On Thursday 18 December 2025 the Western Australian Government released its 2025–26 Mid-year Review, providing the latest information on Western Australia’s economic and fiscal outlook.
Western Australian Treasury Corporation’s (WATC) new money program has increased by $300 million for the 2025–26 financial year and a further $1.1 billion from the 2026–27 financial year. This increase is mostly attributable to new social infrastructure spending commitments, predominantly for hospitals and housing.
| Term Funding Requirement at 18 December 2025 | 2025–26 $b | 2026–27 $b | 2027–28 $b | 2028–29 $b |
| New Money Program (Est.) | 4.9 | 4.6 | 3.0 | 1.9 |
| Projected Maturities | 6.2 | 5.8 | 5.3 | 5.8 |
| Total Maturities + New Money | 11.1 | 10.4 | 8.3 | 7.7 |
| Less Amount Completed (including prefunding) | 6.4* | |||
| Total Term Funding (Est.) | 4.7 | 10.4 | 8.3 | 7.7 |
*$2.0 billion was prefunded prior to 1 July 2025.
WATC 2025–26 Funding Strategy
At the 18 December 2025, an estimated $4.7 billion in term funding remains for 2025–26, with WATC’s funding strategy focusing on:
- the establishment of a new green labelled benchmark bond and a new floating rate note line;
- building outstandings in existing bond and floating rate note lines where possible; and
- accessing markets through syndications, tenders and reverse enquiry.
The actual amounts and the composition of term funding is subject to the borrowing requirements of WATC's clients and market conditions. WATC may also undertake pre-funding of FY 2026–27 requirements subject to market conditions.
WATC expects to maintain approximately $2.5 billion - $3.5 billion of commercial paper outstanding through its domestic Short Term Inscribed Stock (STIS) and offshore Euro Commercial Paper (ECP) programs over the 2025–26 financial year.
Banner image below - The Bell Tower, Perth. Image courtesy of Tourism Western Australia.