including labelled and non-labelled) will be the primary source of term funding, supplemented by Floating Rate Notes. Issuance into non-benchmark bonds may be considered subject to client and investor demand. However, actual volumes and the composition of term funding is subject to the borrowing requirements of WATC's clients and market conditions.
WATC’s funding strategy will focus on:
- a minimum of one new Floating Rate Note maturity,
- the establishment of up to two new benchmark bond maturities,
- building outstandings in existing benchmark bond and FRN lines,
- opportunistically increase outstanding in longer dated (15Yrs+) non-benchmark bonds.
It is intended that funding markets will be accessed through tenders, syndications and reverse enquiry.
In addition to the term funding requirement, WATC expects to maintain approximately $2.5 billion – $4.5 billion of commercial paper outstanding through its domestic Short Term Inscribed Stock (STIS) and offshore ECP programs over the 2025-26 financial year.
Banner image below - The Bell Tower, Perth. Image courtesy of Tourism Western Australia.