On Thursday 7 May 2026 the Western Australian Government released its 2026–27 State Budget, providing the latest information on Western Australia’s economic and fiscal outlook.
Western Australian Treasury Corporation’s (WATC) term funding program over the financial years 2026–27 to 2029–30 is projected to be $37.3 billion. This includes an estimated new money program of $14.2 billion to assist funding the Western Australian Government’s $44.3 billion Asset Investment Program over this four-year period.
| Term Funding Requirement As at 7 May 2026 | 2026–27 $b | 2027–28 $b | 2028–29 $b | 2029–30 $b |
| New Money Program (Est.) | 5.8 | 4.3 | 2.5 | 1.6 |
| Projected Maturities | 5.3 | 5.3 | 6.1 | 7.1 |
| Total Maturities + New Money | 11.1 | 9.6 | 8.6 | 8.7 |
| Less Pre-funding | 0.7 | |||
| Total Term Funding (Est.) | 10.4 | 9.6 | 8.6 | 8.7 |
WATC 2026–27 Funding Strategy
It is expected that WATC's Benchmark Bond program (including regular and sustainable bonds) will be the primary source of term funding, supplemented by Floating Rate Notes (FRN). 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:
- the establishment of at least one new benchmark bond maturity;
- a minimum of one new FRN maturity; and
- building outstandings in existing benchmark bond and FRN lines.
It is intended that funding markets will be accessed through tenders, syndications, and reverse enquiry, with a preference for public formats where possible. In addition to the term funding requirement, WATC expects to maintain approximately $2.5 billion to $4.5 billion of commercial paper outstanding through its domestic Short Term Inscribed Stock (STIS) and offshore Euro Commercial Paper (ECP) programs.
Banner image below - The Bell Tower, Perth. Image courtesy of Tourism Western Australia.